OPEN POWER FOR
A BRIGHTER FUTURE.
WE EMPOWER SUSTAINABLE PROGRESS.
2020 ANNUAL REPORT - ENEL AMÉRICAS
OPEN POWER
FOR A BRIGHTER
FUTURE.
Santiago Stock Exchange
https://www.bolsadesantiago.com
ENELAM
New York Stock Exchange (NYSE)
https://www.nyse.com/index
ENIA
Enel Américas S.A. was first established under the name of Compañía Metropolitana de Distribución Eléctrica S.A., and on December 1, 2016 it was renamed as
Enel Américas S.A. As of December 31, 2020, its share capital totaled US$ 9,763,078 thousand, represented by 76,086,311,036 shares, which are listed on stock
exchanges in Chile and in the United States (New York) as American Depositary Receipts (ADS). The Company´s main business is to explore, develop, operate,
generate, distribute, transfer, transform and/or sell energy in any form or nature, directly or through other companies. It can also carry out telecommunications
activities and provide engineering services in the country and abroad, as well as invest and manage investments in subsidiaries and other partners.
The Company controls and manages a group of companies operating in the electricity markets in four Latin American countries (Argentina, Brazil, Colombia, and
Peru), its total assets reaching US$ 26,933,558 thousand as of December 31, 2020. The Company´s net income attributable to the parent company in the 2020
financial year reached US$825,197 thousand and the operating income stood at US$2,053,115 thousand. At the end of that period, it directly employed 16,731
people through its subsidiaries in South America.
About this Annual Report
Enel Américas' 2020 Annual Report reflects that sustainability is part of our business model and is present in each decision the Company makes every day. That is
why the financial results originate in a three-dimension management: environmental, social, and corporate governance (ESG). Taking into consideration the above
context, this document, which has been elaborated pursuant to the provisions of the General Standard (GS) of the Financial Market Commission (FMC), and also
incorporates supplementary financial information to communicate its management in this aspect. At the same time, whenever we refer to the Annual Statement,
Annual Report, or Annual Review, we will be referring to the 2020 Annual Report. Furthermore, when we refer to Enel Américas S.A. we will interchangeably use
the terms Enel Américas, the Company, the Corporation and/or the Business. The 2020 Annual Report will be available in a digital version on the website, in the
Investors section.
Scope of information
The financial and supplementary financial information considered in this report covers Enel Américas S.A. and its subsidiaries, as detailed in Note 2.4 of the
Financial Statements.
Name or business name
Enel Américas S.A.
Domicile
Type of company
Tax ID number/RUT
Address
Postal Code
Telephones
PO Box
Registration number in the Securities Register
External Auditors
Subscribed and paid capital (US$)
Website
Email
Investor Relations Telephone Number
Investor Relations Contact
Santiago, Chile, may establish agencies or branches elsewhere in the
country or abroad
Publicly Traded Corporation
94.271.000-3
Santa Rosa No. 76, Santiago, Chile
833-009 Santiago de Chile
(56-2) 2353 4400 - (56-2) 2 378 4400
1557, Santiago
No. 175
KPMG Consultant Auditors
9,763,078,700
www.enelamericas.com
comunicacion.enelamericas@enel.com
(56-2) 2353 4682
Rafael de la Haza (rafaeldelahazacasarrubio@enel.com)
ir.enelamericas@enel.com
Mnemonic code in the Chilean Stock Exchanges
ENELAM
Mnemonic code in the New York Stock Exchange (New Stock Exchange: "NYSE")
ENIA
Custodian Bank of ADS program
Depository Bank of ADS Program
National Risk Rating Agencies
International Risk Rating Agencies
Banco Santander Chile
Citibank N.A.
Feller Rate Clasificadora de Riesgo Limitada
Fitch Chile Clasificadora de Riesgo Limitada
Moody´s Investor Services
Standard & Poor´s International Rating Services
Fitch Ratings
R
E
T
H
G
R
B
I
ANNUAL REPORT
ENEL AMÉRICAS
2020
Annual Report Enel Américas 2020 Borja
Acha
Chairman
Maurizio
Bezzeccheri
Chief Executive
Officer
Letter from the
Chairman and
CEO
Dear Shareholders:
At the beginning of 2020, when we presented the 2019 Annual Report, we began to see with surprise and uncertainty the
first impacts of a global threat of which little had been known until then: COVID-19. We were not yet able to fully evaluate the
devastating effects of this pandemic, nor were we able to forecast the duration of the global health crisis that it unleashed
nor its harsh personal, social, and economic consequences throughout the world.
A year later, as we are writing these lines, we have a clearer vision of what this complex and unprecedented crisis has meant,
both for the Company and for our employees, customers, investors, and communities. We have seen first-hand the efforts
undertaken in the different countries of the continent aimed at dealing with the pandemic and the effects it has had on
regional economies and the labor market.
Therefore, we would first like to thank our teams for their commitment in an extremely challenging and uncertain 2020. Thanks
to their dedicated work, we were able to show the strength so characteristic to this Company and maintain the continuity of
our electricity generation, distribution, and transmission operations at a time when our commitment to our customers and
the society as a whole was more essential than ever.
Macro-economic environment
The world economy experienced the biggest collapse of the last eighty years. The region, which had already recorded low growth
figures in previous years, because of the impact of COVID-19 also saw employment rates decline and poverty levels increase.
Although the governments in different countries implemented emergency measures to mitigate the social and economic effects
of the pandemic, it is certainly the deepest crisis we have experienced in recent decades.
The confinement imposed on us by the pandemic led to the total or partial stoppage of many productive activities and also
the services of different sectors which are crucial to any country's economy. This led to a significant decrease in domestic
consumption, lower cash flows in companies – with the subsequent effect on their investment decisions – increasing
unemployment and thus lower incomes for people.
Taking into consideration the above, it was essential for a sector as strategic as ours to remain operational and to quickly adopt
the technological changes required in such situation. Indeed, as a result of COVID-19, the already ongoing energy and digital
transition in the region has accelerated, speeding up the electrification and development of renewable energies, something that
is very important for a sustainable recovery.
COVID-19 Context
At the beginning of the health crisis, we quickly took the necessary steps to address the emergency in all our subsidiaries. The
aim was, on one hand, to protect the health of workers, contractors, customers, and communities, minimizing the spread of
contagion to the maximum and, on the other hand, to guarantee the continuity of power supply in all the regions where we
operate.
We constantly monitor information related to the requirements issued by the World Health Organization (WHO) and health
authorities in each country and we have implemented remote working or teleworking modes for all the workers who could
access the required media, except in the critical activities fundamental to service continuity and the safety of electrical systems.
We made digital systems available to our field workers which allowed us to continue managing and controlling our plants in safe
conditions, also thanks to the fact that for some years now our systems have been hosted in the cloud. In addition, we activated
an insurance policy for all Enel Américas employees, the first of its kind in the world that provides all the Group´s staff members
with a special coverage in case of a COVID-19 hospitalization.
In all the communities where we are present, we work in partnership with local institutions to collaborate in the battle against the
pandemic. Among the initiatives we have and are carrying out are contributing mobile laboratories and electric buses; electrical
Annual Report Enel Américas 2020 works and increased power for hospitals; donating medical supplies and oxygen; delivery of food baskets to socially vulnerable
families; campaigns promoting responsible behavior to deal with the crisis; supporting vulnerable customers such as those who
rely on electricity for their health requirements and people with disabilities, among other measures.
As far as our customers are concerned, progress in our digital transformation process was critical to mitigating the impacts
of the health and economic crisis, given that we were able to launch and strengthen our digital channels to meet commercial
requirements, report problems, receive, and send information or suggestions on maintenance, among other aspects. We have
also revamped our Websites to make it easier for our customers to use them and to contact local offices.
In relation to our suppliers, we have implemented measures to mitigate the devastating effects on their businesses arising from
this pandemic by maintaining the continuity of their contracts with the Company as well as the corresponding payment flows.
Results of the period
In 2020, EBITDA reached $3,154 million, a 21.1% decrease as compared to 2019, mainly explained by a sharp devaluation of
currencies in the countries in which we operate, coupled with a contraction in energy demand related to COVID-19. Isolating
the extraordinary and exchange rate effects, EBITDA would have increased by 0.6%. If we consider the last quarter of 2020,
we can observe a significant recovery from the previous quarters. EBITDA in this period was 6.4% lower than in the same
period of the previous year, but isolating the exchange rate and extraordinary effects, it would have increased by 9.3%. In this
challenging context, Enel Américas has been able to significantly reduce the cost of debt and to improve its cash flow.
In the last few months of 2020, we began to see certain signs of recovery both in the electricity demand and in our revenue.
At the same time, during this period, progress in the quality indicators of our distribution companies, in terms of SAIDI
(Disruption Time per Customer) and SAIFI (Average Frequency of Interruption per Customer) are also noteworthy. In terms of
customer numbers, we have grown by 400 thousand, mainly in Enel Sao Paulo, Enel Goias, Enel Ceará and Codensa.
Integration of non-conventional renewable energy business
2020 also presented us with important opportunities. One of them will be recorded in our history: on December 18, 2020, the
Company's Extraordinary Shareholders’ Meeting approved the Merger by incorporation of EGP Américas into Enel Américas by
a large majority, allowing the latter to control and consolidate the ownership of the renewable energy business and generation
assets that Enel Green Power develops and owns in Central and South America (except Chile). Once the Merger is complete, the
share of renewable sources in the Company's total generation portfolio will increase from 56% to 73%.
We have worked with conviction in pursuit of a fair energy transition for Latin America and to continue leading the sector, we
must grow, incorporating the renewable energies business. We believe that this not only brings value to the business in financial
terms, but also represents our commitment to sustainability understood in its broadest sense, as well as to the transformation
of the energy matrix into an always cleaner one that will improve the quality of life of the region´s inhabitants.
Furthermore, this merger will give the Company immediate access to the know-how and proven experience of Enel Green Power,
the world's leader in renewable energy, preserving the financial discipline that has always characterized us. It will also permit us to
add 7.8 GW of installed capacity of renewable energies by 2024, permitting Enel Américas to access new growth opportunities
that will add to its already consolidated leadership in distribution and the development of advanced energy solutions through
Enel X. This will diversify our business and, in short, strengthen our positioning.
Sustainability in the core
In February 2020 Enel Américas received the Bronze Class distinction for our work in sustainability and was incorporated
- once again - into the Sustainability Yearbook. Since 2004, this has been the world's most comprehensive publication on
corporate sustainability, while the Bronze Class Award is a distinction that is awarded to the best performing companies
66
in their industry and that fall into the ranking of between 5% and 10% of the best scores in SAM's Annual Corporate
Sustainability Assessment (CSA).
Furthermore, the Company was the only electric utilities firm included in the new S&P Dow Jones sustainable index introduced
by the Santiago Stock Exchange and S&P Dow Jones indices in January 2021. The S&P IPSA ESG Tilted Index follows rule-based
selection criteria based on ESG principles (environmental, social and governance) to select and weight components from the
IPSA S&P, to measure the performance of some of the largest and most liquid stocks listed on the Santiago Stock Exchange.
Enel Américas was placed among the top 10 companies in corporate governance practices according to the 2020 Annual
Study of GovernArt and Vigeo Eiris and in the Chilean ranking we are placed as the second best Company. The analysis
included 139 companies, evaluated on seven aspects. One of them was the companies’ work to prevent corruption. In relation
to this item, Enel Américas was again recognized as one of the best in Latin America.
An important contribution to Enel Américas' sustainability strategy and corporate governance growth is represented by the
continuous improvement of the Company's compliance and integrity model inspired by international best practices. This
work was also recognized in 2020 as the Company obtained the external certification of the Model of Prevention of Criminal
Risks of Enel Américas until July 2022, in compliance with Law No. 20.393 on Criminal Responsibility of Legal Persons in Chile.
Similarly, Enel Américas and its subsidiaries have continued to implement and certify their Anti-Bribery Management System
under the international ISO37001 standard, maintaining a voluntary commitment to certify all the Company´s subsidiaries.
These facts are only the proof of a reality: for us, sustainability and its values are the center of our strategy. We want and
believe in leading a sustainable company today and in the future.
Other milestones
We also want to highlight other achievements that took place during the period. Enel X launched the First 100% Electric
Pan-American Corridor following the west coast of North, Central and South America and along the Andes Mountains. This
corridor is the first of its kind and size and a gamble for the future: it covers 11 countries and has 196 JuiceBox charging points
visible in the JuicePass app for drivers to charge their cars or electric motorcycles.
In Colombia, the mayor of Bogotá, through Transmilenio, delivered 120 new 100% electric buses along with the city's first
100% electric terminal, whose operation began on December 26. The infrastructure, installed by Enel X, has 56 double electric
recharge points that allow to simultaneously recharge more than 100 buses.
2020 was a challenging year. A testing year. A year in which we showed that we are more than a just company, we are a human
group concerned with our natural and social environment. We want to thank everyone who has worked to move Enel Américas
forward in such a difficult period. We know that the efforts doubled during the pandemic.
That is why our commitment is to continue to support our society in all the countries in which we operate. We extend an
invitation to our employees in all the areas to first take care of their health and the environment and, second, to continue their
efforts to walk along the path we have set out to provide a quality service to our clients, generating cleaner energy.
Thank you very much.
Borja Acha
Chairman of the Board
Maurizio Bezzeccheri
Chief Executive Officer
7
Annual Report Enel Américas 2020 Chapter
1 Enel Américas at a Glance
Enel Américas at a Glance
2 Corporate Governance
Ownership and Control
Corporate Governance Structure
Effectiveness of the Board of Directors
Committees
Main Policies
Company Management
Ethics and Integrity
3 Risk Strategy and Management
Macroeconomic Environment
Regulatory Environment by Country
Risk Management
Materiality
Strategy and Business Model of Enel Américas
4 Enel Américas´ Businesses
Bussinesses Structure
Enel Américas´ Business by Country
5 Management
Investments and Financial Activities
Environmental Dimension Management
Management in the Social Dimension
Managing the Economic Dimension
6 Metrics
Metrics Related with Human Resources
Environmental Metrics
7 Other Regulatory Corporate Information
Other Regulatory Corporate Information
Information on Shares
Direct and indirect Participation of Enel Américas
Argentina
Brazil
Colombia
Peru
8 Annexes
Financial Statements
Report of Inspectors of Accounts
Press Release
Risk Factors
Relevant or Significant Events
Glossary
9 Statement of Responsibility
CONTENT
Page
12
14
22
24
27
31
34
39
42
46
52
54
54
59
72
78
80
82
87
116
118
122
124
138
140
142
147
148
150
152
157
160
167
173
177
180
182
402
404
442
453
474
478
Annual Report Enel Américas 2020
ENEL AMÉRICAS IS OPEN POWER
VI
SION
Open power to tackle
some of the world’s
biggest challenges
PO
SITIO
NING
Open
Power
PUR
P0
SE
MI
SSION
> Open access to electricity for more people
> Open the world of energy to new technology
> Open up to new uses of energy
> Open up to new ways of managing energy for people
> Open up to new partnerships
1010
PRI
NCI
PLES
CON
DUCT
OF
> Make decisions in daily activities and take
responsibility for them.
>
Share information, being willing to collaborate and
open to the contribution of others.
>
Follow through with commitments, pursuing activities
with determination and passion.
> Change priorities rapidly if the situation evolves.
> Get results by aiming for excellence.
> Adopt and promote safe behavior and move pro-
actively to improve conditions for health, safety and
well-being.
> Work for the integration of all, recognizing and
leveraging individual diversity (culture, gender, age,
disabilities, personalities, etc.).
> Work focusing on satisfying customers and/or co-
workers, acting effectively and rapidly.
>
Propose new solutions and do not give up when faced
with obstacles or failure.
> Recognize merit in co-workers and give feedback.
Open power
for a brighter
future.
We empower
sustainable
progress.
VA
LU
ES
> Trust
> Proactivity
> Responsibility
> Innovation
11
Annual Report Enel Américas 2020 1
Enel Américas
at a Glance
1212
13
Annual Report Enel Américas 2020 Enel Américas at a
Glance
About Enel Américas
goal has been the protection of health and safety of all our
staff members.
We collaborate with the communities that live near our
operations through civil society institutions or directly
with the communities and strengthen the local economic
development projects that have already been planned. For
more details on community actions and initiatives, please
Through our subsidiaries, Enel Américas creates, transports,
review our corporate website.
and distributes energy in four countries in South America:
Argentina, Brazil, Colombia, and Peru. This means that we
Health and safety of our employees
are the largest private electricity company in Latin America,
totaling 11,269 MW of installed capacity and delivering energy
Enel Group activated an insurance policy for the more than
to more than 25.6 million customers.
68,000 employees, which covers hospitalization due to COVID-19.
This insurance was designed according to the Groups´ specific
As part of the Enel Group, the Company adheres to the
needs and became the first of its kind in the world to guarantee
Open Power vision and philosophy, which involves making
global support during the pandemic.
a commitment to some of the biggest challenges facing
the planet. To achieve this, we want to open energy to more
The use of telework for all employees whose jobs can be
people, to new technologies, to new ways of managing it for
performed remotely (50% of the staff). This work mode was
our consumers; we want to open up to new uses and more
introduced in the Group a few years ago, which thanks to
collaborators. A task in line with our values that we will carry
investment in digitalization, allows work to be performed
out with responsibility, innovation, trust, and proactivity
remotely with the same level of efficiency and effectiveness.
Actions within the COVID-19 context
Enel Américas and all our subsidiaries have taken several
Those Collaborators who, due to their functions, had to continue
working in the field, carried out their work taking extreme security
measures to protect their health..
steps to address the emergency caused by coronavirus
Thanks to the commitment of our people, contractors, and
(COVID-19) to reduce the likelihood of contagion among
suppliers, together with the use of technology and robust safety
our employees and collaborators. At the same time, we try
procedures, by the end of 2020 100% of our plants and networks
to guarantee business and service continuity in the countries
were fully operational, which permitted us to guarantee service
where we are present. That is why we have been constantly
continuity.
monitoring information, pursuant to the recommendations
of the World Health Organization (WHO) and the instructions
During the period we have expanded the commitment to
issued by different authorities.
our customers: we have increased the channels and options:
WhatsApp, website, chatbot on the website (virtual assistant)
In that context, we activated the teleworking modality in all
and app. In addition, the number of digital platforms has been
the countries and for all our employees. The only exceptions
increased to make remote payments more flexible.
are those activities which cannot be postponed and that are
required to guarantee service continuity and the security of
national electrical systems. This decision is in line with the
ESG indices
precautionary measures taken by the Enel Group since the
The relevance of sustainability in Enel Américas' business
beginning of the emergency. For the employees who work
and its performance is reflected in its inclusion in the main
from their homes, we have provided the office equipment
global ESG indices.
and tools they require to do their jobs efficiently, which leads
to their well-being and care.
These indices and rankings are instruments that measure
the management of a particular company in this area.
To coordinate corporate volunteering, we set up a Task
Therefore, the qualifications and analyses carried out by
Force team and began to work at the end of February 2020
specialized organizations on these subjects are considered
on establishing, coordinating, and reporting actions related
a strategic tool to support investors and identify the risks
to community support within this context, and whose main
and opportunities in their investment portfolio.
1414
134562A Look at Enel AméricasMetricsEnel Américas´ BusinessesRisk Strategy and ManagementCorporate Governance 2020 Management REINFORCING OUR SDG COMMITMENT
PROYECTS TO SUPPORT LOCAL COMMUNITIES
ENEL AMÉRICAS
OVERALL DECEMBER 2020
536
projects
2,6MIL
beneficiaries
SDG CONTRIBUTION
CHARITABLE ACTIVITIES IN RESPONSE TO THE
COVID-19 CRISIS
24
projects
215.5K
beneficiaries
82
projects
483K
beneficiaries
65
projects
122.2K
beneficiaries
175
projects
134
projects
891.3K
beneficiaries
594.8K
beneficiaries
8
projects
33.5K
beneficiaries
TOTAL INITIATIVES 112
HEALTH 60
> Monetary contributions to hospitals or
civil protection bodies.
> Enel spaces made available for medical
needs (field hospitals, spaces for
quarantine, etc..)
52 SOCIO ECONOMIC
> Donation of basic food baskets
to families in situation of social
vulnerability
> Family kit (house & personal
preventive cleaning)
> Deliver DPIs to people, doctors and
> Use of the daycare centers
nurses around our assets
> Supply of basic materials as personal
protection elements and support for
patients
> Donate Enel's own resources and
monetary contribution to produce fast
tests to detect Coronavirus
> Donation of intensive care machinery
> Free supply of all the necessary energy
and building for “field hospital”.
maintained by Enel to receive children
from electricians and health
professionals of public hospitals
who are working in quarantine
> Campaign to disseminate behaviors
to face the crisis and to “stay at
home”
> Manufacturing of handmade
masks for people in risk group in
communities.
> Support of vulnerable clients such as
“electrodependientes” and people
with disability
The companies that integrate the triple environmental, social
and governance dimension (ESG) into their management,
S&P IPSA ESG Tilted Index
On January 20, 2021 Enel Américas was included in the S&P
maximize profits, minimize risks while at the same time
Dow Jones' new sustainable index, which seeks to measure
contribute to reaching the United Nations-driven Sustainable
the performance of eligible S&P IPSA securities that comply
Development Goals (SDGs).
with sustainability requirements.
ESG Indices in which Enel Américas takes part.
FTSE4Good Index
For the fourth consecutive year, Enel Américas was included
Dow Jones Sustainability Index (DJSI).
Enel Américas was included in the three categories in which
in this ranking in the Emerging Markets and Latin American
categories. This series of indices (FTSE4Good) is designed
it participates: Emerging Markets, Integrated Pacific Alliance
to measure the performance of companies that carry out
Market (Spanish acronym MILA) and Chile. The Company's
strong environmental, social and governance (ESG) practices.
score places it among the best companies in the world,
complying with more than 60% of the criteria scores above
90 out of a maximum of 100.
Vigeo-Eiris
For the fourth consecutive year, Enel Américas was included
in the "Best Emerging Markets Performers" ranking in
In 2021, for the third consecutive year, the Company was
the Vigeo-Eiris utilities sector which considers the best
confirmed in The Sustainability Yearbook 2021 and was
performing companies in emerging markets with a "best-
again distinguished within the Bronze Class for its excellent
in-class" approach.
performance, ranking between 5% and 10% of the most
sustainable companies in the industry worldwide.
15
Annual Report Enel Américas 2020
MSCI ESG Indices
Since 2019, Enel Américas has received the AA classification, forming part of the various sustainability stock indices offered
by this entity.
Sustainalytics
On November 12, 2020, Enel Américas was ranked with a score of 27.4 and placed among the 18% of companies with the
lowest risk in the global electricity industry (a lower score reflects a reduced ESG risk).
Main financial and commercial figures
Below we present the main figures for the end of the period. For more detail, please review the Investors´ section on the
corporate website.
THOUSANDS OF DOLLARS AS OF DECEMBER 31, OF EACH YEAR
2020
26,920,167
16,599,895
12,192,674
3,153,586
825,197
0.85
1.61
Total assets
Total collectable liabilities
Operating income
EBITDA
Net income(1)
Liquidity index
Debt ratio(2)
2019
29,776,384
17,530,198
14,314,112
3,994,192
1,614,085
0.98
1.43
2018
27,396,356
18,564,456
12,989,689(3)
3,357,708
1,201,381
0.66
2.1
2017
20,168,991
11,890,484
10,438,003
2,947,261
709,043
0.92
1.44
2016
16,851,472
8,971,733
7,686,133
2,430,336
566,497
1.25
1.14
(1) Corresponds to the net income attributable to the parent company.
(2)
(3)
Total liabilities/equity plus minority interest.
The figure presented in 2018 was 13,184,062, which was modified by reclassifications that allow a better comparability of the figures without affecting the
final result.
AS OF DECEMBER 31, 2020
Generation business
Number of generating units
Installed generation capacity (MW)
% of installed renewable energy capacity
% market share (installed capacity)
Electrical power generated (GWh)
% of renewable generated electricity
Electric power sold (GWh)
% market share (energy sales)
Specific CO2 emissions (tCo2)
Employees(2)
Distribution business
Thousands of Km2 of concession area
Thousands of Smart meters installed
Energy losses(1)
Employees(2)
End customers
Number of customers (millions)
Energy sold (GWh)
Enel X
MW of demand response
Number of charging points installed
Thousands of luminous points installed
Employees(2)
Argentina
29
4,419
30.1%
10.5%
13.901
20.60%
13.903
10.9%
4,644,172
530
Argentina
3,309
14,501
18.9%
3,500
Argentina
2.5
15.888
Argentina
-
130
-
-
Brazil
17
1,354
76.5%
1.0%
4.823
95.60%
25.296
5.3%
90,627
198
Brazil
522,933
965
12.2%
9,087
Brazil
18.1
77.913
Brazil
-
974
20
126
2020
Colombia
36
3,506
88.3%
20.1%
14.009
95.00%
17.539
24.9%
647,904
615
Colombia
26,093
71,357
7.6%
1,535
Colombia
3.6
13.834
Colombia
13.9
620
414
-
Peru
30
1,990
39.8%
13.2%
7.722
56.40%
10.258
20.9%
1,513,200
337
Peru
1,602
7,866
8.8%
597
Peru
1.5
7.578
Peru
-
42
402
9
Total
112
11,269
55.5%
5.4%
40.455
62.10%
66.996
9.3%
6,895,903
1.680
Total
553,937
94,689
13.0%
14,719
Total
25.6
115.213
Total
13.9
1,766
836
135
2019
Total
112
11,267
55.5%
5.5%
41.760
61.3%
72.553
9.9%
6,963,813
1.629
Total
553,937
87,426
11.9%
15,411
Total
25.2
120.594
Total
0.9
564
818
152
(1)
(2)
Energy losses differ slightly from those reported the previous year, due to changes in measurements especially in Brazil after closure.
To obtain the total number of employees, employees who work for the different businesses must be added without being distributed in a specific way;
these correspond to 197 in 2020 and 118 in 2019.
1616
134562A Look at Enel AméricasMetricsEnel Américas´ BusinessesRisk Strategy and ManagementCorporate Governance 2020 Management
Milestones of the period
The following are the most relevant facts about the
Company in the 2020 financial year:
Enel SpA increased its shareholding in Enel
Américas S.A.
In April, our parent company Enel SpA informed the market
via a significant event (1) that it signed two agreements with
a financial institution aimed at increasing its stake in Enel
Américas S.A. by up to 2.7%. On May 28, Enel SpA reported
increasing its shareholding in Enel Américas S.A., reaching
62.3% of the ownership (2) On August 18, 2020, the Company
reported that Enel SpA increased its participation in Enel
Américas S. A.´s shareholding through the acquisition of
American Depositary Shares (ADS) and ordinary shares,
having concentrated a 65% stake in Enel Américas S. A. (3)
Enel Américas held a virtual Annual
Shareholders' Meeting.
On April 30, the Company held its Annual Shareholders'
Meeting via the Internet for the first time. At the Meeting, the
Chairman thanked the shareholders for their participation
in the assembly despite the prevailing circumstances of the
COVID-19 pandemic. The Meeting was held through live
broadcasting systems and through a remote voting and
assistance method.
The Company's Board of Directors approved the possibility
of participating as well as voting remotely in the Ordinary
Shareholders' Meeting, as set out in General Standard
No. 435 issued by the Financial Market Commission on
March 18, 2020, in which companies were authorized to
hold Shareholders’ Meetings through technology-based
systems that would permit a remote participation of
shareholders and remote mechanisms of intervention and
voting. Pursuant to Circular Letter No.1. 141 issued by the
FMC on 18 March 2020, said public authority ratified the use
of technological means for remote participation and voting
in shareholder assemblies and the remote participation
of other persons who, by law and valid statutory and
contractual regulations, are required to do so.
US$504 million subscription and payment of
capital increase in Enel Brasil
On May 4, Enel Américas informed the FMC that it
subscribed and paid an exclusively monetary capital
increase in its subsidiary Enel Brasil S.A. (Enel Brasil), for the
total amount of up to approximately BRL 2,820,101,060.85,
equivalent to some US$504 million. This way, Enel Brasil,
as the sole shareholder of the subsidiary Enel Distribución
Sao Paulo S.A. (Eletropaulo Metropolitana Eletricidade de
Sao Paulo S.A. or "Eletropaulo"), shall finance the latter to
restructure its employees´ pension fund. Thanks to this
operation, the use of the capital increase funds approved
by Enel Américas´ Extraordinary Shareholders’ Meeting
held on April 30, 2019 has been fully complied with.
(1)
(2)
(3)
Further details in Chapter 8 Annexes in the section Relevant or
significance events dated 3 April 2020 reported to the FMC. This can
be reviewed on page 453 of this report.
Further details in Chapter 8 Annexes in the section Relevant or
significance events dated 28 May 2020 reported to the FMC. This can
be reviewed on page 455 of this report.
Further details in Chapter 8 Annexes in the section Relevant or
significance events dated 18 August 2020 reported to the FMC. This
can be reviewed on page 455 of this report.
Changes in guidance made in the 2020-2022
Strategic Plan.
The Company reported in a Significant Event that the
Strategic Plan mentioned macro elements for the 2020
– 2022 triennium, as well as EBIDTA and CAPEX forecasts.
It was said at that time, that the contents of the strategic
plan followed and were based on forecasts of hypotheses
that might or might not come true in the future. In view of
the 2020 situation, in particular in view of factors such as
the fluctuation of exchange rates in which the Company
and its subsidiaries carry out their transactions, as well as
the effects of the COVID-19 pandemic, significant changes
in the macro elements included in this Strategic Plan are
expected and forecast to occur as far as the 2020 financial
year is concerned.
Enel Américas ADSs are included in BDR
unsponsored program.
On October 28, Enel Américas S.A. was informed that its
ADSs were included in an unsponsored Brazilian Depositary
Receipts (BDR) program. The BDRs are issued as an investment
alternative in the Company in the Brazilian market and, as
their underlying asset, use the American Depositary Receipts
(ADSs) that the Company issues. This way, the rights of BDR
holders derive from the rights of the underlying ADSs and it
is the depositary bank of the BDRs – Bank B3 – that bears
the commercial and legal relationship with the BDR holders.
In view of the unsponsored nature of this BDR program, the
Company informs that it has not entered into any contract for
the issuance of the BDRs and, consequently, has not entered
into any obligations in the Brazilian market. As a result, the
ADSs issued by the Company may not only be traded on the
New York Stock Exchange (NYSE), but once converted into
BDR, also on the Sao Paulo State Stock Exchange (Bovespa).
17
Annual Report Enel Américas 2020 Merger for the acquisition of unconventional
renewable energy subsidiaries that Enel Green
Power SpA owns in Central and South America
September 21, 2020
The Board of Directors of Enel Américas S.A. unanimously
decided to launch a merger aimed at the acquisition - by
Enel Américas - of the unconventional renewable energy
subsidiaries owned by Enel Green Power SpA,, a related
company, in Central and South America (except Chile). The aim
is to optimize Enel Américas´ financial structure and support
the future growth of the aforementioned subsidiaries.
The referred to acquisition will be carried out through
a merger by incorporation, in which Enel Américas shall
integrate into its assets a company that will own the shares
currently owned by Enel Green Power in unconventional
renewable energy companies located in Argentina, Brazil,
Colombia, Peru, Costa Rica, Guatemala and Panama.
In its strategic analysis, the Board of Directors of Enel
Américas recognizes that, in the current context of
the region, renewable energy is strongly increasing its
presence and unequivocally changing the traditional
competitive model
in the energy sector. For Enel
Américas to continue to strengthen its growth strategy,
capturing all future opportunities and consolidating as
the player that will lead energy transition in the Central
and South American region, it is highly recommended
to consolidate the stakes in unconventional renewable
energy companies within its perimeter of action as
described in the previous paragraph.
The consolidation of this unconventional renewable energy
business within the Company's current perimeter will lead
to a fully integrated group in operational terms, and the
Company would become a leader with diversified generation
technology, present in the generation and distribution
businesses, developing innovative, digital products and
advanced energy solutions. This new diversification,
which will also mean an extended geographical presence,
will offer the Company's shareholders access to cash
flows from a new and promising business, keeping Enel
Américas financially sound and permitting it to continue
to capture other attractive growth opportunities in Central
and South America.
1818
The
incorporation of the aforementioned business
in Central and South America (except Chile), will give
the Company immediate access to the know-how and
proven experience of Enel Green Power, a global leader in
renewable energies, preserving the financial discipline that
has always characterized the Enel Américas Group.
To explore the interest of Enel SpA, its controller, in this
proposed integration, the Board of Directors of Enel
Américas requested that this Company, own controller and
Enel Green Power SpA, express its opinion on the subject.
Enel SpA answered on September 21, highlighting its
interest in the proposed integration, provided that it were to
be carried out at market prices and through a transaction,
such as the Merger, that would guarantee Enel Américas to
maintain a financial position that would sustain not only the
future development of renewable energy projects, but also
the Company’s growth prospects. In any case, Enel SpA
stated that the letter was not a binding decision, reserved
for when all the terms of the transaction were defined.
To make this merger feasible, it was necessary to submit
to Enel Américas´ shareholders' meeting the possibility of
eliminating the concentration limits established in its by-
laws pursuant to Title XII of D.L. 3,500, which prevented
any person from concentrating more than 65% of
Enel Américas´ voting capital, among other limitations.
Furthermore, said assembly approved the Merger as an
operation with related parties as defined by Title XVI of the
Law on Publicly Traded Corporations, which required the
appointment of independent evaluators.
The Board of Directors and the Directors´ Committee of
Enel Américas, in their corresponding regular sessions,
nominated, respectively, Banco Santander and Banchile
Asesoría Financiera S.A. as independent evaluators of the
aforementioned merger, as an operation between related
parties. Furthermore, the Board of Directors nominated
Pablo D'Agliano as an independent expert of the operation,
as required by the Law on Publicly Traded Corporations.
September 22, 2020
The Company offered a presentation regarding the
proposed transaction, to which all local and foreign
investors, shareholders, and the market in general, had
134562A Look at Enel AméricasMetricsEnel Américas´ BusinessesRisk Strategy and ManagementCorporate Governance 2020 Management access. Further details are available on the Company's
The transfer of the subsidiaries from EGP Américas to Enel
website, in the Investors/EPG Merger Proposal in the
Américas S.A. through the Merger is estimated to take
Américas section.
during the second quarter of 2021. The Subsidiaries to be
integrated into Enel Américas S.A. through the Merger
October 9, 2020
Enel Américas reported on the Merger: "We have learned
would be the companies indicated in the Significant Event
issued on October 28, 2020 and which can be found in
that Enel SpA, Enel Américas´ controller, has acquired a
detail in Annex 8.4 Significant Events of this Annual Report
company in Chile called EGP Américas SpA (EGP Américas),
and, furthermore, on the Company's website, in the section
which would have the ownership and control of the previously
Investors/Merger Proposal EPG Enél Américas.
mentioned renewable energy subsidiaries and which would be
absorbed by Enel Américas." Information on the company, its
background and aspects linked to the Merger were published
on the website.
November 6, 2020
As established by the Board of Directors of Enel Américas
S.A. and having received the following reports concerning
the Merger operation through which Enel Américas will
As part of the information included on that website readers
absorb EGP Américas SpA and, consequently, absorb
can find the Resolution of the Single Administrator of EGP
unconventional renewable energy generation subsidiaries
Américas dated October 1, 2020, which approved the
that Enel Green Power (Italy) owns in Central and South
appointment of David Jana Bitrán as an independent expert
America (except Chile), the following has been made
for the Merger.
available to the shareholders:
October 28, 2020
The Company reported the delivery of the following
additional information:
•
Final Report issued by the independent evaluator
appointed by the Board of Directors of Enel Américas,
Banco Santander, regarding the conditions of the Merger
Operation, its effects, and its potential impact on Enel
The Merger through which Enel Américas S.A. will absorb
Américas.
EGP Américas SpA and, consequently, incorporate the
subsidiaries that the latter shall have, requires some
•
Final Report issued by the independent evaluator
preparatory actions. Such preparatory actions shall be
appointed by the Committee of Directors of Enel
carried out directly by Enel SpA, Enel Américas S.A.´s Italian
Américas, Banchile Asesoría Financiera S.A., regarding
parent company and without its intervention, since they
the conditions of the Merger Operation, its effects, and its
are an internal reordering of the latter:
potential impact on Enel Américas.
Division of Enel Green Power SpA - Italian subsidiary, fully
•
Final Report issued by Mr. Pablo D'Agliano, independent
owned by Enel SpA- and the creation of a new Italian
expert appointed by Enel Américas, in relation to
company, the result of the division, called Enel Rinnovabili
the value of Enel Américas and EGP Américas SpA,
Srl - Italian subsidiary fully owned by Enel SpA - to which
the companies to be merged, and the relation of the
the subsidiaries will be assigned, and:
share redemption of the aforementioned companies and
the corresponding proforma balance sheet, within the
International merger by which EGP Américas SpA - a
framework of the Merger Operation.
Chilean subsidiary fully owned by Enel SpA- will absorb
Enel Rinnovabili Srl. Enel SpA, as the sole shareholder of
• At the same time, it has been reported that the Company
Enel Rinnovabili Srl and EGP Américas SpA, will approve
has been informed of the Final Report issued by Mr.
that international merger.
David Jana, independent expert appointed by EGP
Américas SpA, related to the value of Enel Américas and
The transfer of the subsidiaries from Enel Rinnovabili Srl
EGP Américas SpA the companies to be merged, and the
to EGP Américas SpA, through the international merger,
relation of the share redemption of the aforementioned
is expected to take place during the first quarter of 2021,
companies and the corresponding proforma balance
therefore it will be a condition precedent for the approval
sheet. This report was from the EGP Américas SpA
of the Merger to become legally effective.
website: https://www.enelgreenpower.com/es/paises/egp-
19
Annual Report Enel Américas 2020 Américas, where it is published. Finally, it was reported
The above, notwithstanding the capitalizations or
that on November 13 there was a presentation regarding
adjustments that correspond to the share capital in
the reports, as well as the other matters related to the
accordance with the law, including the capitalization
Merger Operation which all local and foreign investors,
of the highest value obtained from the placement of
shareholders, and the market in general could access.
agreed shares issued at the Extraordinary Shareholders’
Meeting held on April 30, 2019.
November 12, 2020
It was reported that at an extraordinary session, the Board
The agreements reached at the Shareholders´ Meeting
of Directors of Enel Américas S.A., unanimously agreed
in relation to this item shall be subject to compliance
to call for an Extraordinary Shareholders’ Meeting of Enel
with all conditions precedent set out in in the document
Américas on December 18, 2020. The subjects to be
referred to as the “Terms and Conditions of the Merger”
discussed are as follows:
and shall become effective on the date indicated in that
document for these purposes.
1) Merger. Pursuant to the terms of Title IX of Law No.
18.046 on Publicly Traded Corporations and paragraph
2) Operation with Related Parties. Approve the Merger,
3 of Title IX of the Regulations of Publicly Traded
pursuant to the terms of Title XVI of Law No. 18.046
Corporations approve the operation consisting of the
on Publicly Traded Corporations, as an operation with
Merger by incorporation of EGP Américas SpA ("EGP
Related Parties. The above, taking into consideration
Américas") into Enel Américas (the "Merger"), whose aim
the following information that serves as the basis and
is to permit Enel Américas to control and consolidate
which, since before or as if this date, has been made
the ownership of the business and unconventional
available to the shareholders at the registered domicile
renewable energy generation assets that Enel Green
(Santa Rosa 76, Piso 15 (Investment Management),
Power S.p.A. develops and owns in Central and South
Santiago, Chile and on the website of Enel Américas.
America (except Chile). The Merger, the capital increase
associated with it, the redemption ratio, the information
used as the basis and the specific terms and conditions
November 26, 2020
The Board of Directors of Enel Américas S.A. agreed to
of the Merger are described in the document entitled
update the document entitled "Terms and Conditions of
“Terms and Conditions of the Merger”.
the Merger" regarding the compliance with the conditions
precedent for the Merger to take place and the preservation
The exchange ratio will be 0.43 Enel Américas
of value between the companies to be merged.
shares for each EGP Américas share, or another one
established by the Meeting within a range of between
0.41 and 0.45 Enel Américas shares for each EGP
December 1, 2020
In relation to the Merger operation through which Enel
Américas share; in all cases, share fractions shall not
Américas will absorb EGP Américas SpA and, consequently,
be considered.
incorporate
the unconventional
renewable energy
generation subsidiaries that Enel Green Power (Italy) owns
This way, to complete the Merger, we propose to issue
in Central and South America (except Chile), the Company´s
32,717,113,745 new Enel Américas shares, or another
Management published a presentation with additional
amount established by the Shareholders´ Meeting, all
information regarding the proposed operation, available to
of which will be fully subscribed and paid and charged
shareholders and the market in general on the website.
to the incorporation of EGP Américas´ assets on the
date on which the Merger becomes effective. The new
shares issued will be allocated in full to EGP Américas´
December 17, 2020
A communication sent by Enel SpA, our parent company,
shareholder or shareholders, according
to
the
informed of the Company´s intention to launch a voluntary
exchange ratio established by the Meeting, specifically
public offer (for the acquisition of shares and American
authorizing the Board of Directors to issue the new
Depositary Shares (ADS) of Enel Américas for up to the
shares resulting from the referred to capital increase.
maximum of 10% of its current share capital (the OPA –
2020
134562A Look at Enel AméricasMetricsEnel Américas´ BusinessesRisk Strategy and ManagementCorporate Governance 2020 Management
Spanish acronym). The OPA would be launched for the
conditions has been verified, Enel Américas and EGP
price of Ch$140 per share (or its equivalent in US dollars at
Américas, will issue the same and unique declarative public
the time of settlement, in the case of the ADS).
deed, showing compliance with these conditions (the "Deed
of Compliance with the Merger Conditions"), which must be
The OPA offers shareholders the opportunity to sell their
recorded on the margin the corporate registration of EGP
shares at a price of more than Ch$109.79 per share which,
Américas and Enel Américas in the Commerce Register
pursuant to law, Enel Américas must offer shareholders
of the Santiago Real Estate Registrar. The Merger shall
who decide to exercise their right of withdrawal at the time
become effective on the first day of the month following
of the Merger.
the date on which the Deed of Compliance with Merger
Conditions is issued, unless the Deed of Compliance with
As indicated by Enel SpA in the accompanying letter, the
the Merger Conditions is issued after March 31, 2021, in
OPA will not be launched if the Merger by incorporation of
which case the effective date of the Merger shall be the day
EGP Américas S.p.A. into Enel Américas and the amendment
following the date the Deed of Compliance with the Merger
of the Enel Américas by-laws is not completed before
Conditions is issued.
December 31, 2021.
December 18, 2020
The Company’s Extraordinary Shareholders´ Meeting
For the Merger to take place, the Meeting approved
increasing Enel Américas' capital by US$6,036,419,845
issuing 31,195,387,525 new ordinary nominative shares,
approved the Merger by incorporation of EGP Américas
all the same series and without par value, which will be
SpA (EGP Américas) into Enel Américas (the Merger). Under
fully subscribed and paid from the incorporation of EGP
the Merger, Enel Américas shall acquire all EGP Américas´
Américas´ assets, as an absorbed company once the
assets and liabilities and replace it in all its rights and liabilities
Merger takes place. To do this, 0.41 Enel Américas shares will
allowing the Company to control and consolidate the
be awarded for each EGP Américas share that would have
ownership of the business and unconventional renewable
the sole shareholder of the latter, without considering share
energy generation assets that Enel Green Power S.p.A.
fractions. Finally, according to article 69 of Law No. 18.046
develops and owns in Central and South America (except
on Publicly Traded Corporations the Company reported
Chile). At the same time, the Merger was approved as an
that dissident shareholders of the Merger Agreement shall
operation with related parties as defined by Title XVI of the
have the right to withdraw from Enel Américas, upon Enel
Law on Publicly Traded Corporations. Furthermore, to make
Américas´ payment of the value of their shares.
the Merger feasible, all proposed statutory changes were
approved, including the elimination of articles established
under Title XII of Decree Law 3.500 and particularly the one
December 21, 2020
In connection with the Merger, which was approved by Enel
which establishes that no shareholder can concentrate
Américas shareholders at the Extraordinary Shareholders’
more than 65% of Enel Américas´ voting capital, except
Meeting held on December 18, 2020, the Company informs
for those related to the Investment and Financing Policy
that it was informed that EGP Américas SpA (EGP Américas),
that, as proposed by the Board, should be kept. The above-
approved the Merger at the Shareholders' Meeting also
indicated statutory amendments shall become effective
held on December 18, 2020 under the same terms as
together with the Merger.
those approved by the shareholders of Enel Américas S.A.,
as published on the website of the company, https://www.
The Merger is subject to the compliance with certain
enelgreenpower.com/es/paises/egp-americas.
copulatory conditions precedent agreed by the Meeting
further detailed in the Terms and Conditions of the Merger
The transaction took place on April 1, 2021, and as of that
uploaded to the Company's website: www.enel Américas.
date the economic effects described in the paragraphs
com. Once the compliance with the approved suspensive
above shall be registered in the Financial Statements.
21
Annual Report Enel Américas 2020 2
Corporate
Governance
2222
23
Annual Report Enel Américas 2020 Ownership and Control
Ownership Structure
The Company's capital is divided into 76,086,311,036 shares, with no par value, all the same and unique series, each share
representing a right to vote. There are no preference shares on the part of the State.
As of December 31, 2020, these were all the subscribed and paid shares whose ownership is distributed as follows:
Shareholders
Enel S.p.A.
Pension Fund Managers
Other local shareholders
Foreign shareholders
ADS
Other shareholders
Total
Number
of shares
49,456,102,073
10,907,561,581
3,125,035,102
8,734,417,888
2,581,827,078
1,281,367,314
Participation
65.00%
14.34%
4.11%
11.48%
3.39%
1.68%
76,086,311,036
100.00%
Identification of Controllers
As established in Title XV of Law No. 18.045, Enel Américas S.A. is an open limited company directly controlled by Enel SpA, an
Italian company by shares, which, as of December 31, 2020, owns 65% of the shares issued by Enel Américas S.A.
Enel SpA shareholders
Ministero dell’Economia e delle Finanze de Italia
Other investors (Institutional and Retail)
Total
Controlling members have no joint action agreement.
Participation
23.6%
76.4%
100.0%
2424
134562Corporate GovernanceA Look at Enel AméricasMetricsEnel Américas´ BusinessesRisk Strategy and Management2020 Management Twelve Principal Shareholders
As of December 31, 2020, Enel Américas had 23,255 shareholders. The 12 principal shareholders are listed below:
Name or business name
Enel SpA
Citibank N.A. as per circular 1375 C.M.F.
Banco de Chile on behalf State Street
Banco Santander on behalf of foreign investors
Banco de Chile on behalf of nonresident third parties
AFP Habitat S.A. on behalf of Pension fund C
AFP Provida S.A. on behalf of Pension fund C
AFP Cuprum S A on behalf of Pension fund C
AFP Habitat S A. Pension fund A
AFP Capital S.A Pension fund C
AFP Cuprum S. A Pension Fund A
Banco de Chile on behalf of Citi N.A New York Client
Subtotal 12 most important shareholders
Other 23,243 shareholders
Enel SpA
Rut
Number
of shares
59.243.980-8
49,456,102,073
59.135.290-3
2,581,827,078
97.004.000-5
2,504,833,273
97.036.000-K
2,386,461,833
97.004.000-5
2,338,437,167
98.000.100-8
1,596,185,658
76.265.736-8
76.240.079-0
98.0001.00-8
98.000.000-1
76.240.079-0
97.004.000-5
1,167,229,051
884,645,686
844,386,193
844,161,718
666,515,530
647,819,023
-
-
65,918,604,283
10,167,706,753
59.243.980-8
49,456,102,073
Participation
65.00%
3.39%
3.29%
3.14%
3.07%
2.10%
1.53%
1.16%
1.11%
1.11%
0.88%
0.85%
86.64%
13.36%
65.00%
There are no shareholders who belong to the Company´s founding families as well as the governing or state entities that own
the Company´s shares that exceed 5% of their property.
Most important changes in Ownership
During 2020, the most important changes in the ownership of Enel Américas were:
Name or business name
Enel SpA
Citibank N.A. as per circular letter 1375 C.M.F.
Banco Itaú Corpbanca on behalf of foreign investors
Banco de Chile on behalf of non-resident third parties
Rut
No shares on
12/31/2020
No shares on
12/31/2019
Pp variation
59.243.980-8
49,456,102,073
43,568,705,287
59.135.290-3
97.023.000-9
97.004.000-5
2,581,827,078
5,063,569,028
273,386,918
3,826,905,816
2,338,437,167
3,470,280,340
Banco de Chile on behalf of State Street
97.004.000-5
2,504,833,273
-
AFP Habitat S.A.
98.000.100-8
3,606,315,832
3,415,942,773
Banco Santander on behalf of Foreign Investors
97.036.000-K
2,386,461,833
2,746,735,699
76.265.736-8
2,263,094,030
2,395,480,947
AFP Provida S.A.
AFP Cuprum S.A.
AFP Capital S.A.
JP Morgan Securities Inc.
AFP Modelo S.A.
Banco de Chile on behalf of Citi N.A. New York Customers
AFP Planvital S.A.
Banco de Chile on behalf of Citi London Customer
76.240.079-0
98.000.000-1
47.009.201-7
76.762.250-3
97.004.000-5
98.001.200-K
97.004.000-5
Banco Santander-HSBC Bank PLC London Customer account
97.036.000-K
Santander Corredores de Bolsa Limitada
Larraín Víal S.A. Corredora de Bolsa
BTG Pactual Chile S.A. C de B
Credicorp Capital SA Corredores de Bolsa
96.683.200-2
80.537.000-9
84.177.300-4
96.489.000-5
2,230,720,025
2,041,715,525
1,835,064,313
1,775,188,309
-
1,354,774,697
570,290,984
647,819,023
387,177,460
221,228,245
195,699,105
234,595,271
240,317,514
177,884,921
664,919,210
653,683,355
397,294,871
322,252,105
248,522,220
197,920,567
193,658,585
136,785,866
95,299,570
43,568,705,287
7.74
-3.26
-4.67
-1.49
3.29
0.25
-0.47
-0.17
0.25
0.08
-1.78
-0.12
-0.01
-0.01
-0.13
-0.07
0.05
0.06
0.05
-0.02
25
Annual Report Enel Américas 2020 Stock Exchange
transactions of related
persons
• On May 27, 2020, Enel SpA acquired 2,960,966 ADS
from Enel Américas S.A., representative of 148,048,300
of the Company’s shares, corresponding to a 0.2% stake
in the share capital. The total amount of the transaction
was Ch$ 14,154,945,338.
• On March 11, 2020, Director Patricio Gómez Sabaini
• On June 10, 2020, Enel SpA acquired 1,249,848,795
acquired 60,000 Enel Américas ADS on the New York
shares of Enel Américas S.A., corresponding to 1.64%
Stock Exchange. The total transaction amount was
share capital. The total transaction amount was
Ch$417,944,220.
Ch$ 162,480,343,350.
• On March 16, 2020, 15,217,262 ADSs were acquired in
• On June 19, 2020, Enel SpA acquired 182,607,100
the U.S. market and subsequently converted to local
shares of Enel Américas S.A., corresponding to 0.24%
stocks, totaling 760,863,100 shares, transferred by
share capital. The total transaction amount was
Citibank, ADS Depositary Bank, to Enel SpA. The total
Ch$ 22,460,673,300.
transaction amount was Ch$ 124,495,008,000.
• On March 16, 2020, Director Patricio Gómez Sabaini
from Enel Américas S.A., representing 650,625,350
acquired 40,000 Enel Américas ADS on the New York
shares, corresponding to 0.86% share capital. The total
Stock Exchange. The total transaction amounted to
transaction amount was Ch$79,311,028,471.
• On August 17, 2020, Enel SpA acquired 13,012,507 ADS
Ch$ 238,046,503.
• On March 20, 2020, Director Patricio Gómez Sabaini
bought 50,000 Enel Américas ADS on the New York
Stock Exchange. The total transaction amount was Ch$
251,670,700.
• On April 14, 2020, Enel SpA acquired 2,492,146. 691
of the Company´s shares by auction at the Santiago
Synthesis of comments
and proposals of the
Directors´ Committee
and shareholders
Stock Exchange, corresponding to a 3.28% share
Between January 1 and December 31, 2020, Enel Américas
capital share. The total amount of the transaction was
S.A. received no comments or proposals regarding the
Ch$ 336,489,646,219.
progress of corporate business, from the Directors´
Committee or shareholders who own or represent 10% or
• On May 11, 2020, Enel SpA acquired 8,065,149 ADS
more of issued shares with voting rights, pursuant to the
from Enel Américas S.A., representative of 403,257,450
provisions of Article 74 of Law No. 18.046 and 136 of the
of the Company´s shares, corresponding to a 0.53%
Regulations of Publicly Traded Companies.
capital share. The total amount of the transaction was
Ch$ 61,418,464,642.
2626
134562Corporate GovernanceA Look at Enel AméricasMetricsEnel Américas´ BusinessesRisk Strategy and Management2020 Management Corporate Governance Structure
BOARD
COMPOSITION
SHAREHOLDERS`MEETING
AUDITING COMPANY
43%
BOARD OF DIRECTORS
(7 MEMBERS)
DIRECTORS' COMMITTEE
57%
INDEPENDENT NON-EXECUTIVE
Functions:
Auditing Committee
Sustainability Committee
Transactions with related parties
(*) On November 9, 2020, Mr. Livio Gallo, resigned from the position of the Company´s Director, and to date, the Board has not appointed a replacement, and
pursuant to the Law on Publicly Traded Companies (Law No. 18.046), the entire Board of Directors must be renewed at the next Ordinary Shareholders' Meeting
held by the Company.
Management
Appointment
Enel Américas
is managed by a Board of Directors
The Board was elected at the Ordinary Shareholders'
composed of seven members, who remain
in their
Meeting held on April 30, 2019. Pursuant to the Law on
functions for a period of three years and can be re-elected.
Publicly Traded Companies, when a vacancy for the position
The Company's Bylaws do not provide for the appointment
of a director arises, the Board must be renewed in full at
of Alternate Directors and provide that the Company must
the Company´s next ordinary shareholders' meeting and,
have a Chief Executive Officer, who shall be appointed by
in the meantime, the Board may appoint a replacement.
the Board of Directors and shall be given all the powers
The existence of alternate members is not envisaged.
relevant to a person holding a commercial position and
The Company, prior to holding the shareholders' meeting,
all those expressly granted him or her by the Board of
publishes on its website the candidates’ curriculum vitae
Directors. The position of CEO is incompatible with that of
so that the Company´s shareholders will be informed
the Company´s Chairman , Director, Auditor or Accountant.
in a timely manner about the candidates´ capabilities,
conditions, and experience.
For more detail, please review the Bylaws
27
Annual Report Enel Américas 2020
Board of Directors
The Ordinary Shareholders´ Meeting held on April 30, 2019 elected the Board of Directors for the period of three years. Below
we list the people who form part of the current Board of directors (1):
Board of
Directors
BD
Board of
Directors
DIRECTOR
Mr. José Antonio Vargas Lleras
ID: 79.312.642 (*)
Nationality: Colombian
Date of birth: April 28, 1964
Date of appointment: April, 30, 2019
Board member as of April 28, 2016
Profession: Law Degree, Universidad Colegio
Mayor del Rosario (Colombia)
DIRECTOR
Mr. Hernán Somerville Senn
ID: 4.132.185-7(*)
Nationality: Chilean
Date of birth: February 11, 1941
Date of appointment: April 30, 2019
Board member as of July 29, 1999 (3)
Profession: Law Degree, Universidad de Chile.
Other studies: Master of Comparative Jurisprudence,
University of New York
Chairman of the Directors’ Committee
DIRECTOR
Mr. Patricio Gómez Sabaini
ID: 16941675N (*)
Nationality: Argentinian
Date of birth: March 25, 1964
Date of appointment: April 30, 2019
Board member as of April 28, 2016
Profession: Bachelor's Degree in Business
Administration; George Mason University, Virginia
Other Studies: Master’s in Business Administration,
George Washington University, Washington DC
Member of the Directors’ Committee
2828
CH
CHAIRMAN
Mr. Francisco de Borja Acha Besga
ID: 05263174-S (*)
Nationality: Spanish
Date of birth: February 17, 1965
Date of appointment: April 30, 2019
Board member as of June 30, 2015 (2)
Profession: Law Degree, Universidad Complutense
de Madrid
DIRECTOR
Mr. Enrico Viale
ID: AU 2580379(*)
Nationality: Italian
Date of birth: September 21, 1957
Date of appointment: as of April 30, 2019
Board member as of April 28, 2016
Profession: Engineer, Universidad Politécnica de Turín
Other Studies: MBA Business School, Santa Clara
University
DIRECTOR
Mr. Domingo Cruzat Amunátegui
ID: 6.989.304-K (*)
Nationality: Chilean
Date of birth: April 6, 1956
Date of appointment: April 30, 2019
Board member as of April 28, 2016
Profession: Industrial Civil Engineer, Universidad
de Chile.
Other studies: MBA The Wharton School University
of Pennsylvania.
Member of the Directors’ Committee
Note: The detail to review the experience of the members
of Board of Directors information can be found on the Enel
Américas corporate website.
(1) On November 9, 2020, Mr. Livio Gallo, resigned from the position of the
Company´s Director, and to date, the Board has not appointed a replacement,
and pursuant to the Law on Publicly Traded Companies (Law No. 18.046), the
entire Board of Directors must be renewed at the next Ordinary Shareholders'
Meeting held by the Company.
(2) Initially elected as Director of Enersis Américas S.A., predecessor of Enel
Américas S.A.
(3) Initially elected as Director of Enersis S.A., predecessor of Enel Américas S.A.
(*) Identity document: in the case of Messrs. Acha and Viale the number is their
DI; for Messrs. Sommerville and Cruzat RUT identity number was used; for Mr.
Vargas, the number is from a citizenship certificate and for Mr. Vargas. Gomez
it is the passport number.
134562Corporate GovernanceA Look at Enel AméricasMetricsEnel Américas´ BusinessesRisk Strategy and Management2020 Management Diversity of the Board of Directors (*)
Number of people by gender
Female
Male
Total
Number of people by nationality
Chilean
Spanish
Argentinean
Colombian
Italian
Total
0
6
6
2
1
1
1
1
6
Number of people by age range
Between 41 and 50 years old
Between 51 and 60 years old
Between 61 and 70 years old
Over 70
Total
Number of people by seniority
Less than 3 years
Between 3 and 6 years
More than 12 years
Total
0
3
2
1
6
0
5
1
6
(*) On November 9, 2020, Mr. Livio Gallo, resigned from the position of the Company´s Director, and to date, the Board has not appointed a replacement, and
pursuant to the Law on Publicly Traded Companies (Law No. 18.046), the entire Board of Directors must be renewed at the next Ordinary Shareholders'
Meeting held by the Company.
AGE
DIVERSITY
GENDER
DIVERSITY
33%
50%
17%
BETWEEN 51 AND 60 YEARS
BETWEEN 61 AND 70 YEARS
OVER TO 70 YEARS
DIVERSITY
BY SENIORITY
17%
100%
33%
MALE
FEMALE
DIVERSITY
BY NATIONALITY
17%
17%
83%
17%
BETWEEN 3 AND 6 YEARS
OVER 12 YEARS
17%
CHILEAN
ARGENTINEAN COLOMBIAN
SPANISH
ITALIAN
29
Annual Report Enel Américas 2020
Independent
Directors
Chilean regulations do not provide an accurate definition
of who an independent director is. However, Article 50a of
Law No. 18.046 offers the following criteria to define when
Compensation of the
Board of Directors
and the Directors´
Committee
a director is not considered independent:
Pursuant to Article 33 of Law No. 18,046 on Publicly Traded
Those who, at any time, within the last 18 months have
April 30, 2020 approved the compensations of the Board
been in any of the following circumstances shall not be
of Directors and the Directors’ Committee for the 2020
Corporations, the Ordinary Shareholders’ Meeting held on
considered independent:
accounting period. The compensation of the Board of
Directors is a fixed monthly payment, part at any event and
1) Those who have maintained any connection, interest or
the other part per event. The compensation consists of 216
economic, professional, credit or commercial dependence,
UF (development units or Unidades de Fomento in Spanish)
of a relevant nature and volume, with the company, the other
as the fixed monthly compensation at any event and 79.2
companies of the group of which it is part, its controller,
UF as an attendance fee per each Board meeting with a
or with the chief executives of any of the above, or those
maximum of 16 sessions. The compensation of the Chairman
who have been directors, managers, administrators, chief
of the Board shall be twice the compensation of a Director.
executives, or advisors thereof.
2) Those who have maintained a relationship of kinship of
more than one Board of Directors of subsidiaries and/or
up to the second degree of consanguinity or affinity, with
associates or should he or she serve as Director or advisor
the persons indicated in number 1) above.
of other companies or legal entities in which Enel Américas
3) Those who have been directors, managers,
receive compensation in one of those Board of Directors or
S.A. has direct or indirect participation, he or she may only
Should a director of Enel Américas S.A. participate in
administrators, or executives of non-profit organizations
Management Committees.
that have received relevant contributions, assistance or
donations from the persons listed in number 1).
Enel Américas S.A. executives and/or those who work in the
subsidiaries or associates will not receive compensations
4) Those who have been partners or shareholders who have
or allowances if they become Directors of any of the
owned or controlled, directly or otherwise, 10% or more of
subsidiaries, associates, or companies participating in any
the capital; directors; managers; administrators or chief
form in Enel Américas S.A. However, such allowances may
executives of entities that have provided legal or consulting
be received by the executives if such a situation is previously
services, in relevant amounts, or external audit services, to
and expressly authorized as an advance of the variable part of
the persons referred to in number 1).
their remuneration to be paid by the respective companies
5) Those who have been partners or shareholders who have
owned or controlled, directly or otherwise, 10% or more of
The compensation of the Directors´ Committee is a fixed
the capital; directors; managers; administrators or chief
monthly payment, part at any event and the other part per
executives of the company's main competitors, suppliers,
event. The compensation consists of 72 UF as the fixed monthly
to which they are linked by an employment contract.
or customers.
compensation at any event and 26.4 UF as an attendance fee
per each meeting, with a maximum of 16 sessions.
Under this criterion, Mr. Hernán Somerville Senn, Mr. Patricio
Gómez Sabaini and Mr. Domingo Cruzat Amunátegui are
The total remuneration expenses in 2020 were US$568,428
Independent Directors in Enel Américas.
(Ch$449,581,577) and are detailed in the table below. The
Board did not incur any additional expenses for external
advisory services.
3030
134562Corporate GovernanceA Look at Enel AméricasMetricsEnel Américas´ BusinessesRisk Strategy and Management2020 Management BOARD COMPENSATION FOR THE 2020 PERIOD (AMOUNT IN US$)
Name
Francisco de Borja Acha (1)
José Antonio Vargas Lleras (1)
Livio Gallo (1)
Enrico Viale (1)
Hernán Somerville Senn
Domingo Cruzat Amunátegui
Patricio Gómez Sabaini
Total
Position
Chairman
Director
Director
Director
Director
Director
Director
Fixed
Remuneration
of the Board
Ordinary and
Extraordinary
Board Sessions
Fixed
Remuneration
of Committee
Ordinary and
Extraordinary
Sessions of the
Committee
-
-
-
-
94,016
94,016
94,016
-
-
-
-
48,922
48,922
48,922
282,048
146,766
-
-
-
-
31,356
31,356
31,356
94,068
-
-
-
-
15,182
15,182
15,182
Total
-
-
-
-
189,476
189,476
189,476
45,546
568,428
(1) Messrs. Francisco de Borja Acha B., José Antonio Vargas Ll., Livio Gallo and Enrico Viale, waived the payment of remuneration for their current positions as
managers in the Enel SpA group.
The remuneration expenses for 2019 totaled US$621,804 (Ch$436,900,981) and are detailed in the table below. The Board
of Directors did not incur any additional expenses in external consultancy services.
BOARD COMPENSATION FOR THE 2019 PERIOD (AMOUNT IN US$)
Name
Francisco de Borja Acha (1)
José Antonio Vargas Lleras (1)
Livio Gallo (1)
Enrico Viale (1)
Hernán Somerville Senn
Domingo Cruzat Amunátegui
Patricio Gómez Sabaini
Total
Position
Chairman
Director
Director
Director
Director
Director
Director
Fixed
Remuneration
of the Board
Ordinary and
Extraordinary
Board Sessions
Fixed
Remuneration
of Committee
Ordinary and
Extraordinary
Sessions of the
Committee
-
-
-
-
102,832
102,832
102,832
-
-
-
56,552
56,552
56,552
-
-
-
-
34,277
34,277
34,277
308,496
169,656
102,832
-
-
-
13,607
13,607
13,607
40,820
Total
-
-
-
-
207,268
207,268
207,268
621,804
(1) Messrs. Francisco de Borja Acha B., José Antonio Vargas Ll., Livio Gallo and Enrico Viale, waived the payment of remuneration for their current positions as
managers in the Enel SpA group.
Consultancy services
expenses of the Board
of Directors
crime prevention model implemented by the Company in
accordance with the provisions of Law No. 20.393, as well
as other matters detailed in the Ethics and Transparency
section. This instance permits the Board to analyze
possible deficiencies in the Company´s Internal Control
and Risk Management System that can be identified, as
During 2020 and 2019 the Board did not incur any
well as review the implementation of recommendations
consultancy expenses.
and improvement plans to mitigate the risks inherent in
Effectiveness of the
Board of Directors
processes and operations.
Meeting with
Sustainability
Management
Meeting with Internal
Auditors
Each quarter, the Board of Directors meets with the
Internal Audit area to analyze the Annual Audit Plan,
monitor action plans, review the effectiveness of the
Enel Américas considers the transparence of information
as the basis of its public information and communication to
the internal public and the Company's internal governance
agencies. That is why we adopt the practice established in
the General Standard (NCG in its Spanish acronym) No. 385
issued by the Financial Market Commission (FMC) related
31
Annual Report Enel Américas 2020
to the information reported by public limited companies
on the local market in matters of corporate governance
and incorporates the dissemination of practices related to
social responsibility and sustainable development. Pursuant
to the above, each quarter the Company's sustainability
function reports to the Company's Board of Directors on
the following issues:
Meeting with the area of Social
Responsibility, Sustainable
Development
The Board has approved the Sustainability and Diversity
Policies. Furthermore, it has established formal procedures
which aim to provide the public with information regarding
the policies adopted each year by the Company on social
responsibility and sustainable development. Based on
sustainability and diversity policies, the Company has defined
key indicators on diversity and inclusion, which are reflected
in the report that the sustainability function presents to the
Board on a quarterly basis. This report considers indicators
of gender inclusion and inclusion of disabilities. In addition,
the Board was informed that in terms of disability inclusion,
a cross-cutting program was developed for all of Enel
Américas lines of business and subsidiaries to identify
barriers and integration plans. The initiative is the result of
Enel's accession to the Valuable 500 program, a coalition of
companies whose aim is to remove barriers to the inclusion
of disabilities. Using specific goals and indicators the
Company also measures gender inclusion.
Each quarter the Sustainability Management department
submits to the Board the following:
a. The
trends of downloads of
the Company's
sustainability report on the website as absolute values
and in correspondence with public interest milestones
relevant to the Company.
b. Acceptance of public
information based on the
Company's positioning in the different ESG indices and
ratings, such as DJSI (Dow Jones Sustainability Index),
MSCI, FTSE4 Good, Sustainalytics, among others.
Sustainability Policy: adopted by the Company on December
20, 2016 after the Board of Directors´ approval. This policy is
uploaded onto the Enel Américas website.
3232
Stakeholders
Enel Américas places stakeholders at the core of its
sustainable business strategy. Each year, the Company
develops a materiality analysis which is implemented in
different stages. The results of the materiality matrix are
reported to the Board of Directors and published in the
Sustainability Report and in this Financial Report.
Sustainability Risks
Environmental, social, and corporate governance (ESG) risks
are integrated into the business risk matrix and are reported
by the Risk Management area to the Board of Directors.
Sustainability Goals
These are defined by key indicators at annual or triennial
levels. Sustainability Management reports every quarter on
progress indicators in compliance with established targets.
Sustainability indicators
Sustainability Management presents every quarter the
results of the different business indicators with which the
Company's ESG performance is measured. These indicators
are identified according to the triennial sustainability plan,
which considers targets and commercial goals focused
on energy transition, social goals with the people working
in the Company and communities in the areas in which
we operate and, finally, the indicators related with four
pillars that underpin the entire sustainable business:
sustainable supplier chain, environmental sustainability,
occupational health and safety, and sound governance.
The 2020-2022 Enel Américas Sustainability Plan included
27 sustainability indicators.
Management meetings
with External Auditors
The Board of Directors meets with the External Auditors
every quarter, complying with the voluntary practice
contained in the General FMC Standard f No. 385 to review
matters related to the audit plan and other issues.
134562Corporate GovernanceA Look at Enel AméricasMetricsEnel Américas´ BusinessesRisk Strategy and Management2020 Management Participation in Board
meetings
The Board of Directors has an electronic dispatch system
at their disposal, which permits Directors to securely,
remotely, and permanently access documentation
related to Board sessions. The system is available at least
three days prior to each session. It also aims to achieve
paperless management of all documents made available
to Board members.
In relation to the members´ attendance at Board sessions,
17 such sessions were held in 2020, with an average 88%
attendance by Directors. The minimum Ordinary and
Extraordinary Board meeting attendance required is 75%.
Of the total sessions mentioned, two were held in person
and 15 were held virtually.
Board Assessment
Each year, the Company hires the advisory services of an
external expert, who prepares a report aimed at detecting
and implementing potential improvements or areas to
• Updated copy of Law No. 18.046 on Publicly Traded
Corporations, of the Regulations of Publicly Traded
Corporations.
•
The Company´s bylaws and authorization system.
• Management Manual of Information of Interest to the
Market.
• Code of Ethics, Plan of Zero Tolerance with Corruption.
• Minutes
issued by the Board of Directors and
Shareholders' Meetings, corresponding
to
the
respective sessions that took place in the previous 12
months, among others.
The content of the above-mentioned documentation
includes matters related to the Company´s business,
strategies, and risks. This way, the new Director can access
extensive information about the Company and not just the
information that is most relevant.
The induction procedure for new Directors is available on
the Company's website.
Board of Directors
Training
reinforce Enel Américas´ Board of Directors, in the light of
The Company has a permanent training program for the
best practices pursuant to the General Standard No. 385
Board of Directors, consisting of talks whose schedule is
issued by the FMC. The methodology used to prepare this
approved annually by the Board, and which address, among
report considers interviews with Directors, Chief Executive
other subjects, sustainability, innovation, and investments,
Officers, the Company´s Legal Counsel, Internal Audit
with the participation of
leading experts on these
Manager and External Auditors, regarding the operation
subjects. Some of the issues covered in 2020 referred to
of the Board, the preparation of the sessions and the
"Responsible Investments", "Green Bonds Market" and
discussions that take place during Board sessions, among
"Innovation: Progress
in
Infrastructure and Networks,
other relevant issues.
Introduction of the
Board of Directors
The Company has established an induction procedure
for new Directors in matters deemed necessary for
Generation and Services", among others. The calendar of
the Board's ongoing training program is available on the
Company's website.
Board of Directors visit
to the facilities.
the correct exercise of their functions. The induction
Since 2017, the Board of Directors has made at least two
procedure
facilitates
the Directors´ effective and
annual visits to a unit or a facility of the Enel Group, to
informed integration into the Company´s business. The
learn about the conditions and the operation of these
induction consists of providing the new Directors with a
units and facilities and the main functions and concerns
set of relevant documents:
of those who work there. In response to the extraordinary
circumstances
in 2020 because of the coronavirus
• Updated copy of Law No. 18.045 on the Securities
COVID-19 pandemic, the visits to the various facilities of
Market.
the subsidiary Enel Distribuição São Paulo, Brazil took place
virtually in November.
33
Annual Report Enel Américas 2020 Improvements to
Corporate Governance
Practices
To further raise the Company's already high standards in
relation to corporate governance, social responsibility, and
Committees
Board of Directors´
Committee
sustainable development practices, the Enel Américas´
The Company's leadership and direction in Enel are
Board of Directors agreed in 2020 to implement new
inspired by the best international practices. The Directors´
practices and procedures, regarding those contained in the
Committee is concerned with and aims to create value
General Standard No. 385 issued by the Financial Market
for all shareholders, in the medium and long term, also
Commission. In sustainability matters, these are further
considering the social relevance of the activities that the
detailed in point 15 of the Directors´ Committee Report.
Group is committed to.
Regarding the Company's relationship with shareholders
In accordance with the provisions of Article 50a of Law No.
and the public in general, Enel Américas´ Board of
18.046 on Publicly Traded Corporations, Enel Américas
Directors, at an ordinary session held on September 21,
S.A. has set up a Directors´ Committee composed of three
2020, agreed to approve a procedure that permits the
members, who have the powers and duties referred to in
Company's Shareholders' Meetings to be held through
said article and those that are given to them by the Board
virtual or non-face-to-face systems, so that shareholders
of Directors, and which are contained in the Regulations of
can participate and vote remotely, and also the public in
the Directors´ Committee.
general can learn in real-time of the agreements adopted
at the Shareholders' Meetings.
On June 29, 2005, the Company Board of Directors created
an Audit Committee, composed of three directors who are
Regarding the identification of new talents in the Company,
also Board members, as required by the Sarbanes-Oxley
the Board of Directors has agreed to implement training
Act and NYSE corporate governance rules. Subsequently,
programs, managed by the People and Organization
on April 22, 2010, at the Extraordinary Shareholders'
Management department, aimed at
identifying and
Meeting, the Company´s by-laws were amended, and the
training new talent found amongst the Company's
Audit Committee merged with the Board Committee.
professionals, to develop the skills, knowledge, and
experiences of Enel Américas professionals, along with
At an ordinary session of the Board of Directors held on
promoting future leaderships.
Enel Américas
ownership
April 30, 2019, Mr. Hernán Somerville Senn, Mr. Patricio
Gómez Sabaini and Mr. Domingo Cruzat Amunátegui
were appointed members of the Directors´ Committee, as
established by Article 50a of Law No. 18.046 on Publicly
Traded Corporations and the Sarbanes Oxley Act and
supplementary legislation. Mr. Hernán Somerville Senn
As of December 31, 2020, Director Mr. Patricio Gómez
was appointed the Board of Directors´ Financial Expert. At
Sabaini directly owns 150,000 ADS equivalent to 7,500,000
the same time, at an ordinary session of the Directors´
Enel Américas S.A shares and Director Mr. Hernán Somerville
Committee held on April 30, 2019, Mr. Hernán Somerville
Senn is the controller of Inversiones Santa Verónica
Senn was appointed Chairman of
the Directors´
Limitada, which owns 6,689,400 of the Company’s shares.
Committee and Mr. Domingo Valdés Prieto, Secretary of
the same committee.
3434
134562Corporate GovernanceA Look at Enel AméricasMetricsEnel Américas´ BusinessesRisk Strategy and Management2020 Management On June 25, 2020, Enel Américas´ Board of Directors, in
order to further improve the already high standards of
At the ordinary session held on May 4, 2020 the Directors´
corporate governance practices referring to sustainability
Committee unanimously declared having reviewed the
management and positioning among
investors and
Company´s Consolidated Financial Statements as of March
sustainability analysts, agreed to delegate sustainability
31, 2020, together with their Notes, Income Statements
functions to the Directors´ Committee, a body entirely
and Significant Events, as well as the reports of the External
made up of independent directors, to monitor and track
Auditors and the Account Inspectors on this matter.
sustainability-related matters in the Company.
At an ordinary session held on April 30, 2020, the
The Board delegated to the Directors´ Committee, a
Directors´ Committee unanimously declared that the
body that already operates within a permanent structure
Financial Statements elaborated under IFRS principles
and within a defined and periodic timetable, certain
had been incorporated into Form 20-F to be presented
functions related to sustainability, to support the Board
to the US Securities and Exchange Commission (SEC) to
with recommendations and consultative functions, to
comply with the regulations and requirements issued by
evaluate decisions related to the Company´s sustainability,
said public authority.
supervising and promoting Enel Américas S.A.´s
sustainability commitment.
At an ordinary session held on July 28, 2020, the Directors´
Committee unanimously declared having examined the
Some of the delegated functions included, among others,
Company's Consolidated Financial Statements as of June
reviewing the Sustainability Report and Plan prior to its
30, 2020, together with its Notes, Press Release, Income
final approval by the Board and also the oversight of the
Statements and Significant Events, as the limited audit
Company's participation in sustainability indices.
review report of the External Auditors issued "without
Annual Report of the
Board of Directors´
Committee
The Directors´ Committee held 16 session in 2020. The
average director´s attendance at the sessions of the
Directors´ Committee in 2020 was 100%.
In 2020, the Directors´ Committee addressed the matters
that lie within its sphere of competence, fully complying
with the obligations set out in Article 50a of Law No. 18.046
on Publicly Traded Corporations and the US Sarbanes
Oxley Act and other applicable regulations.
1. Consolidated Financial Statements
The ordinary session of the Committee held on February
26, 2020, unanimously declared having reviewed the
Company´s Consolidated Financial Statements as of
December 31, 2019, together with their Notes, Income
Statements and Significant Events, as well as the reports
of the External Auditors and the Account Inspectors on
this matter.
exception" on July 28, 2020, signed by Mr. Nolberto Pezzati,
partner of KPMG Auditors Consultores SpA.
At an ordinary session held on November 4, 2020, the
Directors´ Committee unanimously declared having
examined the Company's Consolidated Financial Statements
as of September 30, 2020, together with its Notes, Income
Statements, Significant Events, and the report on related
party operations prepared by external auditors.
2. Review of services to be offered by
External Auditors.
The ordinary sessions held on March 31 and September
21 both in 2020, analyzed the services provided by the
Company´s external auditors but which were not part of
a recurring external audit. The committee unanimously
agreed to declare that they did not compromise the
technical reliability or the independence of judgment of
the respective external auditing companies, pursuant to
Section 202 of the Sarbanes Oxley Act, article 242, final
subsection, of Law 18.045 on the Securities Market and in
the Regulations issued by the Directors’ Committee.
35
Annual Report Enel Américas 2020 3. Review of operations between
related parties.
4. Supervision and Evaluation of
External Auditors.
During the 2020 financial year, the Directors´ Committee
At an ordinary session held on February 26, 2020, the
examined the following operations between related parties:
Committee unanimously agreed to declare reasonable the
work of the Company's External Auditors, EY Audit SpA,
i. At an ordinary session held on April 30, 2020, the Directors´
carried out during the 2019 financial year.
Committee examined the operation consisting of
structuring and obtaining new financing for the
Company, totaling up to US$300 million, plus expenses,
commissions, and taxes, to be obtained through credit
5. External Auditors´ report on money
orders and brokerage
contracts with different relevant national and international
At an ordinary session held on February 26, 2020, the
banking institutions. At that session, it was indicated that
Directors’ Committee unanimously agreed to register that
the tranche to be awarded by Enel Finance International
they had formally and expressly received the report on
("EFI"), for a total of up to US$150 million, should be
money brokerage and money orders prepared by EY Audit
considered an operation with a related party, since EFI is
SpA, the Company´s external auditors, issued on February
part of the same business group which is part of the Enel
26, 2020. The Committee also indicated that even though
Américas S.A. Habituality Policy.
the regulation issued by the FMC was no longer in place,
the legal obligation which indicates that companies which
ii. At an ordinary session held on November 26, 2020, the
have not been formally authorized by the competent
committee examined the transaction consisting of the
public authority may not carry out private commercial
procurement of one or more bank loans, totaling up to
activity reserved for banks or carry out money brokerage
US$1 billion, plus expenditure, commissions, and taxes.
transactions was still valid.
The aim was to obtain the funds through credit contracts
with different relevant national and international banking
institutions. The session indicated that regarding the
tranche to be awarded by Enel Finance International
6. Review of the internal control letter
– FMC Official Notification No. 422
(EFI), a total of up to US$500 million corresponded to an
The Directors’ Committee discussed this issue during the
operation with a related party, since EFI is part of the same
session held on February 26, 2020. On December 6, 2007,
business group and that it is part of Enel Américas S.A.´s
the Financial Market Commission (FMC) issued Official
Habituality Policy.
Notification No. 422, complementing Notification No. 980
issued on December 24, 1990. The Notification provides
iii. At an ordinary session held on December 15, 2020,
specific instructions regarding internal control procedures,
the Directors´ Committee considered the operation
providing an interim report and extending the period
consisting of a contract for the supply and use of
indicated in Notification No. 980 for internal auditors to
"Nasdaq" software licenses and services between Enel
submit the final internal control report, indicating that it
Américas S.A., as a recipient, and Enel SpA, as a supplier,
should be handed in no later than the date on which the
totaling 13,600 Euros and for a period of one year, with
Board of Directors is informed of the financial statements
the possibility of an automatically renewal for equal
for the period ending on December 31 of each year.
and successive periods; the Committee declared the
transaction an operation with a related party, since Enel
Mr. Hernán Somerville Senn, Chairman of the Directors’
SpA is part of the same business group and it is part of the
Committee, indicated that these regulations were revoked,
Enel Américas S.A. Habituality Policy.
however despite the revocation, article 246 of Law on the
Securities Market, among other subjects, established that
external audit should inform the Board and the Directors’
Committee of any deficiencies detected in external audits
in order to adopt and maintain standard accounting
practices, system management and internal audits, identify
3636
134562Corporate GovernanceA Look at Enel AméricasMetricsEnel Américas´ BusinessesRisk Strategy and Management2020 Management discrepancies between accounting principles related
Board to suggest the following order of precedence for the
to financial statements and relevant criteria generally
nomination of the external auditors´ firms for Enel Américas
applied in the industry where the Company carries out its
for 2019 at the Ordinary Shareholders´ Meeting: 1st KPMG
business, as well as the compliance with the Company’s
Auditores Consultores; Mazars Auditores Consultores; 3rd
and its subsidiaries´ tax obligations included in the referred
PKF Chile Auditores Consultores Ltda and 4th ARTL Chile
external audit, therefore the necessity to inform internal
Auditores Ltda.
control situations detected by EY was still required.
The fundamentals considered relevant when proposing
He added that the aforementioned revocation when it was
KMPG in the first place as Enel Américas S.A.´s external
issued did not affect the submission terms mandated by
auditors were as follows: (i) KPMG Auditores Consultores
General Standard No. 30 for the provision of Financial
SpA presented the most competitive proposal according
Statements
(FS) and, therefore,
it was necessary to
to the verified technical and economic evaluations among
understand that the internal control report was part of the
the proposals received; (ii) The firm is highly qualified in
information to be provided by external auditors during the
terms of available resource quality and it has an extensive
first quarter of each year, together with the review and the
experience in the electricity sector; (iii) It is one of the four
approval of the annual Financial Statements. As such, at the
most important external audit firms both internationally
ordinary session held on February 26, 2020, the Directors’
and nationally; (iv) It is the external audit company with
Committee unanimously agreed to register and confirm
the highest level of synergy with Enel Américas S.A., since
that they had been formally and expressly informed they
KPMG Auditores Consultores SpA is also the main external
had to comply with the aforementioned regulation through
auditor of Enel Américas S.A. given that it is the external
the Internal Control Letter issued on February 26, 2020 and
auditor of Enel SpA., Enel Américas S.A. controlling entity.
prepared by EY Audit SpA to comply with said regulation.
7. External Auditors´ review of matters
covered in the General Standard No.
385
10. Proposal of private risk rating
agencies
At the ordinary session held on February 26, 2020, the
Directors’ Committee unanimously agreed to ask the
At the ordinary sessions held on February 26, 2020,
Board of Directors to suggest to the relevant Shareholders´
April 30, 2020, July 28, 2020 and November 26, 2020 the
Meeting Feller Rate Clasificadora de Riesgo Limitada
Committee unanimously confirmed having reviewed the
and Fitch Chile Clasificadora de Riesgo Limitada as the
matters referred to in paragraph 1 d) of the FMC General
Company´s national risk rating agencies; and the firms
Standard Regulation No. 385 as presented by the External
Fitch Ratings, Moody’s Investors Services and Standard &
Auditors, who emphasized that none of the hypotheses
Poor International Ratings Services as private international
described in sections ii), iii) and v) of the referred to number
risk rating agencies, for the 2020 financial year.
had occurred.
8. External audit contract between
Enel Américas S.A. and y KPMG
Auditores Consultores SpA for fiscal
year 2020.
11. Analysis of Complaints Filed on the
Ethics Channel
At the ordinary sessions held on January 23, June 25,
and December 15, all in 2020, the Directors’ Committee
unanimously
issued their opinion on the complaints
At an ordinary session held on May 28, 2020, the Directors´
report submitted by the Audit Manager, which includes all
Committee unanimously declared the contract to be signed
complaints received through the Ethics Channel and which
between Enel Américas S.A. and the External Auditors
were analyzed in each period. The Committee provided
KPMG Auditors Consultores SpA examined and approved.
guidance on the corrective measures to be implemented.
9. Proposal of External Auditors
It is also the responsibility of the Chairman of the Directors´
Committee to call for an extraordinary session should, in
his view, such a complaint justify a call for an extraordinary
At the ordinary session held on March 31, 2020, the
session. No extraordinary sessions related to this matter
Directors’ Committee unanimously agreed to ask the
were held during 2020.
37
Annual Report Enel Américas 2020 12. Self-evaluation and review of the
Company's internal control
At an ordinary session held on 26 February 2020, the
Directors´ Committee considered examined the final
internal control report for the 2019 financial year, prepared
by the Company's management.
Enel Américas´ Board of Directors in a session held on June
25, 2020 agreed to delegate sustainability functions to the
Directors´ Committee with the aim of supporting the Board
with pro-positive and advisory functions in the evaluations
and decisions regarding the Company´s sustainability.
The Committee would also supervise and promote Enel
Américas S.A.´s commitment in these matters.
13.Review of the remuneration
system and compensation plans of
the Company's managers, senior
executives , and employees.
At an ordinary session held on June 25, 2020, the Directors´
Committee unanimously declared having reviewed the
remuneration systems and compensation plans of the
Company's managers, senior executives , and employees.
14. Budget proposal of the Directors´
Committee for the 2020 financial year.
At an ordinary session held on February 26, 2020, the
Directors´ Committee unanimously approved the Directors´
Committee budget proposal for the 2020 financial year. It
would consist of the amount of 10,000 UF (Development
Units or Unidades de Fomento) for the Committee´s
operating expenses as well as their advisers. Furthermore,
the Directors´ Committee unanimously decided to submit
the aforementioned proposal for the consideration of the
next Ordinary Shareholders' Meeting of Enel Américas S.A.,
to be held in April 2020, so that it would ultimately establish
its resolution according to its faculties.
15. Sustainability Measures.
To further improve the already high standards in corporate
governance practices related to sustainability management,
16. Others.
At an ordinary session held on January 23, 2020 the
Directors´ Committee unanimously declared having
examined the payments made to external auditors by Enel
Américas Group companies to various external audit firms
during the 2019 financial year, making a distinction between
recurring and non-recurring external audit services and
services other than external audit services , concluding
that they had not affected their independence or suitability.
This way, and as stated in the report, the Directors´ Committee
has fully complied with the obligations set out in Article 50a
of Law No. 18.046 on Publicly Traded Corporations.
Expenses of the Directors´ Committee
The Directors´ Committee did not use any of the operating
expense budget approved by the Ordinary Shareholders'
Meeting held on April 30, 2020.
Other Directors´
Committees
The Company has implemented contingency plans aimed
at reacting during critical events or crises, by setting up ad-
hoc committees, which are made up of experts who can
deal with the crises or the events in question.
3838
134562Corporate GovernanceA Look at Enel AméricasMetricsEnel Américas´ BusinessesRisk Strategy and Management2020 Management Main Policies
Governance as a pillar of Enel Américas' strategy
Focus on integrity
Transparency and privacy
of information
The environment;
commmunity and employees
• Code of Ethics
• Human Rights Policy
• Plan of Zero Tolerance with Corruption
• Global Compliance Program on
Corporate Criminal Liability
• Criminal Risk Prevention Model
• Policy of information Privacy and
• Sustainability and relationship with the
Protection
• Tax strategy and Reporting
Community and Inclusion Policy
• Environment Policy
• Biodiversity Conservation
• Diversity and Inclusion Policy
Focus on integrity
expressed through the Company´s Human Rights Policy.
Therefore, the Company encourages
its employees,
contractors, suppliers, communities and business partners
Enel Américas´ mission is to create and distribute value in the
to adhere to this policy. The policy reflects the United
international energy market, for the benefit of and to meet
Nations guidelines known as "Protect, Respect and
the needs of customers, the investment of shareholders,
Remedy". The Company has adopted the Human Rights
the competitiveness of the countries in which it operates
Policy defined by the Enel Group, which is based on eight
and the expectations of everybody who works for the
principles that focus particularly on potential conflicts or
Company. It aims to maintain and develop a relationship of
risks in labor practices and relationship with the community.
trust in all areas in which it carries out its work.
Code of Ethics
Zero Tolerance with Corruption Plan
(ZTC Plan)
This code
is built on general principles regarding
Enel Américas adheres to the United Nations Global
relationships with those involved, Company values and
Agreement and, as part of its commitment to the
conduct criteria. The code provides the guidelines and
tenth principle of the United Nations, plans to combat
standards to which employees should adhere in order to
corruption under a plan called "Zero Tolerance with
comply with principles and to prevent the risk of unethical
Corruption" (ZTC Plan).
behavior. Furthermore,
it
identifies the mechanisms
necessary to implement the compliance control system.
The principles and provisions of the Code of Ethics are
aimed for the members of the Board of Directors, the
Global Compliance Program on
Corporate Criminal Liability
Directors´ Committee and other supervisory bodies of
"Enel Global Compliance Program" or "EGCP" has been
Enel Américas as well as the Group´s other companies,
conceived as a tool that would permit to reinforce the
in addition to the Company´s directors, employees and
Company's commitment to the best ethical, legal, and
workers associated with it by a contractual relation in any
professional standards to increase and defend its reputation.
form, including occasional or temporary contracts. This
It establishes several preventive measures aimed at targeting
applies to all affiliated or participating companies and all
criminal responsibility in the business environment.
suppliers and partners as they engage in a conduct in
accordance with the general principles of this Code. The
Code of Ethics is valid both in Chile and abroad.
Free Competition Compliance
Program
Human Rights Policy
The Free Competition Manual provides information and
education to the Company's employees so that they can
Enel Américas considers respect for human rights as
detect risky situations in a timely manner and the way to
one of its guiding principles and a constant commitment
prevent them. In addition to the program and the manual,
39
Annual Report Enel Américas 2020 a number of additional tools have been put in place which
also include an active prevention program aligned with the
Company´s commercial policies.
Enel Américas Risk Management and
Control Policy
As part of the program the Company has implemented:
Free Competition Manual; Free Competition Consultation
Channel; Risk and Conduct Guide, Self-Certification
Procedure of Each Management Area; Free Competition
Training Program for the Company's employees; Monitoring
Program on compliance with the Self-Certification
Procedure; behavior procedure in case of dawn raids or
incursions; Internal control of the "interlocking" figure.
Criminal Risk Prevention Model
The details of the Model can be accessed in sub-chapter
“Ethics and Integrity” on page 44.
Fiscal strategy
Fiscal
transparency: we strongly believe
that fiscal
transparency is another important dimension of sustainable
finance. The revelation of our tax contribution in South
American countries in which we operate on the company's
websites highlights the importance that Enel Américas
attaches to tax issues, its social role and, in general, to
transparency as a factor promoting sustainable development.
Transparency and privacy
of information
Corporate Governance Guidelines
It is a set of decisions that the Company makes to establish
the acceptable risk level limits inherent in its activity,
in which the normal development of the business and
the appropriate measures for the proper management,
monitoring and control of such risks must be registered.
Information Management Manual
Transparency and honesty are intractable values of the
Enel Américas family. Acting in good faith, putting general
interests before one's own, is part of the essence of what
is established in our Management Manual of Information of
Interest to the Market.
Other protocols
• Protocol of Action in dealing with Public Officials and
Public Authorities.
• Protocol of Accepting and Offering Gifts, Presents and
Favors.
• Procedure to Replace the Chief Executive Officer and
Other Senior executives .
Environment,
community, and
employees
As part of its corporate governance strategy Enel Américas
has implemented principles, values, policies and procedures
This document sets out the principles and guidelines on
intended to promote the Company´s correct governance.
which the Company's corporate governance is based.
General Habituality Policy
Biodiversity Policy
It was approved by Enel Américas S.A.´s Board of Directors
identifies six practices to be implemented in the development
in a session held on June 28, 2017 and permits operations
of the Company´s activities. These practices contribute
with related parties, without the need to comply with the
and are in line with international standards and principles
requirements and procedures set out in numbers 1 to 7 of
described in the UN Convention on Biological Diversity
article 147 of Law No. 18.046
(CBD), the UN 2011-2020 Strategic Plan for Biodiversity and
This policy was approved by the Board of Directors and
4040
134562Corporate GovernanceA Look at Enel AméricasMetricsEnel Américas´ BusinessesRisk Strategy and Management2020 Management
the Aichi Goals for CBD Biodiversity, as well as other national
and international biodiversity strategies. Through this policy,
the Company promotes respect for the principle of "zero
Sustainability and Community
Relationship Policy
net losses", with the correct project planning and preventive
The aim of this policy is to declare and own a set of
environmental assessment (no net loss) of biodiversity,
principles and guidelines that would guarantee a real and
avoiding, reducing and/or compensating for negative
effective contribution to social, community, environmental
impacts on relevant species and natural habitats, whether by
and economic management, identifying and recognizing
their degree of protection, representativeness indices and /
the various cultural profiles present
in communities,
or ecosystem value.
Environmental Policy
Caring for the environment and natural resources, as well
as fighting against climate change and contributing to
sustainable economic development, are strategic factors
establishing the meeting points and disruptions of our
presence, to build a shared vision through a dialogue
process or, at least compatible views, on the development
of the territory where we are or want to be present.
Diversity and Inclusion Policy
in Enel Américas´ and its subsidiaries´ planning and
Enel Américas is committed to respecting and promoting
operation and it is also part of the Enel Group´s vision to
the principles of arbitrary non-discrimination, equal
lead in energy transition.
opportunities and inclusion are fundamental values in
the development of its activities. The Company seeks to
The Environmental Policy, approved by the different Boards
improve the work environment and make possible a better
of Directors, has been part of the Group's environmental
quality of life at work, which would lead to improvements in
policy in force since 1996. The policy was updated in 2018
the Company´s results. To this end we have put in place a
and is based on four basic principles:
Diversity and Inclusion Policy that aims to establish the key
principles required to disseminate a culture that pays heed
•
•
Protect the environment by preventing impacts.
to diversity and adds to its value.
Improve and promote the environmental sustainability
of products and services.
• Create value shared between the company and its
stakeholders.
• Adopt and comply with voluntary commitments,
promoting ambitious practices
in environmental
management.
41
Annual Report Enel Américas 2020 Company Management
Organigram
C
Chairman
Francisco de Borja Acha Besga
E Managments
O CE
ENEL AMÉRICAS S.A.
Mauricio Bezzeccheri (*)
INTERNAL AUDIT
Raffaele Cutrignelli (*)
ADMINISTRATION, FINANCE AND CONTROL
Aurelio Bustilho de Oliveira (*)
PEOPLE AND ORGANIZACTION
Liliana Schnaidt Hagedorn
COMMUNICATIONS
Carolina Ricke Hunting
LEGAL COUNSEL AND SECRETARY OF THE BOARD
Domingo Valdés Prieto (*)
ENEL X SOUTH AMERICA
Simone Tripepi (*)
PLANNING AND CONTROL
Francisco Miqueles Ruz (*)
(*) Chief executive
4242
134562Corporate GovernanceA Look at Enel AméricasMetricsEnel Américas´ BusinessesRisk Strategy and Management2020 Management Enel América´ Executive Team
Chief Executive Officer
Mr. Maurizio Bezzeccheri
RUT: 26.490.357-2
Nationality: Italian
Legal Counsel and Secretary of the Board
Mr. Domingo Valdés Prieto (1)
RUT: 6.973.465-0
Profession: Lawyer Universidad de Chile
Profession: Doctor Cum Laude degree
in Chemical
Master´s Degree in Law
Engineering Università di Napoli and
R+D Development of Steam Generators
University of Chicago (USA)
Appointment date: April 30, 1999
Official Professional Qualification for Engineering Practice
Appointment date: August 1, 2018
Internal Audit Officer
Mr. Raffaele Cutrignelli
RUT: 25.553.336-3
Nationality: Italian
Planning and Control Officer
Mr. Francisco Miqueles Ruz (2)
RUT: 10.560.169-7
Nationality: Chilean
Profession: Business Administrator
Universidad Central
Profession: Bachelor's degree in International Business
Appointment date: February 26, 2020
Nottingham Trent University (UK)
Master's Degree in Auditing and Internal Controls
Enel x South America Officer
University of Pisa (Italy)
Mr. Simone Tripepi
Certificates
in Strategy,
Innovation, Management and
RUT: 25.067.660-3
Leadership
Massachusetts Institute of Technology (MIT)
Nationality: Italian
Profession: Engineer
Appointment date: October 1, 2016
Universita Degli studi di Roma “Tor Vergata”
Appointment date: August 29, 2019
(1) They also hold the same positions in Enel Chile.
(2) Francisco Miqueles took over on 26 February 2020 to replace Paolo
Pescarmona.
Administration, Finance and Control Officer
Mr. Aurelio Bustilho de Oliveira
Mr. Aurelio Bustilho de Oliveira
RUT: 26.537.505-7
Nationality: Brazilian
Profession: Business Administration
University of Brasilia
MBA from Universidad Federal Rio Janeiro/ COPPEAD
Appointment date: October 1, 2018
43
Annual Report Enel Américas 2020 Remuneration of Main
Executives
Benefits of main senior executives
As a benefit, the Company maintains supplementary health
insurance and catastrophic insurance for main executives
In 2020, the remuneration and benefits received by the
and members of their households who are accredited as
Company's Chief Executive Officer and Main executives
dependents. Furthermore, the Company has hired life
totaled US$3,495 thousand in fixed remuneration and
insurance policies for each chief executive. These benefits
US$155 thousand in benefits.
are granted in accordance with the management level of
each employee at any given time. In 2020, the amount was
In 2019, the remuneration and benefits received by the
US$5,347, which is included in the remuneration received
Company's Chief Executive Officer and Main executives
by the senior executives .
totaled US$2,255 thousand in fixed remuneration and
US$21 thousand in benefits.
These amounts
include both managers and senior
Incentive plans for managers and main
executives
executives present as of December of each year, as well
Enel Américas has implemented an annual bonus plan for
as those who left the company during the respective
its executives for meeting targets and according to a level
financial year.
of individual contribution to the Company's results. This
plan includes establishing bonus tranches according to the
level of hierarchy. The bonuses offered consist of a certain
number of monthly gross remunerations.
Benefits based on the Chief Executive Officer´s specific objectives can be summarized graphically as follows:
MACRO OBJECTIVE
OBJECTIVE
TYPE OF TARGET
WEIGHT
RANGE
PROFITABILITY
NET INCOME
LATIN AMERICA
EFFICIENCY
OPERATING INCOME
LATIN AMERICA
CASH AND DEBT
MANAGEMENT
FFO LATIN AMERICA
DIGITALIZATION
LATIN AMERICA
COVID-19
EMERGENCY
SAFETY IN THE
WORKPLACE
BUSINESS
BUSINESS
SECURITY
4444
21
%
17
%
13
%
17
%
15
%
17
%
~50%
120
% maximum
120
% maximum
120
% maximum
120
% maximum
120
% maximum
120
% maximum
ECONOMIC
ECONOMIC
FINANCIAL
ESG
ESG
ESG
134562Corporate GovernanceA Look at Enel AméricasMetricsEnel Américas´ BusinessesRisk Strategy and Management2020 Management
Compensation paid to managers and
main executives.
Brazil
No compensation was paid for the years of service
during 2020.
Property in Enel Américas
Enel Brasil
Mr. Nicola Cotugno
Mechanical Engineer
Università di Roma, La Sapienza
As of December 31, 2020, the Shareholders' Register
Enel Green Power Cachoeira Dourada
Mr. Fabio Destefani
indicated that no chief executive filed ownership of any
Electrical Engineer
part of the Company. There are no requirements for
Universidad Federal Fluminense
the Chief Executive Officer and main executives to hold
company-issued securities; what exists is an obligation to
report the positions on such securities and transactions
Enel Generación Fortaleza
Mr. Raffaele Enrico Grandi
in them, both pursuant to the Securities Market Law and
Bachelor of Economic Sciences
in the Company´s Manual of Information of Interest to
Universidad de Génova (Italia)
the Market.
Main executives of the
subsidiaries
Enel Cien
Mr. Guilherme Gomes Lencastre
Production/Civil Engineer
Pontificia Universidad Católica de Rio de Janeiro
Argentina
Enel Generación Costanera
Mr. Pablo Gutiérrez Cerezales
Industrial Engineer
Universidad Europea de Madrid
Enel Generación El Chocón
Mr. Daniel Garrido
Electrical Engineer
Universidad Tecnológica Nacional
Edesur
Mr. Gianluca Palumbo
Bachelor in Electrical Engineering
Universidad de los Estudios Federico II di Napoli
Central Dock Sud
Mr. Juan José Marcet
Electrical Engineer
Universidad Tecnológica Nacional
Masters in Business Administration
Universidad de Palermo
Enel Distribución Rio
Mr. Artur Manuel Tavares Resende
Computer Engineer
Universidad Simón Bolívar/Venezuela
Enel Distribución Ceará
Mr. Charles de Capdeville
Electrical Engineer
Universidad de Santa Úrsula
Enel Distribución Goiás
Mr. José Luis Salas Rincón
Electrical Engineer
Universidad Rafael Urdaneta
Enel Distribución São Paulo
Mr. Max Xavier Lins
Electrical Engineer
Universidad Federal de Pernambuco
Colombia
Emgesa
Mr. Marco Fragale
Mechanical Engineer
Politécnico de Milán
45
Annual Report Enel Américas 2020
Codensa
Mr. Francesco Bertoli
Mechanical Engineer
Universidad de Brescia
Perú
Enel Distribución Perú
Mr. Simone Botton
Electrical Engineer
Universidad de Bologna – Roma
Enel Generación Perú
Mr. Rigoberto Novoa Velásquez
Electrical Mechanical Engineer
Universidad Nacional de Ingeniería – Lima
Executive committees
Ethics and Integrity
We work every day to improve the quality of life on the
planet.
The Enel Group shares the same objectives, vision, and
commitment. The Enel brand is a visible sign of our unified
global identity, in all latitudes, around the world and, in
Enel Américas, we are not one more, we are part of Enel
and part of the new way of managing energy, a task we
can achieve by respecting our values: trust, responsibility,
innovation, proactivity.
Criminal Risk
Prevention Model
Since 2015, the Company has a Risk Committee, which aims
an integral part of the values that build trust and
to define the structure and processes of risk governance
accountability with all the stakeholders.
The value of transparency and ethical actions are
to detect, quantify, monitor, and communicate all the
relevant financial risks and those related to commodities,
the Company´s commercial debt and credit status to the
Board of Directors. The Risk Committee consists of: (i)
Ethical Conduct and Criminal Risk
Prevention Model
Enel Américas´ Chief Executive Officer as Chairman of the
Enel Américas is fully committed to complying with its
Committee; (ii) the Administration, Finance and Control
ethical standards and conduct, and the legislation in force
Officer and (iii) the Planning and Control Officer. This
in each of the countries where we operate, both in the
Committee reports directly to the Board of Directors.
internal and external relations with other stakeholders.
The Company and its subsidiaries adhere to a Code of
Ethics, approved by its Boards of Directors which guides
the actions of our Directors, executives and employees
and contractors. The code and the main documents
that provide the framework for the Company´s ethical
culture is delivered to employees, Directors, suppliers, and
contractors, in addition to being published internally and
on the website, permitting all stakeholders an easy access
to its contents.
The Company strictly adheres to the Law on Publicly Traded
Companies which establishes the independence and non-
existence of conflicts of interest within its criteria.
The Company's Criminal Risk Prevention Model (CRPM)
is built on the Code of Ethics, the Zero Tolerance with
Corruption Plan, and the Enel Global Compliance Program.
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134562Corporate GovernanceA Look at Enel AméricasMetricsEnel Américas´ BusinessesRisk Strategy and Management2020 Management In those companies that are not directly controlled, joint
The Board of Directors is the body responsible for
ventures, related companies or suppliers and contractors,
overseeing the compliance with ethical standards and the
the Company encourages the compliance with local
prevention of criminal risks in the company, a task whose
regulations and policies that are aligned with
local
monitoring and management is delegated to the Internal
legislation and Enel Américas standards.
Audit Management. This way, the Board approves the
documents that make up the compliance system, including
In 2020, Enel Américas and its subsidiaries also maintained
the Criminal Risk Prevention Model, relying on the Crime
and operated their communications and training plans
Prevention Officer for the implementation.
aimed at disseminating the main aspects of the compliance
program and reinforcing employee and supplier culture.
The Crime Prevention Officer has
the necessary
These plans are considered internal and external activities,
organizational autonomy, authorization, and resources
including inductions for new arrivals to the Company where
to correctly carry out his duties. Periodically, the Board of
new people receive specific training on the Enel Américas
Directors evaluates and monitors the implementation and
compliance system.
improvement of programs at the level of the Company's
processes, through sessions where the Crime Prevention
In 2020, the Company obtained the ISO37001 Anti-
Officer reports the main activities related to their
Bribery Management System certification for the main
implementation and correct functioning.
Brazilian subsidiaries (Enel Brasil, ED Ceará, ED Rio de
Janeiro, ED Goiás, ED Sao Paulo, Enel X Brasil, CIEN, and
Enel Américas obtained in 2020 the external certification
CGTF) and in Peru (Enel Generación Piura, Chinango
on the Criminal Risk Prevention Model where an external
S.A.C. and Enel X Perú S.A.C.). These companies join the
entity authorized by the Financial Market Commission (FMC)
Enel Américas certification (obtained in 2018) and the
objectively accredited and evaluated the prevention system
subsidiaries that have already been certified in Colombia,
adopted and implemented by the Company in the face of
Argentina, and Peru between 2018 and 2019.
the requirements of Law No. 20.393. The certification was
granted for two years (until mid - 2022), during which time
In 2020, Enel Américas and its subsidiaries carried out
Enel Américas shall be subject to constant evaluations.
182 training session involving more than 12,200 people,
focused on corruption prevention and unethical conduct,
This certification covers crimes incorporated into Chilean
the use of the Ethics Channel, the ISO37001 Anti-Bribery
Law No. 20.393 in 2018 and 2019, including crimes of
Management System and, in general, knowledge of the
corruption between
individuals, unfair administration,
Company's compliance system.
incompatible negotiation, misappropriation, illegal fishing,
water pollution, activities that involve prohibited products
An exceptional 2020 event was the Ethics Week organized
and activities with scarce fishery resources without the
and carried out via electronic means in Chile. The event
accreditation of their legal origin.
highlighted the commitment of our employees, managers,
It is worth noting that in 2020 the Board of Directors,
specifically on the relationship of compliance programs
senior administration and other areas of the organization
with Corporate Governance and Sustainability. The week's
completed the Criminal Risk Prevention Model review and
events featured renowned external guests in Chile and
suppliers, and directors to transparency and focused
adequacy considering the amendments made to the law
the region.
between 2018 and 2019.
This work was coordinated by the Crime Prevention Officer,
Week at a local level, with training events, communication
making it possible to update risks and specific controls
activities and specific sessions aimed at reinforcing values,
under the scope of the Criminal Risk Prevention Model
transparency and the ISO37001 Anti-Bribery Management
within all of the Company´s areas and processes and with
System. The events were available to all employees,
the support of external experts on the subject and the
managers, directors, and suppliers.
Furthermore, each country in the region held the Ethics
Company´s Legal area.
All Enel Américas subsidiaries have also implemented a
Américas organized other instances of participation and
compliance program in line with the Company's practices,
collaboration with stakeholders and civil society, such as
including country-specific
regulatory
requirements.
Chile Transparente, Fundación Generación Empresarial,
Finally, we would like to highlight that in 2020 Enel
47
Annual Report Enel Américas 2020 Alliance for
Integrity, Ethos
Institute, the Colombian
The
ISO 37001 certification boosts
stakeholder
Secretariat of Transparency, Argentine Association of
confidence in Enel Américas which, in 2018, became the
Ethics and Compliance, among other organizations, to
first South American multinational company listed on the
share experiences and promote best practices within the
New York Stock Exchange to obtain such certification.
Company and externally, in terms of probity, organizational
culture, ethical practices and business transparency.
As part of Enel Américas' commitment to implementing
Bribery and
corruption
prevention
Anti-Bribery Management System
Is in compliance with the tenth principle of the Global
Agreement under which companies are committed to
fighting corruption in all its forms, including extortion
and bribery.
Enel Américas complies with this commitment through
the implementation and maintenance of the Anti-Bribery
Management System pillars under the ISO37001 standard.
It specifies several measures and best practices to help
organizations prevent, detect and deal with bribery,
along with meeting voluntary commitments made by Enel
Américas.
In the Company, this system focuses on identifying risks
and designing, implementing, and improving conduct
controls and standards in operations that are considered
risky, such as negotiating and implementing contracts
best practices worldwide, in 2020 Enel Américas, together
with its subsidiaries Edesur (Argentina), Codensa and
Emgesa
(Colombia), and Enel Distribución Peru and
Enel Generación Perú maintained their Anti-Bribery
Management System certification under the international
ISO 37001:2016 standard.
In the same period, our Brazilian subsidiaries (Enel Brasil,
ED Ceará, ED Rio de Janeiro, ED Goiás, ED Sao Paulo, Enel X
Brasil, CIEN, and CGTF) and those in Peru (Enel Generación
Piura, Chinango S.A.C. and Enel X Perú S.A.C.) obtained for
the first time the ISO 37001 Anti-Bribery Management
System certification.
Enel Américas has participated
in various national
scenarios sharing its experience in the implementation of
this relevant certification, as well as its deployment in the
Company´s subsidiaries.
Complaint Channels
Complaint channels, protection of
confidentiality
with third parties, participating in public and private
The Company has set up an Ethics Channel (Canal Ético)
tenders, financial resources management, gifts and
governed by the whistleblowing policy, which has been duly
hospitality policies, staff selection processes, incentive
communicated to the Company's employees. This channel
mechanisms for management, among others.
is available to employees, contractors, suppliers, customers,
This Anti-Bribery Management System is part of the Enel
subsequently
investigated by the Audit Management
Américas Compliance Program, where the Board of Directors
department and reported to the Directors Committee.
communities, and other stakeholders. Complaints are
is its highest governing body and which, together with the
Company's Senior Management, promotes the prevention
of any type of bribery in daily activities and operations.
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134562Corporate GovernanceA Look at Enel AméricasMetricsEnel Américas´ BusinessesRisk Strategy and Management2020 Management Management of the Complains
Channel
The complaints channel, managed by the Internal Audit
department, but run externally, permits anonymous
reporting of irregular behavior, contrary to the principles of
the Criminal Risk Prevention Model, the Code of Ethics or
other issues related to accounting, control, internal audit,
or crimes such as money laundering, terrorist financing,
bribery, corruption between
individuals, reception of
stolen goods, misappropriation, incompatible negotiation,
environmental crimes, among others.
This channel is governed by the Whistleblowing global
policy No. 107, which guarantees the whistleblower´s
anonymity and protection in case of retaliation and
protection against allegations of bad faith.
The complaints channel
is available to employees,
contractors, suppliers, clients, communities, and other
stakeholders, with access available via telephone, face-
to-face and digital means through the intranet and the
Company's website.
During the period, an important part of communications
management and training focused on improving the use of
the Ethics Channel through publications and training. The
company tried to raise suppliers´ awareness of the channel
at events through promotional deliverables and talks.
In 2020, the Ethics Channel received a total of 93 complaints
in all of Enel Américas and its subsidiaries related to the Code
of Ethics. Of these, 21 were insignificant infringements – all
duly managed according to the Company's Code of Ethics,
in matters related to contract management, conflicts of
interest and work environment. Enel Américas did not have
any confirmed cases of corruption and bribery against the
Company in the last 4 years..
KPI
Complaints received
Violations of episodes related to
Conflict of Interest/Corruption
Misuse of assets
Working climate
6.0Community and society
Other motivations
UM
2020
n.
n.
n.
n.
n.
n.
n.
93
21
2
12
7
0
0
2019
110
25
4
7
11
0
3
2018
2017
2019-2020
93
13
3
6
3
0
1
68
21
3
12
5
0
1
-17
-4
-2
5
-4
0
-3
%
-15.5%
-16.0%
-50.0%
71.4%
-36.4%
0.0%
-100.0%
(1) In 2020, there was a slight reduction in reports related to potential breaches of the ethics code.
(2) Corruption consists of abuse of power to obtain private benefits and may be carried out by individuals in the public or private sectors. It includes corruption
practices such as bribery, extortion, collusion, conflicts of interest and money laundering. In terms of non-compliance, two workers from Enel Américas
subsidiaries were sanctioned and disciplinary actions were taken against them in accordance with the internal regulations of each company.
(3) Another motivation refers to control weaknesses in technical processes or breaches related to contractors
¿WHERE TO LODGE
A COMPLAINT?
Corporate
website
www.enel Américas.com
Right Menu/Ethical Channel
INTERNET
Direct ethics channel
https://secure.ethicspoint.eu/domain/
media/es/gui/102504/index.html
In person or in writing
Enel Américas
Internal Audit Management, Santiago, Santa
Rosa N°76, Piso 9.
49
Annual Report Enel Américas 2020 5050
134562Corporate GovernanceA Look at Enel AméricasMetricsEnel Américas´ BusinessesRisk Strategy and Management2020 Management Internal Audit and control
The Internal Control and Risk Management System (SCIGR by its Spanish acronym) consists of a set of rules, procedures
and organizational structures that permit to identify, measure, manage and monitor the main corporate risks existing in the
Company. These systems consider the recommendations of the Integrated Framework for Internal Control, a model set up by
the Committee of Sponsoring Organizations of the Treadway Commission ("COSO").
The systems also guarantee the traceability of risk identification, assessment, management and monitoring activities,
considering three different types of activities:
First level of control
First level of control: consisting of all the control activities that
the Company's operating units implement in their processes to
guarantee that operations are carried out correctly.
Second level of control
Second level of control: assigned to specific corporate functions
and they are supposed to manage and monitor certain risk types.
Third level of control
Third level of control: internal audit activities aimed at verifying the
structure and operation of the internal control and risk management
system, including monitoring of first and second level controls.
Audit
may affect the Company. The results of each audit and
the monitoring of the implementation of the action plans
The Internal Control and Risk Control System, and its
are periodically reported to the Board of Directors which
alignment with the business model, is one of the main
directly monitors the correct
implementation of the
success factors of Enel Américas and its subsidiaries.
identified improvement actions.
The department
responsible
for objectively and
Each audit
includes control activities
linked to the
independently
guaranteeing
the
efficiency
and
Criminal Risk Prevention Model (CRPM), which contains
effectiveness of the internal control and risk management
the requirements of the Crime Prevention Model of Law
system is the Internal Audit Management. Because of its
20.393, which governs Enel Américas as a Chilean-based
nature, the Internal Audit Management reports directly
Company and that encourages the implementation of
to the Board of Directors at least once every quarter,
international best practices to prevent and detect potential
including any serious deficiencies that have been detected
risks of illegal, fraudulent and in general any other action
or possible irregularities that must be reported to the
that may conflict with the ethical principles of the Enel
auditing bodies or other competent entities, or that affect
Group. This work methodology is also applied by Enel
the Company´s legal situation.
Américas subsidiaries considering the local particularities
in terms of applicable regulations and the specific context
The
Internal Audit Management department carries
of each country where the Company operates.
out audits to periodically evaluate – under the risk-
based perspective – the performance of the Company's
In 2020, the Audit Manager and Compliance Officer
operations, identifying the areas of improvement and
reported to the Board of Directors in sessions held in
facilitating – together with the process owners – action
January, February, March, July, August, and September all
plans that would reinforce our Internal Control System,
the issues indicated above, in addition to the management
minimize irregularities or cases of potential fraud that
of the Ethics Channel.
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Annual Report Enel Américas 2020 3
Risk Strategy and
Management
5252
53
Annual Report Enel Américas 2020 Macroeconomic
Environment
Macro-context
The international macroeconomic scenario in 2020 was
marked by the COVID-19 pandemic, which led to a global
economic slowdown and significant changes
in the
economic outlook. The U.S. economy contracted by 3.4%,
a situation only comparable to the 2009 drop during the
financial crisis. The U.S. Federal Reserve System (FED)
lowered the interest rates at the start of the pandemic,
closing the year at 0%. The same trend was observed in
South America, where the pandemic profoundly affected
the economies of the different countries and 2020 closed
with a 7.2% decrease.
Argentina
Argentina experienced a -10.5% decrease in its GDP with a
performance marked by the COVID-19 pandemic leading
to a widespread economic slowdown. Furthermore,
the year was marked by the restructuring of its foreign
currency debt, along with a high 36.1% inflation and a 55%
benchmark interest rate.
Brazil
Brazil's GDP fell by 4.6% in 2020, as a result of the COVID-19
pandemic on the economy. Additionally, the Brazilian real
devalued sharply reaching BRL5.1967 per dollar at the end
of the year. The effects of the pandemic were also reflected
in a 13.4% unemployment rate and a 4.5% inflation plus a
2% all-time-low interest rate.
Colombia
Colombian economy experienced a 7.2% GDP fall as a result
of the pandemic and global lower oil prices. Additionally,
inflation reached 1.6% and the unemployment rate reached
15.9plus an all-time low 1.75% interest rate.
Peru
The pandemic strongly affected the Peruvian economy,
with a 12% contraction largely because of the quarantines
affecting the country's mining activity. Like the rest of the
countries in the region, Peru experienced an increase
in unemployment, closing the year at 12.8%, and with its
interest rate reaching an all-time low at 0.25%.
Regulatory
Environment by
Country
Description of the
industrial sector
Enel Américas and its subsidiaries and jointly controlled
companies
participate
in
electricity
generation,
transportation, distribution, and sale in four countries.
Each one has different regulatory frameworks, energy
matrices, participating companies, and different growth and
consumption patterns. The following is a summary of the main
legal entities that regulate the activity, the market structure,
and the most relevant aspects regarding the agents of each
of the countries where the Company operates.
Regulatory framework of the
electricity industry in Argentina
Synopsis and industry structure
The Argentine Wholesale Electricity Market (Spanish
acronym MEM) has four categories of local agents
(generation
companies,
transmission
companies,
distribution companies and
large customers) and
two external agents
(generation marketers and
demand marketing companies) authorized to buy and
sell electricity and related products. The Argentine
autonomous body responsible for the operation of
the MEM is the Compañía Administradora del Mercado
Mayorista Eléctrico S.A. (CAMMESA).
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134562Risk Strategy and ManagementCorporate GovernanceA Look at Enel AméricasMetricsEnel Américas´ Businesses2020 Management
Generation
The generation segment consists of companies that own
power plants. Electricity generators sell their energy to the
market at prices set by the regulator. In February 2017, new
guidelines were issued on the remuneration of existing
generation plants, focusing on incentives that facilitate
the availability of power plants. In February 2019, the
remuneration values established in Resolution 1/2019 were
updated. Additionally, a change in the methodology used
to establish the actual power available for hydroelectric
generators was introduced. In February 2020, Resolution
31/2020 replaced Resolution 1/2019 defining the minimum
remuneration for electricity according to technology and
scale, based on its availability.
Transmission
The transmission sector is a public service that operates
under monopoly conditions and is made up of several
companies
to which
the Argentine State grants
concessions. A concessionaire operates and maintains the
highest voltage facilities, and eight concessionaires operate
and maintain medium- and high-voltage facilities, to which
generation companies, distribution companies and large
customers are connected. International interconnected
transmission systems also require concessions granted by
the Argentine Ministry of Electricity (Spanish acronym SEE).
Transmission companies are authorized to charge different
tolls for their services.
Distribution
Distribution
is a public service that operates under
monopoly conditions and is composed of companies
to which the Argentine State has granted concessions.
Distribution companies are required to supply electricity
to end customers within a specific concession area,
regardless of whether the customer has a contract with
the distribution company or directly with a generation
company. Distribution companies pay regulated rates and
are subject to quality-of-service standards. Distribution
companies can purchase electricity in the spot market
from the Argentine MEM, at the so-called "seasonal prices",
defined by the Argentine SEE as the maximum cost of
electricity purchased by distributors that can be transferred
to regulated customers. There are two electricity
distribution areas in the Greater Buenos Aires area subject
to bipartisan concessions between the Autonomous City
of Buenos Aires and the Province of Buenos Aires; these
concessionaires are Edesur (our subsidiary) and Edenor (an
unrelated company). Local distribution areas are subject to
concessions granted by provincial or municipal authorities.
However, all distribution companies operating in the
Argentine MEM must operate pursuant to their rules.
Customers
Regulated customers are those that are supplied by
distribution companies at regulated rates, and which
require up to 30 kW of power; unregulated customers
are those that require at least 30 kW of installed capacity.
Unregulated customers fall into three categories: large,
bigger-sized customers; large, smaller-sized customers;
and large private customers. Each category has different
requirements regarding the purchases of their energy
demand. For example,
large, bigger-sized customers
must buy 50% of their demand through supply contracts
and the rest in the spot market, while large, smaller-
sized customers and
large private customers must
purchase their entire demand through supply contracts.
Large customers participate in CAMMESA by appointing
two incumbent directors and two alternate directors
through the Association of Large Electric Power Users of
Argentina. Large customers purchase electricity directly
from CAMMESA once their direct bilateral contracts
with the generating companies expire. Argentina has an
interconnected system, the Argentine SIN, and a multitude
of small systems that supply power to remote areas.
More information on the regulation in the Argentine
electricity sector can be found
in "Note 4 Sector
Regulation and the Operation of the Electricity System"
of Enel Américas´ Consolidated Financial Statements as of
December 31, 2020.
Regulatory framework of the
electricity industry in Brazil
Synopsis and industry structure
The Brazilian electricity market has six categories of agents:
generators, transmitters, distributors, marketers, regulated
customers, and unregulated customers. According to
Brazilian law, generation, transmission, distribution, and
marketing in the country are separate activities.
The Brazilian electricity industry is organized as a large
interconnected electrical system, the Brazilian SIN (National
Interconnected System) which covers 99% of the Brazilian
population. It is divided into four electrical subsystems:
southeast/center-west, south, northeast, and north. The
National Electricity Operating System (ONS in Portuguese)
is responsible for managing and operating the SIN.
55
Annual Report Enel Américas 2020
Generation
The power generation sector is organized on a competitive
basis, with independent generators selling their production
through private contracts with distributors, marketers,
and unregulated customers. The differences between
production and sales are sold in the short-term market or
spot market according to the Differences Price Settlement
(PLD in Portuguese). A special mechanism is used by
hydroelectric generators that seeks to transfer hydrological
risk by compensating for the differences between the
guaranteed energy of hydroelectric generators and the
one which is actually produced, called the Electricity
Reassignment Mechanism (MRE in Portuguese).
Transmission
The electricity transmission sector operates under monopoly
conditions, through concession contracts. Brazil's regular
entity, ANEEL, sets the annual revenues for transmission
companies. This applies to all electricity companies with
transmission operations in Brazil. Transmission revenue
corresponds to a fixed remuneration that does not depend
on the amount of electricity transmitted by the grid. The
Transmission Network comprises any transmission asset
above 138 kV.
Distribution
The distribution of electricity is a public service that
operates under monopoly conditions and is composed
of companies that have been granted a concession in
geographically defined areas. Distributors operating in the
Brazilian SIN are not allowed to:
(i) develop activities related to the generation or
transmission of electricity.
(ii) maintain , directly or indirectly, stakes in the share
capital of any other company or corporation, or
(iii) carry out activities that are not related to their
respective concessions, except those permitted by law
or in the corresponding concession contract.
Sale of electricity
Laws, decrees, and resolutions dating back to 2004
regulate the sale of electricity. Law No. 10.848 and Decrees
No. 5.163 and 5.177/ related to the Chamber of Electric
Energy Commercialization or Clearing House (CCEE in
Portuguese), and the role of the Brazilian National Electricity
5656
Agency (ANEEL), and Resolution No. 109, which introduced
the Electric Power Marketing Convention, define the terms,
regulations, and procedures of electricity marketing in the
CCEE.
These regulations introduced two possible situations to
implement energy contracts:
(i) regulated contracts, involving energy generation and
distribution agents; and
(ii) free-market contracts involving generators, marketers,
import and export agents, and unregulated energy
customers
The commercial relations between agents participating
in the CCEE are mainly governed by energy sales
contracts. All contracts between the agents participating
in the Brazilian SIN must be registered with the CCEE.
Registration includes energy amounts and contract terms.
There is no obligation to record the energy prices sold
under unregulated sale contracts.
The CCEE records the differences between the energy
produced, the energy consumed, and the amount of
energy hired. Positive or negative differences are settled on
the short-term market and their price corresponds to the
PLD, which is calculated every day, in periods of 24 hours
(PLD per hour).
Regulated customers
The regulated market comprises all consumers who
can only have their electricity supply provided by the
distribution company operating in the area.
Unregulated customers
The unregulated market includes the sale of electricity
between generation
concessionaires,
independent
producers, self-producers, electricity marketers, electricity
importers and unregulated customers.
Unregulated customers in Brazil are those who currently:
(i) require at least 1,500 kW, generated from conventional
sources, and who buy their energy directly from
generators or marketers, but not from distributors.
(ii) require 500 to 1,500 kW, generated from NCRE
sources.
134562Risk Strategy and ManagementCorporate GovernanceA Look at Enel AméricasMetricsEnel Américas´ Businesses2020 Management This limit in Brazil will change to 1,000 kW from 1 January
There is an interconnected system, the Colombian SIN,
2022 and to 500 kW from 1 January 2023.
and several smaller and more isolated regional systems
that supply electricity to specific areas. According to
More
information on the regulation of the Brazilian
Colombia's Energy Mining Planning Unit (UPME), in 2018,
electricity sector can be found
in "Note 4 Sector
96.53% of Colombia's population received electricity from
Regulation and the Operation of the Electrical System" of
the public grid.
Enel Américas´ Consolidated Financial Statements as of
December 31, 2020.
Regulatory framework of the
electricity industry in Colombia
The generation activity which can be carried out together
with the sale of energy consists of the production of
electricity through hydroelectric, thermoelectric and NCRE
plants connected to the Colombian SIN.
Synopsis and industry structure
The Colombian Electric Market is structured as provided
by Law, where the activities of generation, transmission,
The most important provisions governing the electricity
generation sector are as follows:
distribution, and sale of electricity are regulated, under a
•
The generation sector is organized on a competitive
market environment and competition model and where
basis, with
independent generators selling their
state intervention is limited. Considering the characteristics
production in the spot market or through private
of each of the business activities, regulations that allow free
contracts with large customers, other generators and
competition in electricity generation and sale businesses,
marketers.
and for the transmission and distribution businesses have
• Generation companies with a 20 MW capacity at least
been implemented and they are aimed at treating such
must participate in the market according to the central
activities as monopolies, in any case seeking competitive
dispatch regulations. Plants with an installed capacity
conditions wherever possible.
of less than 20 MW are called "minor power plants" or
"central power plants without a centralized clearance"
The main institution in the electricity sector is the Ministry
and are dispatched at the base, meaning they are the
of Mines and Energy that through the Energy Mining
first ones to be dispatched.
Planning Unit (UPME in Spanish acronym), develops the
• Generation companies declare their available energy
National Energy Plan and the Generation-Transmission
and the price at which they are willing to sell it on the
Reference Expansion Plan. The Energy and Gas Regulatory
Energy Exchange. This electricity is centrally dispatched
Commission
(CREG) and
the Superintendency of
according to merit by the National Dispatch Center
Public Services (SSPD) are responsible, respectively, for
(CND in Spanish acronym).
regulating and monitoring companies in the sector and
the Superintendency of Industry and Commerce is the
Energy sale consists of an intermediation process between
national authority responsible for competition protection
market participants providing electricity generation and
issues. The electricity market is based on the fact that
transmission and distribution services and customers of
trading companies and large consumers can transfer
these services, whether or not this activity is carried out
energy through bilateral contracts or through a short-
together with other activities in the electricity sector.
term market called the "Energy Exchange", which operates
freely in accordance with supply and demand conditions.
Electricity transactions in the Colombian MEM are carried
In addition, two mechanisms are in place to promote the
out in the following four modalities:
expansion of the system: (i) Firm Energy auctions of the
"Reliability Charge" program and (ii) long-term contracts
1. Spot energy market: short-term daily market;
auctions as a promotion of Non-Conventional Renewable
2. Bilateral contracts: medium and long-term markets;
Energy Sources (NCRE). The operation and management
3. Reliability fee: expansion scheme that allows to
of the market is carried out by XM, which is responsible
incorporate generation sources, based on the "Firm
for the functions of the National Dispatch Center (CND in
Energy" concept.
Spanish acronym) and the Administrator of the Commercial
4. Long-term contracts: a central expansion scheme, in
Exchange System (ASIC in Spanish acronym).
particular of unconventional renewable energy sources.
57
Annual Report Enel Américas 2020 Firm Energy refers to the maximum electrical energy that
power and energy to both distributors and unregulated
a generating plant can deliver continuously for one year,
customers.
under critical hydrological conditions. The generation
company that acquires a Firm Energy Obligation (OEF in
The electricity that a generation company sells to its
Spanish acronym) will receive a fixed remuneration during
customers does not necessarily coincide with the electricity
the committed period,
produced by that generation company, since the production
of the generation plants is allocated by the COES, the
Transmission operates under monopoly conditions, with
Peruvian entity responsible for coordinating the efficient
a guaranteed fixed annual income that is established by
operation and centralized dispatch of the generating units
the replacement value to new networks and equipment,
to meet demand. The spot price is calculated based on
and by the value resulting from the bidding processes
the variable production costs of each generating plant,
that award new projects for the expansion of the National
regardless of its contractual commitments. The only
Transmission System. This value is distributed among
exception to this rule is natural gas plants. For clearance
national transmission system marketers in proportion to
purposes, natural gas prices are established once a year,
their respective energy demands.
in June, and apply for the next twelve months, from July to
June of the following year. Because of a sentence of the
The distribution is defined as the operation of local networks
Supreme Court of Justice (Popular Action Sentence No.
below 220 kV. Any customer can access a distribution
28315 – 2019 Lima) we expect that a new regulation will be
network, for which the customer pays a connection fee.
issued in May 2021.
More information on the regulation of the Colombian
The spot market is also managed by the COES, and it strikes
electricity sector can be found
in "Note 4 Sector
an economic balance between electricity produced by
Regulation and the Operation of the Electrical System" of
generation companies and the demand of their customers.
Enel Américas´ Consolidated Financial Statements as of
There are three classes of participants authorized to
December 31, 2020.
Regulatory framework of the
electricity industry in Peru
Synopsis and industry structure
Peru's wholesale electricity market
(MEM
in Spanish
carry out short-term market transactions: (1) generation
companies, to meet their supply contracts; (2) distribution
companies, to serve their unregulated customers up to
10% of the maximum demand; and (3) large customers, to
meet up to 10% of their maximum demand.
acronym) has four categories of local players: generation
The production of power plants and customer energy
companies,
transmission
companies,
distribution
consumption are valued at a marginal cost, which is
companies and large customers. The generation and
calculated every half hour. Generators with a deficit buy
distribution companies also commercialize energy.
energy from generators who have a surplus. This principle
of balance in energy sales also applies to power charges.
The SEIN is Peru's only interconnected system, although
The price of power is regulated by the Osinergmin, Peru's
several smaller
isolated systems supply electricity to
electricity sector regulator.
specific areas.
Generation
The generation segment is made up of companies that own
Settlements made by the COES also include payments
and/or collections for complementary services, such as
electricity generation plants. This segment is a competitive
frequency and voltage regulation. They also consider
market, in which prices tend to reflect marginal production
compensation for operational cost oversteer, such as
costs. Electricity generators, as energy producers, are
minimal load operation and random operational testing,
The spot price is obtained from the real dispatch model.
committed to the sale of power and electricity to their
among others.
contractual customers. Generating companies can sell their
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134562Risk Strategy and ManagementCorporate GovernanceA Look at Enel AméricasMetricsEnel Américas´ Businesses2020 Management Transmission
The transmission system consists of transmission lines,
substations, and equipment for the transmission of
electricity from power plants to consumption centers or
distribution points. Transmission in Peru is defined as all
lines or substations with a voltage higher than 60 kV. Some
generation and distribution companies also operate sub-
transmission systems at the transmission level.
Distribution
Electricity distribution is an activity carried out in the
concession areas granted
to different distribution
companies. Distribution companies purchase energy
through bidding processes or directly from generation
companies through contracts with freely negotiated terms
and conditions (the maximum price is the bar tariff) and sell
the energy mainly to residential and large customers.
Large customers
Customers with a power demand of less than 200 kW
are considered regulated customers, and their power
supply is considered a public service. Customers with
a power demand in the range of 200 - 2,500 kW may
choose whether they want to be considered regulated or
unregulated customers (free customers). Once this type of
customer opts for a category, they must remain within that
category for at least three years. If the customer wants to
change their category from regulated to unregulated, or
vice versa, they provide a prior notification at least one year
in advance. Customers whose capacity demand exceeds
2,500 kW are necessarily unregulated.
More
information on the regulation of the Peruvian
electricity sector can be found
in "Note 4 Sector
Regulation and the Operation of the Electrical System" of
Enel Américas´ Consolidated Financial Statements as of
December 31, 2020.
Risk Management
Risk Management in
Enel Américas
Enel Américas sees risk management as one of the main
tools to define business sustainability throughout the
value chain and across all lines of business. Understanding
economic, environmental, and social contexts is essential
to identify which factors, whether external or internal, can
become potential business risks and, therefore, our risk
management system is implemented to identify, treat,
and preventively monitor risks that may affect business
continuity. In many cases, as in social and environmental
factors, it is important for the Company to address these
risks in connection with the ecosystem of players such as
the industrial, institutional, and civil society sectors. The
collective impact and people-centered capitalism are
the concepts that today become the framework of the
commercial "what to do"; only through a collective effort
and everyone´s united actions towards the same purpose
we can eliminate the risk factors that can affect the entire
economic, social, and environmental ecosystem.
Increasingly, the risks that affect business coincide more
and more with those that affect society and the environment
and, for this reason we must act collectively to generate
preventive and mitigating actions in an integrated way to
contrast the social and environmental risks that threaten
today's prosperity and the future of the planet.
Enel Américas considers the United Nations Sustainable
Development Goals, the World Economic Forum, and the
overall objectives of the Paris Agreement to adapt and
mitigate the effects of climate change a benchmark for
global risk analysis with an impact on its specific business,
and its risks are a clear example of how collective actions
are key to their mitigation and adaptation. The same has
occurred with the COVID-19 health contingency, a risk
that could not have been addressed without a concerted
effort from the scientific, economic, social players as well
as governments.
The risk assessment takes into consideration the Enel
Group´s risk taxonomy based on six macro categories and
involves a thorough compression of the value chain as
well as multidirectional relationships, dynamic in different
time horizons between external variables and each stage
of the Company's value chain under different scenarios
considering the mega tendencies and their likely impacts
on different timeframes. To identify the risks, the Company
uses a structured and systematized theoretical framework,
which takes into account the inputs provided by financial
analysts, sustainability analysts, perception surveys, Task
Force guidelines on Climate-related Financial Disclosures
(TCFD), results of Due Diligences on human rights, Internal
and External Audits, ISOs, to mention only a few.
59
Annual Report Enel Américas 2020 Once the variables are identified, their relevance is
the Board reviews and approves at the beginning of each
established in the financial results and the Company´s
year, observing and applying local requirements in terms
strategy, incorporating the materiality analysis that is
of risk culture.
updated each year and which permits us to get to know
our stakeholders´ priorities.
The Risk Control and Management Policy is developed and
complemented by the specific policies that are established
For each risk, we evaluate the probability of it occurring
in relation to certain risks, corporate functions, or group
and its impact, relying on the participation of the business
businesses and which include limits and indicators that are
lines and staff areas actively involved as a way of creating
subsequently monitored.
a risk and sustainability culture, consensual actions at
different deadlines to mitigate those risks, if necessary. For
residual risks, we develop an action plan that incorporates
Guarantee Management Policy
the required actions into the work plans of each area, or
It establishes the guidelines and methodologies to be applied
in their management systems, or tools that each area has,
to the management of guarantees received and to secure
as the case may be so that each one takes an active part
effective mitigation of counterpart risk, both in the supplier's
in its management in its daily work and takes appropriate
profile as well as that of the guarantor.
actions if required and also anticipates the opportunities
that may arise.
Commodities Risk Control Policy
Risk Control and
Management Policy
Its aim is to manage and control commodity risk, allowing the
Company to make risk- conscious decisions and minimize
the likelihood of not achieving strategic results. It furthermore
permits to control the risks of non-compliance with price,
Enel Américas follows the guidelines provided by the Risk
volume, exchange rate, credit, and commodity counterpart
Management Control System (SCGR in Spanish acronym)
regulations, as well as financial regulation.
defined at the level of the Holding (Enel SpA), which
establishes the guidelines for risk management through
the respective standards, procedures, systems, among
others, that will be applied at the Company´s different
Credit and Counterpart Risk Control
Policy
levels, in the processes of identification, analysis, evaluation,
This policy aims to manage and control credit counterpart
treatment and communication of risks that our business
risk, minimizing the likelihood that expected outcomes
must continuously face.
will be affected by a counterpart's default or reduction in
These are approved by the Board of Directors of Enel SpA,
which has a Control and Risks Committee which supports
the Board's assessment and decisions regarding internal
credit quality.
Financial Risk Control Policy
controls and the risk management system, as well as those
It aims to manage and control financial risks, minimizing the
relating to the approval of periodic financial proofs.
likelihood of not achieving strategic business and financial
results by controlling financial market, financial counterparty,
To comply with this, there is a specific Risk Control and
liquidity, and operational risks.
Management Policy in place within each Company, which
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134562Risk Strategy and ManagementCorporate GovernanceA Look at Enel AméricasMetricsEnel Américas´ Businesses2020 Management Risk Governance
Audit team, responsible for regularly auditing and verifying
that established policies and controls are operating.
The Enel Group's organizational
risk management
The Enel Group Risk Management System considers
structure launched a Global Risk Control Committee and
three lines of action (defense) to obtain effective and
a Latin America Regional Risk Control Committee, whose
efficient management of risks and controls, where the
functions are as follows: approve the risk policies proposed
control of the business unit is the first line of defense in
by the Holding´s Risk Control department; approve
risk management; the second line of defense is activated
proposed exposure limits; authorize boundary breakdown;
through various functions of internal controls developed
define risk strategies by identifying action plans and tools
to guarantee optimal risk management and established
to mitigate risks and provide a general oversight of risk
compliance supervision and, finally, the third line is an
management and control.
independent evaluation. Each of these three "lines" plays
a different role within the Company's broader governance
The risk management process is decentralized within each
structure. Each line of defense must inform and keep
of the Group´s company. Each manager responsible for
senior management and Directors up to speed on risk
the operational process in which the risk originates is also
management, with Senior Management being informed by
responsible for the treatment and adoption of risk control
the first and second line of defense and the Board, in turn,
and mitigation measures.
by the second and third line of defense.
To monitor compliance with internal policies, including
risk-related policies, the Company has set up an Internal
SENIOR MANAGEMENT
BOARD OF DIRECTORS/AUDIT COMMITTEE
FIRST DEFENSE LINE
SECOND DEFENSE LINE
THIRD DEFENSE LINE
OPERATIONAL MANAGEMENT
INTERNAL CONTROL (SCIIF IN ITS
SPANISH ACRONYM)
RISK CONTROL:
• FINANCIAL
• COMMODITIES
• CREDIT & COUNTERPARTY
INTERNAL CONTROL REPORT ON
FINANCIAL INFORMATION
• PROCESS LEVEL CONTROLS
• MANAGEMENT CONTROLS
• ACCESS CONTROLS
RISK MAP
• SUSTAINABILITY
• REGULATORY
• LEGAL
• OPERATIONAL
• ETC.
INTERNAL AUDIT
• EXAMINE AND EVALUATE INTERNAL
CONTROL SYSTEMS
• VERIFY COMPLIANCE WITH INTERNAL
PROCEDURES
• PROPOSE CORRECTIVE MEASURES TO
BOARD
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NCG 385 SVS
CMF NCG 346
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Annual Report Enel Américas 2020
The Risk Control area is ISO31000:2018 Internationally
to guarantee that the three-line defense model applies to
Certified (G31000) and acts pursuant to the current
the Company's risk management and control processes.
guidelines of this international standard to manage the
companies' risks, where the main objective is to preventively
The Enel Group Risk Management System is subject to
identify risks (endogenous and exogenous), analyze, evaluate
regular testing and audit verifications, considering the
so as to quantify probability and impact, as well as treat
development of corporate operations and the situation in
them, by establishing the definition of mitigation measures
question, as well as best practices and guidelines for internal
with their respective action plans in conjunction with the
regulations and international regulations such as ISO 31000:
areas and Risk Owners as those responsible for the different
2018 (G31000), COSO.
risks. In the risk treatment phase, the relevant actions within
internal policies and procedures are considered, as well as a
The analysis of the ESG risks (Environmental, Social and
strict observation of international standards (ISO and OSHAS)
Governance) is carried out by the Risk Control area together
and government provisions that require risk management
with the Sustainability area which designs the process of
in an evidenced and sustained way, to guarantee good
ESG risk identification that affects the Company's business
governance practices and business continuity.
directly involving all the responsible units , raising awareness
Each quarter, the Risk Control area presents to the Board
issue for the Company and the world in general, obtaining, as
of Directors a risk map to inform the management of
a result, a risk matrix that integrates social and environmental
the Company's risks, evidencing the identification of new
issues focused on climate change, a reflection of its business
and creating culture that highlights the relevance of this
risks and the development and monitoring of those that
model.
were previously identified. The presentation of the risk
map complies with ISO31000:2018 Risk Policies, internal
The Company has set up a Crisis Committee whose aim
procedures, and regulations external to the group, such as
is to guarantee decision-making and internal/external
the General Standard No. 30 of the FMC, which governs the
communication clarity, speed, and efficiency to manage
Annual Reports of companies in Chile, and General Standard
any event that may compromise people's safety, public
No. 385, also issued by the FMC, whose aim is to guarantee
and business service continuity, the environment, asset
business continuity in compliance with best corporate
protection, the Company´s and management´s image and
governance practices.
reputation as well as to minimize impacts on stakeholders to
guarantee rapid restoration of normal operating conditions.
The management of Internal Controls aims to guarantee
that the business activities on this subject permit to mitigate
Apart from the Crisis Committees, in each country the
the risks related to the observation and strict application of
Company has set up a Critical Event Monitoring Office
all procedures and standards in force pursuant to the COSO
(OMEC in Spanish) which monitors and manages crises in
methodology (Committee of Sponsoring Organizations of
real time, 24 hours a day, 365 days a year. This office was
the Treadway Commission). This area complies with all the
actively involved in the internal management of the COVID-19
requirements for a periodic monitoring of the Sarbanes-
crisis, with daily dispatches of alert bulletins informing of
Oxley Act, including bi-annual certification of these external
the situation of the coronavirus pandemic crisis (COVID-19)
audit controls and to define, together with process owners
since March 2020.
and Control Owners, remediation actions to mitigate the
deficiencies in controls indicated by independent External
The Enel Group has implemented a Code of Ethics which
Auditors and continuously improve processes, as well as
expresses ethical commitments and responsibilities in
monitor their implementation and communicate the status
carrying out the Company´s employees´ commercial
to the Board of Directors.
activities and corporate operations whether they involve
senior management executives, employees, or partners in
The Board of Directors and senior management are the main
any way linked to this Company.
stakeholders attended by the "lines" and are best positioned
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134562Risk Strategy and ManagementCorporate GovernanceA Look at Enel AméricasMetricsEnel Américas´ Businesses2020 Management Main risks
The Company seeks protection for all risks that may affect our commercial targets. A new risk taxonomy for the entire Enel
Group was approved in January 2020, which considers six macro categories and 37 subcategories, as follows:
•Interest rate
• Commodity
• Foreign Exchange Rate
• Credit & Counterparty
• Liquidity
• Capital structure
adequacy & funding
access
• Legislative & Regulatory development
• Macroeconomic & Geopolitical trends
• Climate changes
• Competitive landscape
• Strategic planning and capital allocation
• Innovation
S T RATEGIC
L
• Corporate governance
• Corporate culture & ethics
• Stakeholders engagement
• Reputation
G
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• Health and Safety
• Environment
• Procurement, logistic & supply chain
• People and Organization
• Intellectual Property
• Asset protection
• Service quality management
• Customers' needs & satisfaction
• Business interruption
• Process e.ciency
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LIANCE
• External disclosure
• Tax compliance
• Financial Regulation Compliance
• Corruption
• Antitrust compliance
• Consumers' rights & data protection
• Compliance with other laws & regulations
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• IT efectiveness
• Cyber Security
• Digitalization
• Service Continuity
Below we present the six macro categories:
business, such as liquidity and credit & counterpart risks,
and (iii) commodity risks that consider uncertainty in the
Strategic Risks: are those that can significantly affect
event of future market events, caused by price volatility
the Company's strategic objectives, both in the short and
and production volumes, availability of and demand for
long term, such as risks arising from regulatory changes
energy commodities, such as gas, oil, coal, or variability of
promoted by the various regulatory bodies.
external factors that may affect the prices or volumes of
such commodities, such as hydrology, considering local
Financial Risk: refers to the probability of an event which
peculiarities and market restrictions in question (for more
might have negative financial consequences for the
detail on financial risks please review "22 Risk Management
Company, in relation to: (i) financial market risks because
Policies" of the Financial Statements).
of the volatility of interest rates and exchange rates; (ii)
risks arising from any restrictions on access to the financial
Operational Risks: are those which represent the risks
market by the Company or risks of meeting the assumed
related to the operation, leading to inadequate internal
obligations or cash flow required in the course of its
processes, systemic network failures, and other events
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with external causes, which may affect the quality of
Below we present the risk groups and how they are treated:
energy supply and performance indicators in the main
identified aspects.
Operational risks
Compliance Risks: are those which pose the risks of non-
They represent the risks of the operation, in which the
compliance with a regulation or standard. Therefore, risk
quality of the energy supply and the loss rate are the
management in compliance requires to know and clearly
main identified aspects. These risks are managed through
establish the laws and regulations by which the Company
procedures and formal commercial standards, operational
is governed.
and implemented. Furthermore, the Company has several
operating systems that are also used as tools to prevent
Digital Technology: these are risks inherently vulnerable
these risks, as well as to guarantee the availability and
to cyberattacks, which can take many forms, from data
efficiency of distribution and transmission networks,
theft and ransomware to system invasions with potentially
through our substations to avoid regulatory sanctions
harmful consequences on a large scale and service
in terms of non-compliance with the limits imposed in
interruptions.
relation to quality and loss.
Governance &Culture: these are risks of incurring judicial
or administrative sanctions, economic or financial losses
Strategic risks
and reputational damage as a result of the inability to
They represent the risks affecting the Company's business
meet stakeholders´ expectations, an ineffective exercise
strategy or strategic objectives. These risks are monitored
of supervisory functions and/or the absence of integrity
by the Risk Control area through the "Risk Matrix" presented
and transparency in the decision-making processes and/
to the Board of Directors every quarter. The matrix contains
or consequence of unauthorized attitudes and conduct
strategic, scenario, operational,
legal, tax, regulatory,
of employees and senior management, in violation of the
cybersecurity, sustainability, and reputation risks.
Company's ethical values.
Sustainability
The risk taxonomy and its management cover the complete
risk assessment process
(identification, analysis, and
Enel Américas, as part of the Enel Group, is committed
valuation) pursuant to ISO31000:2018, clearly reflecting the
to making specific contributions to six of the 17 SDGs:
risks assessed, highlighting the probabilities and impacts
education and quality
(SDG4), accessible and clean
thereof, quantified before and after mitigating actions.
energy (SDG 7), decent work and economic growth
Once the risk assessment process is complete, each area
sustainable cities and communities (SGD 11) and climate
(SDG 8), industry, innovation and infrastructure (SGD 9),
responsible together with the risk management area,
action (SGD 13).
carry out further work within the treatment, to reduce risk
levels through preventive management, always seeking to
This commitment was the result of establishing a sustainable
reduce the probability and impact of each one, which is
business model and has been, therefore, incorporated into
subsequently presented to the Board of Directors every
Enel Chile´s strategic plan and its non-compliance with
month as well as to the Company´s senior management.
these commitments poses a risk the Company contributes
The Corporate Governance of Enel Américas
is a
to reaching other sustainable development goals. The
fundamental
instrument to guarantee efficient and
following diagram shows how the different Sustainable
reliable risk management to create shareholder value and
Development Goals have been integrated into the risk
business continuity.
taxonomy defined by the Group.
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134562Risk Strategy and ManagementCorporate GovernanceA Look at Enel AméricasMetricsEnel Américas´ Businesses2020 Management MACRO CATEGORY
SUBCATEGORY
SDG
COMPLIANCE
DIGITAL
TECHNOLOGY
GOVERNANCE
AND CULTURE
1
2
3
COMPLIANCE WITH OTHER LAWS & REGULATIONS
DATA PROTECTION & CONSUMER RIGHTS
EXTERNAL DISCLOSURE
CYBERSECURITY
CORPORATE CULTURE & ETHICS
REPUTATION
COMMITMENT TO STAKEHOLDERS
OPERATIONAL
4
ASSET
PROTECTION
ENVIRONMENT
PROCESS
EFFICIENCY
BUSINESS
INTERRUPTIONS
HEALTH
& SAFETY
PROCESS
EFFICIENCY
CUSTOMER
NEEDS
& SATISFACTION
PEOPLE
& ORGANIZATION
SERVICE
QUALITY
MANAGEMENT
STRATEGIC
CLIMATE CHANGE
5
LEGISLATIVE AND REGULATORY DEVELOPMENT
STRATEGIC PLANNING & CAPITAL ALLOCATION
The risks related to climate change are particularly relevant
• Risks of transition to a low-carbon economy can involve
because of their impacts not only on the environment but
risks related to regulatory, political, legal, technological
also on society and the economy. We can distinguish two
and market changes with short-, medium- and long-
types as indicated below:
term effects. Enel Américas´ competitive advantage
in managing these risks is that it belongs to a group
• Physical risks associated with climate change: they
which operates in a more mature market and which can
are related to extreme weather conditions or gradual
share good regulatory, technological, market practices,
but structural changes in climate conditions. Extreme
among others.
events could expose Enel Américas to more or less
prolonged unavailability of assets and infrastructure,
In relation to the management of social risks it is
recovery costs, inconveniences caused to customers,
important to highlight the following:
among others. Recurring changes that affect the
resources needed for electricity generation or demand
• Social conflicts whose intensification can jeopardize
are, for example, drought and temperature increases.
operation continuity. To deal with these potential
impacts, Enel Américas has implemented plans and
The geographical diversity and technologies used
processes to manage contingencies. As the Company is
in generation and accurate predictive measuring of
aware of the strategic role of electricity for all countries,
climate phenomena permit us to mitigate and manage
these plans prioritize the continuity of generation to
changes associated with climate patterns.
contribute to the system, the electricity supply to be
delivered to its customers, and the safety of workers
Added to that are large investments in the distribution
and employees.
networks to make them more resilient to these
climate phenomena. All the Group´s areas are certified
• Conflicts arising from the demands of the communities
under ISO 14001 and, through the application of
surrounding the plants in which we operate. Enel
internationally recognized Environmental Management
Américas maintains an ongoing relationship with local
Systems (EMS), potential risk sources are monitored so
communities, through dedicated teams at a regional
that any criticality may be promptly detected.
level. With its social investment, the Company wishes
65
Annual Report Enel Américas 2020
to create adequate conditions for the socio-economic
which we are exposed and an area that collects incident
development of the communities by co-designing with
data, SOC (Software Operation Center), which analyzes
them common growth prospects in the long term.
and studies the different problems of the systems, seeking
continuous improvements in protection throughout the
• Risks caused by accidents of both own staff and
organization.
contractors are the risks that Enel Américas mitigates
by promoting safety culture highlighting relevant
The CERT, focused on Italy and Spain, also has a local
established policies, the
integration of security,
manager, a focal point in each South American country,
processes, and training, among others.
part of the CERT and who is responsible for reporting
potential local risks and taking the necessary precautions
• Risks related to attracting and retaining employees
to guarantee operational continuity.
in the context of energy transition. To meet these
challenges, Enel Américas has implemented diversity
Cross-cutting and emerging risks
policies, along with those of talent management
and promotion. The Company implements different
The risk matrix also includes emerging cross-cutting risks
initiatives that permit to reconcile work and personal
related to:
life, and which promote people´s education and growth
through scholarships and courses.
Protecting personal data
In relation to managing governance risks it is important
In the era of market digitization and globalization Enel´s
to highlight the following:
commercial
strategy
focuses on accelerating
the
transformation process thorough an approach based on data
•
Risks originating from unlawful conduct, including
and centered on customers, which is being implemented
corruption,
lobbying activities, etc., by own staff
along the whole value chain.
or contractors or anti-competitive practices. Enel
Américas has set up an Internal Control and Risk
Enel Américas has an important base of customers reaching
Management System based on commercial regulations
more than 25 million and with more than 16,000 people
and procedures.
directly employed by the company. Consequently, Enel
Américas' new business model must manage a much larger
• Human rights violations, risks that are reported through
volume of personal data than in the past, to generate the
due diligence from which action plans are derived to
financial and business results established in its Strategic Plan.
address the gaps.
Digital technology
This means greater exposure to the risks associated with
the processing of personal data and increasingly stringent
privacy legislation worldwide. Some of the ways that the
Digitization is a fundamental element in the Enel Group´s
risks can take place may include breaches of confidentiality,
growth and development, increasingly exposing it to
loss of integrity and accuracy, updates, and availability of the
the risks and threats existing in the cyberspace. As it is a
personal data of customers, employees and third parties (such
cross-cutting risk that has the same form and causes the
as suppliers and contractors) and problems of the system´s
same impacts around the world, the Company has set up
resilience, all of which could lead to sanctions, operational or
a specialized area called Computer Emergency Response
process interruptions, economic or financial losses, as well as
Team (CERT), a unique, centralized, and well-prepared
reputational damages. To manage and mitigate this risk, Enel
task force which monitors and supports all the Group's
Américas has adopted a Data Protection Compliance Program
companies.
that includes role assignment at all levels of the companies
(including the appointment of a Data Protection Officer
The CERT is part of the Cybersecurity area, made up by the
("DPO"), adopting digital tools to map data, an adequate risk
Technical Office which continuously (24x7x365) monitors
impact assessment, technical and organizational security
and protects the facilities to avoid the multiple attacks to
measures, to mention only a few.
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134562Risk Strategy and ManagementCorporate GovernanceA Look at Enel AméricasMetricsEnel Américas´ Businesses2020 Management
Enel Américas has taken on this challenge by accelerating
to hired energy levels. This difference in the cost of purchasing/
digital transformation processes, as the number of customers
selling energy is later recognized in the tariff, but the temporal
in the different countries where it is operates has increased.
effect could have an important impact on the working capital.
This implies a natural exposure to the risks posed by the
To mitigate this effect, the Company follows a business strategy
processing of personal data and increasingly extensive privacy
to meet the energy demands of regulated customers and the
legislation, the incorrect implementation of which may cause
result of reducing exposure to short-term prices. In addition
economic, financial, and reputational loss and damage to
to the exposure to the short-term energy market, distributors
both our Group and the holders of such data.
are also exposed to short-term prices (STP) because of the
Digitization, IT efficiency and service
continuity
Enel Américas
is carrying out a digital management
transformation of its entire value chain by developing new
business models and digitizing its processes by incorporating
systems and adopting new technologies. One consequence of
this digital transformation is that the Enel Américas Group is
increasingly exposed to risks related to information technology
operation systems
(IT)
implemented
throughout
the
company which might have important impacts on processes
and operating activities, which, in turn, might lead to data
interruptions, leakage or losses.
To mitigate these risks, the Digital Solutions unit, responsible
for leading the Group's digital transformation process in the
countries in which Enel Américas operates, has established an
internal control system that includes checkpoints along the
value chain. Digital Solutions' internal control system monitors
both internal activities and those entrusted to external
collaborators and suppliers. In this context, Enel Américas
is driving the dissemination of digital culture to successfully
achieve digital transformation and minimize associated risks.
characteristics of their energy contracts, an exposure that is
transferred to the consumer rate once a year, and, during the
year, it is managed by the distributor with its working capital.
Security of information
Technological components are increasingly integrated into
the digital life of the business world and, at the same time,
the cyberthreats inherent in each of these environments
become more frequent and sophisticated. That is why
cybersecurity has become a global issue, and one of
the pillars on which the Group's digitization strategy has
been built. Cybersecurity is developed in coordination
with Personal Data Protection and Information Security
Functions.
Cybersecurity is one of the Enel Group´s pillars on which the
Company has built its digitization strategy. Cybersecurity
is developed in coordination with the Personal Data
Protection and Information Security functions.
Data protection and information
security governance
Financial Risks
Data Protections
Transactional Financial Risks: During the normal course
of its operations the Company is faced with interest rate
risks, exchange rate risks, commodity risks, liquidity risk,
credit risk and risk measurements detailed in “Note 22 Risk
Management Policy" of the Financial Statements.
Financial conversion risks:
Enel Américas is exposed, by conversion effect, to the
variations related to the dollar experienced by each
country´s local currencies in which the Company operates.
The effects on the comparability of the figures are
discussed in Chapter 8 Annexes in section Press Release.
Contractual financial risks:
In relation to the Distribution business in Brazil, the Company is
exposed to the short-term energy market risk due to variations
in the energy consumption of regulated customers compared
The European Union General Data Protection Regulation
(GDPR) requires compliance from the Enel Group by setting
up a Data Protection Office with professional autonomy and
independence requirements. Although said regulation is not
applicable in Latin America, the Enel Group has decided to
raise the standards of personal data protection to go beyond
local regulations.
Data Protection Officer (DPO)
In 2020, Enel Américas began working on the implementation
of a compliance model which includes the figure of a Data
Protection Officer (DPO) who works in coordination with the
DPO office in the parent company and reports to it directly.
The DPO´s roles and responsibilities are to support businesses
so that processes and operations will comply with "privacy by
67
Annual Report Enel Américas 2020 design"; the DPO is responsible for contractual compliance,
cyber requirements.
including privacy regulations and cookies; the DPO defines
operational policies and instructions for the protection of
This model uses a risk-based approach and is partly based
personal data, promotes the definition of conduct codes
on a risk analysis as the basic step for all strategic decisions.
and security measures against third parties to which Enel
Américas delegates the management of personal data. He or
Since 2017, the Company has been implementing a cyber
she also manages personal data security incidents along with
risk management model valid for the entire Enel Group
cybersecurity and information security functions. Furthermore,
and, therefore, also for Enel Américas.
the DPO organizes training activities on data protection matters
carried out in the Company.
Security of information
This model is based on a methodology that applies to all
types of computer systems (IT/OT/IoT), which identifies,
prioritizes, and quantifies cyber security risks associated
with the use of such systems, and whose aim is to identify
There were limited risks in terms of information security in
and adopt the most adequate security actions to minimize
2020, which were digitally addressed as a result of the global
and mitigate the risks.
health context.
Therefore, in line with this methodology, Enel Américas
In this area, work was done on the design and implementation
identifies the information systems that require such risk
of new control tools, together with strengthening information
analyses, based on adequate mitigation actions in relation
classification and protection policy, where a country-level review
to the typology and severity of the risk.
was implemented in conjunction with the Cybersecurity and
Data Protection Office units, which allow to address the risks
Furthermore, adopting a global approach to "cybersecurity
of information processing for the different business lines.
by design " allows the Company to focus the activities of a
computer project on cybersecurity issues from the early
Furthermore, in the area of personal data processing, the
stages of computer system design and implementation, to
Company designed a plan which is compatible with the policies
increase resilience to cyberattacks.
of Enel Américas and which is also aligned with international
standards for GDPR compliance.
Cybersecurity
Enel Américas, as part of the Enel Group, shares
cybersecurity best practices and operational models,
and contributes to establishing guidelines, standards and
regulations with private organizations, institutions, and
Cybersecurity governance
academies.
As part of the Enel Group, Enel Américas has set up a Global
Group Enel has set up the Cyber Emergency Readiness
Cybersecurity Unit that reports directly to the CIO (Chief
Team (CERT) and a Control Room, dedicated to managing
Information Officer) through the CISO (Chief information
cyber
incidents and cooperating with national and
Security Officer), so that the decision-making process is
international CERT communities for all companies in the
streamlined at global level, in a context where response time
group, including Enel Américas.
is critical.
Cybersecurity Governance Model
The CERT is active in different national communities
through the affiliation to nine national CERTs, including,
since 2018, the Spanish "National CERT". Additionally,
The Enel Group has
implemented a cybersecurity
the Company collaborates at an international level with
governance model, which is supported by the Board of
"Trusted Introducer", a network of 380 CERTs present
Directors and the global strategic management, and also
in 60 countries and, since 2018, with "FIRST", the largest
establishes the need to use world-class technologies,
collaboration community in the sector, with more than 510
design ad hoc business processes, increase people´s
members from 90 countries.
cybersecurity awareness and transpose regulatory
6868
134562Risk Strategy and ManagementCorporate GovernanceA Look at Enel AméricasMetricsEnel Américas´ Businesses2020 Management
PAGINA 73
PAGINA 66
USER IDENTITY
MANAGEMENT
AND ACCESS CONTROL
CYBERSECURITY
AWARENESS
AND TRAINING
CYBERSECURITY
ASSURANCE
CYBERSECURITY
STRATEGY
CYBERSECURITY
RISK ASSESSMENT
CYBERSECURITY
RISK TREATMENT
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ENGINEERING, DESIGN,
AND IMPLEMENTATION
REACTION TO
CYBEREMERGENCIES
When the CERT detects any type of risk or incident
the improvement of technological solutions in the
related to information security, it analyzes and classifies it
field (Machine Learning) and through the continuous
according to its severity. When the incident escalates to
provision of training courses aimed at employees of
a crisis that affects business continuity, the Company´s
industrial sites (cyber exercises)
profitability or its reputation, Enel Américas immediately
- Awards and participations: in 2020, the Cyber Security
takes the necessary actions following the existing policies
Unit participated in the drafting of three reports of the
on crisis management and security emergencies.
WEF (World Economic Forum) on cyber resilience:
- “Cyber Resilience in the Electricity Ecosystem:
The CERT is characterized by its ability to:
Playbook for Boards and Cybersecurity Officers”.
- “Cyber resilience in the electricity Industry: Analysis
- Prevent, detect, and respond to cybersecurity incidents.
and recommendations on Regulatory Practices for
- Monitor cybersecurity threats through the collection
the Public and Private Sectors”
and management of detailed information regarding
- “Cyber resilience
in the electricity ecosystem:
cyber threats, events, and incidents.
securing the value chain”.
- Exchange information and collaborations between all
the players required to manage a cybersecurity incident,
in a context of "safe" communication, and which
Cybersecurity education, training, and
awareness
considers the principle of "trust" in the information to
be exchanged, that is, in accordance with the principles
In 2020, the Cyber Security Unit began preparing
of "need to share" and "need to know" of the different
cybersecurity courses aimed at the entire population of the
players involved.
Enel Group. Additionally, during the emergency period of the
COVID-19 pandemic management, news and newsletters
The main activities carried out in 2020 in the various areas
were distributed through several communication channels
of cybersecurity included:
(mainly via the Intranet) aimed at the entire Enel Group. Also,
16 global cybersecurity awareness-raising actions were
- CERT: in 2020, the CERT reinforced the protection
carried out in 2020; since 2019, the Enel Group has maintained
methods of the Enel Group perimeter both through
cybersecurity risk insurance for cyber risk mitigation.
69
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||Annual Report Enel Américas 2020 Loss of margin; impact on the
Company's liquidity; loss of trade
competitiveness
Coverage strategies; risk management policies and
procedures; Monthly committees to accompany the
portfolio and market volatility.
Creating economic
value
Cross-Referencing Risk Factors with Material Issues
CROSS-REFERENCING RISKS WITH THE THEMES OF THE MATERIALITY MATRIX 2020
Impact
Risk
Description
Potential impact
Mitigation
Asset. damage; loss of margin;
cost increases, lack of distribution
network for the interconnection and
location of new plants, away from
the largest consumption centers.
Insurance coverage is available. Investment plans in
renewables energies such as wind and solar, hybrid
plants and improvement plan for thermal plants.
Associated material
issue
Decarbonization
of the energy
matrix; customer
engagement; creation
of economic value
Risks in physical assets arising from climate
change from events or short- or long-term
changes in climate patterns. Weather
variables such as temperature, rain, wind and/
or solar radiation can vary over the long term
and influence energy demand and energy
distribution, causing financial implications
for the company. Furthermore, extreme
events can also cause damage to the Group's
infrastructure that affects the company's
ability to generate electricity in the markets
served.
Physical assets arising from climate
change from events or short- or long-term
changes in climate patterns. Weather
variables such as temperature, rain, wind
and/or solar radiation may vary over the
long term and influence energy demand
and energy distribution, causing financial
implications for the Company. In addition,
extreme events can also cause damage to
the Group's infrastructure that affects the
Company's ability to generate electricity
in the markets served. In reference to
the process of transitioning energy to a
more sustainable model characterized by
progressive electrification and reduction
of CO2 emissions, in line with the Group's
decarbonization strategy, there are risks
but above all opportunities linked both to
changes in the regulatory context as well
as in trends.
High
Climate change
Generation
High
Climate change
Distribution
Stable
Risk from exposure
to power generation
under high or low
hydraulic conditions.
Generation
Stable
Financial and
commodity risks
Stable
Cyber-incidents
Stable
Failure to comply
with the SAIDI/SAIFI
Risk from exposure to power generation
under high or low hydraulic conditions.
Loss of margin; impact on the
company's liquidity; loss of trade
competitiveness
Given hydrological dependence, a commercial policy
is defined to guarantee the scope for contribution.
Creating economic
and financial
value; Customer
engagement
(commercial
management)
Financial market risks, whether arising
from interest rate volatility and exchange
rates; risks arising from any restrictions
on access to the financial market by
the Company or to meet the assumed
obligations or flow needs required during
its business, such as liquidity and credit &
counterparty risks; Commodity risks that
consider uncertainty in the face of future
market events, generated by price volatility
and production volumes, availability, and
demand for energy commodities.
The speed of technological development,
the increase in the frequency and
intensity of cyberattacks, as well as the
tendency to hit critical infrastructures and
strategic industrial sectors involve new
challenges of potential risks associated
with cyberattacks or data center failure or
failure of ethical conduct in procedures,
leading to business disruptions or loss
of confidentiality of personal data ,
especially in the context of Enel integrating
data, operations and people with asset
interconnection and digitization of
operations
Risk associated with non-compliance with
the average frequency of interruptions
per Customer (SAIFI) and the average
interruption time per Customer (SAIDI),
defined by the Regulator
Loss of margin; impact on the
company's liquidity; loss of trade
competitiveness
Coverage strategies; risk management policies
and procedures; Monthly committees for portfolio
accompaniment and market volatility
Creating economic
value
Business disruption; damage
to image; non-compliance with
local regulations on personal data
protection
Continuous monitoring of vulnerability and threats
to systems; disseminate cybersecurity and data
protection culture within the company; identify
critical systems and protect them and hire relevant
insurance policies at Enel Group level
Innovation and digital
transformation; Solid
Governance and Fair
Corporate Conduct
Business disruption; damage to
image; financial losses due to fines
and compensation
Maintenance plans are designed and implemented
to reduce the likelihood of failures, quality plans
to increase support, investment plans to increase
capacity, and network renewal
Customer
engagement and
customer focus
Stable
Forced stoppage
due to social
protests
Risk arising from stakeholder
manifestations
Business disruption; affects
operational continuity
Continuous territorial/community relationship
to avoid and anticipate potential conflicts and
contribute to community development
Engagement with
local communities;
creation of economic
value; commitment to
customers
7070
134562Risk Strategy and ManagementCorporate GovernanceA Look at Enel AméricasMetricsEnel Américas´ Businesses2020 Management CROSS-REFERENCING RISKS WITH THE THEMES OF THE MATERIALITY MATRIX 2020
Impact
Risk
Description
Potential impact
Mitigation
Stable
People
Inability to attract, retain and develop
properly qualified and engaged people.
Not having the necessary
skills to develop strategic and
operational activities, boosting
development to manage the
energy transition, characterized
by a strong technological impulse.
The presence of new profiles and
professional skills is required,
as well as a significant cultural
and organizational change.
Organizations must move towards
new, agile, and flexible business
models. Diversity improvement
policies and talent management and
promotion become key elements
in companies that are managing
profound changes.
Stable
Ethics and
compliance
The Group's countries operate in
markets characterized by high levels
of perceived corruption, according to
indicators published by Transparency
International. The needs of the distribution,
generation and sales business, and the
high outsourcing of services, create an
exposure to compliance risks for the
company, with respect to the provisions
of anti-corruption legislation and liability
of legal entities defined in each country of
the region, increased risk of fraud against
the Company, as well as the risk of fines or
penalties against bribery and corruption,
in the event that our employees or the
third parties we hire do not meet the
requirements of anti-bribery law and
corruption.
• Significant penalties (fines,
penalties, prohibitions), which
can lead to the dissolution of the
legal person or the prohibition of
maintaining contracts with the
public administration.
• Reputational impact for the
company
• Relevance of legal efforts (time,
resources) needed to protect the
Group's companies
• Training and development plans aimed at training
leaders who have the skills to guarantee correct
operational management and transformation
processes.
• Technical training programs to improve specific
activities.
• Boosting digital skills training plans.
• Develop team integration actions and listen to
employees to strengthen the commitment and
identification with the Company.
• Proactivity in actions aimed at human care and their
health, promoting an adequate balance (work-life
balance).
• Diversity policies that guarantee equal opportunities
and encourage integration.
• Exhaustive search and selection processes that
guarantee staff recruitment with the necessary skills
and aligned with the Group´s values.
• 'Tone from the Top’ messages by senior
management, and commitment of the directories /
councils of the Group's companies in the Region.
• Code of business conduct and adoption of
compliance/integrity programs, with specific policies
and procedures to address areas at risk in company
processes.
• Training and business compliance awareness
campaigns for all employees as well as for all external
suppliers.
• Definition of a compliance officer by the board/
council which reports independently on the review
and operation activities of the adopted compliance
model.
• Definition and implementation of a compliance
program that starts from the assessment of
compliance risks for the Company, and that is subject
to periodic review of these assessments, also the
product of the audits and verifications carried out
• Independent certification of the robustness of
compliance programs adopted by companies (ISO
37001, MPRP Certification, Pro-Etica program, etc.)
• Adopting whistleblowing channel, which guarantees
confidentiality and anonymity to complainants.
• third-party risk verification program to guarantee
the necessary due diligence on the honorability
profile of counterparts working with the Group in all
processes.
• Specific contractual standards that include
counterpart´s obligations to respect the principles
and values defined in the code of ethics, zero
tolerance plan for corruption, criminal risk prevention
model, human rights policy.
• Internal audits, reviews and testing, continuous
monitoring to verify the effective functioning of the
compliance program implemented and reporting the
results to the directories / councils of the Group's
Dams in the Region.
Associated material
issue
People's management,
development, and
motivation
Solid Government
and Fair Corporate
Conduct
Stable
Health and Safety
of own staff and
contractors
The main risks are those arising from the
performance of operational activities in
the company's plants and infrastructure
and during the last year with those
related to COVID contagion. Compliance
violation of existing laws and regulations
and procedures in health and safety,
workplaces, structure management,
assets, and administrative processes,
which can have a negative impact on
the health conditions of employees,
contractors and stakeholders
•Decrease in personal commitment
• Operation paralysis
• Efficiency and productivity
• Fines
• Reputational impact for the
company
• Strategy, policies, procedures and health and safety
governance
• ISO 45.001 system management
• Supplier evaluation processes
• COVID measures
• Reputational impact for the company
Health and Safety;
Management
development and
people´s motivation;
sustainable supply
chain
71
Annual Report Enel Américas 2020 Risk Rating
and changing the outlook from "Stable" to "Creditwatch
in Development" on the national scale, pending the
completion of the EGP Américas absorption merger.
In 1994, Standard and Poor's and Duff & Phelps first ranked
•
The classifications are based on the Company's
Enersis (now Enel Américas) at BBB+, (investment grade).
diversified portfolio of assets, strong credit parameters,
Subsequently, in 1996 Moody's classified the Company's
adequate debt composition and ample liquidity.
long-term foreign currency debt as Baa1.
Since that time, most risk ratings have varied. Currently,
they are all in "investment grade" and are based on
diversified asset portfolio, liquidity, and appropriate debt
service hedging policies.
ENEL AMÉRICAS INTERNATIONAL RATING
S&P (1)
BBB
(Negative)
Moody’s (2)
Baa3
(Positive)
Fitch
Ratings (3)
A-
(Stable)
Corporate
Date of rating
(1): https://www.standardandpoors.com/en_US/web/guest/home
(2): https://www.moodys.com
(3): https://www.fitchratings.com
ENEL AMÉRICAS LOCAL RATING
Shares
Bonds
Feller Rate (1)
1st class, Level 2
AA- / Stable
Fitch Ratings (2)
1st class, Level 1
AA+(cl) / Stable
(1): https://www.feller-rate.com/corporativo
(2): https://www.fitchratings.com/
The following points summarize the main events that took
place in 2020:
• On March 27, Standard and Poor's confirmed the "BBB"
rating and decreased the outlook from "Stable" to
"Negative", explained by the macroeconomic situation
in Colombia, the country where the Company has
operations.
• On August 26, Fitch Ratings revised and maintained
the Company's classification as "A-" with "Stable"
perspectives on an international scale. Along with this,
Fitch Ratings ratified its "AA+" rating with a "Stable"
perspective for the national scale.
•
Finally, on September 24, Feller Rate revised Enel
Américas' corporate rating, ratifying the "AA-" rating
7272
Materiality
Materiality analysis
and prioritization of
stakeholders
According
to
the GRI
(Global Reporting
Initiative)
sustainability reports methodology adopted by the Enel
Group, Enel Américas considers stakeholders a central
element and places them at the center of the Company´s
material affairs. That is why the Company tries to identify
and prioritize stakeholders directly involving the entire
Company and the subsidiaries. Thanks to that work the
Company was able to identify the relevant groups that are
consulted about their priorities and expectations. We act
in the same way within the Company trying to establish
internal stakeholders´ strategic priorities. Based on the
above, we establish the materiality of Enel Américas which,
in turn, governs our strategic planning and which we
account for in the different public reports.
A subject is considered material when its management
and/or impacts are relevant to the business and/or when
it influences stakeholders´ decision. At this point, it is
important to highlight the SASB (Sustainability Accounting
Standard Board) standard which indicates what the material
aspects must be considered from investors´ point of view.
SASB regulations focus on financially important issues,
because their mission is to help companies around the
world report on sustainability issues that matter most to
their investors, identify financially important issues, which
are the ones that are reasonably likely to affect a company's
financial situation or operating performance, and are,
therefore, most relevant to investors and shareholders.
134562Risk Strategy and ManagementCorporate GovernanceA Look at Enel AméricasMetricsEnel Américas´ Businesses2020 Management This standard has defined the material issues to consider for each sector. Enel Américas is part of the Electric Utilities &
Power (Generators) sector and the issues that this standard defines as material are as follows: greenhouse gas emissions and
energy resource planning, air quality; water management; carbon emissions management; accessibility; employee health and
safety; efficiency and demand; security and emergency management.
Material subject
Dimension
SDG
People's management, development,
and motivation
Social dimension
SDG 4 Education and quality
Innovation and digital transformation
Governance dimension
SDG 9 Industry, innovation, and infrastructure,
Customer focus
Governance dimension
SDG 7 Accessible and clean energy
Occupational health and safety
Social dimension
SDG 8 Decent work and economic growth
Consolidated governance
Governance dimension
SDG 8 Decent work and economic growth
Energy distribution
Environmental dimension
SDG 7 Accessible and clean energy
New technologies and solutions
Governance dimension
SDG 9 Industry, innovation, and infrastructure,
Creating economic and financial value Governance dimension
Environmental management
Environmental dimension
Decarbonization and climate change
Environmental dimension
página 71
SDG 8 Decent work and economic growth
SDG 13 Climate management
SDG 13 Climate management
Sustainable supply chain
Social dimension
SDG 11 Responsible cities and communities
Involving communities
Social dimension
SDG 8 Decent work and economic growth and
SDG 7 Accessible and clean energy
Enel Américas´ Materiality Matrix
Chapter in which
it is addressed
Chapter 5
Chapter 4
Chapter 5
Chapter 5
Chapter 2
Chapter 4
Chapter 4
Chapter 3
Chapter 5
Chapter 5
Chapter 5
Chapter 5
The final materiality matrix indicates which issues are our stakeholders´ priority and, at the same time, strategic for the
Company. The information it provides is an input that permits us elaborate the Sustainability Plan, which is updated annually.
MATERIALITY MATRIX -
MATERIALITY ANALYSIS
i
s
e
g
e
t
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t
s
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n
a
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o
c
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e
u
s
s
i
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Priority of Issues for Stakeholders
Creating economic and financial value
New technologies and solutions
Customer focus
Consolidated governance
Energy distribution
Involving communities
Environmental management
Decarbonization and climate change
Occupational health and safety
People's management, development, and motivation
Sustainable supply chain
Innovation and digital transformation
73
Annual Report Enel Américas 2020
ESG Risk Analysis
ESG risks are an integral part of the risk management policy,
as described in the Risk Factors section, and are identified
by considering the following references:
• Relevant topics to consider in Materiality, including
extreme weather, failure in climate action, concentration
of digital power and digital inequality, among others.
These issues are identified according to the 2021
Global World Risk Report, implemented by the World
Economic Forum (WEF) (1).
• Risk assessments carried out in the context of the
human rights due diligence process and integrated
management systems
(environmental, quality and
safety), among others.
• Analysis of
the most prestigious
international
sustainability rating agencies, which use specific
risk assessment systems to establish the level of the
Company´s performance in terms of ESG.
Due diligence
The Enel Group is committed to the principles that
safeguard and promote the protection of human rights,
a fact that is reflected in the policy approved by the
Board of Directors in 2013. In line with UN guidelines,
since 2017 Enel Américas has been conducting the
due diligence process related to fundamental rights,
which considers its entire value chain, with the view to
identifying potential infringement risks within the scope
of its operations and establish redress mechanisms to
address any potential gaps.
Stakeholders
Enel Américas believes that management and dialogue
with stakeholders contributes to:
•
•
•
•
Improving the risk and opportunity management.
Identifying relevant trends and issues early on.
Enhancing credibility and trust, enabling the creation of
synergies.
Promoting decision-making processes.
• Opportunities to improvement and for business.
(1) http://www3.weforum.org/docs/WEF_The_Global_Risks_Report_2021.pdf
The Company's managers, depending on their activities,
are responsible for the constant management of our
stakeholders. At the same time, the Company reviews,
identifies and maps its stakeholders on a regular basis. In
addition to this and on an annual basis, an update of the
stakeholder map is prepared according to the current reality.
In 2020, the Company prioritized stakeholders according to
their relevance to the Company. In this process stakeholders
were prioritized according to two variables:
• Dependence: groups or individuals that are directly
or indirectly dependent on the activities, products or
services of the organization and its associated functions.
•
Influence: groups and individuals who can have an
impact on the organization or strategic stakeholders
for the decision-making process
Communication channels
The Company's operational excellence
is based on
continuous interaction with its stakeholders, with whom
we have developed a good and stable relationship during
the exercise of our activities. Enel Américas gains a solid
understanding of their needs and expectations through
communication channels and procedures.
Getting to know stakeholder expectations is a cornerstone
Additionally, the Company through its subsidiaries has a wide
of the Company´s sustainability strategy. This approach
presence in social media, providing information directed
seeks to identify drivers that permit to make sustainable,
towards all stakeholders and maintaining fluid interactions
competitive, and safe energy models, as well as develop
with virtual communities. The Company also shares
innovative, comprehensive, and pioneering perspectives
corporate, educational, financial, commercial, sustainability
to advance events, manage risks and seek differentiation.
and customer service information on several social platforms
The Company's commitment to a continued dialogue with
(Twitter, Facebook, LinkedIn and Instagram). If there are
these groups is a fundamental element in establishing
problems with the privacy of customers, social networks
areas of collaboration, development, and trust. In short,
serve as a point of contact to escalate these problems.
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134562Risk Strategy and ManagementCorporate GovernanceA Look at Enel AméricasMetricsEnel Américas´ Businesses2020 Management Management approach to material issues
Based on direct stakeholder surveys and supplemented by secondary sources, priority issues have been identified for each
PAGINA 73
stakeholder. In 2020, Enel Américas identified the following priorities:
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Creating economic and
financial value
Solid governance and fair
corporate conduct
Customer
engagement
Ecosystems
and Platforms
Innovation and digital
transformation
Power
distribution
Decarbonization of the energy
matrix
Environmental
management
People's management,
development, and motivation
Occupational health
and safety
Sustainable
supply chain
Involvement of local
communities
Priority values from 4.3 to 4.9 (High Priority)
Priority values from 3.6 to 4.2 (Medium Priority)
Priority values from 2.8 to 3.5 (Low Priority)
Enel Américas responds to the identified concerns by providing information in its Annual Report and Sustainability Report,
which details the actions and projects carried out during the year. Furthermore, the results are a major input for the
construction of the 2020 Materiality Matrix which, in turn, is an integral part of the 2021–2023 Sustainability Plan.
75
Annual Report Enel Américas 2020
Commitment to Sustainable Development Goals
(SDGs)
The SDGs are part of our work and have consolidated our commitment to an increasingly sustainable business model.
Enel Américas is committed to contributing specifically to six of the 17 SDGs which does not exclude the Company's
contribution to achieving all the objectives. More importantly, the commitment to the SDGs was the result of defining the
sustainable business model; therefore, its strategic sustainable business plan is part of the energy transition incorporating
the targets of the Sustainable Development Goals.
THE SIX SDGS ENEL AMÉRICAS IS COMMITTED TO ARE:
Education and Quality
Accessible and clean
energy
Decent work and
economic growth
Industry, Innovation,
and Infrastructure
Sustainable Cities and
Communities
Climate action
SDG 7 Accessible and clean energy
SDG 11 Sustainable Cities and
Communities
As part of the energy transition process, Enel Américas is
firmly implementing its renewable project growth plans,
As an electricity industry, the urbanization phenomenon
evidenced by the proposed merger with EGP Américas.
presents us with the great opportunity to contribute to
SDG 9 Industry, Innovation, and
Infrastructure
the sustainability of our cities, which we want to be less
polluted and have more "clean" services which citizens can
use. To comply with the above, we are investing in several
new electrification services.
For electricity generated from renewable sources to reach
our homes, the Enel Group requires a solid, digitized, and
resilient infrastructure. According to this principle, the
SDG 13 Climate action
Company focuses its investments on the digitization of our
Our business plan that targets SDG 7, 9 and 11 leads to
networks and service quality.
climate actions that address the goals of SDG 13 by reducing
both our direct emissions and our customers' footprint.
7676
134562Risk Strategy and ManagementCorporate GovernanceA Look at Enel AméricasMetricsEnel Américas´ Businesses2020 Management Specifically, in 2020 coal-based generation accounted
for 1.6% of Enel Américas´ total generation, involving a
backup plant in Colombia. While renewable production
reached 55% of total generation. (SDG 13)
In SDG 4, decent work and economic growth, and SDG 8,
Generated and
Distributed Economic
Value
quality education, Enel Américas is permanently committed
The steep devaluation of the local currencies in the
to promoting economic and social development in the
countries where we operate against the US dollar
communities where we operate, as well as providing
significantly affected our 2020 operating income and
access to clean energy where it is most needed. We have
costs as a result of having to covert the figures from said
invested in promoting quality education, decent work, and
currencies to the Company's accounting currency. These
economic growth.
devaluations are caused by the complex macroeconomic
scenario existing in the world and Latin America in general,
With approximately 374 projects in the countries where
because of the health crisis caused by Covid-19.
we operate, we actively contribute to the development
and social and economic growth of their regions. Our
Operating revenue in 2020 fell by 14.8% to US$ 12,193 million
interventions include the expansion of infrastructure,
as compared to the previous year. The main reason for this
education and training programs, initiatives aimed at
decrease is the conversion of figures partially offset by higher
social inclusion and projects that support cultural and
revenues resulting from tariff adjustments, mainly in Brazil.
economic life.
A key tool to see through these projects is our collaboration
compared to the previous year. The main decrease comes
with local organizations. We currently collaborate with
from the effect of converting the figures partially offset by
groups that operate
locally and promote regional
higher tariffs disbursed for goods and services hired by the
development through tailored and innovative interventions,
Company to carry out its activities mainly in Brazil.
Operating costs in 2020 fell by 10.9% to US$9,722 million as
a fundamental instrument for these projects.
As part of the government payments item, we include
payments in each of the countries where the Company
operates. The tax payments made by Enel Américas in the
countries where we have operations (none of which is a tax
haven) contribute to the development of the local economies.
Finally, the retained economic value reached US$123 million
in 2020, a US$1,324 reduction explained by the already
indicated operational reasons and an increased dividend
payment to shareholders totaling US$334 million as a result
of improved profits originated in the previous year.
Generated Economic Value (GEV)
Operational
Income
Non-operational
Operating costs
Wages and social benefits for employees
Distributed Economic Value (DEV)
Payments to capital providers
Financial expenses
Dividend payments
Payments to the government
Retained Economic Value (REV)
REV= GEV-DEV
2020
2019
ThUS$
12,656
12,193
463
9,722
418
1,826
768
1,058
567
123
%
100%
96%
4%
77%
3%
14%
6%
8%
4%
1%
ThUS$
15,040
14,314
726
10,917
628
1,812
1,088
724
236
1,447
%
100%
95%
5%
73%
4%
12%
7%
5%
2%
1%
77
Annual Report Enel Américas 2020
Strategy and
Business Model of
Enel Américas
Enel Américas and
its commitment to
sustainability
In an environment of greater volatility as the one we
observe in the region nowadays, it is important to note that
the Merger with EGP Américas permits to maintain Enel
Américas´ solid capital structure and, therefore, provides
the Company with a flexibility to develop renewable projects
in the future and continue to capture new opportunities.
The Merger with EGP Américas will enable Enel Américas
to contribute directly and actively to the Enel Group's CO2
emission reduction target, which would lead to a reduction
of its CO2 emissions by 80% by 2030 as compared to 2017.
Furthermore, the incorporation of renewable energies will
permit the Company to diversify its business, also allowing
it to contribute to the economic revival, so necessary for
the sustainable development of the region.
Thanks to the operation, Enel Green Power's unconventional
renewable energy generation business will be incorporated
into Enel Américas in Argentina, Brazil, Colombia, Peru,
Costa Rica, Guatemala, and Panama. Additionally, the
Company will be able to access new growth opportunities in
generation, which will be added to its already consolidated
leadership in distribution and the development of advanced
energy solutions through Enel X.
Moreover, this transaction will lead to Enel Américas
increasing its installed capacity in the region from the
current 11.3 GW to 19,2 GW, considering that Enel Green
Power Américas has 3.6 GW installed capacity in operation
and 4.3 GW at an advanced stage of development in
Central and South America (excluding Chile), apart from a
long-term pipeline of some 22 GW.
The process of merging Enel Green Power's renewables
business into Enel Américas is detailed in the chapter
"Milestones of the period" of this Report and all the
information can be found on our corporate website in the
investors section.
7878
As a result of the health emergency, climate crisis,
demographic changes, digital revolution, and social
demands that mark stakeholders´ expectations, companies
play a key role in stabilizing and caring for local economies
as well as boosting the energy transition process and
supporting the most vulnerable people.
In this context, Enel Américas has put environmental,
social and governance (ESG) aspects at the center of its
management. A special emphasis has been placed on
innovation and the focus is caring for our people during
this difficult period including employees and contractors
as well as suppliers and the communities in which the
Company is present.
Sustainable business
strategy
For Enel Américas, sustainability stands for value creation
for all stakeholders, which is achieved thanks to a model
that integrates the management and ESG objectives that
incorporate the commitment to the SDG in the business plan.
The Enel Group Business Model allows to create synergies
and long-term value for all our stakeholders, through
five business lines covering infrastructure and networks,
trading, power generation, retail, and Enel X.
As part of the Enel Group, Enel Américas has focused on
a sustainable business that relies on innovation to create
long-term value, which cannot be developed without
continuous innovation and makes no sense if it is not
aimed at sustainability.
Through the Open Power vision, Enel Américas aims to
open access to energy for many people, open up the world
of energy to new technologies, open energy management
to people, open up the possibility of new energy uses and
open up to a greater number of alliances.
134562Risk Strategy and ManagementCorporate GovernanceA Look at Enel AméricasMetricsEnel Américas´ Businesses2020 Management
Aware of the role the Company plays in contributing
The Sustainability Plan is based on four ESG pillars that
to resilience as faced with climate change and social
support the strategy:
phenomena related to urbanization, Enel Américas offers
low carbon services through the electrification of cities,
• Occupational health and safety.
quality services and digitization of networks, as well as
• Corporate governance strength.
electricity generation, mainly renewable,
leading the
• Sustainability of environmental management.
transition to low-carbon economies in the countries where
• Sustainability of the supply chain.
we operate.
2021-2023
Sustainability Plan
The enabling factor of the plan is innovation – considered
critical to achieve business sustainability as well as the
Company´s internal and external social relations.
Enel Américas has generated positive impacts on society
The plan will guide Enel Américas´ actions over the next
through its environmental performance, its integration with
three years, allowing the Company to navigate towards
the social fabric of the territories in which we operate and
the energy transition which is moving forward at an ever-
through the creation of a work environment that responds
increasing pace. It is built considering the main trends and
to the needs of our employees.
contingencies at a regional level that influence the energy
industry, the most relevant risks of the energy sector and
In 2020, 55% of energy generated by us came from
the priority issues for the Company's stakeholders. Enel
renewable sources, confirming our commitment to the
Américas, together with the Sustainability Management of
care for the environment which is further reinforced by
each country, monitors the progress and compliance with
our new demand response contracts of 13.9 MW, which
each objective and goal.
facilitate a more efficient use of energy.
79
Annual Report Enel Américas 2020 4
Enel Américas´
Businesses
8080
81
Annual Report Enel Américas 2020 Business Structure
ENEL AMÉRICAS S.A.
ARGENTINA
BRAZIL
COLOMBIA
PERU
Generation
Distribution
Generation
Distribution Transmission
Generation
Distribution
Generation
Distribution
72.09%
Edesur
99.75%
Cachoeira
Dourada
99.96%
Enel Dx
Goiás
100.00%
Enel
Cien
48.48%
48.30%
Emgesa
Codensa
83.60%
Enel Gx
Perú
83.15%
Enel Dx
Peru
100.00%
Enel Gx
Fortaleza
100.00%
Volta
Grande
99.73%
Enel Dx
Rio
74.05%
Enel Dx
Ceará
100,00%
Enel Dx
Sao Paulo
96.50%
Enel Gx
Piura
75.62%
Enel Gx
Costanera
62.69%
Enel Gx
El Chocón
41.25%
Central
Dock Sud
8282
134562Enel Américas´ BusinessesRisk Strategy and ManagementCorporate GovernanceA Look at Enel AméricasMetrics2020 Management Company Background
1981
2002
On June 19, the Compañía Chilena de Electricidad S.A.
The Extraordinary General Shareholders´ Meeting held on
created a new corporate structure, which gave rise to
April 11, 2002 modified the Company’s corporate purpose
a parent Company and three subsidiaries. One of them
introducing telecommunications activities and investment
was Compañía Chilena Metropolitana de Distribución
in and management of companies whose business was
Eléctrica S.A.
1985
telecommunications and information technology through
the Internet.
2015-2016
Stemming from the Chilean government’s privatization
program, the company began the process of transferring
The Company underwent a corporate restructuring
the share capital of Compañía Chilena Metropolitana de
process which started in April 2015 and was completed in
Distribución Eléctrica S.A. to the private sector, a process
December 2016. The process consisted of separating the
that ended on August 10, 1987. As part of the process,
electricity generation and distribution activities carried out
pension fund management companies
(AFPs as per
in Chile, from those carried out in the rest of the countries.
Spanish acronym), the company´s employees, institutional
As such, former Enersis S.A. was divided into the following
investors and thousands of small shareholders joined
companies: Enel Américas S.A., the continuing Company
the Company. Its organizational structure was based
of Enersis with activities in Argentina, Brazil, Colombia and
on activities or operative functions whose results were
Peru, and Enel Chile S.A. which owns the assets related to
evaluated functionally and their profitability was limited
the activities in Chile.
by a tariff structure because of the Company’s exclusive
dedication to the electricity distribution business.
2020
1987
The Extraordinary Shareholders' Meeting, held on December
18, 2020 approved the Merger by incorporation of the
The Company’s Board of Directors proposed to divide
assets of EGP Américas into Enel Américas in the countries
the Company’s different activities. This way, the four
of South America (without Chile) and Central America
subsidiaries created as a result of the division were to
(Argentina, Brazil, Colombia, Peru, Panama, Costa Rica,
operate as business units with their own objectives, thus
and Guatemala). The meeting had an attendance quorum
expanding the Company’s activities towards other non-
of 96.67% and an 81% approval of all shares subscribed
regulated activities but linked to the core business. This
on that date.
division was approved at the Extraordinary Shareholders’
Meeting held on November 25, 1987 thus establishing
On April 1, 2021, the Merger was completed.
the Company´s new corporate purpose. As a result of the
above, Compañía Chilena Metropolitana de Distribución
At the end of the period Enel Américas S.A. is one of the
Eléctrica S.A. became an investment company.
largest private power companies in Latin America in terms
1988
of consolidated assets and operational revenues, which
has been achieved through stable and balanced growth
in its electrical businesses: generation, transmission, and
On August 1, pursuant to the agreement of the
distribution.
Extraordinary General Meeting of Shareholders of April
12, 1988, one of the companies born from the division
changed its corporate name to Enersis S.A.
83
Annual Report Enel Américas 2020 Expansion and
development
Enel Américas began its international expansion in 1992
through different privatization processes in Latin America,
thus developing a significant presence in the electricity
sectors in Argentina, Brazil, Colombia, and Peru.
1992
• On May 15, Enel Américas, (Enersis at that time) acquired
a 60% shareholding and control of Central Costanera,
a generation company, currently Enel Generación
Costanera, located in Buenos Aires, Argentina.
• On July 30, the Company was awarded 51% of Empresa
Distribuidora Sur S.A., Edesur, a company that distributes
electricity in the city of Buenos Aires, Argentina.
1993
•
In July, the Company acquired Hidroeléctrica El Chocón,
(today Enel Generación) located in the Neuquén and
Río Negro provinces, Argentina.
1994
Janeiro S.A., Cerj, an electricity distribution company in the
cities of Río de Janeiro and Niteroi, Brazil, whose business
name was changed to Ampla Energía e Serviços S.A. and
currently is called Enel Distribución Río.
• On December 20, the Company acquired 99.9%
shareholding of Central Hidroeléctrica de Betania S.A.
E.S.P. in Colombia.
1997
• On September 5, the Company acquired a 78.9%
shareholding of the Brazilian company Centrais
Elétricas Cachoeira Dourada (currently Enel Green
Power Cachoeira Dourada) for US$ 715 million.
• On September 15, Enel Américas (at the time Enersis)
successfully participated
in the capitalization of
Codensa S.A. E.S.P., a company that distributes
electricity in the city of Bogotá and the Cundinamarca
department in Colombia acquiring a 48.5% shareholding
for US$ 1,226 million. The Company also acquired 5.5%
of Empresa Eléctrica de Bogotá.
• On September 15, investing US$ 951 million, the
Company acquired a 48.5% shareholding of Emgesa,
a Colombian generation Company, and an additional
5.5% of Empresa Eléctrica de Bogotá S.A.
•
In July, Enel Américas acquired 60% shareholding of
Empresa de Distribución Eléctrica de Lima Norte S.A.,
Edelnor (currently Enel Distribución Perú) in Peru for
•
Endesa, S.A. (Spain) acquired 32% of Enersis (currently
Enel Américas).
US$176 million. The Company also acquired Edechancay,
another electricity distribution company in that country,
1998
which was later absorbed by the former.
1995
• On December 12, Enel Américas acquired an additional
39% shareholding of Edesur. The Company also
acquired the Peruvian generation Company Edegel
(currently Enel Generación Perú) in Peru.
1996
• On December 20, Enel Américas entered the Brazilian
market with the acquisition of a large portion of shares
of the former Companhia de Eletricidade do Río de
• On April 3, Enersis (currently Enel Américas) acquired
89% and the control of Companhia Energética de
Ceará S.A., Coelce (currently Enel Distribución Ceará)
for US$868 million, a company that distributes
electricity in the northeast region of the country, in
the Ceará state.
1999
•
Endesa, S.A. (Spain), took control of Enersis (today
Enel Américas). Through a Public Tender Offer, Endesa
acquired an additional 32% of Enersis, which, together
with the 32% already acquired in August 1997, totaled
64%. This transaction was completed on April 7, 1999
8484
134562Enel Américas´ BusinessesRisk Strategy and ManagementCorporate GovernanceA Look at Enel AméricasMetrics2020 Management and involved a US$ 1,450 million investment. As a result
of the subsequent capital increase by Enersis in 2003, the
2009
shareholding decreased to the current 60.62%.
• On May 11, Enersis (currently Enel Américas) acquired
35% of Endesa Chile (today Enel Generación Chile), in
addition to the already owned 25%, thus reaching 60%
of the Company´s shareholding. The Company therefore
consolidated its position as one of the main private
electricity companies in Latin America.
2000
•
The Company sold the subsidiaries Transelec, Esval,
Aguas Cordillera and real estate assets for US$ 1,400
million.
2001
•
The Company made important investments: US$364
million to increase its shareholding in Chilectra (today
Enel Distribución Chile), US$150 million for the
acquisition of 10% shareholding of Edesur in Argentina,
a stake that was held by the Company’s employees; US$
132 million to increase its shareholding in the Brazilian
distribution Company Ampla (today Enel Distribución
Río); US$ 23 million to increase its shareholding in Río
Maipo, in Chile by 15%, and US$ 1.6 million to increase
its shareholding in Distrilima, in Peru by 1.7%.
• On October 15, Enersis S.A. (currently Enel Américas)
acquired 153,255,366 shares,
representing 24%
shareholding of its Peruvian subsidiary Enel Generación
Perú (formerly Edegel), at PEN 2.72 per share. This
was purchased from Generalima S.A.C., a Peruvian
subsidiary of Enel Latinoamérica S.A., the parent
company of Enersis. With this transaction, the direct
and indirect shareholding of Enersis S.A. in Edelnor rose
from 33.53% to 57.53%.
2010
•
Enersis (currently Enel Américas) sold CAM and Synapsis
for US$20 million and US$52 million, respectively.
2012
•
The Extraordinary Shareholders' Meeting held on
December 20, approved with 81.94% of the Company's
total voting shares a capital
increase of up to
Ch$2,844,397,889,381. The controlling shareholders
would subscribe this capital increase with a contribution
in kind, corresponding to the entire share capital of
Cono Sur, a Company that will bring together the
shares that would be contributed by Endesa (Endesa
España) to Enersis (now Enel Américas), valued at
Ch$1,724,400,000.034.
2002
2013
•
The Company acquired Central Termoeléctrica
Fortaleza (Enel Generación Fortaleza) located in the
Brazilian state of Ceará. Additionally, the Company
began the second phase of the commercial operation
of the electricity interconnection between Argentina
and Brazil, CIEN (today Enel Cien), completing a 2,200
MW transmission capacity between both countries.
2006
•
In February, Enersis acquired Termocartagena (142
MW), a Colombian combined cycle power plant which
operates either with fuel oil or gas for approximately
US$17 million.
2007
• Capital increase: With a record result for this type of
operation in the local market, shareholders of Enersis
(today Enel Américas) subscribed a total of US$ 6,022
million, placing 100% of the shares available for the
capital increase.
2014
•
Through a Public Offer for the Acquisition of Shares
(OPA in Spanish acronym) 3,002,812 common shares,
8,818,006 type A preferential shares and 424 type
B preferential shares of Coelce (today Enel Ceará)
were purchased equivalent to an
investment of
approximately US$243 million. With the completion of
this transaction the Company reached a 74.05% direct
and indirect stake.
• On October 11, Enel S.p.A. took control of Enersis,
through Endesa, S.A.
•
In April, Enersis
(currently Enel Américas) signed
an agreement to purchase all the shares that
85
Annual Report Enel Américas 2020 Inkia Américas Holdings Limited indirectly held in
Generandes Perú S.A., equivalent to a 39.01% stake,
2018
with an investment of US$413 million. The transaction
ended in September and, as a result, Enersis (currently
Enel Américas) achieved a 58.60% shareholding of
Edegel (today Enel Generación Perú).
• On July 31, Enel Energy Europe S.R.L., currently Enel
Iberoamérica SRL, controller of Endesa S.A. (92.06%
shareholding) proposed the acquisition of 100%
of Endesa Latinoamérica S.A.’s share capital. The
transaction was completed in October 2014 and, as
a result, Enel S.A. directly controls Enersis (today Enel
Américas) with a 60.62% stake in the company.
2015
• On December 18,
the Company´s Extraordinary
Shareholders’ Meeting
approved
the corporate
restructuring of Enersis and its subsidiaries Endesa Chile
and Chilectra (currently Enel Américas). This operation
consisted of dividing the generation and distribution
activities in Chile from those carried out in the rest of
the countries in Latin America both for Enersis and for its
subsidiaries Endesa Chile and Chilectra.
2016
• On March 1, the non-material Division of the former
Enersis, Endesa and Chilectra was carried out as a result
of which Enel Chile and Enel Américas were formed.
• On November 30, the Company announced the
acquisition of CELG-D (currently Enel Distribución Goiás)
for BRL2,187 million.
2017
• On October 4, Enel Perú (wholly owned by Enel Américas
S.A.) acquired 47,686,651 shares issued by the subsidiary
Enel Distribución Perú. The transaction closed at the price
of PEN262,276,580 (equivalent to approximately US$ 80
million) and was carried out on the Lima Stock Exchange.
• On September 27, Enel Brasil was awarded a concession
to operate the 380 MW Volta Grande power plant. The
total investment was BRL1,420 million (US$ 445 million
approximately). The concession is for 30 years.
8686
• On June 4, Enel Américas successfully completed the
best offer for the acquisition of Eletropaulo (currently
Enel Distribución São Paulo), the main distribution
company in São Paulo, Brazil acquiring 73.4% of
the shares. The following month, all shareholders of
Eletropaulo Metropolitana Eletricidade de São Paulo
SA were permitted to sell their additional shares, at
the same price offered and, on July 4, the transaction
was completed with the acquisition of 93.3% of the
shareholding of Enel Distribución São Paulo.
• Subsequently,
in September, Enel Américas
completed a capital increase leading to the final
shareholding of 95.88%.
2019
• On April 30, the Extraordinary Shareholders' Meeting
approved a US$ 3 billion capital increase. The aim of the
capital increase was to provide Enel Brasil with funds to pay
the debt incurred to acquire Enel Distribución São Paulo
and to restructure Enel Brasil's pension fund liabilities.
• On September 2, the capital increase was successfully
concluded with a subscription of approximately 99.49% of
the shares and a gross amount of US$ 3.021 billion.
• On November 21, Enel Brasil acquired 1.48% of Enel São
Paulo 's shares for BRL49.39 reais per share, becoming
the owner of 95.9% of the shares. On the November 27,
the Enel São Paulo Shareholders' Meeting approved the
redemption of all shares issued in circulation, equivalent to
2.58%, at a price of 49.46 reais per share.
2020
• On September 21, the Company reported
in a
Significant Event the proposal by the Company's Board
of Directors to launch a merger by incorporating the
assets of EGP Américas in South America (without
Chile) and Central America within Enel Américas:
Argentina, Brazil, Colombia, Peru, Panama, Costa Rica,
and Guatemala.
134562Enel Américas´ BusinessesRisk Strategy and ManagementCorporate GovernanceA Look at Enel AméricasMetrics2020 Management
• On December 18, an Extraordinary Shareholders'
Thermal generation requires fossil fuels and hydroelectric
Meeting approved the proposed merger announced
plants require water from reservoirs and rivers. Therefore,
on September 21, with the accepting vote of about
the commercial policy that the generator defines is relevant
81% of the total shares subscribed. Furthermore, the
to the correct management of the business.
Shareholders' Meeting also approved the amendment
to the bylaws in relation to the maximum limit of 65%
55% of Enel Américas' consolidated generation capacity
shareholding by any of the Company´s shareholder.
comes from hydroelectric sources and 45% from thermal
• On April 1, 2021, the aforementioned Merger was
completed.
Electricity distribution
sources.
Enel Américas´
Business by Country
Through the distribution business, the Company sold
115,213 GWh, delivering power to more than 25.6 million
customers.
Electricity generation
Electricity transmission
For Enel Américas, the electricity transmission business is
mainly conducted through an interconnected line between
In this business segment, Enel Américas owns operating
Argentina and Brazil. This is done through Enel Cien, an Enel
subsidiaries in Argentina, Brazil, Colombia, and Peru. The
Brasil subsidiary, with a 2,200 MW transport capacity. The
total net installed capacity of the Enel Américas Group
electricity transmission business is highly regulated, which
was 11,269 MW and consolidated electricity production
our participation through Enel Cien in the interconnection
reached 40,455 GWh, while energy sales totaled 66,996
of Argentina and Brazil is a strategic activity within our
GWh, as of December 31, 2020. The segmentation of the
businesses, with revenues representing 0.4% of the
business between hydroelectric and thermal generation is
consolidated total of the company. Enel Américas develops
natural in the electricity industry since the variable costs of
its generation, transmission, and distribution businesses
generation are different for different production methods.
through its subsidiaries in each country:
Country
Business
Argentina
Generation
Enel Generación Costanera.
Enel Generación el Chocón.
Central Dock Sud.
Electricity Distribution
Edesur.
Brazil
EGP Cachoeira Dourada.
Enel Generación Fortaleza.
EGP Volta Grande.
Enel Distribución Rio.
Enel Distribución Ceará.
Enel Distribución Goiás.
Enel Distribución São Paulo
(formerly Eletropaulo).
Colombia
Peru
Emgesa.
Enel Generación Perú.
Enel Generación Piura in
Peru.
Codensa.
Enel Distribución Perú.
For Enel Américas, the electricity transmission business
is mainly conducted through an interconnection line
between Argentina and Brazil. This is done through
Enel Cien, a subsidiary of Enel Brasil, with a 2,200 MW
transport capacity.
Electricity Transmission
Enel X
Enel X's mission is to provide innovative technology solutions and value-added services to create New Value for residential
customers (B2C), business (B2B) and cities (B2G).
This new segment, launched in 2018, is a global business that leads the energy sector transformation. Enel X helps customers
use technology to transform energy into new opportunities, permitting them to thrive and drive progress around the
world. Enel X is a global company with strong roots in the energy sector and an open strategy oriented towards digitization,
sustainability, and innovation.
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Annual Report Enel Américas 2020
Argentina
Generation
Distribution
Transmission
Córdoba
Buenos Aires
Mendoza
Neuquén
Argentina
Costanera
Type:
Net installed capacity:
Dock Sud
Type:
Net installed capacity:
Edesur
Energy sales:
Customers:
Power losses(1):
Arroyito
Type:
Net installed capacity:
El Chocón
Type:
Net installed capacity:
Motogeneradores
Type:
Net installed capacity:
Thermoelectric plant
2,210 MW
Thermoelectric plant
847 MW
15,888 GWh
2.5 millones
18,9%
Hydroelectric plant
128 MW
Hydroelectric plant
1,200 MW
Thermoelectric plant
34 MW
*Non-billable consumptions are not included in distribution business
(1) Energy Losses correspond to the total losses that include high, medium and low voltage as well as commercial losses and thefts.
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134562Enel Américas´ BusinessesRisk Strategy and ManagementCorporate GovernanceA Look at Enel AméricasMetrics2020 Management ARGENTINA
Generation
Distribution
72.09%
Edesur
75.62%
Enel Gx
Costanera
62.69%
Enel Gx
El Chocón
41.25%
Central
Dock Sud
Generation
Distribution
Transmission
Electricity generation
Participation by installed capacity and by business groups
by the end of the 2020 period was distributed as follows:
Enel Américas S.A. participates in the electricity generation
PARTICIPATION BY INSTALLED CAPACITY AND BY
and distribution business through Enel Argentina S.A. It
is one of the country’s leading groups in this area, with a
4,419 MW installed capacity in generation and with more
than 2.5 million customers in distribution.
The Company participates in electricity generation through
its subsidiaries:
BUSINESS GROUPS AS OF DECEMBER 31, 2020
Grupo Enel
Pampa Energía (1)
SADESA
10.40%
10.52%
12.10%
AES
National Government
Foninvemem
Provincial governments
Others
10.10%
13.40%
6.40%
5.90%
31.18%
Córdoba
Buenos Aires
Mendoza
Neuquén
Thermoelectric plant
Net installed capacity:
2,210 MW
Thermoelectric plant
Net installed capacity:
847 MW
Argentina
Costanera
Type:
Dock Sud
Type:
Edesur
Energy sales:
Customers:
Power losses(1):
Arroyito
Type:
15,888 GWh
2.5 millones
18,9%
Net installed capacity:
128 MW
Hydroelectric plant
El Chocón
Type:
Net installed capacity:
1,200 MW
Hydroelectric plant
Motogeneradores
Type:
Thermoelectric plant
Net installed capacity:
34 MW
*Non-billable consumptions are not included in distribution business
(1) Energy Losses correspond to the total losses that include high, medium and low voltage as well as commercial losses and thefts.
•
•
Enel Generación Costanera S.A. (Costanera): Enel Gx
(1): During 2016 it acquired Petrobras Argentina.
Costanera
Enel Generación El Chocón S.A. (Chocón): Enel Gx El
In 2020, 1,319 MW of renewable capacity was added, of
Chocón
which 242 MW correspond to private projects (MATER) and
• Central Dock Sud S.A. (CDS): Central Dock Sud
977 MW to tenders awarded under the RenovAr program.
The remaining 100 MW belong to the Renewable Energy
Enel Generación Costanera, Enel Generación El Chocón
Promotion Project (GenRen).
and Central Dock Sud jointly had 4,419 MW of net
installed capacity at the end of 2020 representing 10.5%
The RenovAr program is part of Law No. 27.191, which
of the installed capacity of the Argentine SIN (National
establishes a participation plan for this type of energy in
Interconnected System). Electricity generation of these
the market which, by 2025, should reach 25%.
companies reached 13,901 GWh as of December 31, 2020,
representing 10.4% of Argentina's total generation.
On 27 February 2020, Resolution SE No.31/2020 of the
Ministry of Energy replaced Resolution SRR&ME No.
Among the most relevant business groups that participate
1/2019 effective as of February 1, 2020. It weighted the
in the generation activity in the Argentine Electricity
compensation prices at the exchange rate of $60 = 1US$
Market are AES, SADESA and Pampa Energía (which
and established a value update in Argentine pesos. The
acquired Petrobras Argentina in 2016). Other companies
new resolution defines a minimum power remuneration
with a relevant market share are YPF Energía and Pluspetrol
according to technology and scale pursuant to actual
Energía, acquired by YPF.
availability, and for thermal units establishing the possibility
89
Annual Report Enel Américas 2020 of offering availability commitments with equal differential
the performance of the units and the use of liquids (gas oil
remunerations for all technologies.
and fuel oil) following the restrictions imposed on the plants
during an increased residential demand.
For thermal generation to be declared up to 30 days before
the start of each quarterly period, CAMMESA must activate
the value of firm power to be committed for each unit, and
Generation
As a result of the operation, the generation of Costanera's
may establish rates according to seasons: summer, winter,
Conventional Units reached 399 GWh net, and the
and the remaining period (adjustments can be made in the
Combined Cycles generation reached 6,119 GWh net.
same period).
The remuneration that a unit with a power commitment
replaced Resolution SEE No. 01/2019 establishing the
will receive will be proportional to its compliance and the
guidelines for the remuneration of existing generation
minimum value is calculated based on the minimum price.
plants. More details can be found in the previous section
In February 2020, Resolution SRR and ME No. 31/20
Power remuneration will be affected depending on the use
on Power Generation.
factor of thermal generation equipment.
Resolution SE No. 31/2020, through Annex VI – Update of
Resolution 2019-12-APN-MDP
replacing Resolution
values established in Argentine pesos, established that the
2018-70-APN-SGE. It was established that the commercial
remuneration values expressed in Argentine pesos will be
management and the dispatch of fuels from the Wholesale
updated every month according to CPI development (60%)
Electricity Market (MEM) plants was re-centralized in
IPIM (40%), published by INDEC.
the dispatch agency. This situation remained the same
On 30 December 2019, the Official Gazette published
In April 2020, in a note issued by the secretariat regarding
the Transactional Update Factor, CAMMESA was
instructed to postpone the implementation of Annex
VI – Update of values established in Argentine pesos, of
Resolution Secretariat of Energy No. 31/2020 until a new
decision is taken.
Enel Generación Costanera S.A.
Location
The city of Buenos Aires.
Installed capacity
It has six turbo steam units totaling 1,062 MW net
capacity, which can generate energy using either natural
gas or fuel oil. It also operates two combined cycles of 851
MW and 297 MW net respectively with 2,210 MW total net
installed capacity.
throughout 2020.
Enel Generación El Chocón S.A.
Location
Enel Generación El Chocón S.A. is a company that
operates the El Chocón and Arroyito hydroelectric
power generation plants located on the Limay River, in
the Neuquén and Río Negro provinces. The Chocón is
located in the Comahue Region, formed by the Argentine
provinces of Río Negro, Neuquén and the southern part of
the provinces of Buenos Aires, on the Limay River, some
80 km upstream from its confluence with the Neuquén
River. Arroyito is El Chocón´s compensating dam and is
located on the same river, 25 km downstream.
Installed capacity
The hydroelectric complex has a 1,362 MW total net
installed capacity and comprises the El Chocón plants, with
a 1,234 MW net installed capacity (hydraulic accumulation
In 2020, CAMMESA made dispatches from the Argentine
reservoir power plant) and Arroyito with a 128MW net
Interconnected System
(SADI
in Spanish acronym) as
installed capacity using the waters of both the Limay and
established by the Ministry of Energy. It is in this context that
Collón Curá rivers to generate energy. The Company has a
dispatch was maintained prioritizing natural gas, considering
1,328 MW net installed hydraulic capacity and with 34 MW
9090
134562Enel Américas´ BusinessesRisk Strategy and ManagementCorporate GovernanceA Look at Enel AméricasMetrics2020 Management net thermal capacity corresponding to motor generators.
It has a 3.3% stake in the SADI as compared to the total
Central Dock Sud (CDS)
installed capacity.
Generation
The hydrological year that started on April 1 was described
as a dry year according to the spills accumulated in the
Limay and Collón Cura rivers. Net generation recorded
by the Company during the year was 2,922 GWh. This
production consisted of 2,266 GWh from El Chocón (78%),
594 GWh from Arroyito (20%) and 62 GWh from motor
generation (2%).
The Company began 2020 with a reservoir level of 378.13
meters above sea level (m.a.s.l). The reservoir reserve in El
Chocón was 2,280 GWh and in the Comahue plant it was
6,235 GWh. Both values were measured with respect to the
minimum level condition of the Extraordinary Operation
Band (FOE in Spanish acronym).
At the end of the 2020 financial year, the reservoir level
reached 373.36 m.a.s.l. The energy reserve in the Comahue
reservoirs was 4,980 GWh, of which 1,548 GWh correspond
to the El Chocón reserves.
In February 2020, Resolution SRR and ME No. 31/2020
replaced Resolution SEE No. 01/2019 establishing the
guidelines for the remuneration of existing generation
plants. This is detailed in the Electricity Generation section.
Location
In the Avellaneda neighborhood, Buenos Aires province.
Installed capacity
The Dock Sud (CDS in Spanish acronym) plant owns and
operates a thermal power plant, with a 847 MW total net
capacity. It has four gas turbines and a steam turbine; two of
the gas turbines and the steam turbine comprise a combined
cycle. At the end of the period, the installed capacity of the
plant accounted for 2.01% of the SIN´s total installed capacity.
Generation
The energy generated by Central Dock Sud in 2020 was
4,461 GWh, with a 5.4% participation of thermal generation
and covering 3.5% of the SADI demand.
In February 2020, the former Secretariat of Renewable
Resources and Electricity Market under the former Ministry
of Finance, issued Resolution No. 31/2020 which updated
the remunerative values of Resolution SEE No. 01/2019.
The implementation of Resolution No. 31/2020 weighted
the remuneration of thermal and hydraulic generators,
maintaining the same remuneration concepts: a variable
production charge depending on the type of fuel (which
varies according to technology and unit sizes) and another
one that depends on the available power. Furthermore,
it maintained the possibility of offering guaranteed
availability commitments and additional guaranteed
availability (DIGO in Spanish acronym), with different
remunerations and depending on availability, regardless
of the technology offered.
91
Annual Report Enel Américas 2020 Activities and Projects in the
generation segment
Generation Activities and Projects
Currently, Costanera has no projects for the expansion of
installed capacity - combined cycle underway.
Land reserved for future projects
In Argentina, Enel Américas does not have land reserved for
future projects.
Electricity Distribution
Edesur
according to Enel criteria. The value reached by the SAIFI
during the year 2020 was 4.5 times.
Despite the agreements reached in the last RTI, after
the agreement Law No. 27.541 on Social Solidarity and
Productive Reactivation was published as part of the
public emergency caused by COVID-19. This meant it was
necessary to implement changes to the validities and
updates agreed in the tariff tables, mainly after multiple
negotiations between ENRE and Edesur and a tariff freeze
has been agreed which will last for the whole duration of
the health emergency.
The same emergency has made it necessary to implement
temporary changes in the way the Company operates,
such as the prohibition to suspend basic services in certain
The Company´s main purpose
is to distribute and
circumstances. Additionally, Edesur was authorized to use
commercialize electricity in the southern part of Greater
the entire SmartMeters park installed in its concession area
Buenos Aires, comprising two-thirds of the Autonomous
for billing, thus endorsing the new installed technology.
City of Buenos Aires (CABA in Spanish acronym) and 12
municipalities of the Buenos Aires province, covering
In December 2020, the Executive Branch of the Nation
3,309 km2 for a period of 95 years, as of September 1,
issued the DNU 1020, which extended the tariff freeze
1992. This period consists of an initial 15-year term and
for a maximum of 90 days, or until the tariff table that
eight additional 10-year terms each. Regardless of the
responds to a Transitional Agreement enters into force,
renewal of the concession period, the fees charged to end
whichever comes first thus starting a new Comprehensive
customers are subject to the regulation established by
Tariff Renegotiation Process whose result will be the Final
the Integral Tariff Renegotiation (RTI in Spanish acronym)
Renegotiation Agreement which will enter into force within
a process that takes place every 5 years and is agreed
two years. Such negotiation is the exclusive responsibility
between the distribution company and the National
of regulatory bodies authorizing them to set transition
Electricity Regulatory Entity (ENRE in Spanish acronym),
rates and to segment tariff categories.
this renegotiation, apart from establishing the tariff system,
imposes compliance and electricity service quality for end
customers on the Distribution Companies.
Energy Sale
In 2020, Edesur delivered electricity services to 2.5 million
customers. Of this, 88.4% was delivered to residential, 10.8%
The last authorized tariff table for the collection of
to commercial, 0.8% to industrial and other customers.
energy distributed between ENRE and Edesur has been
valid between February 1, 2017 and January 31, 2022,
At the end of the period, Edesur´s market share was 16.8%,
during which time the service quality regime increases
in terms of the number of customers in Argentina.
its
requirements, as
investments and operational
improvements that Edesur proposed under the RTI are
At the end of 2020, energy sales reached 15,888 GWh,
expected to mature. This means that quality parameters
including distribution services (tolls) to large users, 5.4%
increase their demand, and the cost of un-supplied
less as compared to 2019. 45.8% was delivered to the
energy will increase over the period, reaching the full
residential sector, 21.8% to the commercial segment and
values only in the last six months.
32.4% to the industrial sector and others.
It is worth mentioning that SAIDI (one of the service quality
In 2020, the annual mobile loss rate - technical and
indices) improved in 2020 as compared to 2019 reducing
non-technical - reached 18.92%, a poorer result than
its value by 6.2 hours, and the final value was 14.0 hours -
in 2019 (15.5%) despite the actions taken to mitigate the
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134562Enel Américas´ BusinessesRisk Strategy and ManagementCorporate GovernanceA Look at Enel AméricasMetrics2020 Management
phenomenon. This result is mainly due to a 3.57% increase
municipality of Quilmes, providing new supply to the General
in theft "aggressiveness" which is explained by analyzing
Belgrano water treatment plant, with total capacity of 21 MW.
the macroeconomic scenario and the increase in poverty
levels stemming from the pandemic in Argentina.
Medium/low voltage Customer Care
In 2020, 1,346 customers were served between new
When we analyze this phenomenon, we can find several
supplies and power increases, of whom 1,304 were T1, T2
causes, the most relevant is the significant deterioration
and T3 low voltage customers and the remaining 42 were
of the socioeconomic level of our users as a result of
T3 medium voltage customers. The most relevant were the
social isolation, falling consumption of large customers
following ones:
(industries, businesses, among others), which gave certain
stability to the distributed energy, increasing direct and
non-customer connections in sectors with a high level of
informality and low purchasing power; and an increased
•
•
•
FOETRA- Medical Center for Pensioners - CABA
Laboratorio Casasco S.A.I.C. - CABA
IRSA INVERS. Y REPRESENT. S.A. - CABA
theft "aggressiveness" because of the
incentives of
• CMC Di Ravena Argentina - Quilmes
those who propose solutions to carry out fraud on social
• Rexam Argentina S.A. – Almirante Brown
networks. In short, it can be seen that the pandemic, the
• Diserglass S.R.L - Quilmes
isolation, the increase in unemployment and poverty levels
•
Laboratorios Aspen S.A. – San Vicente
led to higher non-technical losses.
• Aeropuertos Argentina 2000 S.A. – Ezeiza
.
Activities and projects in the
distribution segment
Regarding the 2020 Investment Plan, the amount invested
in the period was ARS9,468.04 million.
The following figures describe the most relevant projects
In the context of the health emergency, new essential
supplies (medical centers, laboratories, schools) were served,
implementing 8 km of medium and low voltage networks
and assembling/repowering seven processing centers.
Improvement in medium/low voltage network
infrastructure
To comply with quality improvement requirements in 2020,
that were completed during the period:
Edesur expanded and renovated its network by 102 km of
medium voltage and 103 km of low voltage.
Renovation of the Triple line 104 Reconquista
Nuevo Puerto
It is a 3.7 km 132 KV line of 1.200 mm2 underground cable
Regarding transformation centers, 253 TCs were
involved, including new processing centers, renovation of
with XLPE insulation in a simple triple line between the
electromechanical equipment and increases in installed
Reconquista and Nuevo Puerto substations. This work
capacity.
improved the operation of the system cargo transfers
between the northern and southern areas of the GBA.
Glew substation extension from 2x40 MVA to
2x80 MVA
This is a modification and an extension of the current Glew
Main actions focused on improving
service quality
St. Vincente Shock Plan:
A new feeder line was implemented in the rural area of San
Substation, from 2x40MVA to 2x80 MVA. Installation of 16
Vicente apart from the medium voltage Line Mechanical
cells of 13.2 KV, finally reaching 32 medium voltage outputs
Reinforcement on Route No. 6. 14 new telematic control
available. 11 new medium voltage feeders were laid out,
centers were installed, benefiting 14,000 inhabitants of the
with a total length of 45 km of new networks. The work will
Cañuelas municipality.
benefit 60,000 customers from the following municipalities:
Admiral Brown, Esteban Echeverría, and Presidente Perón
and San Vicente.
New High Voltage customers
In 2020, the Company completed the work of delivery and
Cañuelas Shock Plan:
24 km of Medium Voltage Airborne Line was renovated,
mounted on new reinforced concrete structures on
the line that runs along Route 16, benefiting the town
of Gobernador Udaondo and the southern part of the
measuring of high voltage – 132 kV for Aysa - Bernal in the
Cañuelas municipality.
93
Annual Report Enel Américas 2020 Standardization Plan of Vulnerable
Neighborhood:
To address the effect of low temperature and increased
low voltage networks plan was put in place in 2020 to
detect situations that might lead to failures and affect
service quality. It included activities such as visual and
residential electricity demand because of Preventive and
thermal inspections of airborne networks, inspections of
Mandatory Social Isolation (ASPO in Spanish acronym). 35
substations and transformation centers, detecting and
initiatives were carried out in CABA and the Province of
correcting existing anomalies. The most important was
Buenos Aires, totaling 32 km in medium and low voltage
the inspection of the entire high voltage airborne network
networks, and 18 repowers and/or new processing centers.
(316 km), both by land and by air, which allowed to take
photographs, videos, and thermography images.
Technological network improvement:
In 2020, the Company continued the process of improving
Within the COVID-19 pandemic framework, the Company
the SAIDI indicators installing 130 additional remote-control
carried out a Special Maintenance Plan to minimize any
pieces of equipment at different points of the medium
potential impact on the electricity supply for hospitals,
voltage network, accounting for more than 1,705 points
clinics, modular hospitals, isolation centers, sanatoriums,
installed, for a more efficient operation of the medium
and other public and private health facilities. The Plan
voltage network.
identified transformation centers (651 in total), inspection of
facilities, diagnosis of network status, detailed prioritization
Poor neighborhoods:
To update the connection in all poor dwellings which
of the work to be carried out and immediate maintenance
and improvement actions. In the months leading up to
did not have installed meters, a mass standardization
winter, a special plan was carried out in the outlets that
plan was initiated in many of the neighborhoods and / or
provide energy to popular neighborhoods. Inspections
settlements with predominant deficiency characteristics.
were carried out in supply centers, load measurements,
In 2020, more than 7,500 cases were normalized involving
grounding measures, and thermography.
the 12 municipalities of the Buenos Aires province where
prior awareness campaigns were also carried out to explain
As part of the Summer Plan, the Company took the
this new condition together with their social inclusion as
necessary actions to resolve the unavailability of medium
customers.
and low voltage underground cables, medium voltage,
and remote-control equipment to restore their normal
Network system improvements:
Data architecture of the CERTA database was carried out in
operating conditions. An extraordinary pruning plan was
also carried out in medium voltage feeders in different
2020. This will permit the Company to obtain cloud backup
areas of Greater Buenos Aires. In 2020, the Company
of the data stored on physical servers.
continued to install Alternative Energy Sources (AES) for
Network maintenance management:
A Comprehensive Maintenance of high, medium, and
electro-dependent users, but the initiative it was affected
during the pandemic period because of less frequent
contact with this type of customers.
Manaus
Belén
Brasilia
Goiana
Río de Janeiro
Sao Paulo
Generation
Distribution
Transmission
Brasil
Enel Distribución Ceará
Energy sales:
Customers:
Power losses(1):
Central Fortaleza
11,866 GWh
4,0 million
15.9%
Type:
Thermoelectric plant
Net installed capacity: 319 MW
Cachoeira Dourada
Type:
Hydroelectric plant
Net installed capacity: 655 MW
Enel Distribución Goiás
Energy sales:
Customers:
Power losses(1):
14,469 GWh
3.2 million
11.4%
Enel Distribución Río
Energy sales:
Customers:
Power losses(1):
Volta Grande
11,228 GWh
2.9 million
22.1%
Type:
Hydroelectric plant
Net installed capacity: 380 MW
Enel Distribución São Paulo
Energy sales:
Customers:
Power losses(1):
Enel CIEN
40,350 GWh
7.9 million
10.6%
Transmission lines
2,200 MW
9494
*Non-billable consumptions are not included in distribution business.
(1) Energy Losses correspond to the total losses that include high, medium and low voltage as well as commercial losses and thefts.
134562Enel Américas´ BusinessesRisk Strategy and ManagementCorporate GovernanceA Look at Enel AméricasMetrics2020 Management Brazil
Generation
Distribution
Transmission
Manaus
Belén
Brasilia
Goiana
Río de Janeiro
Sao Paulo
11,866 GWh
4,0 million
15.9%
Brasil
Enel Distribución Ceará
Energy sales:
Customers:
Power losses(1):
Central Fortaleza
Type:
Thermoelectric plant
Net installed capacity: 319 MW
Cachoeira Dourada
Type:
Hydroelectric plant
Net installed capacity: 655 MW
Enel Distribución Goiás
Energy sales:
Customers:
Power losses(1):
Enel Distribución Río
Energy sales:
Customers:
Power losses(1):
Volta Grande
Type:
Hydroelectric plant
Net installed capacity: 380 MW
Enel Distribución São Paulo
Energy sales:
Customers:
Power losses(1):
Enel CIEN
Transmission lines
14,469 GWh
3.2 million
11.4%
40,350 GWh
7.9 million
10.6%
11,228 GWh
2.9 million
22.1%
2,200 MW
*Non-billable consumptions are not included in distribution business.
(1) Energy Losses correspond to the total losses that include high, medium and low voltage as well as commercial losses and thefts.
95
Annual Report Enel Américas 2020 BRAZIL
Generation
Distribution Transmission
99.75%
Cachoeira
Dourada
99.96%
Enel Dx
Goiás
100.00%
Enel
Cien
100.00%
Enel Gx
Fortaleza
100.00%
Volta
Grande
99.73%
Enel Dx
Rio
74.05%
Enel Dx
Ceará
100.00%
Enel Dx
Sao Paulo
Electricity generation
Generation
Net generation in 2020 was 2,866 GWh and sales reached
Enel Américas participates
in electricity generation
19,660 GWh.
through Enel Brasil and its subsidiaries: Enel Green Power
Cachoeira, Volta Grande and Enel Generación Fortaleza.
These three plants, two hydroelectric and one thermal, add
Volta Grande
up to a total net power of 1,354 MW, representing 1.0% of
Through Enel Brasil, its subsidiary, Enel Américas, acquired
the Brazilian SIN´s capacity.
in 2017 the right to operate the Volta Grande hydroelectric
plant for a 30-year period. The concession cost BRL1,420
The Group's electricity generation
in Brazil reached
million
(approximately US$ 420 million). With
this
4,823 GWh or 1.0% of the total electricity generated in
acquisition, Enel Brasil increased its hydroelectric capacity
that country
(thermoelectric plus hydroelectric), with
in Brazil by 40% (compared to 2017).
hydroelectric production in 2020 reaching 96% of the
total energy generated by Enel Américas in Brazil.
Location
In the Rio Grande, between the Brazilian states of São Paulo
Other generators connected to the Brazilian SIN system
and Minas Gerais.
are Eletrobras, Cemig, Cesp, Copel, ENGIE, CTG, Iberdrola,
CPFL and AES.
Capacity
It has a 380 MW net installed hydroelectric generation
Cachoeira Dourada
capacity.
Location
It is located in the State of Goiás, 240 km south of Goiania.
Generation
Net generation in 2020 was 1,745 GWh and sales reached
2,000 GWh.
Capacity
It has ten generating units with 655 MW of net installed
capacity and is a run-of-the-river hydroelectric plant that
uses the waters of the Paranaiba River.
9696
134562Enel Américas´ BusinessesRisk Strategy and ManagementCorporate GovernanceA Look at Enel AméricasMetrics2020 Management Enel Generación Fortaleza
Location
It is located in the municipality of Caucaia, 50 km from the
capital of the state of Ceará.
Capacity
It is a combined cycle thermal power plant with 319 MW of
net installed capacity. The plant uses natural gas and can
generate a quarter of Ceará's electricity requirements, a state
which is home to a population of about 9 million people.
It is part of the infrastructure of the Pecém Industrial
and Port Complex and integrates the Priority Thermo-
electricity Program (PPT) of the Federal Government. Its
location is strategic to boosting regional growth and makes
it possible to install other industries in the region. Its main
client is Enel Ceará.
On 31 August 2020, Central Generadora Termolétrica
Fortaleza and its main supplier, Petrobras, requested by
mutual agreement to withdraw from the dispute related to
the supply of gas to the plant and guaranteed its supply of
fuel notwithstanding maintaining the contract.
Generation
The 2020 power generation was 212 GWh, while its sales
Activities and Projects in the generation segment reached
3,636 GWh.
Activities and Projects in the
generation segment
Land reserved for future generation projects.
Currently there is no land reserved for future projects.
Electricity transmission
Compañía de Transmisión del Mercosur S.A. (CTM) and
Transportadora de Energía S.A. (TESA), Enel Cien maintains
control of 100% of the capital in both companies.
The interconnected system consists of two transmission
lines, with a total extension of 1,006 km, and the Garabi
Converter Station, SE STA (Santo Angelo/RS) and SE YTA
(Itá/SC).
In June 2020, ANEEL approved the result of the Enel
Cien Tariff Review for 2019. The new Annual Permitted
Remuneration (RAP in Spanish acronym) entered into force
retroactively from July 1, 2019. A tariff adjustment and
an update of the APRs took place the same month. The
Enel Cien's figures are: Garabi I (RAP: BRL148.6 million) and
Garabi II (RAP: BRL179.3 million).
The concession of the Garabi I facilities expired in June
2020 and Enel Cien was, on that date, appointed by the
Concessionaire Authority to operate the assets, receiving
the RAP from the tariff review mentioned above. Although
the concession will not be renewed, Garabi I will operate
until August 2022 when the successful tenderer will
resume operations.
Electrical Distribution in
Brazil
Enel Américas participates in the distribution of electricity
through Enel Brasil and its subsidiaries Enel Distribución
Rio, Enel Distribución Ceará, Enel Distribución Goiás and
Enel Distribución São Paulo.
Enel Américas directly and indirectly holds an economic
share of 99.7%, 74.1%, 99.9% and 100%, respectively of
said companies.
The main distributors in Brazil that make up the electrical
The Enel Américas group is also involved in the transmission and
system are CPFL, Cemig, Light, Iberdrola, Copel and
marketing of electricity in Brazil through the interconnected
Equatorial.
line between Argentina and Brazil. It does so through Enel Cien,
where it owns almost 100% of the company.
Enel Distribución Rio
Enel Cien
Enel Distribución Rio (ex Ampla) is an energy distribution
company serving 73% of the territory of the State of
Enel Cien is an energy transmission company in Brazil.
Rio de Janeiro, corresponding to a 32,615 km2. Area. The
The plant complex consists of two frequency conversion
population is approximately 7 million inhabitants, spread
stations called Garabi I and Garabi II, which convert, both
over 66 municipalities. The most important are Niterói, São
ways, the Brazilian and Argentinian frequencies (60 Hertz)
Gonçalo, Petrópolis, Campos and Cabo Frío.
and (50 Hertz) respectively, and the transmission lines. On
the Argentine side, they are managed by two subsidiaries:
97
Annual Report Enel Américas 2020 In terms of energy losses, Enel Distribución Ceará closed
2020 with a 15.9% loss which means a 2.0 p.p. increase as
compared to 2019, which recorded a 13.9% loss.
Enel Distribución Ceará recorded a SAIDI of 15.9 h. vs.
13.92h in 2019, while SAIFI was 6.0x vs. 5.5x in 2019.
Enel Distribución Goiás
The company is located in central-western Brazil, covering
a 336,871 km2 concession area. It serves a population of
more than 7 million inhabitants.
Physical energy sales in 2020 were 14,469 GWh, increasing
by 0.7% as compared to 2019 (14,365 GWh). These
involved 37.2% supplied to residential customers, 13.6% to
commercial customers and 49.2% in tolls and others.
Customers
In 2020, Enel Distribución Goiás supplied electricity to
3.2 million customers. The customer type rating indicates
that 85.8% were residential, 6.8% commercial, while other
customers account for 7.3%.
In terms of energy losses, Enel Distribución Goiás closed
2020 with a 11.39% los, a decrease of 0.18 p.p. as compared
to 2019 (11.57%).
There was an improvement in the quality indicators of Enel
Distribución Goiás, which closed 2020 with a 31% reduction
as compared to 2019 (15.9h vs 23.06h) in SAIDI and 12% in
SAIFI as compared to 2019 (8.5x vs 9.7x).
Enel Distribución São Paulo
Enel Distribución São Paulo is present in 24 cities in the
Metropolitan Region of São Paulo, including the capital,
Brazil's main economic and financial center.
Its concession area, totaling 4,526 km2, concentrates the
highest national GDP and the highest population density in
the country: 1,647 consumer units per km2 with 18 million
people, corresponding to 9% of the Brazilian population.
Customers
In 2020, Enel Distribución Rio delivered electricity to 2.9
million customers where 85.7% are residential customers,
4.5% commercial customers and 9.8% other users.
Energy sales in 2020 reached 11,228 GWh, a 2.93%
reduction from 2019.
The distribution of physical sales at the end of the period was
43.0% for residential customers, followed by commercial
customers with 13.9% then industrial customers plus other
customers and tolls accounting 43.1% of all sales.
Enel Distribución Rio places great emphasis on combating
energy
theft, with projects using state-of-the-art
technology and social actions.
In terms of energy losses, Enel Distribución Rio closed
2020 with a 22.1% energy loss, as compared to 2019 which
means a 1.1 p.p increase.
Enel Distribución Rio also works on improving quality
indicators. In 2020, Enel Rio reduced SAIDI (times without
energy supply) by 20.4% as compared to 2019 (10.52 h vs
13.22h) and SAIFI (frequency of supply interruptions) by
23.9% as compared to 2019 (6.1 vs 8.0x).
Enel Distribución Ceará
It is an energy distribution company located in the State
of Ceará, in northeastern Brazil, and covers a 148,921 km2
concession area. The company serves a population of
more than 9 million inhabitants.
Customers
In 2020, Enel Distribución Ceará supplied electricity to 4
million customers, where 79% were residential customers,
5% commercial customers and 16% other users, with rural
customers being the highest percentage, with 15%.
Energy sales in 2020 reached 11,866 GWh, a 2.7% decrease
as compared to 2019. Physical energy sales were distributed
to residential customers, with 41%; commercial customers
with 14%; followed by industrial customers, tolls and other
customers accounting for 45%.
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134562Enel Américas´ BusinessesRisk Strategy and ManagementCorporate GovernanceA Look at Enel AméricasMetrics2020 Management
Customers
In 2020, Enel Distribución São Paulo supplied electricity to
7.9 million customers. Of the total, 93.6% were residential
customers, 5.6% for commercial customers and 0.8%
other users.
Physical energy sales in 2020 totaled 40,350 GWh, a 6.5%
reduction as compared with 2019. A large part of this
figure corresponds to residential customers, representing
39.8% of physical sales, followed by commercial customers
with 23.2% of sales, then industrial customers and other
customers with 36.9% of sales.
Enel Distribución São Paulo registered SAIDI of 7.4h (vs.
6.27h in 2019), while SAIFI was 3.6x (vs. 3.5x in 2019).
In 2019, certain operations were carried out to simplify and
optimize the Company´s corporate structure and, as a
result, Enel Brasil concluded 2019 with 100% of the shares
of Enel Distribución São Paulo which means that that the
Enel Group is the Company´s sole shareholder.
The projects are supported by itinerant trucks equipped
with an explanatory model of the process of power
generation, transmission and distribution, consumption
simulators and interactive totems with fun activities for
all ages. The mobility of the project guarantees access to
information for residents and students from many places
located far from the metropolitan area.
Enel Brasil's energy efficiency program in 2020 focused on
carrying out and delivering projects contemplated in the
“Chamadas Públicas de Eficiencia Energética” for large
public and private customers (hospitals, universities, street
lighting, military institutions) and also in joint activities
with the I&N line of business to combat losses, promote
population security and regularize clandestine customers.
In this context, the actions carried out included: energy
diagnosis, participation of community leaders, registration
in the social tariffs, entrepreneurship to improve the ability
to pay electricity bills and other conscious consumption
initiatives for low-income customers located in areas of
social vulnerability. The resources invested by distributors
are regulated and equal to 0.4% of the companies' net
Distribution activities and projects
operating income.
Energy efficiency
Energy efficiency projects include actions to stimulate
conscious energy consumption, equipment change
(refrigerators, air conditioners, lights, lamps) and electrical
wiring, with a significant impact on energy consumption
and improved energy efficiency in homes.
The COVID-19 global pandemic affected projects that were
being carried out in a face-to-face format but accelerated
the digitization of many events and proportionally on a
larger geographical scale. Also, in times of sanitary flexibility,
it was possible to continue the works and deliveries of
equipment, complying with all health and safety guidelines.
In 2020, more than 730 thousand people benefited from
the 229 projects launched by Enel Distribución Rio, Enel
Distribución Ceará, Enel Distribución Goiás and Enel
Distribución São Paulo. Among them were Ecoenel and
the Enel Compartilha platform projects: Enel Compartilha
Eficiência, Enel Compartilha Luz Solidária, Enel Compartilha
Energia nas Escolas and Enel Compartilha Consumo
Consciente. 259,529 lamps and 18,830 refrigerators were
changed in the equipment change initiatives.
Enel X projects in Brazil
The corporate purpose of Enel X Brasil S.A is to provide
services in general, of any nature or specialty, both directly
and indirectly related to activities in the electricity sector
and in other sectors of the economy and consumption
in general.
In 2020, the Company focused on the following lines of
business and products: home, corporate and institutional
customers, distributed generation, UBM (Utility Billing
Management) street lighting solutions and E-Mobility.
The most important projects during the period include:
(i) public lighting solutions under the PPP (Public Private
Partnerships) model considering the awards in the Angra
dos Reis and Macapá tenders, energy efficiency solutions,
planning solutions for smart cities and for electric public
transport and electrification of bus fleets; and (ii) network
and platform solutions to recharge electric vehicles, the
sale of 900 recharging units and signing important alliances
with car manufacturers and companies.
99
Annual Report Enel Américas 2020 Colombia
Laguneta
Type:
Net installed capacity:
Termozipa
Type:
Net installed capacity:
Cartagena
Type:
Net installed capacity:
El Paraíso
Type:
Net installed capacity:
Limonar
Type:
Net installed capacity:
Codensa
Energy sales:
Customers:
Power losses (1)
Tequendama
Type:
Net installed capacity:
El Salto II
Type:
Net installed capacity:
Darío Valencia
Type:
Net installed capacity:
Charquito
Type:
Net installed capacity:
La Guaca
Type:
Net installed capacity:
Betania
Type:
Net installed capacity:
El Quimbo
Type:
Net installed capacity:
El Guavio
Type:
Net installed capacity:
Hydroelectric plant
18 MW
Thermoelectric plant
225 MW
Thermoelectric plant
184 MW
Hydroelectric plant
276 MW
Hydroelectric plant
18 MW
13,834 GWh
3.6 Million
7.6%
Hydroelectric plant
57 MW
Hydroelectric plant
35 MW
Hydroelectric plant
150 MW
Hydroelectric plant
19 MW
Hydroelectric plant
324 MW
Hydroelectric plant
540 MW
Hydroelectric plant
400 MW
Hydroelectric plant
1,260 MW
Barranquilla
Medellín
Cali
Neiva
Bogotá
Generation
Distribution
Transmission
*Non-billable consumptions are not included in distribution business.
(1) Energy Losses correspond to the total losses that include high, medium and low voltage as well as commercial losses and thefts.
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134562Enel Américas´ BusinessesRisk Strategy and ManagementCorporate GovernanceA Look at Enel AméricasMetrics2020 Management Colombia
Laguneta
Type:
Termozipa
Type:
Cartagena
Type:
El Paraíso
Type:
Limonar
Type:
Net installed capacity:
18 MW
Hydroelectric plant
Net installed capacity:
225 MW
Thermoelectric plant
Net installed capacity:
184 MW
Thermoelectric plant
Net installed capacity:
276 MW
Hydroelectric plant
Net installed capacity:
18 MW
Hydroelectric plant
Codensa
Energy sales:
Customers:
Power losses (1)
Tequendama
Type:
13,834 GWh
3.6 Million
7.6%
Hydroelectric plant
Net installed capacity:
57 MW
El Salto II
Type:
Net installed capacity:
35 MW
Hydroelectric plant
Darío Valencia
Type:
Net installed capacity:
150 MW
Hydroelectric plant
Charquito
Type:
La Guaca
Type:
Betania
Type:
El Quimbo
Type:
El Guavio
Type:
Net installed capacity:
19 MW
Hydroelectric plant
Net installed capacity:
324 MW
Hydroelectric plant
Net installed capacity:
540 MW
Hydroelectric plant
Net installed capacity:
400 MW
Hydroelectric plant
Net installed capacity:
1,260 MW
Hydroelectric plant
Barranquilla
Medellín
Cali
Neiva
Bogotá
Generation
Distribution
Transmission
*Non-billable consumptions are not included in distribution business.
(1) Energy Losses correspond to the total losses that include high, medium and low voltage as well as commercial losses and thefts.
COLOMBIA
Generation
Distribution
48.48%
48.30%
Emgesa
Codensa
Electricity Generation
In Colombia, Enel Américas´ electricity generation reached
20.2% of the total energy generated in that market in 2020.
It is the largest power generation company in Colombia in
relation to its net installed capacity and is positioned as the
second largest company nationally in generation.
Enel Américas participates
in electricity generation
in
Colombia through Emgesa, its subsidiary. It directly controls
48.5% of all shares (economic ownership) and 56.4% of voting
shares (political property).
Other generators in Colombia's electricity system are:
Empresas Públicas de Medellín, Isagen, Gecelca, Celsia
and Chivor
Emgesa
In Colombia, Enel Américas´ energy generation reached
20.2% of market share of all energy generated in 2020.
On September 1, 2007, Colombian companies Emgesa
S.A. E.S.P. and Central Hidroeléctrica de Betania S.A. E.S.P.
merged, the latter absorbing the first and changing their
post-merger name to Emgesa S.A. E.S.P.
Capacity
Emgesa has 14 plants with a total net capacity of 3,506 MW.
The plants include El Guavio with 1,260 MW, the largest
hydroelectric plant in the country. Of the 14 existing power
plants, 12 are hydroelectric and two are thermal.
Generation
Net generation reached 14,009 GWh in 2020, with hydraulic
generation totaling 13,313 GWh
(95.0%) and thermal
generation 696 GWh. (5.0%).
Hydrological context
At the end of 2019 and in early 2020, ENSO (El Niño Southern
Oscillation in its English acronym) conditions in the Central
Pacific were warm at ocean level. However, there was no
atmospheric response typical of the El Niño phenomenon.
During the first half of 2020, the contributions of the main
rivers at national level (SIN) were in deficit not because of
the incidence of the El Niño phenomenon, but because of
the intra-seasonal atmospheric phenomena that subdued
rainfall most of the time in Colombia.
In the second half of the year, the contributions recovered
to some extent, although not as expected. Only in the
months of July and November precipitation contributions
were slightly above the historical average; the hydrological
contributions accumulated in 2020 from the Bogota
afferent basin were above the historical average. The
opposite case was Quimbo, Guavio and Betania´s own
basin, all registering deficit contributions.
Effective maintenance management
of generation plants and production
management milestones
In 2020, Emgesa's net power generation reached 14,009
GWh, down by 8.0% from 2019, mainly due to lower energy
demand caused by the COVID-19 pandemic.
The Company focused on keeping its generation assets
available to meet system requirements at the time of the
health emergency. At the same time, there were lower
101
Annual Report Enel Américas 2020
water inputs, which meant lower hydraulic generation and
an increase in thermal generation due to the increased
requirement from the plants of the national interconnected
system, which positioned Emgesa as the country´s second
largest generator with 20.2% of total generated energy.
The availability of the Emgesa generator park in 2020
was 90.3%, keeping in line with the 2019 result. In total,
180,688 hours of service from Emgesa generation units
were recorded in 2020, 3,227 hours more than in 2019. The
utilization factor was 45% as compared to 50% in 2019.
Generation activities and projects
Improvements in the Termozipa
Thermoelectric Plant
The Emgesa plant is a thermoelectric plant located some
40 km from Bogota. It consists of four units with 225
MW net installed capacity. In 2020, thermal generation
management focused on completing the works associated
with the Life Extension project, the implementation of
the BESS (Energy Storage System) system and improving
boiler reliability.
The main activities carried out were:
•
The completion of the installation of the first BESS in
Colombia, which will permit the plant to increase its
net effective capacity while maintaining compliance
of the service supply of primary frequency regulation.
Taking into consideration the entry into operation
of Units 2, 4 and 5 of this new system. regulatory
evidence was presented; Unit 3 evidence will be
presented in January 2021.
•
Legal emissions tests were carried out for the four
units. All concluded with satisfactory results thanks to
the operational controls established by the plant as a
result of the interventions of the Life Extension project
and improving environmental performance. The new
water plant was implemented to high-level quality
standards which will guarantee long-term integrity of
the boilers.
Improvements to the Guavio Hydroelectric
Plant
In 2020, the excitation system of Units 2 and 4, as well as
the speed and voltage regulators in the minor units were
modernized. The Unit 5 stator coiling rewind and plating
was also commissioned. Work was also carried out to
recover the Chivor and Batatas river diversion tunnels, as
well as the cave access tunnel.
Automation & Telecontrol Project at the
Bogota River Plant
The Company continued to implement the Automation &
Telecontrol project of the Bogota River Plants. The project
involved different activities such as the implementation of
the new monitoring and remote operation center in the
Guaca plant, the integration of the Salto, Laguneta, Limonar
and Dario Valencia plants into a single control center, the
launch of the first-generation equipment automation
of the Pagua Chain (Paraíso and Guaca plants) and the
supervision of engineering, testing, and manufacturing
activities of the equipment required to automate and
remotely control the units.
Land reserved for future projects
Enel Américas does not have land reserved for future
projects in Colombia.
Main 2020 Milestones
Commercial Management - Wholesale Market
Energy purchase and sale operations in the wholesale
market are carried out in large blocks, between generators
and marketers to pursue long-term contracts subject to
established prices and quantities. In 2020, Emgesa sold
energy in the wholesale market through contracts, as a
result of public tenders or private invitations, reaching 9.5
TWh in sales, distributed between 2020 and 2028.
Sale of carbon bonds and green certificates
Searching for innovation and diversification of its services
associated with electricity, Emgesa has entered the carbon
bond market, certifying the El Quimbo, Darío Valencia
102102
134562Enel Américas´ BusinessesRisk Strategy and ManagementCorporate GovernanceA Look at Enel AméricasMetrics2020 Management Samper, El Salto II, Tequendama and Guavio Menor plants.
The projects described above correspond to Codensa 's
The certificates associated with these plants may be used
vision of managing the networks to achieve global standards
to mitigate Greenhouse Gases by customers interested in
in service quality, attending to demand growth, coverage
the voluntary carbon market.
of street lighting through projects under scenarios of
increased
investment and operations,
implementing
Another state-of-the-art product offered by Emgesa to its
actions in the networks thus achieving satisfactory results
customers are IREC certificates issued by the International
for all our customers in the aspects described above.
REC Standard which guarantees
that the energy
consumed over a given period has been generated from
Thanks to the technical
inspection plan and the
conventional renewable energy sources. In 2020, Emgesa
management of actions aimed at reducing energy losses, a
helped 36 customers from the Unregulated Market to
7.6% loss rate was achieved in 2020 as compared to 7.7% in
obtain this green certificate, which represented a 306 GWh
2019, reaching a 21 GWh decrease in non-technical losses
consumption per year.
Electricity Distribution
Codensa
Codensa
is Enel Américas' energy distribution and
marketing company in Colombia and ranks as the first
largest energy distributor in the country, with a 20.2%
stake in the sector, supplying electricity to more than 3.6
million customers in Bogota in more than 110 municipalities,
mainly in Cundinamarca.
In 2020, Codensa developed important infrastructure
projects focused on quality, sustainability, and growth,
achieving significant progress despite the COVID-19
contingency. One of the most relevant results was
improving the annual average interruption frequency of
5.59 times in SAIFI and in SAIDI the duration of 467 minutes,
according to the calculation methodology approved by the
Enel Group.
as compared to December 2019. The total energy recovery
(increase in post-technical inspection billing and recovered
energy from previous months) was 134 GWh per year.
As a network operator, Codensa distributes power to
both customers served by the Company as well as other
marketers´ customers. This energy, plus the energy that is
lost in the distribution system, makes up the energy demand
of Codensa Network Operator (OR in Spanish acronym).
At the end of 2020, the Codensa OR demand significantly
affected by the global contingency arising from COVID-19,
was 4.73% lower than in 2019 falling to 14,521 GWh-
year and evidencing the effects of sustained contraction
in commercial demand with many of its activities still
constrained by the pandemic, including bars, restaurants,
cinemas, gymnasiums, shopping malls, to mention only a few.
The following graph shows the development of demand as
a network operator over the past three years.
The most important projects and activities focused on:
Codensa Demand OR (Gwh Year)
•
Improving service quality.
• Replacing, standardizing, and repowering high and
medium voltage infrastructure (substations and lines).
• Connecting mass customers, large customers, and
self-generators.
• Network remote control.
• Connecting to the national transmission and network
expansion system.
•
Extending installed capacity in Power Substations and
medium voltage networks.
18,000
15,000
12,000
9,000
6,000
3,000
0
14,862
15,200
14,521
• Replacing technologically obsolete equipment.
2018
2019
2020
103
Annual Report Enel Américas 2020
The breakdown of the OR demand is shown in the following
crucial in reducing the risk of contagion both for our
graph.
It shows that the customer market segment
customers and our employees.
marketed by Codensa fell by 3.32% while the segment of
other marketers declined by 6.92%.
In 2020, the lighting and street lighting modernization plan
Demand breakdown OR (GWh-year)
lights were installed, reaching a total of more than 153,000
continued with a project in Bogota. More than 9,000 LED
10,370
12,000
10,000
8,000
6,000
4,000
2,000
0
Codensa seller
Other sellers
LED lights installed in the city.
Considering the current and future needs of our City-
Region, the Company seeks to improve its electricity
infrastructure
in Bogota and Cundinamarca through
the "Bogotá-Region 2030" project, constructing new
4,830
substations and their associated transmission lines, all
strategically located in accordance with development
plans, and as part of population, economic and industrial
growth, and the massification of electricity mobility in the
center of the country.
In 2020, the Company inaugurated the Compartir (Soacha)
Regarding the concept of distributed physical energy
and Portugal (Engativá) substations and made progress
(which includes energy passing through our network
in the Terminal (Fontibón), San José (Los Mártires), Calle
but directed to another area and network operator and
Primera (Los Mártires), Barzalosa (Girardot) and Occidente
additional power losses at the entrance into the system),
(Funza) substations.
there was a 3.3% decrease reaching 13,834GWh as
compared to 14,307 GWh of the previous year.
The Company continued to develop sustainable mobility,
moving forward with the transfer of the energy distribution
The Company continued to develop its infrastructure
infrastructure along the route corresponding to the First
by closing the 2020 financial year with the installation
Bogotá Metro Line.
of 92,256 meters, of which 89,747 have been installed
in customers´ venues
and 2,509
in distribution
Codensa reiterates its commitment and willingness to
transformers. This technology permitted to carry out
continue contributing to the construction of a region-city
activities such as remote monthly readings of nearly
vision addressing the challenges and tasks imposed on us
61,701 customers and remote reconnections for 8,642
by the needs of the Department of Cundinamarca and the
users. During the pandemic, this type of operation was
city of Bogota in the short and medium term.
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134562Enel Américas´ BusinessesRisk Strategy and ManagementCorporate GovernanceA Look at Enel AméricasMetrics2020 Management Peru
Generation
Distribution
Transmission
Chiclayo
Trujillo
Lima
Cuzco
Arequipa
Peru
Malacas
Type:
Net installed capacity:
Moyopampa
Type:
Net installed capacity:
Callahuanca
Type:
Net installed capacity:
Huinco
Type:
Net installed capacity:
Matucana
Type:
Net installed capacity:
Huampani
Type:
Net installed capacity:
Enel Distribución Perú
Energy Sales:
Customers:
Power losses(1) :
Santa Rosa
Type:
Net installed capacity:
Ventanilla
Type:
Net installed capacity:
Yanango
Type:
Net installed capacity:
Chimay
Type:
Net installed capacity:
Thermoelectric plant
336 MW
Thermoelectric plant
69 MW
Hydroelectric plant
84 MW
Hydroelectric plant
276 MW
Hydroelectric plant
133 MW
Hydroelectric plant
31 MW
7,578 GWh
1.5 million
8.2%
Thermoelectric plant
402 MW
Thermoelectric plant
460 MW
Hydroelectric plant
42 MW
Hydroelectric plant
157 MW
*Non-billable consumptions are not included in distribution business.
(1) Energy Losses correspond to the total losses that include high, medium and low voltage as well as commercial losses and thefts.
105
Annual Report Enel Américas 2020 PERU
Generation
Distribution
83.60%
Enel Gx
Perú
83.15%
Enel Dx
Perú
96.50%
Enel Gx
Piura
Electricity Generation
lower than expected prior to the pandemic, including the
demand for December 2020 which was 0.3% lower than
in December 2019. As a result, the 2020 annual demand
Enel Américas S.A., through Enel Perú S.A.C. owns 83.60%
experienced a 7% reduction from the 2019 annual demand.
of Enel Generación Perú's shares and 96.50% of Enel
Generación Piura’s, also through Enel Perú S.A.C., in which
The situation in 2020 was challenging for companies in
it owns 100% of its share capital.
the sector, as their production and energy sales were
significantly reduced.
The Company´s total net installed capacity is 1,990 MW,
(13.2% of the total capacity of the National Interconnected
In addition to the Enel Group (through Enel Generación
Electric System – hereinafter SEIN), of which 40% comes
Perú S.A.A.), the main players in the electricity generation
from hydraulic generation and 60% from thermal
sector
in Peru are Engie Energía Perú S.A., Kallpa
generation, including the Yanango (42 MW) and Chimay
Generación S.A., Electroperú S.A., and Fénix Power Perú S.A.
(157 MW) plants which, from May 31, 2009 were divided to
become part of Chinango S.A.C.
Enel Perú S.A.C.
This period has been an atypical year mainly because of
Perú S.A.C. is a company incorporated in Peru, whose
the global measures aimed at combating the COVID-19
corporate purpose is to invest in other companies, mainly
pandemic. In Peru, a strict quarantine was initially imposed
those engaged in the exploitation of natural resources and,
causing the demand for electricity in the country to fall
in particular, those related to the generation, production,
by approximately 33%, during the first weeks. As diverse
and sale of electricity; engineering for the construction
sectors of the economy paralyzed by the quarantine were
of power plants; supply, assembly and implementation of
reactivated, the demand recovered. However, by the end of
equipment, facilities and/or services for the production of
the year it failed to reach the expected pre-pandemic levels;
electrical energy. The company can also carry out any other
energy demand in December 2020 was approximately 4%
activity linked to the energy and water sector.
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134562Enel Américas´ BusinessesRisk Strategy and ManagementCorporate GovernanceA Look at Enel AméricasMetrics2020 Management Enel Generación Perú S.A.A.
Enel Generación Perú markets power and electricity in the
Peruvian market, complying with all the specifications of
the Technical Standard of Electrical Services Quality of
which the most important is voltage levels, frequency, and
unavailability of service time.
The shareholding of Enel Generación Perú as of December
31, 2020 was as follows: 83.60% corresponds to Enel
Perú S.A.C. (of which Enel Américas is the sole owner),
Prima AFP S.A. holds a 5.98% stake and other shareholders
have the remaining 10.42%.
Location
Lima, in the Rímac and Santa Eulalia river basins and the
town of Junín.
Installed capacity
The Company has eight hydroelectric plants, six in Lima
and two in Junín. The Huinco plant is located in the Santa
Eulalia River basin with a 276 MW net generation capacity
and the Matucana plant is located in the Rímac River Basin,
with a 133 MW generating capacity. Most of the water from
these rivers comes via tunnels and canals to the town of
Barba Blanca, where the Callahuanca plant is located. Its
generating capacity is 84 MW. Downstream one will find
the Moyopampa plant with 69 MW, Huampaní with 31 MW
and the HER (Hydro Energy Recovery) Huampaní with 0.7
MW. The total capacity of these six power plants is 593 MW.
There are also 21 lakes whose water resource storage
capacity is 282.35 hm3 which allows them to regulate the
water flow to generate and supply the city of Lima.
The Junín department has two hydroelectric plants: Yanango
with 42 MW, which uses the waters of the Tarma River,
and Chimay with 157 MW, which uses the waters of the
Tulumayo River. Both total 199 MW of net capacity. These
two power plants are part of the Chinango subsidiary.
The Company also has three thermal power plants, with
a combined 862 MW capacity. The first, Central Térmica
Santa Rosa, located in the Cercado de Lima, consists of
the UTI units with 102 MW and TG7 of 117 MW, the second,
Central Térmica Santa Rosa 2, also located in the Cercado
de Lima, consists of the TG8 unit of 183 MW. The third,
Central Térmica Ventanilla, located in the Constitutional
Province of Callao, has three generation units which make
up the 460 MW combined cycle. This cycle was the first to
be installed in the SEIN and currently corresponds to one of
the six combined cycles of the Peruvian electrical system.
The thermal power plants use natural gas from the Camisea
deposits as main fuel and diesel oil as an alternative fuel.
Total production of Enel Generación Peru reached 7,106
GWh in 2020, 6.3% less than the previous year. Energy sales
totaled 9,642 GWh as of December 2020, a 8.5% decrease
as compared to 2019.
Enel Generación Piura S.A.
Its main objective is to carry out activities typical of electricity
generation and commercialization and participates in the
natural gas business. The term is indefinite.
The shareholding of Enel Generación Piura as of December
31, 2020 was as follows: 96.50% corresponding to Enel
Perú S.A.C. (of which Enel Américas is the sole owner) and
other shareholders with the remaining 3.50%.
Location
Talara Province, Piura department, northern Peru.
Installed capacity
The Company´s installed capacity is 336MW managed
through three open-cycle thermoelectric generation
plants.
The first, Malacas, consists of a Siemens brand generation
unit, SGT-800 model called "TG6" whose effective power
is 50 MW.
Malacas 2 consists of an ABB brand generation unit, called
TGN-4 whose effective power is 105 MW.
Finally, Malacas 3 consists of a Siemens-branded
generation unit, called TG-5 which operates on open-cycle
B5 diesel fuel under Cold Reserve condition, and has an
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Annual Report Enel Américas 2020 effective 181 MW power of the unit to operate in diesel
mode. This unit also has a natural gas operation mode
which has a 128 MW effective power.
The capacity presented in the following table corresponds
to the total effective capacity of Enel Generación Piura, at
the end of December 2020:
Production Units
Plant
Unit
Manufacturer
Declared fuel
Malacas 1
TG-6
SIEMENS
Malacas 2
TGN4
ABB
Malacas 3 TG-5 RF
SIEMENS
Total
Natural Gas
Natural Gas
Diesel B5 /
Natural gas
Net
Installed
capacity
(MW)
50
105
181
336
The production and physical
energy sales
in Enel
Generación Piura reached 616GWh in 2020, 6.3% less than
in 2019.
Activities and projects in hydroelectric
plants
Increase of the Callahuanca Hydroelectric
Power Plant Capacity
The plant, built in 1938, is located in the Province of
Huarochirí and produces, on average, some 600 GWh
of electricity per year, equivalent to the consumption of
450,000 households. In March 2020, it reached a monthly
production record of 57,830 MWh. At the same time, an
initial diagnosis of the operation status of the plant was
carried out in each generating unit, to identify and work on
improvement points. Thanks to all the efforts, the effective
capacity of the plant in 2020 reached 83.5 MW, with an
83.3 MW increase as compared to the effective capacity
in the previous year. This exceeded the effective capacity
value declared to the Economic Operation Committee of
the National Interconnected System (COES) since 2015.
Automation and remote control of
hydroelectric plants
In line with the digitization strategy, the Company took
on a challenge to automate our hydroelectric plants,
whose average age is around 50 years. The evaluation
of the economic, technical, and operational feasibility of
this project has been carried out in recent years with the
overall support of the Enel Group considering all the risks
we face during the year, the benefits of availability and
operational synergies.
The automation and remote control project, whose
investment totaled US$9.81 million, consists of four
stages: (i) the construction and implementation of a new
control center located in the Moyopampa Hydroelectric
Plant, from which the operation of all our hydroelectric
plants will be managed, (ii) the automation of four
hydroelectric plants (Huinco, Matucana, Moyopampa and
Huampaní); (iii) the connectivity of all our hydroelectric
plants to the control center, and (iv) the change towards
an automated environment.
In January 2020, the automation of Unit 1 and 2 of the
Huinco Hydroelectric Plant was completed and because of
the health emergency, the project focused on completing
the engineering and supply procurement for the Huampaní,
Matucana and Huinco hydroelectric plants (Units 3 and 4). It
is estimated that by 2021, the automation of the Huampaní
and Matucana hydroelectric plants will be fully completed,
and by 2022 the Moyopampa and Huinco (Units 3 and 4)
plants will be finishes as well.
Asbestos removal from Matucana and
Moyopampa hydroelectric plants
Together with the automation and remote-control project,
equipment and structures in the hydroelectric plants
were modernized and elements containing asbestos, a
material that is considered highly hazardous to health,
was removed. The benefit of this change was that the
108108
134562Enel Américas´ BusinessesRisk Strategy and ManagementCorporate GovernanceA Look at Enel AméricasMetrics2020 Management Company now has facilities free of this material which
This project seeks to guarantee the operational continuity
makes it easier to carry out maintenance work that does
of the Huinco units, to achieve greater efficiency and
not require special equipment.
comply with new quality standards. The project’s estimated
With an approximate investment of PEN730,000, the
asbestos removal task was completed at the Matucana and
Moyopampa hydroelectric plants. The work was carried out
following the procedures and protocols established for this
type of activity, thus registering zero accidents or setbacks.
Stator rewind at the Matucana Hydroelectric
Plant
The areas of Operation and Maintenance, Procurement
investment is PEN21.88 million.
Activities and projects in
thermoelectric plants
Implementation of the first Energy Storage
System (BESS) at the Ventanilla Thermal Power
Plant
The power plant began the construction of the battery
storage system "Battery Energy Storage System" (BESS)
and Safety and Health overcame the difficulties in time,
in 2019 and the work was completed in 2020, becoming
cost and personnel brought about by the COVID-19 health
operational on September 25. The system allows to meet
emergency managing to clear, transport and receive the
primary frequency regulations (complementary service to
Matucana Hydroelectric Power Plant stator without any
keep the energy according to quality standards required
accidents or contagion. The stator is the fixed part of a
by the electrical system) and explore new technologies in
generator that permits to transmit power. The Matucana
the complementary services market. Thanks to this project
Hydroelectric Plant stator change was proposed as it
we became the first company to implement this type of
came to its life cycle, as it had been operating for more
state-of-the-art technological solution in the Peruvian
than 44 years. Unit 1 of the Matucana Plant is expected
Electrical System and also in Latin America.
to be re-opened thanks to the stator change in the
third quarter of 2021. The investment in this project is
The system consists of eight Lithium-Ion battery banks,
estimated at US$8.6 million.
Replacement of 220 KV cables in the Huinco
Hydroelectric Plant cavern
In 2020, the Company continued to work on the
specially designed to provide a total capacity of 14.6 MW,
with an investment of approximately PEN29 million. This
project is the Enel Group´s first of this kind in Latin America
and is considered one of the most representative of the
Enel Group on a global scale. During its implementation, all
replacement of 220 KV cables in the Huinco Hydroelectric
quality and safety standards were met following COVID-19
Power Plant cavern - an operation that began in 2019.
prevention measures, reaching 88,000 man-hours worked
These cables were used for 52 years continuously and
without accidents and without contagion.
with only about eight years of operational life left, the
Company decided to replace them. With the arrival of
the supplies for the Huinco Hydroelectric Plant units 2
and 3, the injection of energy from the largest plant in
Major maintenance of the TG4 unit of the
Ventanilla Thermal Power Plant
With an investment of around PEN12 million, the TG4 unit
our hydroelectric portfolio is guaranteed. The work on the
of the Ventanilla Thermal Power Plant was maintained after
project is difficult because the cables are old, it is also
125,000 hours of operation, the fifth major maintenance of
necessary to remove some existing asbestos trays, the
the Unit´s lifespan. The maintenance consisted of changing
work is carried out in confined spaces and it is also crucial
critical turbine parts, as well as inspecting burners and
to avoid energy production loss during the process. The
the electric generator. Thanks to this maintenance, which
task is expected to be completed in 2022.
lasted 28 continuous days with the participation of local
109
Annual Report Enel Américas 2020 and foreign companies, the life of our generation unit was
to-base generation, which represent one of the lowest
extended by 25,000 hours and it improved the reliability of
levels obtained by current technologies and is in line with
the unit. Likewise, seeking time optimization, the internal
Enel's global policy that promotes compliance with legal
rehabilitation of the HRSG 12 boiler was carried out which
standards, as well as the use of cutting-edge technologies
consisted of changing internal parts exposed to high
to exceed the levels required in different countries.
water/steam temperatures. Thanks to the adjustments, we
improved and optimized the plant´s water consumption, as
Additionally, the project will also significantly reduce
well as the reliability of our equipment.
water consumption in power generation. Currently, the
TG4 unit uses demineralized water to control emissions,
The maintenance of the TG4 Unit began on January 15
a consumption that will be reduced to zero once the new
and ended on February 13, 2020, concluding successfully
combustor is installed. In addition, a fogging system will be
and with zero accidents. The Enel Group´s local and global
installed in the turbine air intake system to recover active
areas participated in the project complying with safety
power in the same unit.
and quality standards, in accordance with the established
work plan.
Electric generator rotor rehabilitation of unit
UTI06 of the Santa Rosa Thermal Power Plant
With an approximate investment of PEN8 million, the rotor,
In 2020, the Company began to build the new combustor
at the General Electric facility, where all quality and
biosecurity parameters were complied with. The project is
part of the portfolio of high-impact short-term initiatives
and will directly benefit the neighboring communities of
a moving part of the electric generator of the UTI 06 unit
Malacas and Talara.
of the Santa Rosa Thermal Power Plant was rewound. In
addition, all the components of the Unit UTI 06 generator
The investment in the project reached PEN29 million and is
and turbine were inspected and maintained. Thanks to the
scheduled to be completed in early 2022.
maintenance, which lasted 145 continuous days with the
participation of local and foreign companies, the life cycle
of the generator rotor was extended by 20 years, and we
Land reserved for future projects
Enel Américas has no land reserved for future projects in
also improved the reliability of the unit.
Peru.
This maintenance was successfully completed, and the
team that worked on the project complied with all quality
Technological innovations
and COVID-19 safety protocols with zero accidents and zero
The following projects were implemented in 2020:
contagion, in accordance with the established work plan.
Implementation of the TGN04"EV Burner +
Fogging system" project
At the end of 2019, the Company began to change
•Smart Glasses
The use of Smart Glasses allows supervisors to work
safely minimizing work risks and helping them to carry
out their activities more accurately. This way supervisors
the TG4 Unit combustion chamber which uses a water
can share and receive documents, review plans in real
injection system to reduce emission. It will be changed
time and in high definition, as well as stay in touch with
to Dry Low NOx (DLN) technology. This technology does
experts and technicians around the world. This technology
not use water and involves replacing the main burner
helps to address certain complex issues, as well as audits,
and its supplementary components. These changes will
inspections, fault analysis, maintenance, and operations
permit us to reach emission levels of NOx 15-25 in base-
providing the necessary support. This led to an important
110110
134562Enel Américas´ BusinessesRisk Strategy and ManagementCorporate GovernanceA Look at Enel AméricasMetrics2020 Management reduction in travel costs, as well as increased productivity
maintenance systems. The Operation and Maintenance
by reducing production losses thanks to better quality
team coded plant signals under the Hydro Data Model
inspections and troubleshooting via remote support.
corporate standard, a process that was supported by
•Remote control of thermal power plants
As part of the digitization and process optimization strategy,
and together with global areas, the Company carried out
feasibility studies of the remote-control project of thermal
plant operators and virtual training by Enel Global Technical
Support team.
•PRESAGHO (Predictive maintenance)
The PRESAGHO digital platform is a system that provides
power plants, to permit operating the thermal units from
predictive maintenance services to Enel hydroelectric
one place, that is, the Ventanilla Thermal Power Plant. In
power plants. The system monitors, manages, and analyzes
2020, the tender related to the project was awarded to
facility data to predict plant behavior and anticipate critical
Siemens, a company that will develop the project which
issues or increase performance. The PRESAGHO project
will conclude in 2021, with the remote control of all thermal
began in January 2020 in the Callahuanca, Yanango and
power plants. The estimated investment is PEN3 million.
Chimay hydroelectric plants, and is expected to finish in
•Drones to inspect the plants
In 2020, the Company continued to implement drones
for field recognition and inspection of equipment and
structures of our plants, in order to optimize resources
and guarantee the safety of our employees. The drones
2022 in the other units. At the Enel Group level, Peru is
the first country in Latin America to be connected to this
predictive software.
•Power G Program
In 2020, the Company implemented the Power G Award
reduced diagnostic times and increased cost efficiency,
program, the first to connect all areas involved with power
obtaining
relevant and
timely
information about
generation. The purpose of this program is to reward
contingencies. Currently, there are five drones in operation
the Power Generation team because of its operational
in the hydroelectric plants and two drones in the thermal
excellence, best practices and innovative projects that
power plants. This year, the drones helped to inspect the
are carried out in our generation plants. The presented
chimney of the TG8 unit of the Santa Rosa Thermal Power
proposals attached great importance to issues related
Plant, which presented faults in its structure permitting to
to the environment, sustainability, safety, and health. The
quickly identify the faults and to act in a timely manner.
program managed to capture more than 200 innovative
•PI System
An infrastructure was used to connect different databases
ideas from various departments, both from the business and
support areas. These ideas competed with proposals from
other countries. The relevance of this program lies in the
to create knowledge and
improve decision-making
possibility of showing, at Latin American level, the potential
processes with information that is automatically generated
of the generation team, which is constantly challenged in
in hydraulic power plants – a process that is commonly
its search for new processes and new solutions.
referred to as "data mining." This tool allows technical staff
to analyze operational trends, which permit to implement
preventive measures in a timely manner. In 2020, the
system was reinforced against cyberattacks by improving
•Implementation of virtual visits to our
headquarters
The use of GoPro cameras to make videos of our plants,
physical and virtual infrastructure. Similarly, staff members
in an easy way and at a low cost, was one of the most
were trained in the correct use and development of
projects carried out within the digital initiatives in 2020.
technological skills in the PI System, PI Data Link and PI
These cameras make it possible record high-resolution
Vision tools. This improved operational efficiency and
visits, to make virtual tours that allow staff members to
reduced failures.
•Hydro Data Model
Thanks to this innovation project, signals on our servers
were standardized to implement new analysis and predictive
get to know our plants. They also provide assistance in
technical or safety issues and, finally, train staff remotely,
in order to prevent accidents and contagion that may
occur in our facilities.
111
Annual Report Enel Américas 2020 •Reports with Power BI
As part of the "Data Driven" approach, the Power BI
platform is used to model and analyze different data and
provide interactive, easy-to-use visualizations. This tool
has been used in Operations and Maintenance to analyze
and monitor contract management, delegated purchases,
and requirement plans, differentiating areas, plants,
dates, managers, etc. thus allowing to make decision on
in a timely manner. The HSEQ Power Generation sub-
management department developed an analysis system
of case information and actions to control the spread of
COVID-19. The system permits to monitor statistics and
reports by country for active, suspicious, and recovered
cases, both of our own staff members and contractors of
the Power Generation line.
•Ingen
The Ingen system, implemented in 2019 in all hydroelectric
plants, collects information from different data sources for
automatic processing. It is based on routines programmed
to calculate production and efficiency indicators, whose aim
is to issue status reports from hydroelectric plants, as well
as send alarms in real time. This system receives information
on planned unavailability, unplanned unavailability, events
and accidents, water spills and production losses, hydrology
information and energy measures.
mentioned provinces and another five in a shared way with
the distribution company of the southern area. In 2020,
Enel managed to increase its concession area in Norte
Chico by 52.12 km2, electrifying the Centro Poblado Caral
which provided benefits to small farmers, agro-industrial
and mining companies.
Our own staff and contractors were deployed in an
important effort to guarantee electrical service continuity
for hospitals and care centers for COVID-19 patients all the
time complying with the biosecurity protocols required
to reduce exposure and contagion while carrying out
their activities amid the pandemic. The new connections
requested by these facilities were also prioritized and
carried out as planned.
In 2020, our customer base grew by 1.25% as compared to
2019. Distributed energy, including tolls for 2020 reached
7,578 GWh, –7.7% less than the previous year. In quality
terms, during 2020 the SAIDI reached a value of 7.0 hours,
while the SAIFI reached a value of 2.6 times.
In monetary terms, sales reached PEN3.074 million, with a
2.3 % decrease as compared to the previous year.
Distribution activities and projects
Electricity Distribution
In 2020, investments reached PEN395 million. The main
investments were:
Through Enel Perú S.A.C., Enel Américas S.A. owns 83.15%
of Enel Distribución Perú's shares.
Investments in electrical distribution
Medium voltage and low voltage networks were extended,
reinforced, and renovated as well as new street lighting
Other distributors participating in the electrical system in
systems implemented to meet the demand growth of
Peru are: Luz del Sur, Electrosur, and Grupo Distriluz.
our customers and to improve the safety of the electrical
Enel Distribución Perú S.A.A.
infrastructure, at the same time guaranteeing service
quality. In 2020, 108 km of new medium voltage networks
were installed through reinforcement projects and new
Enel Distribución Perú is the concessionaire of the public
feeders, an increase of approximately 2.2% compared to
electricity service for the northern area of Metropolitan
the existing 2019 network.
Lima, the constitutional province of Callao and the
provinces of Huaura, Huaral, Barranca and Oyón.
Low voltage network reforms were also implemented
The concession area covers about 1,602 km2 extending over
networks, which equates to a 1.3% increase as compared
the northern part of Metropolitan Lima, the Constitutional
to the previous year. There was also a 13 MVA installed
Province of Callao, and the provinces of Huaura, Huaral,
capacity increase in distribution substations, 0.6% higher
Barranca and Oyón, covering exclusively 52 districts of the
than in 2019.
through the installation of 177 km of private service
112112
134562Enel Américas´ BusinessesRisk Strategy and ManagementCorporate GovernanceA Look at Enel AméricasMetrics2020 Management Work was carried out to electrify 69 human settlements,
managing to electrify 10,504 lots, improving the life quality
High voltage network operations simulator
This project consisted of implementing a virtual reality
of thousands of inhabitants.
application to evaluate and train our operational staff
members in high voltage network maneuvers in one of
Regarding the public lighting service, expansions and
our transmission substations. Virtual reality technology
network improvements were carried out to extend the
and artificial
intelligence algorithms were used for
coverage of this service for our customers.
speech recognition to simulate real operations at high
voltage facilities. Technical staff members performing
2,136 network reform projects were also implemented for
the maneuvers were evaluated to find out how well they
medium and low voltage customers. Customers who have
knew the technical procedures, in the communication
requested power increases exceeding 500 kW included
protocol with the Control Center and compliance with
Mall Plaza Inmobiliaria S.A., ESSALUD San Miguel, Inka
the Operation Procedure called "Five Golden Rules". In
Krops S.A., DAYR Inversiones Multiples S.A. and OSMED
the first stage, technical operations for the procedures
E.I.R.L., among others.
of connecting/disconnecting maneuvers in 60kV high
voltage cells were simulated.
Technological innovation
In 2020, the Company
implemented virtual reality
technology to train operators in high voltage network
Virtual visits to substations
The project was implemented in the Filadelfia High Voltage
maneuvers in a transmission substation, promoting the
60/20/10kV substation. It consisted of digitizing the
training of our operators' skills in controlled environments
infrastructure and its components to permit staff members
and avoiding potential risks in live electrical installations. The
to move around the substation virtually and obtain real-
Filadelfia transmission substation, located in the San Martín
time technical information about the equipment. To obtain
de Porres district, was also digitized using 360-degree
the substation model, an information-taking path was
photographs. This way, it is now possible to make virtual
established and then scanned using a 360-degree internal
tours accessing the information about the equipment in
route, which was then linked to the technical information
the aforementioned facilities, significantly improving the
of the substation and equipment within the virtual model.
efficiency of our operational processes.
As a result of this project, it is now possible to optimize
time and resources when collecting technical information,
planning jobs remotely and training staff more securely.
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Annual Report Enel Américas 2020
Enel X projects in Peru
First Energy Storage System "Behind the
Meter" in Latin America
Enel X Peru will provide a 10-year peak shaving service
to PAMOLSA, which consists of installing in its facilities
smart batteries with 500 KW capacity in order to store
energy during off-peak hours and use it at peak times.
The artificial intelligence system predicts the periods of the
highest network demand at peak times, to reduce the net
power recorded during peak demand hours, thus leading
to savings for the customer. The contract was signed in
December 2020 and the service is expected to begin in
August 2021.
First Utility Bill Management (UBM) service in
Peru
In November, Enel X Peru signed UBM's first utility bill
management contract with the EUROMOTORS PERU
business group which started in December and will lasts for
36 months. It will be responsible for managing electricity
and water utility bills on a virtual platform that centralizes
the information permitting to manage expenses through
KPIs. This service will manage invoices for 61 supplies
from distributors such as Enel, Luz del Sur, Seal, Enosa,
Hidrandina and Sedapal.
Peru's first solar project
Enel X Peru is increasing its commitment to sustainable
construction. In October, the B2B team initiated the
technical coordination to install its first solar project in the
"Precursors 5" Building in San Miguel, which is being built
by Bélgica Edificaciones construction company.
This 3.35 kWp solar project will supply clean energy to the
common areas of the building, providing benefits to the
owners of the apartments. This project will help meet the
Green Bond requirements of the building.
Peru's first electric bus
In 2019, the Global Sustainable Electricity Partnership
(GSEP) and member companies, Enel X and Hydro-
Québec, inaugurated the first electric bus in Lima with
the collaboration of Protransporte and the Ministries of
Energy and Mines, Transport and Communications, and
114114
the Environment. Transport electrification will play an
important role in meeting Peru's commitment to reducing
the country´s carbon footprint by 30% by 2030.
The 80-passenger electric bus is being operated by Allin
Group, one of Protransporte's local operators, on the Red
Corridor line (main Lima avenues: Faucett-La Marina-Javier
Prado), one of the busiest urban arteries. Over the next two
years, the three partners are responsible for maintaining
the cargo infrastructure that has been specifically designed
and built for the operation of this vehicle, considering the
country´s and the city´s requirements. Since its inception,
and for a period of six months, the bus collected real-time
information on factors such as speed, occupancy, battery
behavior, environmental impact, comparisons with vehicles
using diesel or gas, among others. This data allows to
create the baselines and provide the knowledge required
to adopt and implement a mass electric transport system
in Peru.
The electric bus stopped operating during the first
quarantine period of 2020. After some months, it began
operating again in August and to date, it has continued
to circulate along the designated Red Corridor route. A
thermal imaging camera is being installed at the entrance
of the bus which will help to measure the temperature of
passengers boarding the bus, as well as detect if they are
wearing a face mask.
First contract to improve street lighting with
ornamental lights for the municipality of Lima
The B2G (Business to Government) business line, supported
by Enel X's global e-City line, signed an agreement with the
Metropolitan Municipality of Lima in November to change
conventional sodium steam lights to 630 ornamental LED
lights, along the main streets of the Historic Center. This
project is part of the recovery program of the Historic
Center of Lima managed by the municipality. The project
will last for 10 months as of November 2020.
Agreement to change 38,600 lights in the
Concession Area (North Chico)
In December 2020, the B2G (Business to Government)
line of business, supported by Enel X's global e-City line,
managed the approval by ENEL X CEO Francesco Venturini
to modernize 38,600
lights
in Enel's public
lighting
134562Enel Américas´ BusinessesRisk Strategy and ManagementCorporate GovernanceA Look at Enel AméricasMetrics2020 Management Digital Credit
It was a financing option for appliances that we developed
to reach our customers. We provided 640 digital credits
and closed the year with 80% face-to-face sales and 20%
virtual sales.
Mining operations pilot
Enel X, together with the vehicle manufacturer BYD and
Marcobre, a mining company, launched the first pilot of
a 100% electric vehicle to be used in the Marcona, Ica
mine. The installed loaders permitted to use the vehicle
in the mine allowing to monitor its load flow and adding
the information to the subsequent analysis. The vehicle
traveled more than 700 kilometers in two months proving
the feasibility of electric transport in mining operations.
concession. The project will last from 2021 to 2022 and
when it finishes our company will become the largest LED
lighting operator in the country.
Light Protection Assistance 360
As part of the e-Home global strategy, the Company set
out to market our own assistance. To make this possible,
we created a global tender to provide electrical emergency
services assistance for homes. This is how we partner with
the MOK group, a company with more than 25 years of
experience managing mass services and reaching 450
homes.
Opening digital channels
The situation made us explore new sale methods to reach
our customers. That is why in 2020 we:
•
Joined the Facebook social network, which allowed us
to reach 100 thousand people.
• Opened our E-commerce Enel X: https://www.
enelxstore.com/pe/es, which led to 33 thousand
sessions and also allowed us to make 50 sales.
•
Partnered with eight marketplace alliances, such as
Línio and Lumingo, and we also made 480 sales.
115
Annual Report Enel Américas 2020 5
2020 Management
116116
117
Annual Report Enel Américas 2020 Investments and
Financial Activities
Macro-context
The global macroeconomic scenario in 2020 was marked
by the effects of the COVID-19 pandemic, which caused a
"severe collapse" with "an acute adverse effect on women,
young people, informal workers and those working in
contact-intensive sectors," the
International Monetary
Fund declared in January 2021 in its update to the Global
Economic Outlook. In this context, the growth contraction
in 2020 was estimated at 3.5%, a decrease that was
reduced by 0.9% from the previous forecast (October)
under "a stronger than expected boost in the second half
of 2020."
Similarly, the U.S. GDP decreased by 3.4% as compared to
the previous year and became the worst drop since 1946.
China, on the other hand, while it finished at positive levels,
saw its economy grow by only 2.3%.
The IMF's estimate for South America saw a 7.1% fall in
GDP during the period. Meanwhile, the economies of the
countries in which Enel Américas is present - Argentina,
Brazil, Colombia, and Peru - had to deal with significant
contraction: -10.4%, -4,05%, -6.8% and –11.1%,respectively,
against the backdrop of severe
job
losses and
low
household incomes.
Completed Financial
Transactions
Corporate financial transactions:
The Extraordinary Shareholders' Meeting held on December
18, 2020 approved the Merger whose aim is to permit Enel
Américas to control and consolidate ownership of the
unconventional renewable energy generation business and
assets that Enel Green Power SpA develops and owns in
Central and South America (except Chile) through a merger
by incorporation of Enel Green Power Américas into Enel
118118118
Américas. This merger will permit Enel Américas to access
new growth opportunities. The Meeting also approved the
amendment of the Company´s bylaws, in particular the
limitations and restrictions established by the application
of Title XII of Decree Law No3500, particularly regarding
the limits imposed on shareholders to concentrate more
than 65% of Enel Américas voting capital. The Investment
and Financing Policy remains unchanged in Enel Américas´
corporate governance structure.
In 2020, Enel Américas obtained short-term financing
totaling US$300 million to meet
its working capital
requirements.
Details of our operation in Brazil
•
Enel Brasil: in March 2020, it increased its capital by
US$519 million from the US$3 billion capital increase
that Enel Américas undertook in 2019.
•
Enel Distribución Ceará: obtained bank financing
totaling BRL500 million (US$96 million).
•
Enel Distribución Goiás: obtained bank loans totaling
BRL150 million (US$29 million).
•
Enel Distribución Rio: obtained intercompany financing
totaling BRL750 million (US$144 million) and accessed
bank financing of BRL350 million (US$67 million).
•
Enel Distribución São Paulo: obtained bank financing
totaling BRL860 million (US$166 million)
Colombia
• Codensa: placed
local bonds for COP500 billion
(US$146 million) and obtained bank financing for
COP612.238 million (US$178 million)
Peru
•
Enel Distribución Perú: accessed bank financing
totaling PEN310 million (US$86 million).
•
•
Enel Piura obtained US$25 million in bank loans.
Enel Perú obtained bank loans totaling PEN960 million
(US$265 million).
134562Enel Américas´ BusinessesRisk Strategy and ManagementCorporate GovernanceA Look at Enel AméricasMetrics2020 Management
Summary of financial transactions completed
Operations in Colombia
Codensa : placed local bonds for COP500
billion (US$146 million) and obtained bank
financing for COP612.238 million (US$178
million)
Operations in Peru
Enel Distribución Perú: accessed bank
financing totaling PEN310 million (US$86
million).
Enel Piura obtained US$25 million in bank
loans.
Enel Perú obtained bank loans of PEN960
million (US$265 million).
Operations in Brazil
Enel Brasil: in March 2020, it increased its capital
by US$519 million from the US$3 billion capital
increase that Enel Américas undertook in 2019.
Enel Distribución Ceará: obtained bank financing
of BRL500 million (US$96 million).
Enel Distribución Goiás: obtained bank loans
totaling BRL150 million (US$29 million).
Enel Distribución Río: Obtained Intercompany
financing of BRL750 million (US$144 million)
and accessed bank financing of BRL350 million
(US$67 million).
Enel Distribución São Paulo: obtained bank
financing for BRL860 million (US$166 million)
Investment and
Financing Policy for the
2020 financial year
Investments
Investment Area
amount equivalent to 50% of the Total Equity of Enel
Américas´ Consolidated Balance Sheet as of December
31, 2019.
ii.
Investments in other companies outside the electricity
business, provided that at least 50.1% of Enel Américas´
total Consolidated Assets are in the electricity sector.
Participation in the control of investment
areas
As authorized by its bylaws, Enel Américas can make
investments in the following areas:
To control investment areas and as established by Enel
Américas´ corporate purpose, the Company will act, as far
i. Contributions for investment or setting up subsidiaries
as possible, in the following manner:
or associated companies whose activity is related,
associated, or linked to energy in any of its forms or of
i.
It will be suggested at shareholders' meetings of
any nature or to the supply of public services or those
publicly traded subsidiaries and associates that they
whose main input is energy.
should appoint directors who correspond to, at least,
the participation of Enel Américas in said subsidiaries
ii.
Investments consisting of the acquisition, exploitation,
or associates. Such persons should preferably be
construction, leasing, administration, marketing, and
chosen from among the directors or executives of both
transfer of all kinds of real estate, either directly or
the Company and its subsidiaries.
through subsidiary companies.
iii. Other investments in all kinds of financial assets,
financing, and commercial policies, as well as the
transferable and other securities.
accounting systems and criteria to which they should
ii. Subsidiaries will be offered to apply
investment,
Maximum investment limits
adhere.
iii. The management of subsidiaries and associated
The maximum investment limits for each investment area
companies shall be supervised.
shall be as follows:
iv. Permanent control of
indebtedness
level will be
i.
Investments in the subsidiaries of the electricity sector,
carried out.
those necessary for these subsidiaries to comply with
their respective corporate purpose, with a maximum
119
Annual Report Enel Américas 2020
Financing
Maximum indebtedness level
Enel Américas ' debt ceiling will be established according
to the Total Financial Debt ratio (measured as Other
Current Financial Liabilities plus Other Non-current
Financial Liabilities), less than or equal to 2.2 times Total
Equity of Enel Américas´ Consolidated Balance as of
December 31, 2019.
Authority of management to enter into
agreements with creditors regarding
restrictions on dividend distribution
Management can only enter into agreements with creditors
regarding restrictions on the distribution of dividends,
if previously such restrictions have been approved at
shareholders´ meetings (ordinary or extraordinary).
Authority of management to enter into
agreements with creditors to grant
guarantees
It is the prerogative of the Extraordinary Shareholders´
Meeting to approve real or personal guarantees to
underwrite obligations of third parties, regarding the
essential assets indicated below.
Essential assets permitting the Company to
operate
An essential asset that permits Enel Américas to operate,
will be the direct or indirectly participation in the control
of the majority of shares or maintaining agreements or
covenants of shareholders of Enel Brasil and Emgesa.
120120120
Relevant Investments
Associated with the
Investment Plan
The overall financing strategy of the Group's subsidiaries
and intercompany credits is coordinated in such a way so
as to optimize debt management in addition to the terms
and conditions of the Company's financing.
The Group's subsidiaries develop independent capital
investment plans that are financed on the basis of internal
funding or through direct financing. One of the aims is to
focus on investments that will yield long-term benefits,
such as projects that will reduce energy losses.
Furthermore, by focusing on the while group, Enel Américas
seeks to provide services to all its companies and the aim is
to reduce investments at the level of individual subsidiaries,
for elements such as procurement, telecommunications,
and information systems. While the way to finance these
investments as part of the Company's budget process
has been studied, no specific financing structure has
been committed and investments will depend on market
conditions when cash flow is required.
The investment plan is flexible enough to adapt to changing
circumstances by assigning different priorities to each
project according to profitability and strategic suitability.
Investment priorities are currently focused on developing
the work plan in Brazil, Colombia, and Argentina.
In 2020, US$ 1,553 million were invested in Enel Américas´
businesses.
Investments made in 2020
Generation
Capital expenditures in generation totaled US$168 million
in 2020, while in 2019 they reached US$250 million.
Argentina
Total investment reached US$44 million in 2020 (Central
Dock Sud SA). The Company conducted an A inspection
134562Enel Américas´ BusinessesRisk Strategy and ManagementCorporate GovernanceA Look at Enel AméricasMetrics2020 Management (boroscopy) of the combined cycle, gathering information
TG6 Malacas, environmental projects to reduce harmful
that established that damage was putting at risk the
emissions in Malaca TG4 and maintenance activities in
operational continuity of the unit, meaning that a
thermal units. US$3 million were invested in the Ventanilla
mandatory repair of the TG9 had to be carried out. Enel
BESS and the REN project early spending.
Generación Costanera SA carried out work on the Siemens
Combined Cycle (LTE and Rotor Swap) along with tasks in
the remaining facilities of the plant, including the Waste
Distribution
In 2020, Argentina invested US$1,255 million, mainly to
Water Treatment System project and Demi Water Plant.
meet consumption demand as a result of population
growth and the increase in the number of new customers,
Brazil
Total investment reached US$14 million in 2020. Enel
through investment not only in connections but also
in capacity increases and reinforcing facilities in the
Generación Fortaleza made investments totaling US$9.5
companies high, medium, and low voltage. The company
million mainly on the continuous maintenance of the plant
made investments worth of US$1,386 million in 2019. The
and the purchase of materials and services for gas and
main investments focused on expanding our distribution
steam turbines. In the case of Volta Grande and Cachoeira
service in response to the growing demand for energy,
Dourada, investments totaled US$4.6 million, mainly on
improving service quality, improving safety, and reducing
the renovation of the generator and dam safety-related
energy losses, especially in Brazil.
projects
Colombia
Total investment reached US$62 million in 2020. Despite
the contingency and restrictions related to the COVID-19
Argentina
In 2020, Edesur in Argentina invested US$113 million to
meet the demand growth and to improve service quality.
health emergency,
the
required maintenance and
• Complying with the goal of placing our customers at
investments were implemented, proving our resilience and
the center of our service, we made 1,304 low voltage
commitment to the operation and maintenance of the
connections and 42 medium voltage connections.
plants, as well as to the implementation and compliance
of efficient biosecurity protocols that guarantee energy
• We completed the delivery and measurement of high
production. At the same time, the engineering, testing,
voltage – 132 kV post for Aysa – Bernal for 21 MW
and manufacturing activities for the automation and
power during the period.
remote control of the Bogotá River Plants continued as
planned. The Life Extension project and improvement in
•
The investments permitted us to complete the Glew
environmental performance indicators continued and the
substation expansion, where 80MVA of new high/
BESS (Energy Storage System) system was launched. The
medium voltage transformation was incorporated and
Company also joined the Carbon Bond market, ratifying its
11 new medium voltage outputs were added.
strategic guidelines and support for global decarbonization;
as part of our efforts to promote permanent innovation,
•
The Company completed the renovation of the Triple
the Company continued to promote the application of
high voltage 104 line linking the Reconquista and
technological mega-tendencies in our businesses.
Nuevo Puerto Substations. This work improved the
Peru
In 2020,
the Company committed
maintenance
of the Greater Buenos Aires.
operation of the system in the face of charge transfer
requirements between the northern and southern area
investments totaling US$ 48 million. The main projects
included the automation and telecommunication of
• We completed the installation of the third transformer
the hydraulic power plants, G1 Matucana replacement
in the Perito Moreno substation with a 150 MVA
of core and coils, cable replacement in the Huinco cave,
capacity. This transformer permits to standardize the
maintenance activities and civil works in hydraulic units,
affected customers within 24 hours, in the event of any
purchase of contingency parts for thermal units, supply
failure in one of the pre-existing transformers of the
and assembly of the Ventanilla water treatment plant, the
Perito Moreno substation.
rehabilitation of the UTI6 generator, a type B overhaul of
121
Annual Report Enel Américas 2020 •
Focusing on improving our service quality, we continued
to install 130 additional remote-control pieces of
Peru
Enel Distribución Perú invested US$110 million. The energy
equipment, reaching a total of 1,715 at different points
demand is associated with new customer requirements, a
along the medium voltage network, involving greater
situation that led to investments in distribution networks
efficiency of the network.
Brazil
Total investment reached US$756 million in 2020.
totaling US$67 million, of which US$39 million was
used to expand and reinforce networks to meet the
requirements of residential, commercial, and industrial
customers, US$6 million was spent on the electrification
of human settlements, US$9 million on the expansion of
Enel Distribución Rio invested US$150 million. Of this
the public lighting system and US$12 million was used
amount, 30% was earmarked for new connections, 33% for
to guarantee supply quality and safety. In terms of sub-
energy loss reduction projects, improvements in the quality
transmission, US$14 million was invested in capacity and
of distribution networks with positive impact on services
security of substations expansion and in transmission
offered to customers and remote-control systems through
lines. Additionally, US$10 million was allocated to loss
the use of technology. The rest was invested in distribution
control and US$18 million to information systems and
networks maintenance activities.
US$3 to infrastructure
Enel Distribución Goiás made investments totaling US$237
million. Of this amount, 36% was earmarked for projects
to reduce energy losses and to improve the quality of
distribution networks. The Company invested 32% in new
connections and 32% in the maintenance of distribution
networks.
Environmental
Dimension
Management
Enel Distribución São Paulo invested US$186 million, of
which 42.3% was used in network maintenance, 35.2% in
quality projects and 22.5% in new connections.
Enel Distribución Ceará invested US$175 million, where
sustainability of environmental management. It is through
65.7% was earmarked for network increase with new
this pillar that the Company manages its commitments to
connections and support for the recent sustained growth
the decarbonization process and to providing clean energy
One of the pillars of the Company's Sustainability Plan is the
in demand in the State of Ceará, 24.5% was invested in
to our customers.
distribution network maintenance projects and 9.7% in
improving service quality and reducing losses.
The management of this pillar involves preventing and
Colombia
Codensa´s investments in 2020 reached US$276 million,
activities of the Company´s subsidiaries, the conservation
of natural resources and the protection of flora and fauna. This
mainly focused on improving the quality and efficiency of
way we can contribute to the care for the local environment,
our services (US$81 million) to keep the improvement of
guaranteeing long-term projects and generating value in
quality indicators; connections and street lighting (US$63
the countries in which we operate.
mitigating the environmental impacts generated by the
million) and capacity expansion to meet new demand (US$11
million); loss control (US$7 million) to decrease energy
The management of environmental sustainability of
losses, in addition to meeting the needs of reconnecting
operational activities is based on Environmental Governance
(US$28 million), standardization and modernization of
policies and procedures. It is thanks to such measures that
electrical infrastructure (US$18 million) and electrical bus
Enel Américas can monitor compliance with voluntary
charging infrastructure (US$37 million).
regulations and commitments in this area and can manages
environmental variables where their impact is the greatest:
122122122
134562Enel Américas´ BusinessesRisk Strategy and ManagementCorporate GovernanceA Look at Enel AméricasMetrics2020 Management waste, biodiversity, emissions, and water. This management
Although the use of water is relatively lower in energy
also incorporates ethical and responsible decision-making
distribution, measures have been
implemented to
to protect the environment and to minimize the risks of non-
reduce consumption and to avoid pollution following the
compliance with legislations or with our compliance program
guidelines of the Integrated Management System and the
and the Criminal Risk Prevention Model.
Company's Policies.
Integrated Management
System
Emission Management
Emissions refer to the direct or indirect discharge of
materials, substances, or forms of energy
into the
One of the strategic objectives taken on by Enel Américas
continuous or discontinuous atmosphere, or any source
in its Environmental Policy is to "implement internationally
likely to produce air pollution. Current regulations require
recognized Environmental Management Systems throughout
to control and reduce the emissions released into the
the Organization, based on the principle of continuous
atmosphere, whether they are acoustic, electromagnetic,
improvement and the adoption of environmental indices
gas, particulate material or others.
to measure the performance of the entire organization in
this area". Based on this goal, Enel Américas designed an
In the case of gases and, particularly, greenhouse gases
Integrated Management System (GIS in Spanish acronym) that
(GHG), Enel Américas´ commitment is to stop building
permits to organize, document, and improve the Company's
procedures, activities and operations in all its subsidiaries,
as well as measure performance indicators not only in the
environmental scope, but also in health, occupational safety
and quality, which, in turn, is monitored and reported to the
Board of Directors.
Management of
environmental variables
Water resource management
coal-fired thermoelectric plants, seeking to contribute to
the reduction of CO2 emissions.
Waste management
Enel Américas´ Environmental Policy contains guidelines
that drive the management of both hazardous and non-
hazardous waste. It is the Company´s priority to reduce and
reuse and promote the development of Circular Economy
projects. In 2019, the Enel Group implemented Policy No.
473 Guide to Waste Management (hazardous and non-
hazardous) based on the realities of all the countries in
which the Company operates, including those that are part
Water is a non-renewable and, at the same time, limited
of Enel Américas.
natural resource. It means that it must be used efficiently
which makes demand satisfaction compatible with respect
for the environment and other natural resources.
Circular economy and life cycle
analysis
The availability of the water resources is crucial to the
A fundamental procedure to manage environmental
development of the hydraulic generation business and
sustainability of operational activities
is to
identify
poses a risk due to the variability of rainfall patterns
and measure environmental
impacts, generated at
and changes in flow regimes, a situation that has been
every stage of Enel Américas´ product and project
aggravated by climate change. Therefore, it has been
development process.
important for Enel Américas to mitigate
it through
geographical diversity and the use of diverse technologies.
The Life Cycle Analysis (ACV in Spanish acronym) is a tool
that permits a joint and cross-cutting analysis, input and
At the same time, thermal generation that provides
output flows of materials and energy throughout the value
flexibility to the energy matrix and allows to mitigate
chain of a product or a service, identifying environmental
water risks, requires water to cool boilers which, in
impact sources. This information can be used as a basis
turn, means that it is crucial to establish policies and
to design correct environmental strategies, or to be
controls in the Integrated Management Systems that not
communicated to customers and other stakeholders, as a
only optimize and reduce water consumption, but also
further example of transparency.
prevent eventual contamination.
123
Annual Report Enel Américas 2020 Recently, the Enel Group was included as one of the 100
for the job they perform, as well as avoiding and controlling
Global Partners of the Ellen MacArthur Foundation, a
the occurrence of incidents and / or illnesses with cause or
not-for-profit organization and a global benchmark
occasion of work.
for incorporating the principles of circularity into
global economies.
During this period, the Company faced new challenges
as a result of the COVID-19 pandemic. The company
This poses the challenge of continuing to maintain our
implemented different measures to keep the health and
leadership
in sustainability
issues, promoting circular
safety of our employees an undeniable and absolute
economies in the Company's and our customers' processes,
priority.
through the supply of increasingly clean energy.
Management in the
Social Dimension
Employees
Engaging our people
At this moment of energy transition and the subsequent
business transformation model, people in companies
play a key role in addressing technological and innovation
challenges. That is why training in new skills, overcoming
barriers to a more inclusive company become the tools
that permit companies to adapt to new roles in the energy
market and lead to the creation of long-term value.
Safety and labor health
página 122
For Enel Américas SA, safeguarding the health and safety of
its workers are fundamental elements that respond to the
organization's concern for keeping people healthy and fit
To mitigate the possibility of contagion in our operations,
controls were installed to identify people who could enter
our facilities with COVID-19-associated symptoms. The
measures included, among others, high-flow biometric
chambers to detect increased temperatures and facial
recognition to expose the non-use of face masks, with
more than one measuring point in each facility. The
Company also implemented decontamination of footwear
and hands at various points and assigned specific routes
and transit areas accompanied by highly visible signs.
To contain a possible outbreak on the premises, if entry
controls were to be breached and if an employee or a
contractor with symptoms were detected, the Company
implemented self-diagnosis and isolation rooms to contain
and evaluate any possible contagion with a medical team
working 24/7. Efficient protocols and procedures seek to
provide traceability of close contacts as soon as possible,
which according to the diagnosis of our medical team may
suggest a PCR test and even a referral to an Isolation Center
as agreed with the Company to protect the employee´s
or contractor´s family. We also implemented segregation
and decontamination of the areas and spaces where the
infected people were moving when they were detected.
TOTAL
ACCIDENTS
122
ACCIDENTS
FREQUENCY
0.99
89
0.50
2018
2019
2020
2018
2019
2020
124124124
1150.69134562Enel Américas´ BusinessesRisk Strategy and ManagementCorporate GovernanceA Look at Enel AméricasMetrics2020 Management The aim of the new work system was to expose as few
contagion diseases, such as the influenza. The Company
people as possible to the virus. Despite the strict measures
also keeps active all year round the Traveler's Medicine
that are still maintained, the working groups that are
Program. The program, consisting of
immunizing
essential to the operation of the Company were separated
employees who, for work reasons, must travel to other
into teams, working separately and under strict prevention
countries, provides
immunizations against the most
measures on the premises, making it nearly impossible for
common diseases prevalent in the country the employees
a team to infect others.
must visit, and which might pose a threat and / or a risk of
contagion to such employees.
In view of the above, the following initiatives in Preventive
and Informative Health issues were implemented:
Dissemination and healthcare promotion
Health prevention is important for everyone´s well-being.
Preventive screening
Its aim of this program is to carry out periodic medical
evaluations of employees to detect early alterations or
pathologies which potentially might be harmful to their
Therefore, every year, the Company promotes different
health. The preventive control also includes the respective
topics that seek to propagate and endorse healthy habits
medical control to guide or explain procedures according
through postcards, posters, mailshots, graphs, contests,
to the results.
talks, among others, and whose aim is to train, educate and
promote our employees´ quality of life and health habits.
Cardiovascular risk program
A preventive program that seeks to create behavior and
March: Anti-Stress campaign: practical recommendations
habit changes
through nutritional assessments and
to deal with stressful situations in the work environment.
directed fitness exercises,
improving altered medical
April: Immunization Campaign: Mass invitation to get an
parameters. It is intended for all employees who, according
anti-influenza vaccine
to preventive examinations, suffer from two or more
May: Anti-Smoking campaign: tips to prevent and avoid
cardiovascular risk factors.
tobacco consumption.
June: Colon and Gastric Cancer campaign: timely detection
Labor relations
and prevention through preventive health screening.
July: Viral and Respiratory Disease Prevention campaign:
In 2020, and as always, the program of regular meetings
practical recommendations to prevent contagion.
with the Company´s unions continued, allowing to make
August: Heart Care campaign: set of recommendations
some progress in the consolidation of open dialogue with
associated with preventing cardiovascular risk factors.
the employees' representatives and leading to a positive
September: Prostate and Cervical Cancer campaign:
working climate.
preventive health screening.
October: Breast Cancer Prevention campaign: early
detection/self-examination. Additionally, World Stroke Day
Work environment
The work environment is one of the Company´s priorities
(ACV in Spanish acronym) was celebrated to raise awareness
which is why the Company continued to work on several
for a quick and timely consultation with specialists.
initiatives that seek to keep up employee motivation,
November Healthy Eating campaign: tips for better eating
satisfaction, and commitment in the areas of leadership,
habits and lifestyle.
communication, meritocracy, development, conciliation
December: Skin Cancer campaign: tips for skin care,
measures and good work practices.
ultraviolet radiation, and other agents.
Finally, given the health contingency, lectures related
the emerging needs of our employees.
to the prevention of musculoskeletal disorders and
workshops related to Mental Health were also offered to
• A survey "Wellness and Working for Enel" was
In the 2020 context, actions were adapted to respond to
our employees.
Immunization program
The immunization program of Enel Américas´ employees
developed, which offered a listening space for situations
experienced during the period. Subsequently, a focus
group was set up to analyze the results in each of the
consulted dimensions, to develop an early diagnosis
is a measure aiming to prevent the onset of recurrent
and to propose an action plan.
125
Annual Report Enel Américas 2020
•
Enel Américas
values meritocracy as a way of
At the same time, the Company seeks equity and equal
promoting careers. The Company constantly seeks
opportunities by providing the necessary support to
to highlight the contributions and efforts of
its
achieve an adequate and successful work experience.
employees, either individual or collective, through
This is part of Enel Américas´ Policy No. 89 on diversity
programs that recognize best practices. In 2020,
and inclusion and procedures based on Law No. 20.422,
the Protagonists Program was launched where the
which lays down the rules on equal opportunities and social
employees themselves highlighted and promoted the
inclusion of persons with disabilities. The Company has
best practices, initiatives and / or projects that created
also added Law No. 21.015 that encourages the inclusion of
value for the Company.
persons with disabilities and, finally, Law No. 20.609 which
•
The Team Work program recognizes teams that excel
in the implementation of a project or an initiative,
The Company has put in place a procedure to detect and
considering elements such as the participation of
prevent various organizational, social, and cultural barriers
different areas, outstanding results, collaboration
mainly in the recruitment and selection process.
establishes anti-discrimination rules.
and innovation.
• Open Feedback encourages the continuous feedback
PSI evaluations according to the type of disability and
culture throughout the work network and throughout
according to the candidate's support requirements. The
the year, directing the development of employees, as
Company also implemented follow-up processes for our
well as the formation of high-performance teams.
disabled employees to make sure we provide relevant
At the same time, the Company adapted collaborative
Succession Plan and Transfer of Functions
Each year, the Company identifies and /or reviews
support and detect or make reasonable adjustments to
guarantee a level playing field.
successors for Managerial positions (Management). This
The Company offers training related to diversity and
process detects successors who can occupy a position
disability as part of the recruitment process and whose
immediately (Ready) or those who still need to develop some
aim is to remove barriers, mainly beliefs, prejudices, and
skills (Pipeline) with a view to achieving the performance
stereotypes, which lead to attitudes and behaviors that
required to correctly take up certain positions. This process
don’t permit to empathize and awaken fundamental social
guarantees the appropriateness of each successor, as well
inclusion values such as: respect for diversity, solidarity,
as the compliance with the Company´s non-discrimination
equity, and the promotion of autonomy.
and diversity policies, while guaranteeing the availability of
replacements in the absence of some of the main executives.
In line with the Diversity and Inclusion Policy, the Company
Regarding the transfer of functions, relevant information or
developed, as part of its strategy, a series of practices
other elements required to correctly exercise a role, there
related to the gender, age, nationality, disability, and well-
are protocols in place to transfer sensitive information, as
being pillars. The general principles of the policy are:
well as handing over authority and/or formal representation
powers as established by the Company´s internal policies
• Reject any form of arbitrary discrimination and
and legal regulations in force.
guarantee and promote diversity,
inclusion, and
Diversity and inclusion
For Enel Américas, diverse work teams and an inclusive
•
Promote and maintain a climate of respect for the
dignity of the person, his or her honor and identity.
work environment are essential elements that permit to
• Guarantee
the highest confidentiality standards
create a culture of innovation, a better work environment
regarding any available
information
related
to
and lead to higher productivity which, in turn, provides us
employees´ private lives.
equal opportunities.
with the opportunity to open up to different points of view
that enrich the work environment and always add value.
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134562Enel Américas´ BusinessesRisk Strategy and ManagementCorporate GovernanceA Look at Enel AméricasMetrics2020 Management In the gender dimension, the Company seeks a gender
As part of the programs developed in previous years and
balance of the candidates evaluated during the initial
considering the emergency angle of the pandemic, the
recruitment stage and during the selection processes.
Company extended its Smart Working program in 2020,
We also implement initiatives that include the gender
either in full or under a mixed mode, which meant that
perspective in the Company, as well as the knowledge of
100% of our employees worked remotely or under the
basic concepts on equity and equality, so that a cultural
mixed methods.
change can be established making all the people working
in Enel Américas feel that they have the same opportunities
At a global level, and to address the particularity of the time
and that they are on equal footing that will permit them to
associated with the pandemic, the Enel Group developed
develop professionally. We also implemented the Parental
the “#IWorkAtHome” Program, an initiative created to
Program that permits employees to balance parenting needs
provide tools, activities, training courses, etc. for people
under the new work methods.
who work remotely. This program is based on three pillars:
In the age dimension, the transfer of knowledge from young
• Work Together.
people to senior employees and vice versa. To enhance
• Keep Informed.
Enel Américas´ value proposition towards new generations,
• Regenerate.
a survey was applied to our young professionals to learn
more about their needs and requirements.
We also organized talks or webinars on mental health issues
as well as lectures offered by professionals on postural
In the nationality dimension, expatriate employees are
advice during working hours. Finally, and maintaining the
assigned a guide who assists and supports them for the
Company´s tradition, we organized various corporate
duration of their expatriation to recognize, respect, manage
events such as Academic Excellence, Celebrations of the
differences between people of different nationalities and
National Day, Labor Trajectory, Christmas celebrations,
also to promote their integration.
among others, all in a virtual format.
In the disability pillar, Enel Américas addresses the issues
related to the needs of employees with disabilities to
recognize, respect and manage the different skills of
people who work for the Company.
Attracting talent
Recruitment and selection
For Enel Américas, the main objective is to incorporate
the best professionals with the skills related to the cultural
At the Group level, working partnerships were set up
change that we are living under the Company´s digital
together with Fundación Ronda and REDMAD. The
transformation and the Open Power competencies process.
Company also adheres to The Valuable 500 initiative,
which has permitted us to launch a project that has raised
different lines of action as the basis for cultural change
through different initiatives.
Internship program and attracting young
talent
The internship program is a remarkable project in terms
of generating new recruitment sources as it incorporated
Finally, based on the cross-cutting dimension, the
interns and undergraduate students who will become
Company´s management promotes courses related to
future professionals and who today study in the best
diversity and awareness workshops on values related to
universities in the country. They are given the opportunity
diversity and inclusion.
Conciliation measures and work flexibility
Enel Américas seeks to maintain a balance in the different
to consolidate theoretical learning, in the context of the
Enel Américas business, thus getting the training offered
by professionals with the necessary knowledge about the
Group´s reality and real work challenges. The program that
life dimensions to improve the well-being, health, and
has become a significant source of new recruitment for the
work capacity of every employee, understanding that each
Company is carried out on a permanent basis throughout
employee can satisfactorily attend his or her professional
the year and last year was organized under a remote
activity, while at the same time he or she can enjoy his or
modality and as a result of the health emergency context
her private life.
from March onwards.
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Annual Report Enel Américas 2020 Employee development
Training
In 2020, we focused on accompanying
leaders and
employees in the challenges they had to face because of
remote working.
Thinking of new leadership skills
A total of 1,182 hours of training were offered to our leaders.
The aim of the "Leader to Coach" program was to enhance
the exercise of leadership and the role of managers in
the "Open Power" culture, from an active and strategic
role, centering on motivating of teams and the ability to
create learning opportunities. This comprehensive training,
preparation, and accompaniment program contemplates
the construction of an individual itinerary for each manager
through different activities such as workshops, webinars
and courses according to the Enel Leadership Model and
change management.
During this period, the Company completed the Leadership
in data driven Transformation program for its managers
with all managers taking part. We also offered our managers
a cycle of talks as part of the “#IWorkAtHome” Program,
a global initiative that seeks to provide tools, activities and
training for people who currently work remotely.
A 100% online training program was developed through
internal learning platforms permitting managers to continue
training and development. This year´s highlights were the
following ones:
•
Language program
• Compliance Program
• Electric Market Diploma
Evaluation
Enel Américas has implemented the Open Feedback
program, which seeks to incentivize continuous feedback
among the entire work network and throughout the year,
directing the development of employees , as well as the
formation of high-performance teams. This program is
based on the Open Power philosophy and is offered via
an online platform on which all employees can provide
feedback to their peers, teams, and managers, highlighting
the positive aspects of their performance and stressing
the identified improvement opportunities. In the feedback
instances given by managers to employees there lie
opportunities to create a greater closeness, transparency,
expectations and support for our employees´ professional
development. Using the same basic model with the four
corporate values, we implemented the annual evaluative
process in which all staff members who meet the eligibility
requirements can get involved. This process, in which each
manager evaluates his employees, provides information on
the development and/or training opportunities, as well as
the strengths and potential of each staff member in his or
her specific work context. This way the information available
on the platform can be used to program development
plans, training programs, as well as other internal people
management sub-processes.
We also conducted an objective assessment in 2020 based
on the Company's goal matrix. The evaluation measured
each person's contribution to meeting the Enel Group's
overall targets. The value of objective management, in
terms of each person's understanding of their contribution
and the impact on motivation for day-to-day work, leads
to a smooth communication between the manager and
his or her team. This year, because of the pandemic, the
evaluation processes focused on three key pillars:
Communication:
developing
and
implementing
dissemination campaigns at different levels (mass, by
teams, aimed at line managers and/or individuals) and
through different channels (Email, Intranet, Whatsapp,
Teams) aimed at reinforcing the critical elements of
each evaluation process (process stages, platform usage
manuals, practical material to implement the different
phases, reminders, etc.)
Platforms: evaluation platforms, platforms for feedback
processes were reinforced (mainly Teams) and monitoring
and support mechanisms were created to guarantee the
flexibility and quality of the process.
Continuous Improvement and Integration: this year's
particular situation made it possible for our tools and
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134562Enel Américas´ BusinessesRisk Strategy and ManagementCorporate GovernanceA Look at Enel AméricasMetrics2020 Management models to be tested in the context of teleworking,
promoting the integration of information with the different
human management subsystems, while an information
survey was carried out to continuously improve our
processes and platforms.
Relevant Suppliers,
Customers, and
Competitors
Work flexibility and teleworking
Suppliers
Under the new remote working modality because of the
Following the Enel Group´s guidelines, the Company
health contingency, Enel Américas´ employees carried out
implements a strategy fostering a sustainable supply chain.
their functions remotely or under a mixed work system. We
That is why we share a common purpose with suppliers
also launched a new initiative in the context of the pandemic
and contractors to create value under the same long-term
known as the "#IWorkAtHome" Global Program.
perspective. The initiative is based on three fundamental
pillars: inclusion of sustainability criteria in the supplier
In 2020, several actions were carried out, both recreational
selection process (environment, health and safety, human
and educational dedicated to our employees´ children
rights, among other aspects), promotion of circular
including the summer camp consisting of recreational
economies and development of suppliers´ skills.
days for employees´ children aged between 4 and 15 years
which are held during the first month of the year. In winter,
In 2020, the Company continued to implement the "Circular
we offered various workshops and extra programmatic
Procurement Strategy", which incorporates sustainability
and cultural activities. Amongst other measures, in the
and circular economy as drivers of valuation and selection
context of the pandemic, the Company extended the use
of offerors to be awarded in tenders whose value is higher
of the creche voucher and transferred its availability to
than €200,000 (Consultancies and Direct Awards are
home care.
excluded). During the supplier selection stage, we will
consider the commitment to measure and communication
Finally, the Company organized
diverse talks and
of environmental impacts of operations, the implementation
activities, all of them online, centered on the pillars
of circularity measures in the production chain and / or
of diversity and inclusion, self-care, health, learning,
suppliers´ participation in Circular Economy projects - all
innovation and information for employees and their
of the above will be considered differentiating elements
immediate family environment.
during the evaluation process, giving such suppliers a
competitive advantage.
Post-Employment Benefit to workers
Through the Supplier Performance Management tool, the
Company carries out real-time monitoring of supplier
As indicated in notes 3m.1 and 26 to the consolidated
performance by measuring and observing certain criteria,
financial statements of Enel Américas S.A. and Subsidiaries,
including product or service quality, punctuality, safety,
the Company grants a series of post-employment benefits
environment, human rights, innovation, and collaboration.
to its workers, which depending on the way in which they
The outcome of these assessments is used to act regarding
are agreed, may or may not generate the constitution of a
suppliers, either in terms of recognizing well-performing
long-term fund (plan assets) for the benefit of the workers.
suppliers or requesting mitigation plans from those whose
performance in not up to standard.
When applicable, post-employment obligations
for
defined benefits are presented in the statement of financial
In line with the sustainable supply chain pillar, we verify,
position, net of the assets of the corresponding plan assets.
during the supplier qualification stage (assessing whether
Outsourced workers
suppliers can qualify and become part of the Enel
Américas supply chain) compliance with human rights
and ethics requirements, health and safety requirements,
In 2020 and 2019, apart from our employees, we continued
environmental requirements and integrity requirements
developing our businesses with outsourced workers.
and we also evaluate if suppliers meet the standards
We employed more than 70 thousand people in all the
required by Enel Américas.
countries where we are present.
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Annual Report Enel Américas 2020
This part of the process essentially verifies that the
For Enel Américas, a sustainable value chain
is a
supplier has implemented a management system that
fundamental requirement. That is why the Company
will guarantee compliance with the aforementioned
promotes a culture focused on environmental, social, and
standards. At this stage we request that suppliers provide
economic sustainability, with values based on innovation,
verifiable documentation.
ethics, transparency, health, safety, anti-corruption, and
The requirements vary depending on the type of company
human rights.
and the level of risk involved in the service to be hired in
Sustainable business
is an essential requirement to
each line of business. Risks can be technical, environmental,
meet the challenges of the future and this vision leads
social, reputational, or related to safety. For example,
to a sustainable supply chain, circular economy, digital
environmental service providers are required to get their
innovation, and shared value creation, with work that is
management system certified under ISO 14001. As a result
compatible with out Sustainable Development Goals.
of this stage, the Company complies a list of suppliers
qualified by Enel Américas. This list is constantly monitored.
In 2020, 100% of the new suppliers qualified in the
Relevant suppliers, customers, and
competitors
process were evaluated in health and safety, environment,
The Company carries out its business in the field of
and human rights.
electricity generation and distribution, in this context, its
client portfolio is sufficiently atomized so that none of them
Once the minimum technical threshold defined for
exceed 10% of the Company's consolidated sales.
tendering processes has been met, the supplier selection
process considers a weighted mix of economic supply and
At the supplier level, our main suppliers correspond to
"Sustainability K-factor". Using these factors, Procurement
the purchases of electrical energy, its transportation
encourages the application of sustainability and circular
costs and suppliers of fixed assets. Among them, our
economies in suppliers´ and contractors´ services.
main suppliers correspond to electricity generating
We identified five categories of interest to cover these
Américas has throughout South America, none of these
differentiating elements: social, environmental, health and
suppliers exceeds 10% of the total number of suppliers
safety, circular economy, and certifications.
used in the course of its operation.
companies. Given the wide distribution areas that Enel
Incorporating these K-factors into the tender process
Enel Américas S.A. is a holding that operates mainly in
can improve the supplier's final position in the selection
power generation and distribution in South America.
ranking of the most advantageous weighted offers.
It considers the relevant suppliers, customers, and
Examples include calculating the carbon footprint and
competitors those with whom we operate in each
the corresponding mitigation actions, using low-emission
geographic area, and on the look of their impacts on the
vehicles, a commitment to developing social utility
Company in a way consolidated.
projects and encouraging the recruitment of local labor,
a commitment to obtaining certain certifications, among
The relevant suppliers, customers and competitors are as
other aspects.
follows:
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134562Enel Américas´ BusinessesRisk Strategy and ManagementCorporate GovernanceA Look at Enel AméricasMetrics2020 Management
Argentina
Chile
Main suppliers
Main customers of the generation and distribution
Compañía de Leasing Tattersall S.A, Travel Security S.A.,
segment
Imak S.A. Grafton Support Services S.A., Team Work
Frigorífico El Bierzo S.A., Graneros y Elev. Arg. De Colon,
Recursos Humanos Limitada, DCV Registros S.A.
New American Oil, GCBA, Municipalidad de Quilmes.
Community
Main competitors
Pampa Energía, SADESA, AES Argentina, Generación
Enel Américas operates in four different countries and it
Mediterránea, YPF.
Main suppliers
is crucial for us to get to know the local circumstances
and listen to the needs of local stakeholders, so that
these become essential elements helping us to identify
Argencobra S.A., Rowing S.A., Prysmian Energía Cables y
specific solutions.
Sistem, Sistem Melesur Energía Arg. S.A., Kioshi S.A.
Brazil
In each of the countries in which the Company operates,
with a multiplicity of economic, social, and cultural realities,
Enel Américas takes into consideration variables such as
Main customers of the generation and distribution
energy poverty, multidimensional poverty, climate crisis
segment: Petrobras, Braskem S.A, Telefônica/Vivo,
impact, government lines of work, among others, all related
Volkswagen, Ferbasa.
to the United Nations (UN) SDGs.
Main competitors: Energisa, Cemig, Neoenergía, CPFL
To learn more about the specific needs and priorities
Energía, Equatorial Energía.
of each territory, Enel Américas
implemented the
Shared Value Creation (CSV in Spanish acronym) model
Main suppliers: Itaipu,, Norte Energía S/A, Centrais Eléctrica
throughout the asset value chain and lifecycle. This model
de Sergipe S/A, Santo Antonio Energía S.A., Camara de
permits to apply socio-economic-environmental study
Comercializacao de Energía Elétrica-CCEE.
tools established by stakeholders and, finally, to implement
Colombia
Main customers: Grupo Éxito, Casaluker, Molienda de la
sabana SAS.
a sustainability plan agreed with said stakeholders
focused on creating shared value: initiatives that benefit
the community as well as the companies.
Focusing on
local development,
the Company
Main competitors: Empresas Públicas de Medellín, Isagen,
implements inclusive and participatory projects that seek
Celsia, Gases de Occidente, Efigas.
to narrow the gap in multidimensional poverty with its
investment in facilitating access to clean and affordable
Main suppliers: Grupo Éxito, Ecopetrol S.A., Petroles del
energy, economic development, and access to quality
milenio- Petromil.
Peru
Main customers: Hipermercados Tottus S.A., GYM Ferrovias
S.A., Pesquera Diamante S.A., Minera Las Bambas, Minera
Chincalco Perú S.A.
education. This way, synergies between social progress
and corporate performance can be created at the same
time permitting to incorporate local communities in the
journey of energy transition.
131
Annual Report Enel Américas 2020 Indicators that measure initiatives focused on local development:
SDG
8
7
4
Indicator
Economic development and decent work (thousands of beneficiaries since 2015)
Access to clean and affordable energy (thousands of beneficiaries since 2015)
Inclusive, equitable and quality education (thousands of beneficiaries accumulated since 2015)
2020
978
4,933
644
6,555
2019
383
4,042
522
4,947
2018
354
2,995
345
3,694
Initiatives in the COVID-19 context
Argentina
Increased capacity
From the beginning and during the quarantine, our
Brazil
To address and minimize the damage caused by the pandemic
in Brazil, we
launched the #JuntosNaMesmaEnergia
program, a set of initiatives that allocated BRL 23.4 million
to actions on several fronts around the country. As part of
the program, we distributed 9,500 food baskets; personal
technical teams have delivered additional electricity
hygiene items to communities in the areas of the Company´s
generation equipment to health centers located in the
operation such as 25 thousand soaps from our alliance
concession area. Equipment with a total capacity of 2,389
with Natura; 11 tons of vegetables and 700 kits with organic
kVA has been installed in such facilities which operate as
foods from the Huertas en Red project; plus 26,000 surgical
support systems for local health services.
masks for hospitals, among others.
We installed two pieces of equipment in the Almirante
Through the Enel Share Entrepreneurship project, we
Brown Municipality, one in a field hospital located in the
supported small productive groups in manufacturing and
Municipal Sports Center (250 beds) and the other in the
donating 25,800 face masks and protection blankets for
Professional Training Institute (63 beds). The first generator
the local population. The facemasks, made of tricholine, can
has 100 kVA and the second 388 kVA.
reduce the spread of the new coronavirus of asymptomatic
or pre-symptomatic people. The donation was accompanied
Two other field hospitals in the Municipality of San Vicente
by a tutorial on the correct use of the face masks, with
received our support equipment. One in the San Vicente
hygiene and prevention advice recommended by the World
Sports Club, with 100 kVA capacity and the other in the
Health Organization.
Municipal Hospital Dr. Ramón Carrillo, with 463 kVA.
Dr. Cecilia Grierson Hospital, in Guernica, Municipality of
Perón, also received an additional generator, with 650 kVA,
Voluntary employee participation, our Red de Bien
network
In addition to the above initiatives, through our volunteer
which can be used in emergencies.
portal "Red de Bien", we carried out internal campaigns to
We also increased the power of six health centers in the
as donations for the production of Fiocruz rapid tests;
Buenos Aires urban area and the Federal Capital. The new
donations to social institutions in five Brazilian states on the
capacity totals 1,157 kW and is distributed as requested by
virtual crowdfunding platforms; disseminating actions of
the municipalities and managed through their health areas.
local entrepreneurs, among others. The initiatives benefited
encourage employee participation in various actions, such
some 11,512 people, involved more than 1,000 volunteers,
Ezeiza Field Hospital
Assembled by the Municipality and Edesur, the hospital
and raised BRL109 thousand.
was installed to assist low-complexity patients affected by
the COVID-19 pandemic. Edesur also donated more than
Energy efficiency in hospitals
Through our Energy Efficiency Program, we worked in 14
1,200 units of sheets, towels and blankets to use on the
hospitals and health units treating coronavirus-infected
installed beds.
patients in the states of Rio de Janeiro, São Paulo, Goiás
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and Ceará. The works included renovating the lighting and
Hobo, Thessaly, Altamira, Paicol, Gigante, Garzón and El
air conditioning systems of the units, thus contributing to
Agrado, belonging to the area of influence of the Betania and
a greater comfort of professionals and patients and led to
Quimbo hydroelectric plants benefited from the donation
savings of the institutions´ energy costs. This is one of the
as well as local stores, as we acquire 90% of the food and
ways we can stay connected to the society right now and
other products from those shops.
donating our energy for the greater good.
Online courses for communities
Using the Enel Shares platform, we adapted some of our
Arroz Barato, Policarpa, Albornoz and Puerta de Hierro in
the El Mamonal de Cartagena area also received our help as
projects so that the communities served by our initiatives
we delivered 1,040 food baskets and other products.
The Caribbean Coast, more specifically the neighborhoods
were not left out during the period of social isolation.
Educational conferences and workshops were turned
This collaboration was made possible thanks to the Traso
into online video classes with guidelines on conscious
Collective with its #EntreTodosNosProtegemos Campaign,
energy consumption, safety tips related to the power grid
the JuanFe Foundation, and the Bolivar Sectional Foundation
during
isolation,
instructions on entrepreneurship and
(ANDI). Among the beneficiaries of this humanitarian aid
recommendations on COVID-19 prevention. Community
there were some 70 fishermen living and working in the
leaders who are part of our Leadership Network, promoted
area, older adults, people with disabilities, informal street
the videos and newsletters with health-oriented initiatives
vendors, and children. Our Company´s staff members
and disease prevention in the communities around our
visited the selected areas to provide this humanitarian
concession area.
Colombia
aid through food baskets and other products to families
in need.
Some 14,240 families received food supplies for a month.
Enel's work in Colombia addressing the COVID-19 crisis
This contribution is additional to the nearly COP1.9 billion
and seeking to mitigate the impact of the pandemic in
aid that the companies and employees of Enel in Colombia
the communities where it operates had 65,667 project
offered allowing to expand Intensive Care Units (ICU) of
beneficiaries.
the Children's Cardio Foundation, as well as those of the
Hospital Universitario la Samaritana, Méderi and the Shaio
Codensa launched a virtual branch that permits to receive
Clinic, thanks to our alliance with ProBogotá. Similarly,
notifications about energy services among other services.
we installed backup equipment for the operation of
With nearly 1,400 direct employees working from home,
the temporary Corferias hospital and we provided the
some 470 employees doing so from the branches or
necessary funding for Hamilton, a high-tech robot that
in the street and around 500 employees in partial work
allowed the Universidad del Rosario to increase the number
from home, Enel's companies in Colombia made sure that
of diagnostic COVID-19 tests.
all the necessary processes to continue supplying this
essential public service were met. Face-to-face customer
In La Guajira, Enel in Colombia joined the campaign
service wasmoved to virtual channels, with nearly 3 million
launched by the ANDI permitting to equip the San José
transactions on average each month completed through
de Maicao Hospital with four new ICU units and rapid
Codensa's digital channels.
Supporting communities
diagnostic tests that benefited 500,000 people. Through
the Saldarriaga Concha Foundation, 515 protective kits,
with more than 10,700 elements, were donated to the
medical staff of 12 Huila health centers.
Proving a COP 1.7 billion financial support, the Company
launched initiatives to safeguard the health and food
supply food to people in need.
Peru “Let´s not permit our energy ever to
stop”
Other actions included:
Increased power supply capacity
In response to the health emergency, Enel Perú not only
Delivering more than 10,600 products in the municipalities of
promised that the flow of energy to households and key
Cundinamarca, and Huila together with the Fundacoofisam
industries would never stop, but we also provided constant
Foundation and its "uni2" program we provided 2,600 food
support to the most vulnerable people at a national
baskets. Vulnerable families from Campoalegre, Yaguará,
level. The Company developed a strategy aligned with
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Annual Report Enel Américas 2020
the relevant SDG, the results of which continue to reach
delivery of donations and other necessary activities during
families, communities, and hospitals.
the health emergency.
Enel Perú carried out works aimed at supplying increased
electrical power, in some cases doubling the electrical
capacity, to the hospitals of the National Police of Peru,
Augusto B. Leguía, in the Rimac, Sergio Bernales Hospital
in Comas, the field hospital installed in Huiracocha Park, in
San Juan de Lurigancho and the Essalud Octavio Mongrut
Hospital in San Miguel.
These initiatives are additional to the donation of medical
equipment to the main hospitals of Ica, Moquegua, Junín,
Piura and Lima, regions where Enel Perú has its generation
plants, as part of the campaign "Let´s not permit our
energy ever to stop".
Enel Perú also contributed to the improvement of the
electrical infrastructure of La Casa de Todos, an organization
that supports vulnerable people in the country.
Together with the communities
Enel Perú, in a joint initiative with the companies EGE Santa
Ana and Peruana de Energía, donated more than PEN170
thousand in medical materials and oxygen bottles to Julio
César Demarini Regional Hospital and the Central Jungle
and Tropical Diseases hospital "Hugo Pesce Pescetto".
In Callao, the alliance between Enel Perú and Fundación
Pachacútec made it possible to deliver 300 nutritious
lunches every day in Ventanilla, benefiting 75 families living
in vulnerable conditions.
In response to the ongoing health emergency Enel Perú
donated medical equipment and oxygen bottles to the
Talara Health Center. In addition to the support provided
to the hospital, the Company also delivered approximately
a thousand basic food baskets to families in the Piedritas
community and the northern area of Talara.
Enel Perú provided PEN 3.5 million to continue supporting
the health system and the most vulnerable populations,
apart from guaranteeing the continuity of the electricity
service to households and commercial establishments.
Circular Economy
Enel Américas´ Vision
Circular economy is a new paradigm involving rethinking
the entire economic model with a view to decoupling
economic activities from the consumption of non-
renewable natural resources.
The implementation of this approach in Enel's business
represents a fundamental choice at the strategic level of the
Company. The concept seeks to achieve competitiveness
objectives both in economic terms and risk reduction while
contributing to tackling global challenges by prioritizing
the protection of the environment.
Rethinking the development model from a circular
perspective
is first and foremost an
innovation
challenge and involves an ever-closer collaboration
with ecosystem. This increased awareness has led to
innovations not only in terms of technology, processes,
business models, but also in broader terms of synergies
between the business areas within the Group and
collaboration with all external counterparts.
For the result to be effectively transformative, the circular
approach must inevitably cover the entire value chain:
it must reduce the consumption of energy and non-
renewable materials, action related to the reduction of
resources used as inputs must be taken, there must be
a shift from the use of non-renewable to renewable
sources or recycled inputs, and also the focus must shift
to reusing or exchanging and moving to the product-as-
a-service models (product as a service).
Enel's strategy consists of five pillars:
• Circular inputs: Increase the use of energy from
renewable sources and enhance the use, reuse, or
recycling of renewable raw materials.
Enel X provided the Municipality of Lima with three electric
cars to be used for the transport of medical personnel, the
• Useful life extension: to extend the life of our assets, this
pillar focuses on preventive or predictive maintenance
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actions, and incorporating modular designs to facilitate
•
Sharing platforms: by using information technologies,
assembly, reorganization, and disassembly, allowing
an underutilized asset is shared by multiple users
easy repairs or replacements of parts in case of a failure,
contributing
to a collaborative economy and
or the reuse of components at the end of a product´s
PAGINA 133
useful life.
maximizing the use of the produced goods.
• New life cycles: incorporating new solutions such
• Product as a service: incorporate “serviceability” where
as reusing, repairing, upcycling, remanufacturing,
the sale of a service is linked to the use of a product,
and recycling once the lifecycle of the goods is
so that it is designed for longevity, with characteristics
over, creating new opportunities to re-valuate and
such as high quality, durability, modularity and
recirculate materials.
repairability. This concept seeks to maximize the
utilization factor and extend the lifespan of products.
Useful life extension
Asset design and management approach to
extend the useful life of an asset or product.
e.g., by means of modular design, facilitated
repairability, predictive maintenance
n
s i g
e
Circ ula r d
ular
t
u
p
n
i
c
r
i
C
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i f e extension
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a
s
P
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r
a
o
s
d
e
u
r
v
c
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i
t
c
e
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d platforms
e
r
S h a
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c
y
w life
cles
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V
a
l
u
e r
e
c
o
very
Product as a service
Business model in which the
customer purchase the service
provided by a product that is
owned by the Company,
maximizing the utilization
factor and useful life of the
product.
e
s
r u
ula
Circ
Shared platforms
Common Management systems
used by multiple users of
products, assets, or skills.
Circular input
Production and use model based
on renewable input or previous life
cycles (reuse and recycle).
New life cycles
Every solution focuses on
preserving the value of an asset
at the end of its life cycle by
reusing, regenration, upcycling
or recycling, in synergy with the
other pillars.
Social impacts of circular economy
value to its customers with new, cleaner, and more
efficient technologies.
Circular economy presents a paradigm shift in relation to
the current linear economic system, based on "extracting,
To achieve this, we must move from the model based on
producing, consuming and discarding" and proposes to
resource consumption to one based on maintaining the
transform the economic system by decoupling the growth
value that contributes to closing life cycles and in which
of finite natural resource extraction and eliminating waste
human work plays a relevant role. To drive this transition,
generation from the very moment of a product design.
we require new professionals and new skills – a situation
that is expected to significantly affect the labor market.
Circular economy is considered an accelerator of Enel's
sustainable strategy - competitive
innovation and
- Employment: with the creation of new professionals in
environmental care mean redesigning all the processes
all sectors (not only in existing sectors such as recycling
along the value chain from working with suppliers, with
and rental) thanks to the transition to a circular
the Circular Procurement Program and even offering
economy model as shown in the figure.
135
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||Annual Report Enel Américas 2020
- Social: with the benefits of the new circular solutions
in terms of access to products and services at a lower
cost thanks to solutions such as reusing, recycling,
sharing and thinking about products as a service.
- Professional impact: with new opportunities related
to professional recycling, the exchange of skills, the
creation of new more cross-cutting profiles, the
recovery of more 'artisanal' skills, etc.
Circular economy and decarbonization
Circular economy started with an initial limited approach
to waste management without any connection to the
decarbonization problem.
As circular economy gradually developed, its application
to the entire value chain was expanded from the design
phase and, consequently,
its close connection with
decarbonization became apparent. It is not a circular
economy if the new business models contribute higher
emissions than the “business as usual” approach.
Basically, fuel-related emissions are roughly 70% associated
with material extraction and processing, goods production,
and the disposal phases.
According to some recent studies (EmA; WRI, EC), the
EC can play an important role in achieving the overall
decarbonization targets, contributing up to 45%. To achieve
a sustainable model, we must pursue decarbonization
and circularity, but it is clear that decarbonization and
circularity are not independent variables: to decarbonize
we cannot act only in the energy sector, but also around
the whole economic model, while circularity is enhanced
by renewable energies.
There is also one more element to consider: renewable
energy is undergoing, and will increasingly undergo, a
very fast development in the coming years. If this does not
happen from a circular perspective, in terms of materials
used, design, installation methods and disposal, the risk
is that the benefits created in terms of cancelled direct
emissions can be largely annulled.
Training/internal culture
A transformation such as the transition to a circular
economy model requires deep rethinking in terms of
technical knowledge, skills, ways of working, collaboration,
and integration.
In 2020, the Group's countries got together in Latin
America and co-organized the First Edition of the School
of Circular Economies Enel Latam. For eight weeks, 100
colleagues from different lines of business met with
national and international experts to learn about circular
economy. Strategies, business models, circular design,
customer value creation, governance and circular cities
were addressed during the process. In addition to learning
from the subjects most relevant to circular economy,
10 multidisciplinary work teams were formed to design
circular projects for the Company and to learn by doing.
This program will be set up annually to continue promoting
knowledge and collaboration in circular economy matters.
Another relevant element was the launch of the e-circular
platform, the Company´s internal platform whose aim
is to support the development of people's "circular"
behavior, thus projecting to a personal level the initiatives
that the Group is implementing in its business ventures.
The platform makes it possible for Enel collaborators
to offer goods, search for objects and make their skills
available. In addition, the platform represents a "focal
point" of all "circular culture" initiatives promoted in Enel
through information, news, and multimedia content about
circular economies.
The metrics of the main initiatives:
One of the most relevant challenges in incorporating
Circular Economy is the quantification and valorization
of business circularity, therefore, we developed a
measurement model called CirculAbility Model©. The
model allows to create a circularity baseline related to
the "Business as Usual" model and quantify the benefits
created by the application of one or more strategic pillars
of Circular Economy, by using a number of sub-indicators:
136136136
134562Enel Américas´ BusinessesRisk Strategy and ManagementCorporate GovernanceA Look at Enel AméricasMetrics2020 Management SUSTAINABLE INPUTS
PLATFORMS SHARING
LOAD FACTOR INCREASE
PRODUCT AS
A SERVICE
INCREASE
PRODUCT LIFE
NEW LIFE CYCLES
% EFFICIENCY*
% RENEWABLE
% FROM RE-USE
% RECYCLE
% NON-RENEWABLE
MATERIALS AND ENERGY
* Applicable only to selected cases
LOAD FACTOR
INCREASE
INCREASED
LOAD FACTOR
INCREASED
PRODUCT LIFE
% UPCYCLING
% RE-USE
% RECYCLE
% WASTE
USAGE
MATERIALS AND ENERGY
Below we present projects and their results by country:
Country
Action
Pillar of circularity
Business
line
KPI
IMPACT
Environmental
Economic
Argentina Network mining
New life cycle
Global
Recovered material
317 tn
Sales revenue increase
Brazil
Circularity of Transformer Oil New life cycle
I&N
Liters of Oil
658,488L
Savings --> EBITDA
Sale of materials and
components from disposed
equipment
Increased scrap parts life
cycle
Colombia
Peru
New life cycle
Thermal
Copper recovered
180 tn
Higher EBITDA
Life extension
GPG
Waste avoided
366 kg by year
Annual savings
137
Annual Report Enel Américas 2020
Managing the
Economic Dimension
Shareholders and
Investors
Customers
Operational improvement for better
service quality
Network development is critical to increasing the resilience
and reliability of power supply and delivering quality service.
That is why the Company has focused its investments on
the digitization of our networks and assets.
In generation, Enel Américas continuously makes
investments
aimed
at
incorporating
the
latest
improvements
in
innovation, digitization, robotization,
automation, data driven and predictive maintenance
technologies in its generation park. This has permitted us
to use resources more efficiently and to manage our assets
better, while maintaining excellent performance.
Creation of value for shareholders
•
The Company has an Investor Relations department
that seeks to provide transparent, timely and quality
information to the market on the Company´s main
financial, strategic, and operational issues.
•
The main communication channels with the market
include our website, the
Investor Relations app,
conference calls, emails, face-to-face meetings, and
participation in local and international conferences.
• Regarding the documentation available to our investors,
it mainly includes quarterly results presentations, annual
reports, annual sustainability reports, 20-F reports,
press releases and quarterly financial tables, as well as
corporate presentations.
•
As of 2016, the Company has also presented every
year its strategic plan for the next three years, which
shows the main strategic guidelines and financial and
business projections.
138138138
134562Enel Américas´ BusinessesRisk Strategy and ManagementCorporate GovernanceA Look at Enel AméricasMetrics2020 Management Management 2020
Analyst Coverage
•
In 2020, Enel Américas participated
in seven
Enel Américas has the coverage of 10 analysts of which
conferences, of which six were international, and one
five are international and five are national. Currently, the
was national, where the Company representatives
Company has seven positive rating and three neutral
met various investors from around the world. We also
ratings. There are no negative ratings.
took part in two roadshows, organized by international
banks, whose main task was to coordinate the agendas
The Company considers the coverage of all reports from
and meetings of the Company´s management.
major global and local brokers except for those that
have not updated their estimates for the last 12 months.
•
In total, Enel Américas held around 300 meetings
For more information go to the investors section of our
in 2020, considering both one-on-one meetings
website: https://www.enelamericas.com/en/investors.html
requested by investors, as well as roadshows and
conferences mentioned above. All IR activities were
held virtually as a result of the COVID-19 pandemic.
• Our
Investor Relations management department
is available to address any concerns about the
Company, whether in Spanish or in English, via email
ir.enelamericas@enel.com
Rafael de la Haza
Enel Américas Head of Investor
Relations
Investor Relations team
Jorge Velis
Javiera Rubio
Nicolás Gracia
Francisco Basauri
Mónica de Martino
Catalina Soffia
Website
www.enelamericas.com
Mobile App
Enel Américas Investors
Download App
IOS
Android
139
Annual Report Enel Américas 2020
6
Metrics
140140
141
Annual Report Enel Américas 2020 Metrics Related with Human Resources
Consolidated Staff Numbers
Main
executives
and other
managers
Professionals
and
technicians
Employees
and others
Total 2020
Main
executives
and other
managers
Professionals
and
technicians
Employees
and others
Total 2019
8
10
-
2
-
1
8
13
3
14
-
1
1
30
-
1
-
2
14
-
21
-
12
27
168
39
64
93
38
7
28
812
723
1,015
2,820
126
71
37
1,657
26
53
4
2
292
31
576
9
603
1,508
10,634
4
-
31
21
6
9
177
386
105
3,011
-
323
11
1,813
-
32
-
-
-
-
-
-
-
-
5,929
51
74
124
61
13
38
997
1,122
1,123
5,845
126
395
49
3,500
26
86
4
4
306
31
597
9
615
1,535
16,731
7
9
-
2
-
1
9
12
4
15
-
2
1
26
3
1
-
-
16
-
22
-
15
25
170
47
66
76
40
8
27
777
698
1,008
3,090
146
67
36
4
-
30
21
6
5
181
408
107
3,362
-
331
11
58
75
106
63
14
33
967
1,118
1,119
6,467
146
400
48
1,679
1,834
3,539
32
53
4
-
270
36
576
6
591
1,473
10,806
-
32
-
-
-
-
-
-
-
2
6,334
35
86
4
-
286
36
598
6
606
1,500
17,310
Enel Américas
Enel Brasil
Cachoeira
Fortaleza
Volta Grande
Cien
Rio
Ceará
Goiás
São Paulo
Enel X Brasil
Costanera
Chocón
Edesur
Enel trading Argentina
Dock Sud
CTM y TESA
Enel Argentina
Gx Perú
Enel Gx Piura
Dx Perú
Enel X Perú
Emgesa
Codensa
Total
Diversity of Executives
Executive team
Chile
Argentina
Brazil
Colombia
Peru
Consolidated
Number of people per gender
2020
2019
2020
2019
2020
2019
2020
2019
2020
2019
2020
2019
Female
Male
Total
-
8
8
-
7
7
9
26
35
6
27
33
13
38
51
13
39
52
12
27
39
11
29
40
8
27
35
9
29
38
42
126
168
39
131
170
142142
134562Metrics2020 ManagementEnel Américas´ BusinessesRisk Strategy and ManagementCorporate GovernanceA Look at Enel Américas Number of executives by
nationality
Chile
Argentina
Brazil
Colombia
Peru
Consolidated
2020
2019
2020
2019
2020
2019
2020
2019
2020
2019
2020
2019
Chilean
Brazilian
Spanish
Argentine
Colombian
Costa Rican
Italian
Venezuelan
Peruvian
Total
1
3
2
-
-
-
2
-
-
8
1
1
2
-
-
-
3
-
-
7
-
1
3
21
1
-
9
-
-
-
-
3
19
2
-
9
-
-
-
50
-
-
-
-
-
1
-
-
51
-
-
-
-
-
1
-
1
-
2
-
32
-
4
-
-
1
-
3
-
31
-
5
-
-
35
33
51
52
39
40
4
-
2
-
1
-
2
-
4
-
2
-
1
1
2
-
26
35
28
38
6
54
9
21
34
-
17
1
26
6
52
10
19
34
1
19
1
28
168
170
Number of executives by age
range
Between 30 and 40 years
Between 41 and 50 years
Between 51 and 60 years
Between 61 and 70 years
Older than 70 years
Total
Chile
Argentina
Brazil
Colombia
Peru
Total
2020
2019
2020
2019
2020
2019
2020
2019
2020
2019
2020
2019
-
5
2
1
-
8
-
5
1
1
-
7
4
17
12
2
-
35
3
16
10
4
-
33
10
24
12
4
1
51
8
23
15
5
1
52
2
19
18
-
-
39
2
22
16
-
-
40
2
13
16
4
-
35
3
15
14
6
-
38
18
78
60
11
1
16
81
56
16
1
168
170
Number of executives
by seniority
Less than 3 years
Between 3 and 6 years
Between 6 and 9 years
Between 9 and 12 years
More than 12 years
Total
Chile
Argentina
Brazil
Colombia
Peru
Consolidated
2020
2019
2020
2019
2020
2019
2020
2019
2020
2019
2020
2019
-
-
5
2
1
8
-
-
5
1
1
7
3
1
1
3
27
35
2
1
1
18
11
33
4
6
4
1
36
51
6
8
1
3
34
52
4
3
1
4
27
39
5
4
-
1
30
40
7
4
-
2
22
35
10
2
1
2
23
38
18
14
11
12
113
168
23
15
8
25
99
170
Total Diversity in the Organization
In the organization
Number of people per gender
Female
Male
Total
Chile
2020
15
36
51
2019
18
40
58
Argentina
2019
2020
533
526
3,538
3,579
4,064 4,112
Brazil
Colombia
Peru
2020
1,685
7,838
9,523
2020
2019
705
1,714
8,394
1,445
10,108 2,150
2019
665
1,441
2,106
2020
276
667
943
2019
264
662
926
Consolidated
2019
2020
3,194
3,207
13,524 14,116
16,731 17,310
143
Annual Report Enel Américas 2020 Number of people by nationality
in the organization
Chilean
Brazilian
Spanish
Argentine
Uruguayan
Congolese
German
Venezuelan
Colombian
North American US
Bolivian
Paraguayan
Lithuanian
Afghan
South African
Russian
Canadian
Italian
Rumanian
French
Cuban
Panamanian
Costa Rican
Salvadoran
Peruvian
Total
Number of people
by age range
Younger than 30 years
Between 30 and 40 years
Between 41 and 50 years
Between 51 and 60 years
Between 61 and 70 years
Older than 70 years
Total
Number of people
band seniority
Less than 3 years
Between 3 and 6 years
Between 6 and 9 years
Between 9 and 12 years
More than 12 years
Total
Chile
Argentina
Brazil
Colombia
Peru
Consolidated
2020
41
3
4
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2
-
-
-
-
-
-
1
51
2019
47
3
4
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2
1
-
-
-
-
-
1
2020
4
2
4
3,921
9
-
-
16
5
4
49
19
2
-
-
1
1
17
1
1
-
-
-
-
8
58 4,064
2019
5
1
4
3,955
9
-
-
18
8
4
50
19
2
-
-
-
1
26
1
1
-
-
-
-
8
4,112
2020
1
2019
2
9,506 10,089
-
3
-
1
1
1
4
-
1
1
-
1
2
-
-
-
-
-
-
-
-
1
1
9,523 10,108
-
3
-
1
1
1
3
-
1
1
-
1
2
-
-
-
-
-
-
-
-
1
1
2020
2
-
3
-
-
-
-
1
2,131
-
-
-
-
-
-
-
-
9
-
-
1
1
-
-
2
2,150
2019
2
-
6
-
-
-
-
1
2,083
-
-
-
-
-
-
-
-
10
-
-
1
1
-
-
2
2,106
2020
6
-
3
-
-
-
-
-
2
1
-
-
-
-
-
-
-
4
-
-
-
-
-
-
927
943
2020
2019
54
7
9,511
-
14
4
3,924
-
9
-
1
-
1
-
18
-
2,141
2
5
1
50
-
20
-
2
-
1
-
2
-
1
-
1
-
32
5
1
-
1
-
1
-
1
-
-
1
1
-
906
939
926 16,731
2019
63
10,093
18
3,958
9
1
1
20
2,097
5
51
20
2
1
2
-
1
43
2
1
1
1
1
1
918
17,310
Chile
Argentina
Brazil
Colombia
Peru
Total
2020
10
11
17
10
3
-
51
2019
16
17
12
11
2
-
2020
357
1,203
1,262
1,105
137
-
58 4,064
2019
357
1,330
1,291
1,023
111
-
4,112
2020
1,321
4,143
2,898
1,024
135
2
2019
1,744
4,420
2,770
1,054
119
1
9,523 10,108
2020
222
851
669
371
37
-
2,150
2019
237
840
638
345
45
1
2,106
2020
102
208
283
244
106
-
943
2019
92
184
294
249
107
-
2020
2,012
6,416
5,129
2,754
418
2
926 16,731
2019
2,446
6,791
5,005
2,682
384
2
17,310
Chile
Argentina
Brazil
Colombia
Peru
2020
16
6
3
6
20
51
2020
2019
178
21
741
10
996
7
590
1
19
1,559
58 4,064
2019
315
1,039
870
858
1,030
4,112
2019
2020
1,932
1,319
2,259
2,182
1,531
1,535
1,151
1,278
3,209
3,235
9,523 10,108
2020
453
479
236
208
774
2,150
2019
485
490
210
171
750
2,106
2020
166
85
77
34
581
943
Consolidated
2020
2019
2,132
155
3,493
64
2,847
80
2,116
31
596
6,143
926 16,731
2019
2,908
3,862
2,698
2,212
5,630
17,310
Inclusion of people with different
capacities
Work flexibility and Smartworking
Employees with disability
Employees who opted for work
flexibility
2020
87
278
`-
3
5
373
2019
92
281
`-
3
5
381
País
Argentina
Brazil
Chile
Colombia
Peru
Total
2020
1,584
4,153
51
1,411
815
8,014
2019
222
370
11
505
166
1,274
Country
Argentina
Brazil
Chile
Colombia
Peru
Total
144144
134562Metrics2020 ManagementEnel Américas´ BusinessesRisk Strategy and ManagementCorporate GovernanceA Look at Enel Américas
Work-related training
Training hours
54,600 439,715
2,595 114,795
47,729 659,434 102,760 399,620
1,351
167,472
39,934 711,137
Argentina
Brazil
Chile Colombia
Peru
Total Argentina
Brazil
Chile Colombia
Peru
Total
2020
2019
Total number of trained
employees
% women
% men
3,455
9,775
15%
85%
15%
85%
57
30%
70%
2,138
36%
64%
942
29%
71%
16,367
3,238
9,732
19%
81%
14%
86%
17%
83%
53
36%
64%
2,113
31%
69%
906
29%
71%
16,042
19%
81%
Pay Gap
Women's pay gap
Chile
Intermediate management - level 1
Intermediate management - level 2
Intermediate management - level 3
Professionals – level 1
Professionals – level 2
Office workers
Average
Women's pay gap
Argentina
Executives
Intermediate management - level 2
Intermediate management - level 3
Professionals - level 1
Professionals - level 2
Office workers
Average
Women's pay gap
Brazil
Executives
Intermediate management - level 1
Intermediate management - level 2
Intermediate management - level 3
Professionals - level 1
Professionals - level 2
Office workers
Average
2020
2019
Women's pay gap
2020
2019
Colombia
Executives
Intermediate management - level 1
Intermediate management - level 2
Intermediate management - level 3
Professionals - level 1
Professionals - level 2
Office workers
Average
Women's pay gap
Peru
Executives
Intermediate management - level 1
Intermediate management - level 2
Intermediate management - level 3
Professionals - level 1
Professionals - level 2
Office workers
Average
107%
94%
96%
97%
98%
99%
100%
100%
101%
94%
96%
95%
99%
98%
101%
98%
2020
2019
117%
104%
93%
94%
102%
93%
87%
89%
127%
109%
90%
84%
115%
94%
87%
91%
88%
108%
64%
76%
154%
-
63%
72%
128%
67%
91%
97%
143%
91%
2020
2019
84%
84%
92%
99%
82%
107%
91%
89%
84%
85%
99%
85%
105%
91%
2020
2019
95%
97%
102%
104%
97%
104%
115%
102%
90%
104%
108%
104%
98%
95%
113%
102%
145
Annual Report Enel Américas 2020
146146
134562Metrics2020 ManagementEnel Américas´ BusinessesRisk Strategy and ManagementCorporate GovernanceA Look at Enel Américas Environmental Metrics
Detail
Production
Greenhouse Gases Emissions (1):
CO2 Th (2)
So2
Nox(4)
Dust(5)
(3)
Emissions Intensity
CO2Th(2)
So2
Nox(4)
Dust(5)
(3)
Thermal energy consumption
Coal
Natural gas
Gasoil
Fuel oil
Total
Water consumption in areas of water shortage
Generation in areas with scarcity
Water Intensity of power generation
(1) Greenhouse Gases
(2) Carbon dioxide
(3) Sulphur dioxide
(4) Nitrogen oxide
(5) Particulate matter (Dust)
Unit
GWh
Ton
Ton
Ton
Ton
g/KWh eq
g/KWh eq
g/KWh eq
g/KWh eq
ktep
Ktep
Ktep
Ktep
Ktep
%
l/kWh eq
2020
40,455
2019
41,760
6,895,903
6,963,813
5,828
10,551
314
170
0.144
0.261
0.008
200
2,476
4
97
2,777
1%
0.13
5,901
9,576
331
167
0.141
0.229
0.008
173
2,706
37
37
2,952
3%
0.16
147
Annual Report Enel Américas 2020 7
Other Regulatory
Corporate
Information
148148
149
Annual Report Enel Américas 2020 Other Regulatory
Corporate
Information
Incorporation
Documents
The Company that gave rise to Enel Américas S.A. was
initially launched under the name of Compañía Chilena
Metropolitana de Distribución Eléctrica S.A. by a public deed
dated June 19, 1981, issued by Patricio Zaldívar Mackenna,
Notary Public in Santiago, and modified by a public deed
on July 13 of the same year and by the same notary public.
The Company’s incorporation was authorized, and its
bylaws approved by Resolution 409-S of July 17, 1981 of the
Securities and Insurance Commission (SVS). The extract of
the incorporation authorization and approval of the bylaws
was registered in the Santiago Commerce Registry on page
13,099 No. 7,269 in 1981 and were published in the Official
Journal on July 23, 1981. The bylaws of Enel Américas S.A.
have undergone several modifications ever since.
On August 1, 1988, the Company’s name was changed to
"Enersis S.A.".
In April 2015, Enersis S.A. began a corporate reorganization
process. As part of this process, on December 18, 2015
at the Company’s Extraordinary Shareholders´ Meeting
shareholders. approved the first stage of the reorganization
process called “the Spin-off”. Subsequently, the Company´s
Spin-off was approved, and the entity called “Enersis Chile
S.A.” was created, representing the unique vehicle for
the control of generation and distribution assets that the
Group owns in Chile. The former Enersis S.A. was renamed
as “Enersis Américas S.A.” to control the businesses in the
other countries of the region (Argentina, Peru, Brazil, and
Colombia). The Spin-off was formalized in a public deed
on January 8, 2016, issued by Iván Torrealba Acevedo,
Notary Public in Santiago, whose extract was registered on
pages 4013 No. 2441 of the Commerce Registry in 2016
of the Property Registrar in Santiago and was published in
the Official Journal on January 22, 2016. A supplementary
extract was registered on pages 10.743 No. 6.073 of the
same Registry in 2016 of the Property Registrar and was
published in the Official Journal on February 10, 2016.
The Extraordinary Shareholders´ Meetings of Enersis
Américas S.A. and its subsidiaries Endesa Américas S.A.
and Chilectra Américas S.A. were held on September
28, 2016 all of them approving, among other issues,
the second stage of the corporate reorganization plan
denominated “the Merger”. Therefore, Enersis Américas
S.A., the absorbing entity, acquired all the assets and
liabilities of Chilectra Américas S.A. and Endesa Américas
S.A., the subsidiaries, succeeding them in every right and
obligation and incorporating to Enersis Américas S.A. the
entirety of shareholders and equity of Chilectra Américas
S.A. and Endesa Américas S.A.
A Meeting held on December 1, 2016 agreed that, after the
Merger, Enersis Américas S.A would change its name to
“Enel Américas S.A.”. The Meeting was registered in a public
deed dated October 18, 2016, granted by Iván Torrealba
Acevedo, Notary Public, whose extract was registered on
pages 79,974 No. 43,179 of the 2016 Commerce Registry
of the Property Registrar in Santiago and was published in
the Official Journal on October 29, 2016.
The functional currency of the Company was changed
from pesos to US dollars at the Extraordinary Shareholders´
Meeting held on April 27, 2017, thus modifying the fifth
permanent article and the first transitory article of the
Company’s bylaws.
Finally, on December 18, 2020, the Company's shareholders
approved the Merger by incorporation of EGP Américas
SpA into Enel Américas and the subsequent capital
increase. Under the Merger, Enel Américas will acquire all
the assets and liabilities of EGP Américas and replace it
in all its rights and obligations, permitting the Company
to control and consolidate the ownership of the business
and unconventional renewable energy generation assets
that Enel Green Power SpA develops and owns in Central
and South America (except Chile). The aforementioned
operation was completed on April 1, 2021.
150150
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information Corporate purpose
d) Provide subsidiaries or affiliates with the necessary
financing so they can carry out their business and
provide management services; financial, technical,
The Company´s corporate purpose is indicated in the
legal, and auditing advice; and in general, any type of
modification approved by the Extraordinary Shareholders´
service deemed necessary for their best performance.
Meeting held on September 28, 2016, formalized in a
public deed on October 18, 2016, issued by Iván Torrealba
Apart from its main corporate purpose and always acting
Acevedo, Notary Public in Santiago, whose extract was
within the
limits established by the
Investment and
registered on pages 79,974 No. 43,179, of the Commerce
Financing Policy approved by the Shareholders Meeting,
Registry of the Property Registrar in Santiago in 2016 and
the Company may invest in:
was published in the Official Journal on October 29, 2016.
The Company´s corporate purpose is to carry out, either
administration, intermediation, trading, and transfer of all
in the country or abroad, the exploration, development,
kinds of movable and immovable assets, either directly or
The acquisition, operation, construction, rental,
operation,
generation,
distribution,
transmission,
through subsidiaries or affiliates.
transformation and/ or sales of energy in any of form
and nature, directly or through intermediaries, as well
All kinds of financial assets, including shares, bonds and
as
telecommunications activities and engineering
debentures, commercial papers and, in general, all kinds
consultancy services in the country and abroad. It may
of titles or securities and company contributions, either
also invest and manage its subsidiaries and associated
directly or through subsidiaries or affiliates.
companies, whether generating, transmitting, distributing,
or trading electricity or whose business is any of the
following: (i) energy, in any forms or nature, (ii) the supply
of public utilities or whose main input is energy, (iii)
telecommunications and
information technology, and
(iv) internet-based brokerage services. To comply with
its corporate purpose, the Company will carry out the
following functions:
a) Promote, organize, build, modify, dissolve, or sell
Properties and facilities
The main facilities in which Enel Américas subsidiaries carry
out their main business activities are detailed in Chapter 4
in the Businesses section by country.
Brands and insurance
companies of any nature, which have similar
The Company has registered the "Enersis Américas"
corporate purposes.
trademark in services, products, commercial and industrial
establishments. In a communication addressed to the
b) Propose investment, financing, and business policies to
Board of Directors of Enel Américas S.A. issued in July 2016,
subsidiaries, as well as accounting criteria and systems
Enel SpA authorized the free use of the Enel brand by Enel
that these should follow.
Américas S.A. The name may be included in its corporate
name, its logo or other forms of use. The Enel Américas
c) Supervise the management of subsidiaries.
trademark is duly registered.
151
Annual Report Enel Américas 2020 Information on Shares
Stock Exchange Transactions
Stock Exchange Transactions
Below we present quarterly transactions over the past three years, undertaken on the exchanges where Enel Américas shares
are traded. In Chile, this happens through the Santiago Stock Exchange and the Chilean Electronic Exchange, while in the
United States it is on the New York Stock Exchange (NYSE).
Santiago Stock Exchange
In 2020, 33,382 million shares were traded on the Santiago Stock Exchange, equivalent to Ch$4,168,569 million. The closing
price of the stock as of December was Ch$116.01.
Period
1st quarter 2018
2nd quarter 2018
3rd quarter 2018
4th quarter 2018
Total 2018
1st quarter 2019
2nd quarter 2019
3rd quarter 2019
4th quarter 2019
Total 2019
1st quarter 2020
2nd quarter 2020
3rd quarter 2020
4th quarter 2020
Total 2020
Units
Amounts (Ch$)
Average price
2,771,570,034
3,290,495,998
3,404,682,608
4,862,216,660
383,425,705,091
427,006,940,711
364,271,802,874
541,717,097,465
14,328,965,300
1,716,421,546,141
4,825,385,785
5,267,937,965
6,199,801,001
612,155,765,545
605,331,164,210
741,799,163,682
7,005,472,367
1,035,076,977,567
23,298,597,118
2,994,363,071,004
6,483,030,618
903,507,075,433
14,268,399,863
1,833,377,784,158
7,265,357,511
834,916,385,115
5,365,328,887
596,767,343,968
33,382,116,879
4,168,568,588,674
138.45
130.51
107.1
111.99
122.01
126.65
114.48
119.68
149.3
127.53
144.31
128.05
115.39
111.27
124.75
Chilean Electronic Stock Exchange
In 2020, 2,418 million shares were traded on the Chilean Electronic Exchange, equivalent to Ch$301.340 million. The closing
price of the stock as of December was Ch$116.50.
Period
1st quarter 2018
2nd quarter 2018
3rd quarter 2018
4th quarter 2018
Total 2018
1st quarter 2019
2nd quarter 2019
3rd quarter 2019
4th quarter 2019
Total 2019
1st quarter 2020
2nd quarter 2020
3rd quarter 2020
4th quarter 2020
Total 2020
152152
Units
Amounts (Ch$)
Average price
265,640,945
315,617,793
206,898,749
134,618,362
37,149,674,644
40,051,124,833
21,982,108,385
14,791,542,973
922,775,849
113,974,450,835
96,739,255
112,668,680
321,016,940
187,247,739
717,672,614
144,597,209
1,237,699,863
673,706,089
361,507,323
12,233,577,575
13,216,085,533
37,641,372,132
27,761,301,991
90,852,337,231
20,075,715,893
162,895,157,521
78,587,318,409
39,782,570,462
2,417,510,484
301,340,762,285
139.09
130.94
106.26
110.56
121.71
128.50
114.92
119.55
149.58
128.14
141.98
126.84
114.18
111.31
123.58
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information New York Stock Exchange (NYSE)
Enel Américas shares began to be traded on the New York Stock Exchange (NYSE) on October 20, 1993. At the time, the
Company's name was Enersis and the mnemonic was ENI. An American Depositary Share (ADS) issued by Enel Américas
represents 50 shares and the current mnemonic is ENIA. Citibank N.A. acts as a depositary bank and Banco Santander Chile
as custodian in our country. In 2020, 407 million ADS were traded in the United States, equivalent to US$3,158 million. The
price of the ADS closed at US$8.22 in December.
Period
1st quarter 2018
2nd quarter 2018
3rd quarter 2018
4th quarter 2018
Total 2018
1st quarter 2019
2nd quarter 2019
3rd quarter 2019
4th quarter 2019
Total 2019
1st quarter 2020
2nd quarter 2020
3rd quarter 2020
4th quarter 2020
Total 2020
Units
Amounts (Ch$)
Average price
47.259.808
65.764.152
61.238.283
97.296.394
540.952.152
687.363.196
488.063.068
799.163.804
271.558.637
2.515.542.219
93.356.577
50.723.996
84.411.906
94.253.155
322.745.634
105.532.984
130.171.049
104.948.137
66,780.890
407.433.060
888.587.040
428.879.782
716.122.405
928.306.385
2.961.895.611
906.951.037
1.003.015.883
763.353.164
484.871.129
3.158.191.213
11.44
10.50
8.08
8.12
9.53
9.67
8.42
8.43
9.92
9.11
9.03
7.75
7.30
7.30
7.84
Market Information
New York Stock Exchange (NYSE)
Performance of Enel Américas ADS listed in NYSE (ENIA)
In 2020, the Chilean stock market continued with its
with respect to Dow Jones Industrial and Dow Jones Utilities
downward trend similar to 2019, closing the S&P/CLX IPSA
indices over the past two years:
with a 10.5% decrease. This performance is mainly explained
by the COVID-19 health crisis, which affected many of the
global and local markets. However, US Dow Jones Industrial
had a positive performance at 7.2%, although London's
FTSE 100 fell by 14.3%.
Furthermore, in relation to the stock exchanges of the
countries where Enel Américas operates in, the returns
were varied: Argentina (Merval; +22.9%), Brazil (Bovespa;
+2.9%), Colombia (Colcap; -13.5%) Peru (SPBLPGPT; +1.4%).
Variation
ENIA
Dow Jones Industrial
Dow Jones Utilities
2020
-25.1%
7.2%
-1.7%
2019
23.1%
22.3%
23.3%
Dividends
Política de dividendo
Despite the impact of the health crisis, we can see that only
In accordance with General Standard No. 283. Number 5),
Colombia presented a negative variation from the other
the Company's dividend policies for 2021 and 2020 are
countries where the Company is present.
listed below.
Santiago Stock Exchange
Performance of Enel Américas' stock over the past two
General aspects
years with regards to the S&P/CLX IPSA Stock Price Index
The Company's Board of Directors, in a session held on
in the local market:
Variation
Enel Américas
S&P/CLX IPSA
2020
-30.5%
-10.5%
2019
36.3%
-8.5%
February 25, 2021 approved the following Dividend Policy
and the corresponding procedure related to the payment of
dividends of Enel Américas S.A., for the 2021 financial year.
153
Annual Report Enel Américas 2020
2021 Financial Dividend Policy
The intention of the Board of Directors is to distribute an
interim dividend, from the 2021 profits, of up to 15% of
the profits as of September 30, 2021, as registered in the
Financial Statements of Enel Américas S.A. on that date, to
be paid in January 2022.
Furthermore, the Board shall propose to the Ordinary
Shareholders' Meeting, to be held in the first quarter of
2022, to distribute, as a final dividend, an amount that,
together with the interim dividend mentioned before, will
be equivalent to 50 % of the 2021 profits. The final dividend
shall be one established by the Ordinary Shareholders'
Meeting, to be held during the first four months of 2022.
Compliance with the above program will be conditioned, in
terms of dividends, on the profits obtained by the Company,
seeking to maintain the Company´s financial balance.
Enel Américas S.A.´s dividend
payment procedure
For dividend payments, whether interim or final, and to
avoid incorrect collection, Enel Américas S.A. put in place
the following payment methods:
1. Deposit in the shareholder´s current account.
2. Deposit in the shareholder´s savings account.
3. Nominative check or bank draft sent by mail to the
residence of the shareholders, and
4. Withdrawal of a nominative check or a bank draft in
the offices of DCV Registros S.A., the administrator
of Enel Américas S.A’ shareholders, or in a bank or
its branches established for such purpose and as
informed in a notification to be published about the
payment of dividends.
.
For the above-mentioned purposes, current or savings
accounts can be held at any branch in the country. The
payment method chosen by every shareholder will be
used by DCV Registros S.A. for all dividend payments, as
long as the shareholder does not express in writing his
or her intention to choose a different payment method.
Shareholders who have not registered a payment method
will be paid according to point 4 above.
154154
Should checks or bank drafts be returned by mail to DCV
Registros S.A., these will remain in their custody until the
shareholders collect or request them. In the case of current
bank accounts, Enel Américas S.A. and/or DCV Registros
S.A. may request, for security reasons, that they be verified
by the corresponding banks. If the accounts indicated
by the shareholders are rejected, whether during said
verification process or for any other reason, the dividend
will be paid according to method 4 above. The Company has
also adopted and will continue to do so in the future all the
necessary security measures established in the dividend
payment procedure, to protect both our shareholders and
Enel Américas S.A.
Dividend Policy for 2020
General aspects
In a session held on February 26, 2020, the Company´s
Board of Directors approved the following Dividend
Policy and the payment procedures of Enel Américas S.A.
dividends for 2020.
Dividend Policy
The Board of Directors intends to distribute an interim
dividend, charged to the 2020 income of up to 15% of net
income as of September 30, 2020 as shown in the Enel
Américas S.A.’s financial statements until such date, to be
paid in January 2021.
The Board of Directors will also propose to the Ordinary
Shareholders Meeting to be held during the first four
months of 2021, to distribute, as a final dividend, an
amount equal to 50% of the 2020 net income. The final
dividend will be established by the Ordinary Shareholders’
Meeting to be held during the first four months of 2021.
The compliance with said dividend program is subject to
the results obtained by the Company aiming, at the same
time, to maintain the Company´s financial balance.
Enel Américas S.A.´s dividend
payment procedure
For dividend payments, whether interim or final, and to avoid
incorrect collection, Enel Américas S.A. put in place the following
payment methods:
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
1. Deposit in the shareholder´s current account.
by the shareholders are rejected, whether during said
2. Deposit in the shareholder´s savings account.
verification process or for any other reason, the dividend
3. Nominative check or bank draft sent by mail to the
will be paid according to method 4 above. The Company has
residence of the shareholders, and
also adopted and will continue to do so in the future all the
4. Withdrawal of a nominative check or a bank draft in the
necessary security measures established in the dividend
offices of DCV Registros S.A., the administrator of Enel
payment procedure, to protect both our shareholders and
Américas S.A’ shareholders, or in a bank or its branches
Enel Américas S.A.
established for such purpose and as informed in a
notification to be published about the payment of
Notwithstanding the foregoing, and considering the current
dividends.
.
scenario, face-to-face payments such as collection in the
office, withheld check, no payment method and certified
For the above-mentioned purposes, current or savings
mail checks will be exchanged for bank vouchers that can
accounts may be held at any branch in the country. The
be collected at any branch of the bank informed by DCV
payment method chosen by each shareholder will be
Registros throughout Chile. For shareholders who have
used by DCV Registros S.A. for all dividend payments, as
reported a deposit in a current or savings account, simple
long as the shareholder does not express in writing his
account or RUT account as a payment method, there will
or her intention to choose a different payment method.
be no modifications.
Shareholders who have not registered a payment method
will be paid according to point 4 above.
Paid dividends
Should checks or bank drafts be returned by mail to DCV
Registros S.A., these will remain in their custody until the
Distributable income in 2020
The distributable income in 2020 is shown below:
shareholders collect or request them. In the case of current
bank accounts, Enel Américas S.A. and/or DCV Registros
S.A. may request, for security reasons, that they be verified
by the corresponding banks. If the accounts indicated
Income for the year *
Distributable Income
* Attributable to the controlling shareholder.
US$ th
825,197
412,599
Distributed dividends
The following table shows dividends per share paid in recent years:
Dividend no.
86
87
88
89
90
91
92
93
94
95
96 (1)
97
98
99
100
101
102
Type of dividend
Interim
Final
Interim
Final
Interim
Final
Interim
Final
Interim
Final
Interim
Final
Interim
Final
Interim
Final
Interim
Closing Date
01/19/2013
05/04/2013
01/25/2014
05/10/2014
01/24/2015
05/18/2015
01/23/2016
05/17/2016
01/21/2017
05/20/2017
01/20/2018
05/18/2018
01/19/2019
05/11/2019
01/18/2020
05/23/2020
01/23/2021
Payment Date
01/25/2013
05/10/2013
01/31/2014
05/16/2014
01/30/2015
05/25/2015
01/29/2016
05/24/2016
01/27/2017
05/26/2017
01/26/2018
05/25/2018
01/25/2019
05/17/2019
01/24/2020
05/29/2020
01/29/2021
Pesos/ Dollars per
share (1)
1.21538
3.03489
1.42964
5.27719
0.83148
5.38285
1.23875
3.40599
0.94664
2.38705
0.001
0.00517
0.00134
0.00703
0.00162
0.00899
0.00096
Year
2012
2012
2013
2013
2014
2014
2015
2015
2016
2016
2017
2017
2018
2018
2019
2019
2020
(1) At the Extraordinary Shareholders' Meeting held on April 27, 2017, the Company's functional currency change from Chilean pesos to United States dollars was
approved. From 2017 onwards, dividends are expressed in dollars per share.
155
Annual Report Enel Américas 2020
156156
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information Direct and Indirect Participation of Enel
Américas
Argentina
Central Dock Sud S.A.
Enel Generación Costanera S.A.
Enel Generación El Chocón S.A.
Compañía de Transmisión del Mercosur S.A.
Transportadora de Energía S.A.
Sacme S.A.
Yacylec S.A.
Empresa Distribuidora Sur S.A.
Enel Argentina S.A.
Enel Trading Argentina S.R.L.
Hidroinvest S.A.
Distrilec Inversora S.A.
Inversora Dock Sud S.A.
Central Vuelta Obligado S.A.
Termoeléctrica Manuel Belgrano
Termoeléctrica José de San Martín
Brazil
EGP Cachoeira Dourada S.A.
Enel Generación Fortaleza S.A.
Enel Green Power Proyectos I (Volta Grande)
Central Generadora Fotovoltaica Sao Francisco Ltda.
Enel Cien S.A.
Enel Distribución Rio S.A.
Enel Distribución Sao Paulo S.A.
Enel Distribución Goiás S.A.
Enel Distribución Ceará S.A.
Enel Brasil S.A.
Enel X Brasil S.A.
Enel Tecnología de Redes S.A.
Enel Trading Brasil S.A.
Luz de Angra Energía S.A.
Enel Uruguay S.A.
Colombia
Emgesa S.A. E.S.P.
Compañía Distribuidora y Comercializadora de Energía S.A.
Enel X Colombia S.A.S
Sociedad Portuaria Central Cartagena S.A.
Inversora Codensa S.A.S
Bogotá Ze S.A.S.
Peru
Enel Generación Perú S.A.
Enel Generación Piura S.A.
Enel Distribución Perú S.A.
Enel Perú S.A.C.
Chinango S.A.C.
Compañía Energética Veracruz S.A.C.
Enel X Perú S.A.C.
Gx: Generation
Dx: Distribution
Tx: Transmission
Ox: Pipelines, marketing, others
Business
Gx
Gx
Gx
Tx
Tx
Tx
Tx
Dx
Ox
Ox
Ox
Ox
Ox
Gx
Gx
Gx
Property
41.25%
75.62%
65.69%
100.00%
100.00%
36.04%
33.33%
72.09%
99.92%
99.96%
96.65%
51.50%
57.14%
25.43%
5.72%
5.12%
Business
Property
Gx
Gx
Gx
Gx
Tx
Dx
Dx
Dx
Dx
Ox
Ox
Ox
Ox
Ox
Ox
99.75%
100.00%
100.00%
100.00%
100.00%
99.73%
100.00%
99.96%
74.05%
100.00%
100.00%
100.00%
100.00%
50.99%
100.00%
Business
Property
Gx
Dx
Ox
Ox
Ox
Ox
48.48%
48.30%
48.30%
48.47%
48.30%
48.30%
Busines
Property
Gx
Gx
Dx
Ox
Ox
Ox
Ox
83.60%
96.50%
83.15%
100.00%
66.88%
100.00%
100.00%
(*) The companies Termoeléctrica Manuel Belgrano and Termoeléctrica José de San Martín are incorporated even though during 2020 the ability to have any
significant influence over them was lost, which is why in the financial statements as of December 31, 2020 they are no longer presented as investments in
associates.
157
Annual Report Enel Américas 2020
Perimeter of Enel Américas' corporate holdings
ENEL
AMÉRICAS S.A.
48.481619%
5.049568%
48.302608%
Emgesa S.A
94.940734%
Sociedad Portuaria
Central
Cartagena S.A.
Inversora
Codensa S.A.S.
100%
Codensa S.A.
Bogotá ZE S.A.S.
100%
ENEL X
Colombia S.A.S.
100%
Central
Dock Sud S.A.
0.235964%
71.775255%
ENEL
Generación
Costanera S.A.
75.6813%
57.141692%
Inversora
Dock Sud S.A.
33.33333%
Yacilec S.A.
0.47%
Termoeléctrica
Manuel
Belgrano S.A.
0.42%
Termoeléctrica
José de
San Martín S.A.
6.40%
Central Vuelta de
Obligado S.A.
1.89%
1.68%
1.3%
6.23%
5.60%
33.2%
8.674093 %
ENEL
Generación El
Chocón S.A.
59.00%
41.941145%
Hidroinvest S.A
54.757107%
Chile
Argentina
Brazil
Peru
Colombia
Uruguay
(*) The companies Termoeléctrica Manuel Belgrano and Termoeléctrica José de San Martín are incorporated even though during 2020
the ability to have any significant influence over them was lost, which is why in the financial statements as of December 31, 2020 they
are no longer presented as investments in associates.
158158
Enel Generación
Chile S.A.
0.079318%
ENEL
Argentina S.A.
99.920682%
44.996467%
55.003533%
ENEL Trading
Argentina S.R.L.
Distrilec
Inversora S.A.
51.50%
56.357697%
43.097063%
Edesur S.A.
50%
SACME S.A.
100%
ENEL Perú
S.A.C.
99.999967%
ENEL X
Perú S.A.C.
ENEL
Generación
Perú S.A.
80%
Chinango
S.A.C.
83.151796%
83.597016%
96.496857%
ENEL
Distribución
Perú S.A.
ENEL
Generación
Piura S.A.
100%
Compañía
Energética
Veracruz S.A.C.
ENEL
Distribución
Goiás S.A.
99.960036%
100%
ENEL
Brasil S.A.
100%
Enel Tecnología
de Redes S.A.
ENEL
Distribución
Ceará S.A.
74.051061%
99.734188%
EGP Cachoeira
Dourada S.A.
99.754055%
100%
ENEL
Distribución
Río S.A.
ENEL
Generación
Fortaleza S.A.
Enel Distribución
São Paulo S.A.
100%
EGP PROJETOS I
(Volta Grande)
100%
0.0001%
99.9999%
ENEL X
Brasil S.A.
100%
Central Geradora
Fotovoltaica
Sao Francisco Ltda.
51%
ENEL CIEN
S.A.
100%
100%
Luz de Angra
Energía S.A.
39.850288%
25.85109%
TESA S.A.
CTM S.A.
100%
100%
ENEL
Uruguay S.A.
ENEL Trading
Brasil S.A.
60.149712%
74.14891%
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
48.481619%
5.049568%
48.302608%
Emgesa S.A
94.940734%
Sociedad Portuaria
Central
Cartagena S.A.
Inversora
Codensa S.A.S.
100%
Codensa S.A.
Bogotá ZE S.A.S.
100%
ENEL X
Colombia S.A.S.
100%
Central
Dock Sud S.A.
0.235964%
71.775255%
ENEL
Generación
Costanera S.A.
75.6813%
57.141692%
Inversora
Dock Sud S.A.
33.33333%
Yacilec S.A.
0.47%
Termoeléctrica
Manuel
Belgrano S.A.
1.89%
0.42%
Termoeléctrica
José de
San Martín S.A.
1.68%
1.3%
6.40%
Central Vuelta de
Obligado S.A.
6.23%
5.60%
33.2%
ENEL
8.674093 %
Generación El
Chocón S.A.
59.00%
41.941145%
Hidroinvest S.A
54.757107%
Chile
Argentina
Brazil
Peru
Colombia
Uruguay
ENEL
AMÉRICAS S.A.
Enel Generación
Chile S.A.
0.079318%
ENEL
Argentina S.A.
99.920682%
44.996467%
ENEL Trading
Argentina S.R.L.
55.003533%
Distrilec
Inversora S.A.
51.50%
56.357697%
43.097063%
Edesur S.A.
50%
SACME S.A.
39.850288%
25.85109%
TESA S.A.
CTM S.A.
60.149712%
74.14891%
100%
ENEL Perú
S.A.C.
99.999967%
ENEL X
Perú S.A.C.
ENEL
Generación
Perú S.A.
80%
Chinango
S.A.C.
83.151796%
83.597016%
96.496857%
ENEL
Distribución
Perú S.A.
ENEL
Generación
Piura S.A.
100%
Compañía
Energética
Veracruz S.A.C.
ENEL
Distribución
Goiás S.A.
99.960036%
100%
ENEL
Brasil S.A.
100%
Enel Tecnología
de Redes S.A.
ENEL
Distribución
Ceará S.A.
74.051061%
99.734188%
EGP Cachoeira
Dourada S.A.
99.754055%
100%
ENEL
Distribución
Río S.A.
ENEL
Generación
Fortaleza S.A.
Enel Distribución
São Paulo S.A.
100%
EGP PROJETOS I
(Volta Grande)
100%
0.0001%
99.9999%
ENEL X
Brasil S.A.
100%
Central Geradora
Fotovoltaica
Sao Francisco Ltda.
ENEL CIEN
S.A.
100%
100%
Luz de Angra
Energía S.A.
ENEL
Uruguay S.A.
100%
100%
ENEL Trading
Brasil S.A.
51%
159
Annual Report Enel Américas 2020
Identification of Subsidiaries and Associate
Companies
Argentina
CENTRAL DOCK SUD S.A.
Company Name
Central Dock Sud S.A.
Type of Company
Limited Liability Company
Address
Avenida Debenedetti 1636
Dock Sud Avellaneda, Argentina
Phone
4229-1000
ID number
Cuit 30-65599219-3
Subscribed and paid-in capital (US$ thousands)
14,645.51
Corporate purpose
The Company´s corporate purpose is electricity generation and
its wholesale. It may undertake any supplementary and additional
activities linked to its corporate purpose and it is legally authorized
to acquire rights and offer obligations and carry out any activities
not prohibited law, by these by-laws, the Document of the
International Public Tender for the Sale of Central Dock Sud S.A's
Shares, or by any other applicable regulation.
Core activities
Electricity generation
Regular Directors
Héctor Martín Mandarano
Jorge Esteban Ravlich
Juan Carlos Blanco
Daniel Garrido
Mónica Diskin
Ricardo Hernán Castañeda
Marcelo Adrián Sobico
Rodolfo Eduardo Berisso
Rodolfo Heriberto Freyre
Alternate Directors
Patricio Javier Cipollone
Sebastián Torres
Nicola Melchiotti
Michele Siciliano
Claudio César Weyne da Cunha
Gabriel Eduardo Abalos
Alejandro Aníbal Avayu
Juan Manuel Alfonsín
Favio Alejandro Jeambeaut
Senior Management
Juan José Marcet
160160
General Manager
Verónica Susana Balletto
Finance Manager
Natalia Nicali
Human Resources and General Services Manager
Leonardo Limoli
Commercial Manager
Graciela Babini
Planning and Control Manager
Sebastián Ortiz
Acquisitions and Stores Manager
Commercial relations
The Company has no commercial relations with Enel Américas S.A.
Shareholding of Enel Américas S.A.
1.52%
ENEL GENERACIÓN COSTANERA S.A.
Company Name
Enel Generación Costanera S.A.
Type of Company
Public Limited Company
Address
Avda. España 3301, Buenos Aires, Argentina
Phone
(5411) 4307 3040
ID number
Cuit 30-65225424-8
Subscribed and paid-in capital (US$ thousands)
8,349.89
Corporate purpose
The Company´s corporate purpose
wholesale of electricity.
is the production and
Core activities
Electricity generation
Regular Directors
Juan Carlos Blanco
Chairman
Claudio César Weyne Da Cunha
Vice-president
Daniel Garrido
Mónica Diskin
María Victoria Ramírez
Jorge Piña
Matías María Brea
Juan Pedro Chávez
Alternate Directors
Nicola Melchiotti
Fernando Carlos
Luis Boggini
Michele Siciliano
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information Jorge Alberto Lemos
Rodrigo Quesada
Mariano Pessagno
Leonel Sánchez
Paola Lorena Rolotti (until June 2020)
Senior Management
Pablo Gutiérrez Cerezales
General Manager
Commercial relations
The Company has no commercial relations with Enel Américas S.A.
Shareholding of Enel Américas S.A.
1.27%
ENEL GENERACIÓN EL CHOCÓN S.A
Company Name
Enel Generación El Chocón S.A.
Type of Company
Public Limited Company
Address
Avda. España 3301
Ciudad Autónoma de Buenos Aires, Argentina
ID number
Cuit 30-66346104-0
Subscribed and paid-in capital (US$ thousands)
3,551.55
Corporate purpose
The Company´s corporate purpose
wholesale of electricity.
is the production and
Core activities
Electricity generation
Regular Directors
Juan Carlos Blanco
Chairman
Claudio César Weyne Da Cunha
Vice-president
Mónica Diskin
María Victoria Ramírez
Daniel Garrido
María Cecilia Manso
Néstor Hugo Martín
Alberto Eduardo Mousist
Alternate Directors
Nicola Melchiotti
Fernando Carlos
Luis Boggini
Rodrigo Quesada
Jorge Lemos
Michele Siciliano
Sebastián Eduardo Guasco
Óscar Horacio Carvalho
Senior Management
Daniel Garrido
General Manager
Commercial relations
The Company has no commercial relations with Enel Américas S.A.
Shareholding of Enel Américas S.A.
1.80%
CTM Compañía de Transmisión del
Mercosur S.A.
Company Name
Compañía de Transmisión del Mercosur S.A.
Type of Company
Public Limited Company incorporated in the city of Buenos Aires,
Argentina
Address
Bartolomé Mitre 797, piso 11, Ciudad Autónoma de Buenos Aires,
Argentina
ID number
Cuit 30-70044083-0
Subscribed and paid-in capital (US$ thousands)
1,189.46
Corporate purpose
The Company´s corporate purpose is to supply high-voltage
electricity transmission services, both for national and international
electrical systems under current legislation. The Company may
participate in national or international tenders, become a high-
voltage electricity transmission concessionaire, locally or abroad,
and engage in such activities as may be deemed necessary for its
corporate purpose.
Core activities
International interconnected electricity transmission.
Regular Directors
Juan Carlos Blanco
Chairman
Claudio César Weyne da Cunha
Vice-president
Mónica Diskin
Alternate Directors
Nicola Melchiotti
María Victoria Ramírez
Jorge Lemos
Senior Management
Sandro Ariel Rollan
General Manager
Commercial relations
The Company has no commercial relations with Enel Américas S.A.
Shareholding of Enel Américas S.A.
0.02%
TESA- TRANSPORTADORA DE
ENERGÍA S.A.
Company Name
Transportadora de Energía S.A.
Type of Company
Public Limited Company
Address
Bartolomé Mitre 797, piso 11
Buenos Aires, Argentina
Phone
(5411) 4394 1161
161
Annual Report Enel Américas 2020 ID number
Cuit 30-70752931-4
Subscribed and paid-in capital (US$ thousands)
1,19
Corporate purpose
The Company´s corporate purpose is high voltage electricity
transmission services linked to both national and international
electrical systems. To this end the Company may participate
in national and international tenders, become a high-voltage
electricity transmission utilities concessionaire, locally or abroad,
and undertake any kind of activity deemed necessary to meet its
purpose.
Aires, and the interconnections with the Argentine Interconnected
System (SADI in its Spanish acronym). Represent Distribuidora Edenor
S.A. and Edesur S.A. in terms of operations before the Wholesale
Electricity Market Management Entitiy (Compañía Administradora
del Mercado Mayorista Eléctrico CAMMESA in Spanish). In general,
undertake all the activities required to manage the business
correctly, as established for that purpose by the concessionaires in
the electricity distribution and trading system in the Federal Capital
and Greater Buenos Aires, and according to the international public
tender for the sale of Class A shares of Edenor S.A. and Edesur S.A.
and the relevant regulations.
Core activities
Management, supervision, operation, and control of a part of the
Argentine electricity system
Core activities
Electricity transmission
Regular Directors
Juan Carlos Blanco
Chairman
Claudio César Weyne da Cunha
Vice-president
Mónica Diskin
Alternate Directors
Nicola Melchiotti
María Victoria Ramírez
Jorge Lemos
Senior Management
Sandro Ariel Rollan
General Manager
Regular Directors
Emilio Jiménez Criado
Chairman
Daniel Flaks
Vice-president
Gianluca Palumbo
Eduardo Maggi
Alternate Directors
Fabio Canosa
Vincenzo Ruotolo
Miguel Patricio Farrell
José Luis Marinelli
Senior Management
Francisco Cerar
General Manager
Commercial relations
The Company has no commercial relations with Enel Américas S.A.
Commercial relations
The Company has no commercial relations with Enel Américas S.A.
Shareholding of Enel Américas S.A.
0.05%
SACME S.A.
Company Name
Sacme S.A.
Type of Company
Limited Liability Company
Address
Avda. España 3251
Ciudad Autónoma de Buenos Aires, Argentina
Phone
(5411) 4361 5107
ID number
Cuit 30-65942051-8
Subscribed and paid-in capital (US$ thousands)
0.14
Corporate purpose
The Company´s corporate purpose is to develop, supervise and
control the operation of electricity generation, transmission and
sub-transmission systems of the Federal Capital and Greater Buenos
162162
YACYLEC S.A.
Company Name
Yacylec S.A.
Type of Company
Limited Liability Company
Address
Bartolomé Mitre 797, piso 11º.
Ciudad Autónoma de Buenos Aires, Argentina
Phone
(5411) 4587 4322/4585
ID number
Cuit 30-65840539-6
Subscribed and paid-in capital (US$ thousands)
237.89
Corporate purpose
The Company´s corporate purpose is to construct, operate and
maintain the first electrical link between Yacyretá Hydroelectric
Plant and the Resistencia Transformation Station, and electricity
transmission services, including the exploitation under concession
as an independent carrier.
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information Core activities
Electricity transmission
Regular Directors
Guillermo Osvaldo Díaz
Chairman
Gianfranco Catrini
Vice-president
Marcelo Daniel Meritano
Juan M. Pereyra
Juan Carlos Blanco
Claudio César Weyne Da Cunha
Raffaele Sardella
Luis Juan Bautista Piatti
Claudio César Costantino
Mónica Diskin
Oscar Arturo Quihillalt
Andrés Edgardo Blanco
Alternate Directors
Mateo Nazzari
Matteo Milanesi
Carlos Fernando Bergoglio
Juan José Arena
Nicola Melchiotti
María Victoria Ramírez
Debora Paula Ureta
Dzeno Schio
Sergio Alejandro Vestfrid
Jorge Alberto Lemos
Robert Ortega
Alberto Esteban Verra
Senior management
Sandro Ariel Rollan
General Manager
Commercial relations
The Company has no commercial relations with Enel Américas S.A.
EDESUR Empresa Distribuidora Sur
S.A.
Company Name
Empresa Distribuidora Sur S.A.
Type of Company
Public Limited Company
Address
San José 140 (1076)
Capital Federal, Argentina
Phone
(54 11) 4370 3700
ID number
Cuit 30-65511651-2
Subscribed and paid-in capital (US$ thousands)
10.688,33
Corporate purpose
Electricity distribution and sale and similar operations.
Core activities
Distribution of electricity
Regular Directors
Juan Carlos Blanco
Chairman
Claudio César Weyne Da Cunha
Vice-president
María Alejandra Martínez
Rubén López
Viíctor José Díaz Bobillo
Mónica Diskin
Giovanni Zanchetta
Jaime Barba
Alejandro Martínez
Alternate Directors
Jorge Alberto Lemos
María Victoria Ramírez
Nicola Melchiotti
Andrés Leonardo Vittone
Gonzalo Peres Moore
Hernán Alberto Rey
Leonel Sánchez
Gabriel Grande
Mauricio Barreto
Senior Management
Gianluca Palumbo Fanizzi
General Manager
Commercial relations
The Company has no commercial relations with Enel Américas S.A.
Shareholding of Enel Américas S.A.
6.59%
ENEL ARGENTINA S.A.
Company Name
Enel Argentina S.A.
Type of Company
Public Limited Company
Address
Av. España 3301
Buenos Aires, Argentina
Phone
(5411) 4307 3040
ID number
Cuit 30-65012611-0
Subscribed and paid-in capital (US$ thousands)
27,330.43
Corporate purpose
The Company´s corporate purpose is to invest in companies
dedicated to the production, transmission and distribution of
electricity and its sale, as well as financial activities except those
reserved by law exclusively for banks.
Core activities
Investment company.
Chairman
Nicola Melchiotti
Vice-president
Aurelio R. Bustilho de Oliveira
Regular Director
Juan Carlos Blanco
Alternate Directors
Mónica Diskin
Claudio César Weyne Da Cunha
María Victoria Ramírez
163
Annual Report Enel Américas 2020 Commercial relations
The Company has no commercial relations with Enel Américas S.A.
HIDROINVEST S.A.
Shareholding of Enel Américas S.A.
0.98%
ETA- ENEL TRADING
ARGENTINA S.R.L.
Type of Company
Limited responsibility company
Address
San José 140, piso 6, CABA
Buenos Aires, Argentina
Phone
(5411) 4124-1600
ID number
Cuit 30-69160705-0
Subscribed and paid-in capital (US$ thousands)
166.67
Corporate purpose
The Company´s corporate purpose is the wholesale purchase and
sale of power and electricity produced by third parties and/or to be
consumed by third parties, including imports and exports of power
and electricity and the sale of royalties.
Also, transactions for the sale or purchase of natural gas, and/or
its transport, including imports and/or exports of natural gas and/
or the sale of royalties, as well as the supply and/or development
of related services.
Commercial activities and transactions for the sale or purchase
of liquid fuels and crude oil, and/or lubricants and/or transport of
such elements, including the imports and/or exports of liquid fuels
and the sale of royalties, as well as the supply and/or development
of related services.
The Company may undertake for this purpose all the complementary
and additional activities that are linked to the activities comprising
its corporate purpose.
Core activities
Sale of electrical energy, gas, and derivatives. Computer operations
and/or control services and/or telecommunications.
Regular Directors
Nicola Melchiotti
Claudio César Weyna Da Cunha
Alternate Directors
Mónica Diskin
Fernando Carlos Luis Boggini
Senior Management
Sergio Campos
General Manager
Commercial relations
The Company has no commercial relations with Enel Américas S.A.
Shareholding of Enel Américas S.A.
0.03%
164164
Company Name
Hidroinvest S.A.
Type of Company
Public Limited Company
Address
Avda, España 3301
Buenos Aires, Argentina
Phone
(5411) 4307 3040
ID number
Cuit 30-66325758-3
Subscribed and paid-in capital (US$ thousands)
657.92
Corporate purpose
The Company´s corporate purpose is to acquire and maintain
a majority shareholding
in Hidroeléctrica Alicura S.A. and/
or Hidroeléctrica El Chocón S.A. and/or Hidroeléctrica Cerros
Colorados S.A. ("the concession companies") created by the National
Executive Power decree 287/93 and manage such investments.
Core activities
Investment company
Regular Directors
Nicola Melchiotti
Chairman
Claudio César Weyne Da Cunha
Vice-president
Juan Carlos Blanco
Alternate Directors
Mónica Diskin
Fernando Carlos Luis Boggini
María Victoria Ramírez
Commercial relations
The Company has no commercial relations with Enel Américas S.A.
Shareholding of Enel Américas S.A.
0.88%
DISTRILEC INVERSORA S.A.
Company Name
Distrilec Inversora S.A.
Type of Company
Limited Liability Company
Address
San José 140
Buenos Aires, Argentina
Phone
(54 11) 4370 3700
ID number
Cuit 30-65572599-3
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information Subscribed and paid-in capital (US$ thousands)
5.918,91
Corporate purpose
The Company´s exclusive corporate purpose is to invest capital
in established companies or ones to be established whose main
activity is electricity distribution or which directly or indirectly
participate in companies whose principal activity is electricity
distribution by undertaking all kinds of financial and investment
activities, except for those provided for by laws of financial entities,
the purchase and sale of public and private securities , bonds,
stocks, negotiable bonds and loans, and placing funds in bank
deposits of any kind.
Core activities
Investment company.
Regular Directors
Nicola Melchiotti
Chairman
Guillermo Pablo Reca
Vice-president
Gabriel Grande
Mónica Diskin
Leonel Sánchez
Claudio César Weyne Da Cunha
Andrés L. Vittone
Gonzalo Peres Moore
Víctor J. Díaz Bobillo
Marcelo Suva
Alternate Directors
María Alejandra Martínez
M. Victoria Ramírez
Hernán Alberto Rey
María Florencia De Donatis
Fernando Carlos Luis Boggini
Juan Manuel Pazos
Rubén Vázquez
Rubén López
Patricio Jorge Richards
Leonardo Marinaro
company ventures, collaboration groups,
joint ventures,
consortiums, and any other kind of association, and in general,
to purchase, sell, and negotiate securities, shares and all other
kinds of securities and credit documents in any of the systems or
methods created or to be created.
Core activities
Investment company
Regular Directors
Juan Carlos Blanco
Chairman
Daniel Garrido
Vice-president
Mónica Diskin
Héctor Martín Mandarano
Jorge Esteban Ravlich
Ricardo Castañeda
Alternate Directors
Nicola Melchiotti
Michele Siciliano
Claudio Ceésar Weyne Da Cunha
Patricio Javier Cipollone
Alejandro Aníbal Abayu
Sebastián Torres
Commercial relations
The Company has no commercial relations with Enel Américas S.A.
Shareholding of Enel Américas S.A.
0.05%
CENTRAL VUELTA DE OBLIGADO S.A.
Company Name
Central Vuelta de Obligado S.A.
Type of Company
Limited Liability Company
Commercial relations
The Company has no commercial relations with Enel Américas S.A.
Address
Av. Thomas Edison 2701
Ciudad Autónoma de Buenos Aires, Argentina
Shareholding of Enel Américas S.A.
0.03%
INVERSORA DOCK SUD S.A.
Company Name
Inversora Dock Sud S.A.
Type of Company
Limited Liability Company
Address
Avenida Debenedetti 1636 Dock Sud Avellaneda
Phone
4229-1000
ID number
Cuit 30-68899996-7
Phone
(5411) 5533 0200
ID number
Cuit 30-71190058-2
Subscribed and paid-in capital (US$ thousands)
5.95
Corporate purpose
The Company´s corporate purpose is electricity production and
its wholesale commercialization particularly equipment purchases,
construction, operation, and maintenance of the thermal power
plant known as Vuelta de Obligado complying with "Management
and Operation of Projects, Increase of Thermal Generation
Availability and Generation Compensation Adaptation 2008-2011
Agreement” signed on November 25, 2010 by the National State
and the subscribing generation companies.
Core activities
Construction of a thermal power plant called Vuelta de Obligado.
Subscribed and paid-in capital (US$ thousands)
9,859.96
Corporate purpose
The Company´s corporate purpose is to participate in companies
of any nature, by creating shareholding companies, transitory
Regular Directors
Leonardo Pablo Katz
Chairman
Adrián Gustavo Salvatore
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Annual Report Enel Américas 2020
Vice-president
Daniel Garrido
Mónica Diskin
Alternate Directors
Leonardo Marinaro
Ignacio Villamil
Michele Siciliano
Juan Carlos Blanco
Senior Management
Leonardo Pablo Katz
General Manager
Alternate Directors
Michele Siciliano
Juan Carlos Blanco
Diego Gabriel Baldassarre
Juan Castellanos Mon
Leonardo Marinaro
Leonardo Katz
Luis Agustín León Longombardo
Rodrigo Leonardo García
Sergio Raúl Sánchez
Senior Management
Francisco Monteleone
General Manager
Commercial relations
The Company has no commercial relations with Enel Américas S.A.
Commercial relations
The Company has no commercial relations with Enel Américas S.A.
TERMOELÉCTRICA MANUEL
BELGRANO S.A.
Company Name
Termoeléctrica Manuel Belgrano S.A.
Type of Company
Public Limited Company
TERMOELÉCTRICA JOSÉ DE SAN
MARTÍN S.A.
Company Name
Termoeléctrica José de San Martín S.A.
Type of Company
Public Limited Company
Address
Azopardo 1487, Ciudad Autónoma de Buenos Aires, Argentina
Address
Maipú 757, Piso 9° Ciudad Autónoma de Buenos Aires, Argentina
Phone
011 3221-7950
ID number
Cuit 30-70950490-4
Phone
(54 11) 4117-1011/1041
ID number
Cuit 30-70950877-2
Subscribed and paid-in capital (US$ thousands)
5.95
Corporate purpose
The Company´s corporate purpose is electricity generation and
its wholesale, and particularly the management of equipment,
construction, operation, and maintenance of a thermal plant
as established in the “Final agreement for the management and
operation of projects for the re-adaptation of the MEM pursuant
to Resolution SE No. 1427/2004, approved by Resolution SE No.
1193/2005.
Core activities
Electricity generation. Management services
(purchase of
equipment, construction, operation, and maintenance of a
thermal power plant)
Subscribed and paid-in capital (US$ thousands)
5.95
Corporate purpose
The Company´s corporate purpose is electricity generation and
its wholesale, and particularly the management of equipment,
construction, operation, and maintenance of a thermal plant
as established in the “Final agreement for the management and
operation of projects for the re-adaptation of the MEM pursuant
to Resolution SE No. 1427/2004, approved by Resolution SE No.
1193/2005.
Core activities
(purchase of
Electricity generation. Management services
equipment, construction, operation, and maintenance of a
thermal power plant).
Regular Directors
Daniel Garrido
Chairman
Mónica Diskin
Vice-president
Julián Mc Loughlin
Guillermo Giraudo
Adrián Gustavo Salvatore
Gabriel Ures
Gerardo Carlos Paz
Rubén Turienzo
José Manuel Tierno
166166
Regular Directors
Jorge Rauber
Chairman
Adrián Salvatore
Vice-president
Daniel Garrido
Mónica Diskin
Guillermo Giraudo
Julián Mc Loughlin
José Manuel Tierno
Gerardo Carlos Paz
Ruben Turienzo
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information Alternate Directors:
Leonardo Katz
Leonardo Marinaro
Juan Carlos Blanco
Michele Siciliano
Diego Gabriel Baldassarre
Juan Castellanos Mon
Sergio Raúl Sánchez
Luis Agustín León Longombardo
Rodrigo Leonardo García
Senior Management
Fernando Rabita
General Manager
Commercial relations
The Company has no commercial relations with Enel Américas S.A.
Commercial relations:
The Company has no commercial relations with Enel Américas S.A.
Shareholding of Enel Américas S.A.
1.22%
ENEL GENERACIÓN FORTALEZA S.A.
Company Name
CGTF - Central Geradora Termeléctrica Fortaleza S.A.
Type of Company
Privately Held Corporation
Address
Rodovia 422, Km 1 s/n,
Complexo Industrial e Portuário de Pecém Caucaia, Ceará, Brasil
BRAZIL
ENEL GREEN POWER CACHOEIRA
DOURADA S.A.
Phone
(55 85) 3464-4100
ID number
Cnpj 04.659.917/0001-53
Company Name
Enel Green Power Cachoeira Dourada S.A.
Type of Company
Privately Held Corporation
Address
Rodovia GO 206, Km 0, Cachoeira Dourada Goiânia
Goiás, Brasil
Phone
(55 62) 3434 9000
ID number
Cnpj 01.672.223/0001-68
Subscribed and paid-in capital (US$ thousands)
12,386.81
Corporate purpose
The Company´s corporate purpose is to undertake studies,
planning, construction, installation, operation and exploitation
of electricity generation plants, and the trade related to these
activities. The Company may also promote or participate in other
companies whose purpose is electricity generation in or out of the
Sate of Goiás.
Core activities
Electricity generation
Regular Directors
Nicola Cotugno
Francesco Tutoli
Anna Paula Pacheco
Senior Management
Fabio Destefani Campos
Interim Manager
Raffaele Enrico Grandi
Javier Florencio Alonso Pérez
Janaina Savino Vilella Carro
Alain Rosolino
Ana Claudia Gonçalves Rebello
José Nunes de Almeida Neto
Anna Paula Hiotte Pacheco
Margot Frota Cohn Pires
Subscribed and paid-in capital (US$ thousands)
29,250.92
Corporate purpose
The Company´s corporate purpose is to study, plan, construct and
explore electricity production, transmission, distribution and trading
systems, awarded, permitted or authorized under any legal title, as
well as any other action related to the aforementioned activities;
acquire, obtain and explore any right, concession or privilege related
to the aforementioned activities, as well as the practice of all other
activities and businesses necessary to achieve its purpose; and
participate in the shareholding of other companies, as shareholder,
partner or participant,, whatever the purpose.
Core activities
Electricity generation
Board of Directors: (N/A)
Senior Management
Raffaele Grandi
Pedro Werbest Alves Silva
Alain Rosolino
Ana Claudia Gonçalves Rebello
Anna Paula Hiotte Pacheco
Commercial relations:
The Company has no commercial relations with Enel Américas S.A.
Shareholding of Enel Américas S.A.
1.29%
ENEL GREEN POWER VOLTA GRANDE
S.A (formerly ENEL GREEN POWER
PROJETOS I S.A)
Company Name
Enel Green Power Volta Grande S.A
Type of Company
Limited Liability Company.
Address
Praça Leoni Ramos, nº 1, 5º andar - parte, bloco 1, São Domingos.
Niterói, Rio de Janeiro.
167
Annual Report Enel Américas 2020 Phone
(21) 2716-1100
ID number
Cnpj 25.176.391/0001-20
Subscribed and paid-in capital (US$ thousands)
108,920.18
Corporate purpose
The Company´s corporate purpose is to generate electricity as
granted, allowed, and authorized by the Granting Authority. The
Company may also trade energy in any form and in any market. It
may also market energy in any modality and in any market.
Core activities
Electricity generation
Company without a Board of Directors
Senior Management:
Fabio Destefani Campos
Margot Frota Cohn
Company without a Board of Directors
Senior Management
Leandro Marins de Abreu
Commercial relations:
The Company has no commercial relations with Enel Américas S.A.
Shareholding of Enel Américas S.A.
0.14%
ENEL CIEN S.A.
Company Name
Enel Cien S.A.
Type of Company
Privately Held Corporation
Address
Praça Leoni Ramos, N° 1, piso 6, Bloco 2, São
Domingos, Niterói
Rio de Janeiro, Brasil
Commercial relations:
The Company has no commercial relations with Enel Américas S.A.
Shareholding of Enel Américas S.A.
1.27%
Phone
(55 21) 3607 9500
ID number
Cnpj 01.983.856/0001-97
CENTRAL GENERADORA
FOTOVOLTAICA SÃO FRANCISCO
LTDA
Company Name
Central Generadora Fotovoltaiva São Fransico Ltda.
Type of Company
Limited company incorporated according to the laws of the
Republic of Brazil
Address
Praça Leoni Ramos nº 01
Parte, São Domingos, Niterói, Rio de Janeiro, Brasil.
Subscribed and paid-in capital (US$ thousands)
54,877.27
Corporate purpose
The Company´s corporate purpose is to participate in the
production,
industrialization, distribution, and marketing of
electricity, including importing and exporting activities. To achieve
its purpose, the Company may promote the study, planning
and construction of the facilities related to energy production,
transmission, conversion, and distribution systems, making and
capturing the necessary investments for the development of the
works aimed at providing such services. The Company may also
promote the implementation of associated projects, such as
activities inherent, additional, or complementary to the Company´s
services and work. To achieve its purpose, The Company may
participate in other companies.
Phone
(55 21) 2613 7000
ID number
Cnpj 19.650.094/0001-72
Subscribed and paid-in capital (US$ thousands)
10,303.90
Corporate purpose
The Company´s corporate purpose is to rent and manage
equipment to produce solar energy as well as energy efficiency,
electrical infrastructure, and others in addition to operating and
maintaining the above-mentioned assets.
Core activities
Rental and management of equipment used to produce solar
energy as well as energy efficiency, electrical infrastructure,
and others in addition to operating and maintaining the above-
mentioned assets.
168168
Core activities
Electricity transmission
Company without a Board of Directors
Senior Management
Guilherme Lencastre
General Manager
Raffaele Grandi
Anna Paula Hiotte Pacheco
Alain Rosolino
José Nunes de Almeida Neto
Janaina Savino Vilella Carro
Margot Frota Cohn Pires
Commercial relations:
The Company has no commercial relations with Enel Américas S.A.
Shareholding of Enel Américas S.A.
1.44%
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information ENEL DISTRIBUCIÓN RÍO S.A.
AMPLA ENERGÍA (Ampla Energía e Serviços S.A.)
ENEL DISTRIBUCIÓN SÃO PAULO S.A.
Company Name
Ampla Energia e Serviços S.A.
Type of Company
Public Limited Company
Address
Praça Leoni Ramos, N° 01, São Domingos, Niteroi
Rio deJaneiro, Brasil
Phone
(55 21) 2613 7000
ID number
Cnpj 33.050.071/0001-58
Company Name
Eletropaulo Metropolitana Eletricidade de São Paulo S.A.
Type of Company
Public Limited Company
Address
Avenida Dr. Marcos Penteado de Ulhôa Rodrigues, nº 939, lojas
1 e 2 (térreo) e 1º ao 7º andar, Bairro Sítio Tamboré, Torre II do
Condomínio Castelo Branco Office Park, Barueri, São Paulo
Phone
(21) 2716-1113
ID number
Cnpj 61.695.227/0001-93
Subscribed and paid-in capital (US$ thousands)
480,963.40
Subscribed and paid-in capital (US$ thousands)
592,875.17
Corporate purpose
The Company´s corporate purpose is to study, plan, build and
explore electricity production, transmission, transformation,
distribution, and trading systems as well as provide related
services that have been or may be granted in the future; conduct
research in the energy sector; participate in regional, national and
international organizations in the electricity sector and participate
in other companies related to the energy sector as a shareholder,
including in privatization programs in Brazil.
Core activities
Electricity distribution.
Regular Directors
Mario Fernando de Melo Santos
Nicola Cotugno
Márcia Sandra Roque Vieira Silva
Guilherme Gomes Lencastre
Anna Paula Hiotte Pacheco Otacilio de Souza Junior
Corporate purpose
The Company´s corporate purpose is to: exploit public energy
services, mainly electricity services, in the areas established in the
Concession Contract and in others where, under applicable law, it
is authorized to act, study, develop, design, undertake, explore or
transfer research and development plans and programs related to
any type or form of energy; participate in electricity distribution
and trade in electricity distribution and sale; supply technical
services for the operation, maintenance and planning of third-party
electrical installations; provide services for optimizing consumers´
energy processes and electrical installations; onerous transfer of
right of way passage tracks of exploitable lines and land areas of
plants and deposits. Other public or private services, including
IT services through the operation of infrastructure, to produce
additional alternative revenue; contribute to the preservation
of the environment, as well as participate in community interest
social programs; participate in ventures that permit to make use of
real estate assets; and participate in other companies as a partner,
part owner or shareholder.
Alternate Directors
Alain Rosolino
José Nunes de Almeida Neto
Michelle Rodrigues Nogueira
Márcia Massotti de Carvalho
Cristine de Magalhães Marcondes
Luiz Carlos Franco Campos
Senior Management
Artur Manuel Tavares Resende
Chairman
Julia Freitas de Alcântara Nunes
Alain Rosolino
Raffaele Grandi
José Nunes de Almeida Neto
Janaina Savino Vilella Carro
Anna Paula Hiotte Pacheco
Cristine de Magalhães Marcondes
Margot Frota Cohn Pires
Marcia Sandra Roque Vieira Silva
Commercial relations:
The Company has no commercial relations with Enel Américas S.A.
Shareholding of Enel Américas S.A.
6.60%
Core activities
Electricity distribution.
Directors
Mario Fernando Melo Santos
Britaldo Pedrosa Soares
Nicola Cotugno
Aurelio Ricardo Bustilho de Oliveira
Guilherme Gomes Lancastre
Marcia Sandra Roque Vieira Silva
Regina Lucia Strepeckes
Senior Management
Max Xavier Lins
Rosario Zaccaria
Marcia Massotti de Carvalho
Flavia da Silva Baraúna
Janaína Savino Vilella Carro
Anna Paula Hiotte Pacheco
Marcia Sandra Roque Vieira Silva
Margot Frota Cohn Pires
José Nunes de Almeida Neto
Raffaele Enrico Grandi
Alain Rosolino
Commercial relations:
The Company has no commercial relations with Enel Américas S.A.
Shareholding of Enel Américas S.A.
11.65%
169
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ENEL DISTRIBUCIÓN GOIÁS S.A.
CELG DISTRIBUIÇÃO S.A. - CELG-D
Company Name
CELG DISTRIBUIÇÃO S.A. - CELG-D
Type of Company
Public Limited Company
Address
Rua 2, Quadra A-37, nº 505, Jardim Goiás, Goiânia, Goiás.
Phone
(62) 3243 1771
ID number
Cnpj 01.543.032/0001-04
Subscribed and paid-in capital (US$ thousands)
977,178.08
Corporate purpose
The Company´s corporate purpose is to explore electricity
distribution technically and commercially.
Core activities
Electricity distribution.
Regular Directors
Mario Fernando de Melo Santos
Chairman
Nicola Cotugno
Vice-president
Cristine de Magalhães Marcondes
Guilherme Gomes Lencastre
Aurelio Ricardo Bustilho de Oliveira
Márcia Sandra Roque Vieira Silva
Senior Management
Jose Luis Salas Rincón
Marcia Sandra Roque Vieira Silva
Michelle Rodrigues Nogueira
Cristine de Magalhães Marcondes
Alain Rosolino
Flavia da Silva Baraúna
Rosana Rodrigues dos Santos
Margot Frota Cohn Pires
Commercial relations
The Company has no commercial relations with Enel Américas S.A.
Shareholding of Enel Américas S.A.
10.78%
ENEL DISTRIBUCIÓN CEARÁ S.A.
COELCE (Companhia Energética do Ceará S.A.)
Company Name
Companhia Energética do Ceará
Type of Company
Public Limited Company
Address
Rua Padre Valdevino, 150 - Centro
Fortaleza, Ceará, Brasil
170170
Phone
(55 85) 3453-4082
ID number
Cnpj 07.047.251/0001-70
Subscribed and paid-in capital (US$ thousands)
171,776.83
of
distribution
is
trading
Corporate purpose
the production,
The Company´s corporate purpose
transmission,
electricity,
and
implementation of correlated services as granted or authorized
and the development of activities associated with services, such
as related commercial activities.
It may also undertake studies, planning, projects, construction and
operation of energy production, transformation, transport and
storage, distribution and trading systems of any origin or nature,
in the form of concessions, authorizations and permits granted
to them under the jurisdiction in the territorial area of the State
of Ceará, and other areas defined by the granting authority. The
company may also carry out studies, projects and implementation
of plans and program to research and develop new energy
sources, in particular renewables and the study, development,
and implementation, in the energy sector, of economic and social
development plans and programs in the regions of the company´s
and community´s interest.
Finally, it may undertake other activities necessary to achieve the
Company´s corporate purpose, as well as the participation in the
share capital of other companies in Brazil or abroad, the purposes
of which are the exploitation of public electricity services,
including those related to production, generation, transmission,
and distribution.
Core activity
Distribution and sale of electricity and related services in the State
of Ceará, Brazil
Regular Directors
Mário Fernando de Melo Santos
Chairman
Nicola Cotugno
Vice-president
Teobaldo José Cavalcante Leal
Guilherme Gomes Lencastre
Cristine de Magalhães Marcondes
Francisco Honório Pinheiro Alves
Fernando Augusto Macedo de Melo
João Francisco Landim Tavare
Alternate Directors
Alain Rosolino
José Nunes de Almeida Neto
Márcia Massotti de Carvalho
Monica Hodor
Maria Eduarda Fischer Alcure
Michelle Rodrigues Nogueira
Dilma Maria Toledo
Artur Teixeira Neto
Senior Management
Charles de Capdeville
General Manager
Eduardo Gomes de Paula
José Távora Batista
Teobaldo José Cavalcante Leal
Alain Rosolino
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information José Nunes de Almeida Neto
Janaina Savino Vilella Carro
Luiz Antônio Corre Gazulha Junior
Margot Frota Cohn Pires
Cristine de Magalhães Marcondes
Márcia Sandra Roque Vieira Silva
Cristine de Magalhães Marcondes
Bruno Franco Cecchetti
Commercial relations:
The Company has no commercial relations with Enel Américas S.A.
Commercial relations
The Company has no commercial relations with Enel Américas S.A.
Shareholding of Enel Américas S.A.
41.85%
Shareholding of Enel Américas S.A.
4.54%
ENEL BRASIL S.A.
Company Name
Enel Brasil S.A.
Type of Company
Privately Held Corporation
Address
Praça Leoni Ramos, N°1, 7° andar, bloco 2
Parte, Niterói, Rio de Janeiro, Brasil
Phone
(5521) 3607 9500
ID number
Cnpj 07.523.555/0001-67
Subscribed and paid-in capital (US$ thousands)
3,772,913.79
Corporate purpose
The Company´s corporate purpose is to participate in the
shareholding of other companies, in any segment of the electricity
or gas sectors, including commercial companies or the supply
of services to companies operating in those sectors, in Brazil or
abroad; the supply of transmission, distribution, generation or
marketing services for electricity and related activities, as well
as imports, exports and trading of natural gas in any physical
condition for own or third-party use; and to participate, individually
or through joint ventures, company, consortium or other similar
forms of partnership, in tenders, projects and ventures for the
development of the services and activities mentioned above.
Core activities
Investment company.
Regular Directors
Mario Fernando de Melo Santos
Chairman
Antonio Basilio Pires de Carvalho e Albuquerque
Vice-president
Aurelio Ricardo Bustilho de Oliveira
Senior Management
Nicola Cotugno
General Manager
Raffaele Grandi
Antonio Basilio Pires de Carvalho e Albuquerque
Alain Rosolino
Anna Paula Hiotte Pacheco
José Nunes de Almeida Neto
Janaina Savino Vilella Carro
Flávia da Silva Baraúna
Margot Frota Cohn Pires
Márcia Massotti de Carvalho
Guilherme Gomes Lencastre
ENEL X BRASIL S.A (formerly ENEL
SOLUÇÕES S.A.)
Company Name
Enel X Brasil S.A.
Type of Company
Limited Liability Company incorporated under the law of the
Federal Republic of Brazil
Address
Praça Leoni Ramos nº 01
Parte, São Domingos, Niterói, Rio de Janeiro, Brasil.
Phone
(55 21) 2613 7000
ID number
Cnpj 08.438.725/0001-78
Subscribed and paid-in capital (US$ thousands)
36,141.30
Corporate purpose
The Company´s corporate purpose is to participate in the
shareholding capital of other companies, in Brazil or abroad,
production, industrialization, assembly and trade in general,
including import and export activities, for own or third-party
trading of various products, and services in general for the
electricity sector and others.
Core activities
General services for the electrical energy sector and others.
Company without a Board of Directors
Senior Management:
Carolina Farinas Pinheiro
Carlos Eduardo Cardoso de Souza
Commercial relations:
The Company has no commercial relations with Enel Américas S.A.
Shareholding of Enel Américas S.A.
0.20%
ENEL TECNOLOGIA DE REDES S.A
(Formerly ENEL BRASIL INVESTIMENTOS SUDESTE 82 S.A)
Company Name
Enel Brasil Tecnologia de Redes S.A
Type of Company
Limited Liability Company.
Address
Praça Leoni Ramos, nº 1, 7º andar, bloco 2, São Domingos.
Niterói, Rio de Janeiro.
171
Annual Report Enel Américas 2020 Phone
(21) 2716-1138
ID number
Cnpj 30.156.611/0001-94
Subscribed and paid-in capital (US$ thousands)
0.19
Corporate purpose
The Company’s corporate purpose is to plan, develop and
implement energy generation, distribution, transmission or /
or marketing activities. In addition, the shareholding of other
companies operating or established to operate in the electricity
generation, distribution, transmission and/or marketing segments
as a shareholder; distribute appliances,
instruments and
equipment for electricity distribution, measure and control and
sell devices to measure, distribute and control energy.
Core activities
Distribution of appliances, instruments and equipment for the
distribution, measurement and control of energy and trading of
devices to measure, distribute and control energy.
Company without a Board of Directors
Senior Management
Guilherme Gomes Lencastre
Bruno Franco Cecchetti
Commercial relations
The Company has no commercial relations with Enel Américas S.A.
ENEL TRADING BRASIL S.A
(Formerly ENEL BRASIL INVESTIMENTOS NORDESTE 86 S.A)
Company Name
Enel Trading Brasil S.A
Type of Company
Limited Liability Company.
Address
Praça Leoni Ramos, nº 1, 7º andar, bloco 2, São Domingos.
Niterói, Rio de Janeiro.
Phone
(21) 2716-1138
ID number
Cnpj 30.248.458/0001-25
Senior Management
Javier Florencio Alonso Pérez
General Manager
Francesco Tutoli
Commercial relations
The Company has no commercial relations with Enel Américas S.A.
LUZ DE ANGRA ENERGIA S.A.
Company Name
Luz de Angra Energia S.A.
Type of Company
Limited Liability Company.
Address
Praça Leoni Ramos, nº 1, Parte, São Domingos.
Niterói, Rio de Janeiro.
Phone
(55 21) 2613 7000
ID number
Cnpj 38.661.234/0001-52
Subscribed and paid-in capital (US$ thousands)
743.97
Corporate purpose
The Company´s corporate purpose is to undertake works and
services for public lighting systems, including the implementation,
installation,
recovery, modernization, efficiency, expansion,
operation, maintenance, and improvement of public lighting
networks, under the terms of the Concession Contract to be
signed with the Municipality of Angra dos Reis, according to Public
Competition No. 004/2020, published on March 6, 2020.
Core activities
Undertake works and services related to public lighting systems.
Company without a Board of Directors
Senior Management:
Carlos Eduardo Cardoso de Souza
General Manager
Rogério Mohallem
Commercial relations
The Company has no commercial relations with Enel Américas S.A.
Subscribed and paid-in capital (US$ thousands)
190.79
Corporate purpose
The Company´s corporate purpose is the wholesale and retail
trading of energy and other unspecified products, import and
export activities, management activities, as well as related products
and services, and participation in other companies.
ENEL URUGUAY S.A.
(Formerly NUXER TRADING S.A.)
Company Name
Enel Uruguay S.A
Type of Company
Limited Liability Company.
Core activities
Electricity generation
Company without a Board of Directors
172172
Address
Avenida Luis Alberto de Herrera, n. 1248, Torre II, Piso 15, OF 11300,
Montevideo, Uruguay.
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information Phone
N/A
ID number
Rut 21.823.444.001-0
Capital suscrito y pagado (US$ Thousands)
0.69
Corporate purpose
The Company´s corporate purpose is to (a) industrialize and
market, in all its forms, goods, leases of goods, works and services
in the areas of : food, household and office items, automotive,
bar, bazaar, rubber, communication, construction, cosmetics,
leathers, sports, publishing, electronics, electrotechnical, teaching,
shows, pharmacy, hardware store, photography, hotel, printing,
computer science, jewelry, toys, wool, laundry, bookstore, cleaning,
wood, machines, maritime , mechanics, metallurgy, mining, music,
engineering works, optics, paper, perfumery, fishing, plastic,
press, advertising, chemistry, professional services, technical and
administrative services, tobacco, television, textile, transport,
tourism, securities, clothing, veterinary, glass; (b) imports, exports,
representations, commissions and appropriations; (c) purchase,
sale, lease, administration, construction and all kinds of real estate
transactions; (d) agricultural exploitation, afforestation, fruit farming,
citriculture and similar; (e) participation, incorporation or acquisition
of companies operating in the afore-mentioned sectors.
Core activities
All the activities named above.
Company without a Board of Directors
Senior Management
Jorge Manuel Cernadas Rivarola
Commercial relations
The Company has no commercial relations with Enel Américas S.A.
may develop its corporate purpose carrying out all activities related
to the exploration, development, research, exploitation, marketing,
storage, commercialization, transport and distribution of minerals
and stone material, as well as the administrative, operational and
technical management related to the production of minerals and
the exploration and exploitation of deposits in the Republic of
Colombia, including the purchase, sale, rental, distribution, import
and export of raw materials, elements, machinery, and equipment
for the mining sector; the imports of liquid petroleum-derived
fuels for energy generation, as well as the imports of natural gas
for energy generation and//or its commercialization. Likewise,
the Company may promote and establish ventures or agencies
in Colombia and abroad; acquire under any legal title all kinds of
personal and real estate assets, lease, transfer and offer then in
guarantee; exploit trademarks, trade names, patents, inventions
or any other incorporating property; participate in public and
private tenders; enter into and complete all kinds of contracts
and acts, whether civil, labor,-related,commercial or financial
or of any nature that are necessary, convenient or appropriate
to reach the Company´s purpose, including participation in
markets of financial derivatives of energy commodities; sell any
product or by-product derived from the operation of generation
plants different from electricity as well as any other product that
has as any component as stated above; offer, or receive from,
its shareholders, parent, subsidiary, and third-party money in
mutual loans; withdraw, accept, borrow, collect and pay all kinds
of securities, negotiable instruments, shares, executive securities
and so on; enter into partnership contracts or acquire shares in
companies and participate as a partner in other utilities; split from
and merge with other companies whose corporate purpose is
similar to the Company´s; take on any associative form or business
collaboration with natural and legal persons, national or foreign, to
carry out related, connected or complementary activities to the
Company´s corporate purpose.
Core activities
Generation and sale of electricity and fuel gas sales.
Colombia
EMGESA S.A. E.S.P.
Company Name
Emgesa S.A. E.S.P.
Type of Company
Private Commercial Corporation.
Public Utilities Company
Address
Carrera 11 N°82-76, piso 4
Bogotá, D.C. Colombia
ID number
Nit 860.063.875-8
Subscribed and paid-in capital (US$ Thousands)
191,473.48
Corporate purpose
The main purpose of Emgesa is to generate and commercialize
electricity under Law No. 143 of 1994 and its regulations that
govern, are added, modify or annul them and all kinds of direct
and indirect activities complementary or auxiliary to the fuel gas
marketing business, taking the necessary actions to preserve the
environment and good relations with the community in the area of
influence of the company´s projects; also carry out works, designs
and consulting services in electrical engineering and market
products for the benefit of its customers. Likewise, the company
Regular Directors
Andrés Caldas Rico
Lucio Rubio Díaz
José Antonio Vargas Lleras
Luisa Fernanda Lafaurie Rivera
Juan Ricardo Ortega López
Álvaro Villasante Losada
Martha Veleño Quintero
Alternate Directors
Diana Marcela Jiménez Rodríguez
Fernando Javier Gutiérrez Medina
Michele Di Murro
Óscar Sánchez Arévalo
Andrés Baracaldo Sarmiento
Felipe Castilla Canales
Luis Javier Castro Lachner
Senior Management
Marco Fragale
General Manager
Marco Fragale
Power Generation Manager
Andrés Caldas Rico
Legal and Corporate Affairs Manager
Fernando Javier Gutiérrez Medina
Energy Administration Manager
Michele Di Murro
Administration, Finance and Control Manager
María Celina Restrepo Santamaría
Communications Manager
Rafael Carbonell Blanco
Human Resources and Organization Manager
Diana Marcela Jiménez Rodríguez
173
Annual Report Enel Américas 2020 Regulations and Institutional Relations Manager
Luis Alejandro Díaz
Audit Manager
Raúl Fernando Vacca Ramírez
Procurement Manager
Ana Patricia Delgado Meza
Digital Solutions Manager
Ana Lucía Moreno Moreno
General Services and Security Manager
Gian Paolo Daguer
Sustainability Manager
Commercial relations
The Company has no commercial relations with Enel Américas S.A.
incorporative property provided they are related to the Company´s
main purpose; withdraw, accept, borrow, collect and pay all kinds
of securities, negotiable instruments, shares, executive securities
and so on; participate in public and private tenders; offer to, or
receive from the shareholders, parent, subsidiaries, and third
parties money in mutual loans; enter into insurance, transportation,
contracts, joint accounts, contracts with banks and/or financial
institutions. Similarly, it may participate as a banking and insurance
correspondent for the benefit of our clients and third parties in
conjunction with financial institutions.
Core activities
Electricity distribution and sale of energy.
Shareholding of Enel Américas S.A.
6,82%
CODENSA S.A. E.S.P.
Company Name
CODENSA S.A. E.S.P.
Type of Company
Private Commercial Corporation.
Public Utilities Company
Address
Carrera 13 A No. 93-66
Bogotá D.C, Colombia
Phone
(57 1) 601 6060
ID number
Nit 830.037.248-0
Subscribed and paid-in capital (US$ thousands)
3,941.00
Corporate purpose
The Company´s corporate purpose
is the distribution and
marketing of electricity, as well as undertaking all kinds of activities
related, complementary or additional to the distribution and
marketing of energy, carrying out works, designs and consulting
services in electrical engineering and the marketing of products
for the benefit of its customers and third parties. The company
may also carry out other activities related to the supply of public
services in general, manage and operate other Utilities Companies,
enter into and complete special management contracts with other
Public Service Companies and sell or provide goods or services to
other economic operators in and outside the country related to
public services. The Company may also participate as a partner or
shareholder in other companies including credit institutions; other
utility companies, directly, or partnering with or in a consortium
with others. While developing the main purpose as stated above,
the Company may promote and establish ventures or agencies
in Colombia or abroad; acquire under any legal title all kinds of
personal and real estate property, lease, transfer, tax and offer
them in guarantee; undertake any form of associative or business
collaboration with natural or legal persons to carry out activities
related, linked and complementary to their Corporate purpose;
exploit trademarks, trade names, patents, inventions or any other
174174
Regular Directors
Andrés Caldas Rico
José Antonio Vargas Lleras
Lucio Rubio Díaz
Andrés Baracaldo Sarmiento
Juan Ricardo Sarmiento
Luis Javier Castro Lachner
Andrés López Valderrama
Alternate Directors
Carlos Mario Restrepo
Leonardo López Vergara
Michele Di Murro
Fredy Antonio Zuleta Dávila
Felipe Castilla Canales
Martha Veleño Quintero
Mario Antonio Cajiao Pedraza
Senior Management
Francesco Bertoli
General Manager
Francesco Bertoli
Infrastrucure and Networks Manager
Andrés Caldas Rico
Legal and Corporate Affairs Manager
Carlos Mario Restrepo
Enel X Manager
Michele Di Murro
Administration, Finance and Control Manager
María Celina Restrepo Santamaría
Communication Manager
Rafael Carbonell Blanco
Human Resources and Organization Manager
Diana Marcela Jiménez
Regulations and Institutional Relations Manager
Luis Alejandro Díaz
Audit Manager
Raúl Fernando Vacca Ramírez
Procurement Manager
Ana Patricia Delgado Meza
Digital Solutions Manager
Ana Lucía Moreno Moreno
General Services and Security Manager
Gian Paolo Daguer
Sustainability Manager
Commercial relations
The Company has no commercial relations with Enel Américas S.A.
Shareholding of Enel Américas S.A.
4.48%
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information ENEL X COLOMBIA S.A.S.
Company Name
Enel X Colombia S.A.S.
Type of Company
Simplified Joint Stock Company
Address
Carrera 13 A No. 93-,66, piso 2
Bogotá, D.C. Colombia
ID number
Nit 901.176.579-6
Subscribed and paid-in capital (US$ thousands)
1,461.13
Corporate purpose
The Company´s corporate purpose is to carry out any legal
commercial or civil activity. In particular, The company may :
a) Implement public lighting projects to modernize, manage,
operate and maintain, expansions, teleprocessing, collection
of inventories, photometric designs, auditing, among others;
under the different contract modalities with the state such as
concessions, individually or jointly building strategic alliances;
b) develop electricity engineering projects of low, medium and
high voltage, special lighting projects, architectural illumination
and Christmas lighting, energy storage projects and renewable
energies through the participation in public and private tender
processes, enter into contracts with government entities or
companies, of mixed economies or fully private; c) design, develop,
maintain, build all types of electric installations in industrial and/
or commercial areas and/or free zones. d) commercialize electric
materials, provide basic and detailed conceptual engineering
services, such as advisory services, studies, auditing and project
supervision; development and sale of renewable energy projects,
energy intelligence software, operation and maintenance of
public service systems; e) develop and implement new products
and services related to public and private sectors need, through
the following: 1) use of existing public lighting infrastructure
to leverage innovation and technology projects (Smart Cities);
2) urban development projects such as the installation and
maintenance of traffic lights, traffic signals, bus stops, advertising
and parks among other urban spaces. 3) implementation of energy
as a service model, respond to the demand, increase reliability of
industrial users in the country; f) carry out every legal action and
operation required for the development of the company’s purpose;
g) acquire and develop goods of any nature, either movable or
immovable properties, corporeal or incorporeal, required for the
development of the Company´s businesses; h) sell, lease, tax
and manage the Company´s assets; i) issue, withdraw, accept,
endorse, insure, deduct, and in general negotiate, securities or
any kind of individual or collective loans; j) enter into any kind of
public or private contracts; k) become part of , as permitted by
law and by-laws, other companies, to expand or supplement the
Company’s purpose, either by subscribing or acquiring quotas or
shares to remain part of or merge with them; l) enter into contracts
to participate, either actively or passively, in consortia, temporary
companies, joint ventures and any other legal way of business
collaboration; m) enter into or implement, in general, any action or
contract required to develop the Company’s corporate purpose.
Regular Directors
Lucio Rubio Díaz
Carlos Mario Restrepo Molina
Michele Di Murro
Alternate Directors
Andrés Caldas Rico
Diego Rolando Valderrama
Cecilia Inés del Toro
Senior Management
Carlos Mario Molina
General Manager
Diego Rolando Valderrama
First Replacement Manager
Cecilia Inés del Toro
Second Replacement Manager
Commercial relations
The Company has no commercial relations with Enel Américas S.A.
Shareholding of Enel Américas S.A.
0.02%
SOCIEDAD PORTUARIA CENTRAL
CARTAGENA S.A.
Company Name
Sociedad Portuaria Central Cartagena S.A.
Type of Company
Public Limited Company
Address
Carrera 13 A No. 93-,66, piso 2
Bogotá, D.C. Colombia
ID number
Nit 900.325.249-7
Subscribed and paid-in capital (US$ thousands)
26.22
Corporate purpose
The company’s main purpose is to invest, construct, and maintain
docks and private and public ports, their management and
operations and the development and operation of multipurpose
ports pursuant to current laws, among others.
Regular Directors
Marco Fragale
Lorena Rojas
Fernando Javier Gutiérrez Medina
Alternate Directors
Gustavo Gómez
Francesco Cirillo
José Arturo López
Senior Management
Gustavo Gómez Cerón
General Manager
Herwin Marcos Villamil
First Replacment Manager
José Arturo López Rodriguez
Second Replacement Manager
Commercial relations
The Company has no commercial relations with Enel Américas S.A.
Shareholding of Enel Américas S.A.
0.02%
175
Annual Report Enel Américas 2020 INVERSORA CODENSA S.A.S.
BOGOTÁ ZE S.A.S
Company Name
Inversora Codensa S.A.S.
Type of Company
Simplified Joint Stock Company
Address
Carrera 13 No. 93-66
Bogotá, Colombia
Phone
(571) 601 6060
ID number
Nit 900.351.013-6
Company Name
BOGOTÁ ZE S.A.S.
Type of Company
Simplified Joint Stock Company
Address
Carrera 13 A No. 93-66
Bogotá D.C, Colombia
Phone
(57 1) 601 6060
ID number
Nit 901.423.472-7
Subscribed and paid-in capital (US$ thousands)
1.46
Subscribed and paid-in capital (US$ thousands)
0.29
Corporate purpose
The Company´s corporate purpose
In
particular, the company may undertake any activities related to
electrical and sustainable mobility in Colombia and abroad. It may
also participate in public or private tenders.
legal activity.
is any
Core activities
Electromobility
Senior Management
Carlos Mario Restrepo
General Manager
Diego Rolando Valderrama
Replacement Manager
Commercial relations
The Company has no commercial relations with Enel Américas S.A.
Corporate purpose
The Company´s corporate purpose is to invest in in residential
public electric utility services, especially the acquisition of shares
in any public electric utility company or in any other company that
also invests in utilities whose main purpose is residential electrical
energy services under Law 142 of 1994, or in any other company
that invests in utilities whose main purpose is residential public
electric utility services.
Core activities
Investment company.
Senior Management
David Felipe Acosta Correa
Manager
Leonardo López Vergara
First Replacement Manager
Juan Manuel Pardo Gómez
Second Replacement Manager
Commercial relations
The Company has no commercial relations with Enel Américas S.A.
176176
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information Perú
ENEL GENERACIÓN PERÚ S.A.
Company Name
Enel Generación Perú S.A.A.
Type of Company
Public Limited Company
Address
Calle César López Rojas N° 201, urbanización Maranga, San Miguel
Lima, Perú (cambio Address memo 2015)
ID number
Ruc 20330791412
Subscribed and paid-in capital (US$ thousands)
756,173.99
Corporate purpose
In general, activities related to electricity generation. It may
also carry out activities of any other kind that are related to the
Company´s main corporate purpose.
Core activities
Electricity generation
Directors
José Manuel Revuelta Mediavilla
Chairman
Guillermo Martín Lozada Pozo
Vice-president
Daniel Abramovich Ackerman
Pedro Segundo Cruz Vine
Francisco García Calderón Portugal
Carlos Rojas Perla
Elena Conterno Martinelli
Senior Management
Rigoberto Novoa Velásquez
General Manager
Daniel Abramovich Ackerman
Legal Services Manager
Guillermo Marín Lozada Pozo
Administration, Finance and Control Manager
Commercial relations
The Company has no commercial relations with Enel Américas S.A.
Shareholding of Enel Américas S.A.
6.21%
ENEL GENERACIÓN PIURA S.A.
Company Name
Enel Generación Piura S.A.
Type of Company
Public Limited Company
Address
Calle César López Rojas 201, urbanización. Maranga, San Miguel
Lima, Perú
ID number
Ruc 20270508163
Subscribed and paid-in capital (US$ thousands)
22,542.08
Corporate purpose.
The Company´s corporate purpose is electricity generation and
natural gas processing as authorized under current legislation.
Core activities
Electricity generation and sale of natural gas
Directors
José Manuel Revuelta Mediavilla
Chairman
Guillermo Martín Lozada Pozo
Vice-president
Pedro Cruz Vine
Senior management
Rigoberto Novoa Velásquez (representative of General Manager of
Enel Generación Perú S.A.A.)
General Manager
Commercial relations
The Company has no commercial relations with Enel Américas S.A.
Shareholding of Enel Américas S.A.
1.28%
ENEL DISTRIBUCIÓN PERÚ S.A.A.
Company Name
Enel Distribución Perú S.A.A.
Type of Company
Public Limited Company
Address
Calle César López Rojas N°201 urbanización, Maranga,
San Miguel
Lima, Perú
Phone
(51 1) 561 2001
ID number
Ruc 20269985900
Subscribed and paid-in capital (US$ thousands)
147.019,24
Corporate purpose
Activities specific to the supply of electricity services distribution,
transmission, and generation, as per current legislation. In addition,
the Company may engage in the sale of goods in any form, as well
as the supply of advisory and financial services, among others,
177
Annual Report Enel Américas 2020 except for those services for which an express authorization is
required under current legislation.
Core activities
Electricity distribution
Regular Directors :
José Manuel Revuelta Mediavilla
Chairman
Guillermo Martín Lozada Pozo
Vice-president
Carlos Alberto Solís Pino
Patricia Lisetta Teullet Pipoli (until November 12, 2020)
Martín Pérez Monteverde
Rafael Llosa Barrios
María del Carmen Soraya Ahomed Chávez
Daniel Abramovich Ackerman (until July 29, 2020)
Senior Management
Simone Botton
General Manager
Guillermo Martín Lozada Pozo
Administration, Finance and Control Manager
Carlos Alberto Solís Pino
Commercial Manager
María del Carmen Soraya Ahomed Chávez
Legal Affairs Manager
Milagritos Tatiana Lozada Gobea
Regulations Manager
Rocío Pachas Soto
People and Organization Manger
María Alicia Martínez Venero
Communiations Manager
resources, and especially those related to electricity distribution,
transmission, and generation. Engineering services for the
construction of power plants; activities related to the supply,
assembly, and commissioning of equipment and/ or services for
the electricity generation industry. Additionally, the company may
carry out any other activity related to the electricity and water
sectors. The Company may also make equity investments in any
kind of property including stocks, bonds, and any other type of
transferable securities, as well as the administration of such
investments. The activities deemed to fall within the purpose of
the Company may be carried out in Peru and abroad.
Core activities
Investment company.
Senior management
José Manuel Revuelta Mediavilla
General Manager
Commercial relations
The Company has no commercial relations with Enel Américas S.A.
Shareholding of Enel Américas S.A.
10.57%
CHINANGO S.A.C.
Company Name
Chinango S.A.C.
Type of Company
Limited Liability Company
Commercial relations
The Company has no commercial relations with Enel Américas S.A.
Shareholding of Enel Américas S.A.
5.70%
ENEL PERÚ S.A.C.
Company Name
Enel Perú S.A.C.
Type of Company
Limited Liability Company
Address
Calle César López Rojas N°201, urbanización Maranga, San Miguel
Lima, Perú
ID number
Ruc 20518723040
Subscribed and paid-in capital (US$ thousands)
73,642.09
Corporate purpose
The Company’s corporate purpose is electricity generation, sale,
and transmission. The Company may undertake any activity and
may also enter into any kind of contracts permitted for such
purposes under Peruvian law.
Address
Calle César López Rojas 201, urbanización Maranga, San Miguel
Lima, Perú
Core activities
Electricity generation
ID number
Ruc 20298669707
Subscribed and paid-in capital (US$ thousands)
1,483,351.74
Corporate purpose
The Company´s corporate purpose is to invest in other companies,
in the exploitation of natural
preferably
in those
involved
General Manager
Enel Generación Perú S.A.A., representado por
Rigoberto Novoa Velásquez
Commercial relations
The Company has no commercial relations with Enel Américas S.A.
Shareholding of Enel Américas S.A.
0.80%
178178
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information COMPAÑÍA ENERGÉTICA VERACRUZ
S.A.C.
ENEL X PERÚ S.A.C.
Company Name
Compañía Energética Veracruz S.A.C.
Type of Company
Limited Liability Company
Address
Calle César López Rojas N°201, urbanización Maranga, San Miguel
Lima, Perú
ID number
Ruc 20477979344
Subscribed and paid-in capital (US$ thousands)
797.72
Corporate purpose
Develop and operate hydroelectric projects in any river basin in
Peru.
Core activities
Holder of the Veracruz hydroelectric project.
Claudio Helfmann Soto
General Manager
Commercial relations
The Company has no commercial relations with Enel Américas S.A.
Shareholding of Enel Américas S.A.
0.09%
Company Name
Enel X Perú S.A.C.
Type of Company
Limited Liability Company
Address
Calle César López Rojas N° 201 urbanización Maranga,
San Miguel
Lima, Perú
Phone
(51 1) 561 2001
ID number
Ruc 20604098565
Subscribed and paid-in capital (US$ thousands)
3,318.28
is to engage
Corporate purpose.
The Company´s corporate purpose
in the
following activities: I. Industrial and commercial activities, such
as: (i) distributed generation, co-generation, and storage, (ii)
electromobility, (iii) sale of appliances, insurance marketing and
collection, (iv) general services, (v) works, equipment, materials,
and electrical solutions, (vi) lighting and fiber optics; II. Advisory
activities in energy efficiency control to public and private entities,
as well as individuals; III. Financial and investment activities
Core activities
Electricity distribution
Senior Management
Alejandro Barragán Osorio
General Manager
Commercial relations
The Company has no commercial relations with Enel Américas S.A.
Shareholding of Enel Américas S.A.
0.02%
Comments:
1. There are no actions or contracts entered into by Enel Américas
with its subsidiaries or associate companies that might significantly
affect its operations and results.
2. With regard to commercial relations, the future projected links
with subsidiaries or associate companies are part of The company’s
purpose, in particular to provide its subsidiaries with the financial
resources necessary for the development of their businesses
and, additionally, to provide the subsidiaries with management,
financial, commercial, technical and legal advisory services; and, in
general, services of any kind that are deemed necessary for their
performance, notwithstanding that none of these future links are
expected to significantly affect the operations.
179
Annual Report Enel Américas 2020 8
Annexes
180180
181
Annual Report Enel Américas 2020 Financial Statements
182182
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information CONTENTS
INDEPENDENT AUDITOR’S REPORT
CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME, BY NATURE
CONSOLIDATED STATEMENT OF EQUITY
CONSOLIDATED STATEMENTS OF CASH FLOWS, DIRECT METHOD
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
In thousands of:
ThUS$
ThCh$
Th€
ThARS
ThBRL
ThCOP
ThPEN
US$
CLP
EUR
ARS
BRL
COP
PEN
UF
UTM
UTA
Description
U.S. dollar
Chilean peso
Euro
Argentine peso
Brazilian real
Colombian peso
Peruvian sol
“Unidad de Fomento” - Chilean inflation-indexed, Chilean peso denominated monetary unit
“Unidad Tributaria Mensual”
“Unidad Tributaria Annual” - Chilean annual tax unit. One UTA equals 12 Unidades Tributarias
Mensuales (“UTM”), a Chilean inflation-indexed monthly tax unit used to define fines, among
other purposes.
183
Annual Report Enel Américas 2020
Independent Auditor’s Report
Opinion
The Shareholders and Directors
Enel Américas S.A.:
We have audited the accompanying consolidated financial statements of Enel Américas S.A. and its subsidiaries,
which comprise the consolidated statement of financial position as of December 31, 2020, and the related
consolidated statements of comprehensive income, changes in equity, and cash flows for the year then ended,
and the related notes to the consolidated financial statements.
Management’s responsibility for the consolidated financial statements
Management is responsible for the preparation and fair presentation of these consolidated financial statements in
accordance with International Financial Reporting Standards (IFRS); this includes the design, implementation,
and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial
statements that are free from material misstatement, whether due to fraud or error.
Auditor’s responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We
conducted our audit of the consolidated financial statements as of and for the year ended December 31, 2020 in
accordance with Auditing Standards Generally Accepted in Chile. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
consolidated financial statements. The procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation
and fair presentation of the consolidated financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of
Enel Américas S.A. and its subsidiaries as of December 31, 2020 , and the results of their operations and their
cash flows for year then ended, in accordance with the International Financial Reporting Standards (IFRS).
Other matters - Comparative consolidated financial statements as of December 31, 2019 and 2018
The consolidated financial statements of Enel Américas S.A. and its Subsidiaries as of December 31, 2019
and 2018 and for the years then ended were audited by other auditors, who issued an unmodified opinion thereon
in their report dated February 26, 2020.
Nolberto Pezzati
Santiago, February 25, 2021
KPMG SpA
© 2021 KPMG Auditores Consultores SpA, a Chilean joint-stock company and a member firm of the KPMG network of independent member firms affiliated with KPMG
International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
© 2021 KPMG Auditores Consultores SpA, a Chilean joint-stock company and a member firm of the KPMG network of independent member firms affiliated with KPMG
International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
184184
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information Opinion
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of
Enel Américas S.A. and its subsidiaries as of December 31, 2020 , and the results of their operations and their
cash flows for year then ended, in accordance with the International Financial Reporting Standards (IFRS).
Other matters - Comparative consolidated financial statements as of December 31, 2019 and 2018
The consolidated financial statements of Enel Américas S.A. and its Subsidiaries as of December 31, 2019
and 2018 and for the years then ended were audited by other auditors, who issued an unmodified opinion thereon
in their report dated February 26, 2020.
Nolberto Pezzati
Santiago, February 25, 2021
KPMG SpA
© 2021 KPMG Auditores Consultores SpA, a Chilean joint-stock company and a member firm of the KPMG network of independent member firms affiliated with KPMG
International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
185
Annual Report Enel Américas 2020 Consolidated Statements of Financial Position,
Classified
As of December 31, 2020 and 2019
Note
12-31-2020
12-31-2019
7
8
9
10
11
12
13
1,506,993
230,279
560,786
3,234,935
46,950
471,433
127,880
1,938,997
120,383
486,162
3,504,457
16,369
396,239
107,321
6,179,256
6,569,928
-
-
11,326
11,326
6,179,256
6,581,254
2,790,863
2,332,856
578,524
32
2,273
4,524,826
945,512
8,354,672
7,942
222,420
994,382
3,049,811
2,735,890
587,957
847
1,978
5,527,879
1,173,043
8,763,438
10,254
255,799
1,088,234
20,754,302
23,195,130
26,933,558
29,776,384
IN THOUSANDS OF U.S. DOLLARS – THUS$
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Other current financial assets
Other current non-financial assets
Trade and other receivables, current
Current accounts receivable from related parties
Inventories
Current tax assets
Total current assets other than assets or groups of assets for disposal classified
as held for sale or as held for distribution to owners
Non-current assets or disposal groups held for sale or for distribution to owners
5.1
Non-current assets or disposal groups held for sale or for distribution to owners
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Other non-current financial assets
Other non-current non-financial assets
Trade and other non-current receivables
Non-current accounts receivable from related parties
Investments accounted for using the equity method
Intangible assets other than goodwill
Goodwill
Property, plant and equipment
Investment property
Right-of-use assets
Deferred tax assets
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
8
9
10
11
14
15
16
17
18
19
The accompanying notes form an integral part of these consolidated financial statements
186186
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information IN THOUSANDS OF U.S. DOLLARS – THUS$
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Other current financial liabilities
Current lease liabilities
Trade and other payables, current
Current accounts payable to related parties
Other current provisions
Current tax liabilities
Other current non-financial liabilities
Total current liabilities other than those associated with groups of assets for
disposal classified as held for sale or as held for distribution to owners
Non-current liabilities associated with disposal groups held for sale or for
distribution to owners
Non-current liabilities associated with disposal groups held for sale or for
distribution to owners
TOTAL CURRENT LIABILITIES
NON-CURRENT LIABILITIES
Other non-current financial liabilities
Non-current lease liabilities
Trade payables, non-current
Non-current accounts payable to related parties
Other long-term provisions
Deferred tax liabilities
Non-current provisions for employee benefits
Other non-current non-financial liabilities
TOTAL NON-CURRENT LIABILITIES
TOTAL LIABILITIES
EQUITY
Share and paid-in capital
Retained earnings
Other reserves
Equity attributable to shareholders of Enel Américas
Non-controlling interests
TOTAL EQUITY
TOTAL LIABILITIES AND EQUITY
Note
12-31-2020
12-31-2019
20
21
24
11
25
13
9
5.1
20
21
24
11
25
19
26
9
27.1.1
27.5
27.6
1,825,130
51,495
4,093,576
597,122
220,425
222,870
266,604
1,408,407
81,644
3,920,045
494,511
286,052
220,727
320,755
7,277,222
6,732,141
-
-
3,791
3,791
7,277,222
6,735,932
3,837,706
91,070
2,061,475
144,391
833,900
612,953
1,624,217
116,961
4,781,833
108,625
2,335,997
-
976,327
643,854
1,836,362
111,268
9,322,673
10,794,266
16,599,895
17,530,198
9,763,078
5,415,698
(7,072,917)
8,105,859
2,227,804
9,783,875
5,474,411
(5,291,999)
9,966,287
2,279,899
10,333,663
12,246,186
26,933,558
29,776,384
The accompanying notes form an integral part of these consolidated financial statements
187
Annual Report Enel Américas 2020 Consolidated Statements of Comprehensive
Income, by Nature
For the years ended December 31, 2020, 2019 and 2018
IN THOUSANDS OF U.S. DOLLARS – THUS$
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Profit (loss)
Revenue
Other income, by nature
Revenues and Other income, by nature
Raw materials and consumables used
Contribution Margin
Other work performed by the entity and capitalized
Employee benefits expenses
Depreciation and amortization expense
Impairment (loss) reversal recognized in profit or loss
Impairment (loss) impairment gain and reversal of impairment loss
determined in accordance with IFRS 9
Other expense, by nature
Operating Income
Other gains (losses)
Finance income
Finance costs
Share of profit (loss) of associates and joint ventures accounted for
using the equity method
Foreign currency translation differences
Gains (losses) from indexed assets and liabilities
Profit (loss) before taxes
Income tax expense
PROFIT (LOSS)
Profit (loss) attributable to
Note
28
28
2020
MUS$
11.238.976
953.698
2019
MUS$
13.053.376
1.260.736
2018
MUS$
11.924.761
1.064.928
12.192.674
14.314.112
12.989.689
29
30
31
31
31
32
33
33
14
33
33
19
(7.555.915)
4.636.759
(8.541.023)
5.773.089
(7.948.400)
5.041.289
147.151
(565.046)
(858.099)
-
(242.372)
(1.065.278)
2.053.115
4.671
321.477
(768.453)
3.133
57.171
76.698
1.747.812
(566.560)
1.181.252
825.197
356.055
1.181.252
181.565
(809.753)
(948.330)
2.126
(279.125)
(1.150.709)
2.768.863
14.196
449.661
(1.088.631)
583
136.960
124.477
177.997
(840.493)
(862.440)
61.753
(122.501)
(1.021.085)
2.434.520
681
358.081
(1.071.759)
2.452
110.635
270.380
2.406.109
2.104.990
(236.346)
(437.932)
2.169.763
1.667.058
1.614.085
555.678
2.169.763
-
1.201.381
465.677
1.667.058
Profit (loss) attributable to owners of the parent
Profit (loss) attributable to non-controlling interests
27.6
Profit (loss)
Basic earnings per share
Basic earnings (losses) per share
US$ / Share
0,01085
0,02465
0,02091
Weighted average number of outstanding shares
76.086.311.036 65.480.640.658
57.452.641.516
Diluted earnings per share
Diluted earnings (losses) per share
US$ / Share
0,01085
0,02465
0,02091
Weighted average number of outstanding shares
76.086.311.036 65.480.640.658
57.452.641.516
The accompanying notes form an integral part of these consolidated financial statements
188188
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
Consolidated Statements of Comprehensive
Income, by Nature
For the years ended December 31, 2020, 2019 and 2018
IN THOUSANDS OF U.S. DOLLARS – THUS$
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Note
2020
2019
2018
Gains (losses)
1.181.252
2.169.763
1.667.058
Components of other comprehensive income that will not be reclassified
subsequently to profit or loss before taxes
Profit (loss) from defined benefit plans
26
(476.805)
(576.143)
(177.527)
Other comprehensive income that will not be reclassified subsequently
to profit or loss
(476.805)
(576.143)
(177.527)
Components of other comprehensive income that will be reclassified
subsequently to profit or loss before taxes
Gains (losses) from foreign currency translation difference
2.9
(2.249.915)
(765.005)
(1.575.134)
Gains (losses) from measuring financial assets at fair value through other
comprehensive income
Gains (losses) from cash flow hedges
Adjustments from reclassification of cash flow hedges, transferred to
profit or loss
(10)
(15.547)
(598)
6.100
(458)
(5.763)
2.571
(194)
3.036
Other comprehensive income that will be reclassified subsequently to
profit or loss
(2.262.901)
(759.697)
(1.578.319)
Total components of other comprehensive income (loss) before taxes
(2.739.706)
(1.335.840)
(1.755.846)
Income tax related to components of other comprehensive income that will
not be reclassified subsequently to profit or loss
Income tax related to defined benefit plans
161.766
195.098
59.684
Income tax related to components of other comprehensive income that will
not be reclassified subsequently to profit or loss
161.766
195.098
59.684
Income tax related to components of other comprehensive income that will
be reclassified subsequently to profit or loss
Income tax related to cash flow hedge
5.038
(2.165)
1.354
Income tax related to components of other comprehensive income that will
be reclassified subsequently to profit or loss
5.038
(2.165)
1.354
Total Other Comprehensive Income (Loss)
(2.572.902)
(1.142.907)
(1.694.808)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)
(1.391.650)
1.026.856
(27.750)
Comprehensive income (loss) attributable to:
Owners of Enel Américas
Non-controlling interests
TOTAL COMPREHENSIVE INCOME (LOSS)
(1.521.532)
129.882
623.512
403.344
(1.391.650)
1.026.856
(121.326)
93.576
(27.750)
The accompanying notes form an integral part of these consolidated financial statements
189
Annual Report Enel Américas 2020 Consolidated Statements of Changes in
Equity
For the years ended December 31, 2020, 2019 and 2018
IN THOUSANDS OF U.S. DOLLARS – THUS$
Changes in Other Reserves
Changes in Other Reserves
Share and
paid-in capital
Reserve for
Exchange
Differences in
Translation
Reserves for
Cash Flow
Hedges
Reserve for
Gains
and Losses for
Defined Benefit
Plans
6.763.204
(453.995)
Consolidated Statement of Changes in Equity
Equity at beginning of period 1/1/2018
Increase (decrease) due to changes in accounting policies (1)
-
-
Equity at beginning of period 1/1/2018 (As Restated)
6.763.204
(453.995)
Changes in equity
Comprehensive income:
Profit (loss)
Other comprehensive income (loss)
Comprehensive income
Dividends
Increase (decrease) due to other changes
Total changes in equity
Equity at end of period 12/31/2018
Changes in equity
Comprehensive income:
Profit (loss)
Other comprehensive income (loss)
Comprehensive income
Share issuance
Dividends
Increase (decrease) due to other changes
Total changes in equity
Equity at end of period 12/31/2019
Changes in equity
Comprehensive income:
Profit (loss)
Other comprehensive income (loss)
Comprehensive income
Dividends
Increase (decrease) due to other changes
Total changes in equity
Equity at end of period 12/31/2020
-
-
-
-
-
-
6.763.204
-
-
-
3.020.671
-
-
-
(1.212.114)
-
-
-
(1.212.114)
(1.666.109)
-
(617.046)
-
-
-
-
3.020.671
9.783.875
(617.046)
(2.283.155)
-
-
-
-
(20.797)
(20.797)
9.763.078
-
(2.025.141)
-
-
-
(2.025.141)
(4.308.296)
(3.472)
-
(3.472)
-
(1.622)
-
-
-
(1.622)
(5.094)
-
3.760
-
-
-
-
3.760
(1.334)
-
(8.049)
-
-
-
(8.049)
(9.383)
-
-
-
-
(108.749)
-
-
108.749
-
-
-
(376.997)
-
-
-
376.997
-
-
-
(313.534)
-
-
313.534
-
-
(1) Considers a debit to retained earnings of ThUS$ 5,804 due to the application of IFRS 9, a debit to retained earnings of ThUS$ 1,272 due to the application of
IFRS 15, and a credit to retained earnings of ThUS$ 961,107 due to the application of IAS 29.
The accompanying notes form an integral part of these consolidated financial statements
190190
Other
Comprehensive
Miscellaneous
Income
Reserves
Total other
reserves
(3.408.922)
(3.866.564)
(3.408.922)
(3.866.564)
to Owners of
Non-Controlling
Interests
1.798.036
286.583
2.084.619
Total Equity
8.278.507
954.030
9.232.537
(1.322.707)
199.639
199.639
(3.209.283)
308.388
(1.014.319)
(4.880.883)
4.841.687
6.724.008
2.107.892
Reserve for
Gains and
Losses on
measuring
Financial
Asset at Fair
Value of Other
(175)
-
(175)
(222)
(222)
(397)
-
-
-
-
-
-
-
-
-
(290)
(687)
-
(5)
-
-
-
(5)
Equity
Attributable
Enel Américas
6.480.471
667.447
7.147.918
1.201.381
(1.322.707)
(121.326)
(502.223)
199.639
(423.910)
1.614.085
(990.573)
623.512
3.020.671
(604.364)
202.460
3.242.279
9.966.287
825.197
(2.346.729)
(1.521.532)
(570.376)
231.480
(1.860.428)
8.105.859
Retained
Earnings
3.583.831
667.447
4.251.278
1.201.381
(502.223)
(108.749)
590.409
1.614.085
(604.364)
(376.997)
632.724
-
-
-
-
-
-
-
825.197
(570.376)
(313.534)
(58.713)
5.415.698
-
-
-
-
-
-
-
-
-
-
-
(290)
(990.573)
202.460
202.460
579.457
(411.116)
(3.006.823)
(5.291.999)
5.474.411
252.277
252.277
(692)
(2.754.546)
(2.346.729)
565.811
(1.780.918)
(7.072.917)
-
-
-
-
-
-
-
-
-
-
-
-
-
465.677
(372.101)
93.576
(255.242)
184.939
23.273
555.678
(152.334)
403.344
-
(289.052)
57.715
172.007
2.279.899
1.667.058
(1.694.808)
(27.750)
(757.465)
384.578
(400.637)
8.831.900
2.169.763
(1.142.907)
1.026.856
3.020.671
(893.416)
260.175
3.414.286
12.246.186
356.055
(226.173)
129.882
(306.309)
124.332
(52.095)
1.181.252
(2.572.902)
(1.391.650)
(876.685)
355.812
(1.912.523)
2.227.804
10.333.663
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information IN THOUSANDS OF U.S. DOLLARS – THUS$
Changes in Other Reserves
Changes in Other Reserves
Consolidated Statement of Changes in Equity
Equity at beginning of period 1/1/2018
Increase (decrease) due to changes in accounting policies (1)
Equity at beginning of period 1/1/2018 (As Restated)
6.763.204
(453.995)
(3.472)
Reserve for
Exchange
Reserve for
Gains
Reserves for
and Losses for
Share and
Differences in
Cash Flow
Defined Benefit
paid-in capital
6.763.204
Translation
(453.995)
Hedges
(3.472)
Plans
Changes in equity
Comprehensive income:
Profit (loss)
Other comprehensive income (loss)
Comprehensive income
Dividends
Increase (decrease) due to other changes
Total changes in equity
Equity at end of period 12/31/2018
Changes in equity
Comprehensive income:
Profit (loss)
Other comprehensive income (loss)
Comprehensive income
Share issuance
Dividends
Increase (decrease) due to other changes
Total changes in equity
Equity at end of period 12/31/2019
Changes in equity
Comprehensive income:
Profit (loss)
Other comprehensive income (loss)
Comprehensive income
Dividends
Increase (decrease) due to other changes
Total changes in equity
Equity at end of period 12/31/2020
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(1.212.114)
(1.622)
(108.749)
6.763.204
(1.212.114)
(1.666.109)
(1.622)
(5.094)
(617.046)
3.760
(376.997)
3.020.671
3.020.671
9.783.875
(617.046)
(2.283.155)
3.760
(1.334)
(2.025.141)
(8.049)
(313.534)
(20.797)
(20.797)
9.763.078
(2.025.141)
(4.308.296)
(8.049)
(9.383)
313.534
108.749
376.997
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Reserve for
Gains and
Losses on
measuring
Financial
Asset at Fair
Value of Other
Comprehensive
Income
(175)
-
(175)
-
(222)
-
-
-
(222)
(397)
-
(290)
-
-
-
-
(290)
(687)
-
(5)
-
-
-
(5)
Other
Miscellaneous
Reserves
Total other
reserves
(3.408.922)
(3.866.564)
-
-
(3.408.922)
(3.866.564)
Equity
Attributable
to Owners of
Enel Américas
6.480.471
667.447
7.147.918
Non-Controlling
Interests
1.798.036
286.583
2.084.619
Retained
Earnings
3.583.831
667.447
4.251.278
-
1.201.381
1.201.381
(1.322.707)
(121.326)
(502.223)
199.639
(423.910)
465.677
(372.101)
93.576
(255.242)
184.939
23.273
4.841.687
6.724.008
2.107.892
-
-
-
199.639
199.639
(3.209.283)
-
-
-
-
-
(1.322.707)
-
-
308.388
(1.014.319)
(4.880.883)
(990.573)
-
-
-
-
-
(502.223)
(108.749)
590.409
-
-
-
(604.364)
(376.997)
632.724
-
1.614.085
202.460
202.460
579.457
(411.116)
(3.006.823)
(5.291.999)
5.474.411
Total Equity
8.278.507
954.030
9.232.537
1.667.058
(1.694.808)
(27.750)
(757.465)
384.578
(400.637)
8.831.900
2.169.763
(1.142.907)
1.026.856
3.020.671
(893.416)
260.175
3.414.286
12.246.186
-
-
-
-
252.277
252.277
-
825.197
(2.346.729)
-
-
565.811
(1.780.918)
(7.072.917)
-
-
(570.376)
(313.534)
(58.713)
5.415.698
(692)
(2.754.546)
555.678
(152.334)
403.344
-
(289.052)
57.715
172.007
2.279.899
1.614.085
(990.573)
623.512
3.020.671
(604.364)
202.460
3.242.279
9.966.287
825.197
(2.346.729)
(1.521.532)
(570.376)
231.480
(1.860.428)
8.105.859
356.055
(226.173)
129.882
(306.309)
124.332
(52.095)
1.181.252
(2.572.902)
(1.391.650)
(876.685)
355.812
(1.912.523)
2.227.804
10.333.663
191
Annual Report Enel Américas 2020 Consolidated Statements of Cash Flows,
Direct Method
For the years ended December 31, 2020, 2019 and 2018
Cash flows from (used in) operating activities
Types of collection from operating activities
Collections from the sale of goods and services
Collections from royalties, payments, commissions, and other revenue
Collections from premiums and services, annual payments, and other benefits
from policies held
Other collections from operating activities
Payments to suppliers for goods and services
Payments to and on behalf of employees
Payments of premiums and services, annual payments, and other obligations
from policies held
14.770.122
18.408.759
16.445.981
36.171
38.223
48.659
28.364
1.269.911
26.940
828.859
48.028
752.842
(8.185.560)
(9.343.478)
(8.597.388)
(731.887)
(867.683)
(786.892)
(13.014)
(11.723)
(11.345)
Other payments for operating activities
7.c
(4.013.788)
(5.723.433)
(5.227.832)
Interests paid
(4.675)
(8.343)
-
Cash flows from (used in) operating activities
Income taxes paid
Other cash inflows (outflows)
(527.952)
(202.182)
(561.805)
(258.805)
(593.948)
(233.540)
Net cash flows from (used in) operating activities
2.425.510
2.527.511
1.844.565
Cash flows from (used in) investing activities
Cash flows used to obtain control of subsidiaries or other businesses
Cash flows used in the purchase of non-controlling interests
Other collections from the sale of equity or debt instruments belonging to other
entities
Other payments to acquire equity or debt instruments of other entities
Proceeds from the sale of property, plant and equipment
Purchases of property, plant and equipment
Purchases of intangible assets
Payments from future, forward, option and swap contracts
Collections from future, forward, option and swap contracts
Dividends received
Interest received
Other cash inflows (outflows)
-
-
-
(1.590.435)
(97.517)
-
176.383
(215.626)
284.939
(245.390)
-
-
(813.827)
(739.664)
(5.070)
21.037
2.120
43.400
(4.369)
(891.599)
(767.291)
(3.909)
14.981
1.521
111.730
(7.263)
294.562
(335.668)
1.000
(750.435)
(790.184)
(3.079)
14.003
1.524
99.648
(10.125)
Net cash flows from (used in) investing activities
(1.535.616)
(1.599.798)
(3.069.189)
Cash flows from (used in) financing activities
Proceeds from issuance of shares
27.1.1
-
2.999.874
-
192192
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information IN THOUSANDS OF U.S. DOLLARS – THUS$
Total proceeds from loans
Proceeds from long-term loans
Proceeds from short-term loans
Loans from related parties
Payment of borrowings
Payment of lease liabilities
Payment of loans to related parties
Dividends paid
Interest paid
Other cash inflows (outflows)
2020
2019
2018
7.d
1.646.135
4.898.823
4.538.165
437.284
1.208.851
295.299
1.164.306
3.734.517
2.836.717
1.701.448
-
2.686.387
(1.775.865)
(4.782.344)
(4.301.358)
(77.292)
(59.177)
(31.619)
-
(2.662.433)
-
(1.057.692)
(326.703)
109.583
(723.983)
(614.599)
120.935
(591.958)
(439.552)
7.001
7.d
7.d
7.d
7.d
7.d
7.d
Net cash flows from (used in) financing activities
(1.186.535)
(822.904)
1.867.066
Net increase (decrease) in cash and cash equivalents before effect of exchange
rate changes
(296.641)
104.809
642.442
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents
(135.363)
(70.097)
(210.920)
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
7
7
(432.004)
1.938.997
34.712
1.904.285
431.522
1.472.763
1.506.993
1.938.997
1.904.285
The accompanying notes form an integral part of these consolidated financial statements
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Annual Report Enel Américas 2020 Content
1. GENERAL INFORMATION
2. BASIS OF PRESENTATION OF THE CONSOLIDATED FINANCIAL STATEMENTS
2.1 Accounting principles
2.2 New accounting pronouncements
2.3 Responsibility for the information, judgments and estimates provided
2.4 Subsidiaries
2.4.1 Changes in the scope of consolidation
2.4.2 Consolidated companies with an economic equity interest of less than 50%
Investments in associates
Joint arrangements
Basis of consolidation and business combinations
Functional Currency
2.5
2.6
2.7
2.8
2.9 Conversion of financial statements denominated in foreign currency
3. ACCOUNTING POLICIES
a)
b)
c)
d)
e)
f)
g)
h)
i)
j)
k)
l)
m)
n)
o)
p)
q)
r)
s)
t)
u)
Financial assets other than derivatives
Impairment of financial assets
Financial liabilities other than derivatives
Property, plant and equipment
Investment property
Goodwill
Intangible assets other than goodwill
d.1) Concessions
d.2) Research & development expenses
d.3) Other intangible assets
Impairment of non-financial assets
Leases
f.1) Lessee
f.2) Lessor
Financial instruments
g.1)
g.2) Cash and cash equivalents
g.3)
g.4)
g.5) Derivative financial instruments and hedge accounting
g.6) Derecognition of financial assets and liabilities
g.7) Offsetting of financial assets and financial liabilities
g.8)
Fair value measurement
Investments accounted for using the equity method
Inventories
Non-current assets (or disposal groups of assets) held for sale or held for distribution to owners
and discontinued operations
Treasury shares
Provisions
m.1) Provisions for post-employment benefits and similar obligations
Translation of balances in foreign currency
Classification of balances as current or non-current
Income taxes
Revenue and expense recognition
Earnings per share
Dividends
Share issuance costs
Statement of cash flows
Financial guarantee contracts
4. SECTOR REGULATION AND ELECTRICITY SYSTEM OPERATIONS
i.
ii.
iii.
Regulatory Framework:
Limits on integration and concentration
Unregulated customers market
5. NON-CURRENT ASSETS OR DISPOSAL GROUPS HELD FOR SALE OR HELD FOR DISTRIBUTION TO
OWNERS AND DISCONTINUED OPERATIONS
6. BUSINESS COMBINATION
7. CASH AND CASH EQUIVALENTS
8. OTHER FINANCIAL ASSETS
9. OTHER NON-FINANCIAL ASSETS AND LIABILITIES
10. TRADE AND OTHER RECEIVABLES
11. BALANCES AND TRANSACTIONS WITH RELATED PARTIES
11.1 Balances and transactions with related parties
a)
b)
c)
d)
Receivables from related companies
Accounts payable to related companies
Significant transactions and effects on profit or loss:
Significant transactions Enel Américas:
11.2 Board of directors and key management personnel
a)
b)
Remunerations received by key management personnel
Guarantees established by the Company in favor of key management personnel.
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798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
INVENTORIES
12.
13. CURRENT TAX ASSETS AND LIABILITIES
14.
INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD
14.1 Investments accounted for using the equity method
INTANGIBLE ASSETS OTHER THAN GOODWILL
15.
16. GOODWILL
17. PROPERTY, PLANT AND EQUIPMENT
18. RIGHT-OF-USE ASSETS
19.
INCOME TAX AND DEFERRED TAXES
a)
b)
Income taxes
Deferred taxes
20. OTHER FINANCIAL LIABILITIES
a)
b)
c)
d)
e)
f)
Interest-bearing borrowings.
Unsecured bonds
Secured bonds
Hedged debt.
Other information.
Future undiscounted debt flows
21. LEASE LIABILITIES
Individualization of Lease Liabilities
21.1
21.2 Undiscounted debt cash flows
22. RISK MANAGEMENT POLICY
23. FINANCIAL INSTRUMENTS
23.1 Financial instruments classified by type and category.
23.2 Derivative instruments
23.3 Fair value hierarchies
24. CURRENT AND NON-CURRENT PAYABLES
25. PROVISIONS
26. POST-EMPLOYMENT BENEFIT OBLIGATIONS
26.1 General information:
26.2 Details, changes and presentation in financial statements:
26.3 Other disclousures:
27. EQUITY
27.1 Equity attributable to the shareholders of Enel Américas.
27.2 Foreign currency translation reserves
27.3 Capital Management
27.4 Restrictions on subsidiaries transferring funds to the parent (equity note)
27.5 Other reserves
27.6 Non-controlling Interests.
28. REVENUE AND OTHER OPERATING INCOME
29. RAW MATERIALS AND CONSUMABLES USED
30. EMPLOYEE BENEFITS EXPENSE
31. DEPRECIATION, AMORTIZATION AND IMPAIRMENT LOSS OF PROPERTY, PLANT AND EQUIPMENT
AND FINANCIAL ASSETS UNDER-IFRS 9
32. OTHER EXPENSE, BY NATURE
33. FINANCIAL RESULTS
34.
INFORMATION BY SEGMENT
34.1 Basis of segmentation
34.2 Generation and transmission, distribution and others
34.3 Segment information by country
34.4 Generation and Transmission, and Distribution by Country
35. GUARANTEES WITH THIRD PARTIES, CONTINGENT ASSETS AND, LIABILITIES, AND OTHER COMMITMENTS
Indirect guarantees
35.1 Direct guarantees
35.2
35.3 Litigation and Arbitration Proceedings
35.4 Financial restrictions
35.5 COVID-19 contingency
35.6 Other Information
36. HEADCOUNT
37. SANCTIONS
38. ENVIRONMENT
39. FINANCIAL INFORMATION ON SUBSIDIARIES, SUMMARIZED
40. SUBSEQUENT EVENTS
APPENDIX 1 DETAIL OF ASSETS AND LIABILITIES IN FOREIGN CURRENCY
APPENDIX 2 ADDITIONAL INFORMATION OFFICIAL BULLETIN No. 715 OF FEBRUARY 3, 2012
APPENDIX 2.1 SUPPLEMENTARY INFORMATION ON TRADE RECEIVABLES
APPENDIX 2.2 ESTIMATED SALES AND PURCHASES OF CAPACITY AND TOLL
APPENDIX 3 DETAIL OF DUE DATES OF PAYMENTS TO SUPPLIERS
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Annual Report Enel Américas 2020
Notes to the consolidated financial
statements
AS OF DECEMBER 31, 2020 AND 2019 AND FOR THE YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018.
(In thousands of U.S. dollars – ThUS$)
NOTE 1. General information
Enel Américas S.A. (hereinafter “Enel Américas”, the “Company” or the “Parent Company”) and its subsidiaries comprise the
Enel Américas Group (hereinafter “the Group”).
The Company is a publicly traded corporation with registered address and head office located at Avenida Santa Rosa, No. 76, in
Santiago, Chile. The Company is registered with the securities register of the Financial Market Commission of Chile, hereinafter
“CMF”, under number 0175. In addition, the Company is registered with the Securities and Exchange Commission of the United
States of America (hereinafter the “U.S. SEC”) and its shares have been listed on the New York Stock Exchange since 1993.
The Company is a subsidiary of Enel S.p.A. (hereinafter “Enel”), an entity that owned a 65% interest as of December 31, 2020.
The Company was initially incorporated in 1981 under the corporate name Compañía Chilena Metropolitana de Distribución
Eléctrica S.A. Subsequently, on August 1, 1988 the Company became Enersis S.A., by means of an amendment to the articles
of incorporation. Within the context of the reorganization process carried out by the Group, on March 1, 2016, the Company
became Enersis Américas S.A. On December 1, 2016, the corporate name was changed, therefore Enersis Américas S.A.
became Enel Américas S.A. For tax purposes, the Company operates under Chilean tax identification number 94.271.000-3.
The Group recorded a staff of 16,731 employees as of December 31, 2020. On average, during the period 2020 the Group had
16,969 employees. For more information regarding the distribution of our employees, by category and geographic location,
see Note 36.
The Company’s corporate purpose consists of exploring for, developing, operating, generating, distributing, transmitting,
transforming, and/or selling energy of any kind or form, whether in Chile or abroad, either directly or through other companies.
It is also engaged in telecommunications activities, and it provides engineering consulting services in Chile and abroad. The
Company’s corporate purpose also includes investing in, and managing, its investments in subsidiaries and associates which
generate, transmit, distribute, or sell electricity, or whose corporate purpose includes any of the following:
(i)
(ii)
(iii)
(iv)
Energy of any kind or form,
Supplying public services, or services whose main component is energy,
Telecommunications and information technology services, and
Internet-based intermediation business.
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798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information NOTE 2. Basis of Presentation of the
Consolidated Financial Statements
2.1 Accounting principles
The consolidated financial statements of Enel Américas as of December 31, 2020, approved by its Board of Directors at its
meeting held on February 25, 2021, have been prepared in accordance with International Financial Reporting Standards (IFRS),
as issued by the International Accounting Standards Board (IASB).
These consolidated financial statements present fairly the financial position of Enel Américas and its subsidiaries as of December
31, 2020 and 2019, and the results of operations, changes in equity and cash flows for the years ended December 31, 2020,
2019 and 2018, and the related notes.
These consolidated financial statements present on a voluntary basis the 2018 figures of the consolidated statement of
comprehensive income, consolidated statement of cash flows, consolidated statement of changes in shareholders' equity,
and related notes.
These consolidated financial statements have been prepared under going concern assumptions on a historical cost basis
except when, in accordance with IFRS, those assets and liabilities are measured at fair value.
2.2 New accounting pronouncements
a) The following accounting pronouncements have been adopted by the Group
effective as of January 1, 2020:
Amendments and Improvements
Conceptual Framework (Revised)
Amendments to IFRS 3: Definition of a Business
Amendments to IAS 1 and IAS 8: Definition of Material or Relative Importance
Amendments to IFRS 9, IAS 39 and IFRS 7: Interest Rate Benchmark Reform (Phase 1)
Mandatory application for annual periods
beginning on:
January 1, 2020
January 1, 2020
January 1, 2020
January 1, 2020
• Conceptual Framework (Revised)
The IASB issued the Conceptual Framework (Revised) in March 2018. It incorporates some new concepts, provides updated
definitions and recognition criteria for assets and liabilities and clarifies certain important matters. Revisions to the Conceptual
Framework may affect the application of IFRS when no standard applies to a particular transaction or event .
The IASB has also issued a separate accompanying document, "Amendments to References to the Conceptual Framework in
IFRS Standards," which establishes amendments to IFRSs in order to update references to the new Conceptual Framework.
The Conceptual Framework (Revised), as well as the Amendments to the References to the Conceptual Framework in IFRS,
became effective beginning on January 1, 2020, with prospective application, with no impact generated in the Group’s
consolidated financial statements.
• Amendments to IFRS 3 Definition of a Business.
IFRS 3 Business Combinations was amended by the IASB in October 2018, to clarify the definition of a business, in order to
help entities determine whether a transaction should be accounted for as a business combination or as the acquisition of an
asset. To be considered as a business combination, an acquired integrated set of activities and assets must include, at least,
an input and a substantive process that together contribute significantly to the ability to create output.
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Annual Report Enel Américas 2020 The amendment also adds guidance and illustrative examples to assess whether a substantive process has been acquired and
introduces an optional fair value concentration test.
The amendment became effective beginning on January 1, 2020, with prospective application for business combinations and
asset acquisitions carried out beginning on such date, with no impact generated in the consolidated financial statements of
the Group.
• Amendments to IAS 1 and IAS 8 Definition of Material or relative importance”.
In October 2018, the IASB amended IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in
Accounting Estimates and Errors, to improve the definition of material and the explanations accompanying the definition. The
amendments ensure that the definition of material is consistent in all IFRSs.
Information is material if omitting, misstating or obscuring it could reasonably be expected to influence the decisions that the
primary users of general-purpose financial statements make on the basis of those financial statements, which provide financial
information about a specific reporting entity.
The amendments became effective beginning on January 1, 2020, with prospective application, with no impact generated in
the Group’s consolidated financial statements.
• Amendments to IFRS 9, IAS 39 and IFRS 7 – Interest rate benchmark reform (Phase 1).
On September 26, 2019, the IASB issued amendments to IFRS 9 Financial Instruments and IAS 39 Financial Instruments:
Recognition and Measurement, and IFRS 7 Financial Instruments: Disclosures, in response to the reform that gradually eliminates
benchmark interest rates, such as interbank offered rates (IBORs). The amendments provide temporary relief measures which
enable hedge accounting to continue during the period of uncertainty before the replacement of an existing interest rate
benchmark with an alternative nearly risk-free interest rate (an RFR). These amendments became effective beginning on
January 1, 2020.
The amendments to IFRS 9 include a number of relief measures, which apply to all hedging relationships that are directly
affected by the interest rate benchmark reform. A hedging relationship is affected if the reform gives rise to uncertainties about
the timing and/or amount of benchmark-based cash flows of the hedged item or the hedging instrument.
The first three relief measures provide for:
-
-
-
The assessment of whether a forecasted transaction (or component thereof) is highly probable.
Assessing when to reclassify the amount in the cash flow hedge reserve to profit and loss.
The assessment of the economic relationship between the hedged item and the hedging instrument.
For each of these relief measures, it is assumed that the benchmark on which the hedged cash flows are based (whether or not
contractually specified) and/or, for the third reliefmeasure , the benchmark on which the cash flows of the hedging instrument
are based, are not altered as a result of the reform.
A fourth relief measure provides that, for a benchmark component of interest rate risk that is affected by the reform, the
requirement that the risk component is separately identifiable need be met only at the inception of the hedging relationship.
The exceptions will continue to be applied indefinitely in the absence of any of the events described in the amendments. Upon
the designation of a group of items as a hedged item or a combination of financial instruments, as a hedging instrument,
the exceptions will cease being applied separately to each individual item or financial instrument, when there is no longer
uncertainty arising from the interest rate benchmark reform.
The application of these amendments has not had an impact on the Group’s consolidated financial statements, as there are
currently no hedging relationships that are directly affected by the interest rate benchmark reform.
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798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
b) Accounting pronouncements applicable beginning on January 1, 2021 and
thereafter:
As of the date of issuance of these consolidated financial statements, the following accounting pronouncements had been
issued by the IASB, but their application was not mandatory:
Amendments and Improvements
Amendments to IFRS 16: COVID-19-Related Rent Concessions
Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16: Interest Rate Benchmark Reform –
Phase 2
Amendments to IFRS 3: References to the Conceptual Framework
Amendments to IAS 16: Proceeds before Intended Use
Amendments to IAS 37: Onerous Contracts – Cost of Fulfilling a Contract
Annual improvements to IFRS: 2018-2020 Cycle
- IFRS 1: First-time Adoption of IFRS
- IFRS 9: Financial Instruments
- Amendment to Illustrative Examples accompanying IFRS 16
- IAS 41: Agriculture
Mandatory application for annual periods
beginning on:
June 1, 2020
January 1, 2021
January 1, 2022
January 1, 2022
January 1, 2022
January 1, 2022
Amendments to IAS 1: Classification of Liabilities as Current or Non-current
January 1, 2023
• Amendments to IFRS 16: “COVID-19-Related Rent Concessions”
As a result of the COVID-19 pandemic, lessees in many countries have been granted rent payment concessions, such as grace
periods and delaying of lease payments for a period of time, sometimes followed by an increase in the payment in future
periods. Within this context, on May 28, 2020, the IASB issued amendments to IFRS 16: Leases, in order to provide a practical
expedient for lessees, through which they can opt for not evaluating whether the rent concessions is a modification of the
lease. Lessees that elect this option, will account for such rent concessions as a variable payment.
The practical expedient is only applicable to rent concessions that occur as a direct consequence of the COVID-19 pandemic
and only if they comply with all the following conditions:
i)
the change in lease payments is the product of a revised lease payment that is substantially the same, or less than the
lease payment immediately before the change;
ii)
iii)
any reduction in lease payments affects only the payments originally due up to June 30, 2021; and
there is no substantial change in the other terms and conditions of the lease.
The amendments are applicable to annual periods beginning on June 1, 2020. Early application is permitted. These amendments
must be applied retroactively, recognizing the accumulated effect from initial application as an adjustment in the beginning
balance of retained earnings (or other equity component, as applicable) at the beginning of the annual period in which the
amendment is applied for the first time.
Management is evaluating the potential impact of the application of these amendments on the Group’s consolidated financial
statements.
• Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16: Interest Rate Benchmark Reform
(Phase 2)
On August 27, 2020, the IASB issued the Interest Rate Benchmark Reform (Phase 2) which supplements the amendments to
IFRS 9, IAS 39 and IFRS 7 issued in 2019, and additionally incorporates amendments to IFRS 4 and IFRS 16. This final phase of
the project focuses on the effects on the financial statements when a company replaces the previous interest rate benchmark
with an alternative interest rate benchmark as a result of the reform.
The amendments refer to:
-
Changes in contractual cash flows: a company will not have to derecognize accounts or adjust the carrying amounts of
financial instruments due to changes required by the reform, but rather will update the effective interest rate to reflect
the change in the alternative interest rate benchmark;
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Annual Report Enel Américas 2020
-
Hedge accounting: a company will not have to discontinue its hedge accounting solely because it makes the changes
required by the reform, if the hedge complies with other hedge accounting criteria; and
-
Disclosures: a company will be required to disclose information about new risks that arise from the reform and how it
manages the transition to alternative interest rate benchmarks.
These amendments are effective for annual periods beginning on January 1, 2021, and early adoption is permitted. The
amendments are applicable retroactively, with certain exceptions. Management is evaluating the potential impact of the
application of these amendments on the Group’s consolidated financial statements.
• Amendments to IFRS 3: "References to the Conceptual Framework".
On May 14, 2020, the IASB issued a package of limited-scope amendments, including amendments to IFRS 3: Business
Combinations. The amendments update references to the Conceptual Framework issued in 2018, in order to determine an
asset or a liability in a business combination. In addition, the IASB added a new exception to IFRS 3 for liabilities and contingent
liabilities, which specifies that, for certain types of liabilities and contingent liabilities, an entity that applies IFRS 3 must refer
to IAS 37 “Provisions, Contingent Liabilities and Contingent Assets”, or IFRIC 21: “Levies”, instead of the 2018 Conceptual
Framework. Without this exception, an entity would have recognized certain liabilities in a business combination that would
not be recognized in accordance with IAS 37.
The amendments are applicable prospectively to business combinations with acquisition dates beginning on the first annual
period beginning on January 1, 2022. Early application is permitted.
Management is evaluating the potential impact of the application of these amendments on the Group’s consolidated financial
statements.
• Amendments to IAS 16: “Proceeds before Intended Use”
As part of the package of limited-scope amendments issued in May 2020, the IASB issued amendments to IAS 16 Property,
Plant and Equipment, which prohibit a company from deducting from the cost of property, plant and equipment amounts
received from selling items produced while the company is preparing the asset for its intended use. Instead, the company will
recognize such sales proceeds and related costs in profit or loss for the period. The amendments also clarify that an entity is
“testing whether an asset operates correctly” when it evaluates the technical and physical performance of the asset.
These amendments are applicable to annual reporting periods beginning on January 1, 2022. Early application is permitted. The
amendments will be applied retroactively, but only from the beginning of the first period presented in the financial statements
in which the entity applies the amendments for the first time. The accumulated effect of initial application of the amendments
will be recognized as an adjustment to the opening balance of retained earnings (or other equity components as applicable)
at the beginning of the first reported period.
Management is evaluating the potential impact of the application of these amendments on the Group’s consolidated financial
statements.
• Amendments to IAS 37: “Onerous Contracts: Cost of Fulfilling a Contract”
The third standard amended by the IASB in the package of limited-scope amendments issued in May 2020 was IAS 37 Provisions,
Contingent Liabilities and Contingent Assets. The amendments specify which costs a company should include when evaluating
whether a contract is onerous. In this sense, the amendments clarify that the direct cost of fulfilling a contract comprises both
the incremental costs of fulfilling this contract (for example, direct labor and materials), as well as the allocation of other costs
that are directly related to compliance with the contracts (for example, an allocation of the depreciation charge for an item of
property, plant and equipment used to fulfill the contract).
These amendments are applicable for reported annual periods beginning as of January 1, 2022. Early application is allowed.
Companies must apply these amendments to contracts for which all obligations have still not been fulfilled at the beginning
of the reported annual period in which the amendments are applied for the first time. They do not require restatement of
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798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information comparative information. The accumulated effect of initially applying the amendments will be recognized as an adjustment
to the opening balance of retained earnings (or another equity component as applicable) on the date of initial application.
Management is evaluating the potential impact of the application of these amendments on the Group’s consolidated financial
statements.
• Annual Improvements to IFRS: 2018-2020 Cycle
On May 14, 2020, the IASB issued a number of minor amendments to IFRSs, in order to clarify or correct minor issues or
overcome possible inconsistencies in the requirements of certain standards. The amendments with potential impact on the
Group are the following:
•
IFRS 9 Financial Instruments: clarifies that for the purpose of the 10% test for derecognition of financial liabilities, when
determining commissions paid net of commissions received, the borrower must only consider the commissions paid or
received between the borrower and the lender.
These improvements are applicable to reported annual periods beginning on January 1, 2022. Early application is allowed.
Entities must apply these amendments to financial liabilities that are modified or exchanged at the beginning of the
reported annual period, in which the amendments are applied for the first time.
•
Examples that accompany IFRS 16 Leases: amendment of illustrative example 13, in order to eliminate a possible
confusion regarding the treatment of lease incentives. The example included as part of its background information, a
reimbursement from the lessor to the lessee, related to leasehold improvements. Since the example was not sufficiently
clear as to whether the reimbursement complied with the definition of a lease incentive, the IASB decided to eliminate
from the illustrative example any reference to this reimbursement, thus avoiding any possibility of confusion.
Management believes that the application of these improvements will not generate an impact on the consolidated financial
statements of the Group.
• Amendments to IAS 1: “Classification of Liabilities as Current and Non-Current”
On January 23, 2020, the IASB issued limited-scope amendments to IAS 1: Presentation of Financial Statements, in order to
clarify how to classify debt and other liabilities as current or non-current. The amendments clarify that a liability is classified as
non-current if the entity has, at the end of the reporting period, the substantial right to defer settlement of the liability during
at least 12 months. The classification is not affected by the expectations of the entity or by events after the reporting date. The
amendments include clarification of the classification requirements for debt that a company could settle converting it to equity.
The amendments only affect the presentation of liabilities as current and non-current in the statement of financial position,
not the amount and timing of their recognition, or the related disclosures. However, they could lead to companies reclassifying
certain current liabilities to non-current and vice versa. This could affect compliance with covenants in the debt agreements
of companies.
These amendments are applicable retroactively beginning on January 1, 2023. In response to the COVID-19 pandemic, in July
2020 the IASB extended its mandatory effective date established initially for January 1, 2022, by a year in order to provide
companies more time to implement any change in classification resulting from these amendments. Early application is permitted.
Management is evaluating the potential impact of the application of these amendments on the Group’s consolidated financial
statements.
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2.3 Responsibility for the information, judgments
and estimates provided
The Company’s Board of Directors is responsible for the information contained in these consolidated financial statements and
expressly states that all IFRS principles and standards have been fully implemented.
In preparing the consolidated financial statements, certain judgments and estimates made by the Group’s management have
been used to quantify some of the assets, liabilities, revenue, expenses and commitments recognized.
The most significant areas where critical judgment was required are:
-
In a service concession agreement, determination of whether a grantor controls or regulates what services the
operator must provide, to whom and at what price, are critical factors for the application of IFRIC 12 Service Concession
Arrangements (see Note 3.d.1).
-
-
-
-
The identification of Cash Generating Units (CGU) for impairment testing (see Note 3.e).
The hierarchy of information used to measure assets and liabilities at fair value (see Note 3.h).
The determination of the Group’s functional currency (see Note 2.8).
Application of the revenue recognition model in accordance with IFRS 15 (see Note 3.q).
The estimates refer basically to:
-
-
-
-
-
-
-
-
-
-
-
-
The valuations performed to determine the existence of impairment losses in assets and goodwill (see Note 3.e).
The assumptions used to calculate the actuarial liabilities and obligations with employees, such as discount rates, mortality
tables, salary increases, etc. (see Notes 3.m.1 and 26).
The useful lives of property, plant and equipment and intangible assets (see Notes 3.a and 3.d).
The assumptions used to calculate the fair value of financial instruments (see Notes 3.h and 23).
The energy supplied to customer whose meters have not yet been read (see Note 3.q).
Certain assumptions inherent in the electricity system affecting transactions with other companies, such as production,
customer billings, energy consumption, that allow for estimation of electricity system settlements that occur on the
corresponding final settlement dates, but that are pending as of the date of issuance of the consolidated financial
statements and could affect the balances of assets, liabilities, income and expenses recognized in the financial statements
(see Appendix 2.2).
The probability that uncertain or contingent liabilities will be incurred and their related amounts (see Note 3.m).
Future disbursements for closure of facilities and restoration of land, as well as associated discount rates to be used
(see Note 3.a).
The tax results of the different Group subsidiaries that will be reported to the respective tax authorities in the future, and
other estimates have been used as a basis for recording the different income tax related balances in these consolidated
financial statements (see Note 3.p).
The fair value of assets acquired, and liabilities assumed, and any pre-existing interest in an entity acquired in a business
combination.
Determination of expected credit losses on financial assets (see Note 3.g.3).
Determination of the lease term of contracts with renewal options, as well as the rates to be used to discount lease
payments (see Note 3.f).
In relation to the COVID-19 pandemic, the degree of uncertainty generated in the macroeconomic and financial environment in
which the Group operates, could affect the valuations and estimates made by Management to determine the carrying amounts
of the more volatile assets and liabilities. As of December 30, 2020, according to the information available and considering a
scenario in constant evolution, the main areas that required Management to use their judgment and make estimates were the
following: i) measurement of expected credit losses on financial assets; ii) determination of impairment losses on non-financial
assets; and iii) measurement of employee benefits, including actuarial assumptions.
Although these judgments and estimates have been based on the best information available as of the date of issuance of
these consolidated financial statements, future events may occur that would require a change (increase or decrease) to these
202202
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information judgments and estimates in subsequent periods. This change would be made prospectively, recognizing the effects of this
change in judgment or estimation in the related future consolidated financial statements.
2.4 Subsidiaries
Subsidiaries are defined as those entities controlled either, directly or indirectly by Enel Américas. Control is exercised if and
only if the following conditions are met: the Company has i) power over the subsidiary; ii) exposure, or rights to variable returns
from these entities; and iii) the ability to use its power to influence the amount of these returns.
Enel Américas has power over its subsidiaries when it holds the majority of the substantive voting rights or, should that not
be the case, when it has rights granting the practical ability to direct the entities’ relevant activities; i.e., the activities that
significantly affect the returns from the subsidiary.
The Group will reassess whether or not it controls a subsidiary if facts and circumstances indicate that there are changes to
one or more of the control elements listed above.
Subsidiaries are consolidated as described in Note 2.7.
The entities in which the Group has the ability to exercise control and consequently are included in consolidation in these
consolidated financial statements are detailed below:
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Enel Distribución Río S.A.
EGP Cachoeira Dourada S.A.
Enel Generación Fortaleza S.A.
Enel Cien S.A.
Enel Distribución Ceará S.A.
Enel Brasil S.A.
Enel X Brasil S.A.
Enel Distribución Goias S.A.
Enel Distribución Sao Paulo S.A.
Enel Green Power Proyectos I (Volta
Grande)
Luz de Angra Energía S.A.
Central Generadora Fotovoltaica Sao
Francisco Ltda.
Enel Tecnología de Redes S.A.
Enel Trading Brasil S.A.
Enel Uruguay S.A. (1)
Central Dock Sud S.A.
Compañía de Transmisión del
Mercosur S.A. - CTM
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazilian real
Brazilian real
Brazilian real
Brazilian real
Brazilian real
Brazilian real
Brazilian real
Brazilian real
Brazilian real
Brazilian real
Brazilian real
Brazilian real
Brazilian real
Brazilian real
Uruguay
American dollar
Argentina Argentine peso
Argentina Argentine peso
-
-
-
-
-
99.73%
99.73%
99.75%
99.75%
100.00% 100.00%
100.00% 100.00%
74.05%
74.05%
-
-
-
-
-
99.73%
99.73%
99.75%
99.75%
100.00% 100.00%
100.00% 100.00%
74.05%
74.05%
100.00%
-
100.00% 100.00%
-
100.00%
-
-
-
-
-
-
-
-
-
-
-
100.00% 100.00%
99.96%
99.96%
100.00% 100.00%
100.00% 100.00%
51.00%
51.00%
100.00% 100.00%
100.00% 100.00%
100.00% 100.00%
100.00% 100.00%
70.24%
70.24%
100.00% 100.00%
-
-
-
-
-
-
-
-
-
-
-
100.00% 100.00%
99.93%
99.93%
100.00% 100.00%
100.00% 100.00%
-
-
100.00% 100.00%
100.00% 100.00%
100.00% 100.00%
100.00% 100.00%
70.24%
70.24%
100.00% 100.00%
Distrilec Inversora S.A.
Argentina Argentine peso
51.50%
-
51.50%
51.50%
-
51.50%
Empresa Distribuidora Sur S.A. - Edesur
Argentina Argentine peso
-
99.45%
99.45%
-
99.45%
99.45%
Enel Argentina S.A.
Argentina Argentine peso
99.92%
-
99.92%
99.92%
-
99.92%
Enel Trading Argentina S.R.L.
Argentina Argentine peso
55.00%
45.00% 100.00%
55.00%
45.00% 100.00%
Enel Generación Costanera S.A.
Argentina Argentine peso
Enel Generación El Chocón S.A.
Argentina Argentine peso
-
-
75.68%
75.68%
67.67%
67.67%
-
-
75.68%
75.68%
67.67%
67.67%
Hidroinvest S.A.
Argentina Argentine peso
41.94%
54.76%
96.70%
41.94%
54.76%
96.70%
Inversora Dock Sud S.A.
Argentina Argentine peso
57.14%
-
57.14%
57.14%
-
57.14%
Transportadora de Energía S.A. - TESA
Argentina Argentine peso
-
100.00% 100.00%
-
100.00% 100.00%
Compañía Distribuidora y
Comercializadora de Energía S.A. -
Codensa
Emgesa S.A. E.S.P.
Inversora Codensa S.A.S.
Colombia Colombian peso
Colombia Colombian peso
Colombia Colombian peso
Sociedad Portuaria Central Cartagena S.A. Colombia Colombian peso
Enel X Colombia S.A.S
Bogotá ZE S.A.S.
Enel Perú S.A.C.
Colombia Colombian peso
Colombia Colombian peso
Peru
Peruvian soles
100.00%
-
100.00% 100.00%
48.30%
48.48%
-
-
48.30%
48.30%
48.48%
48.48%
-
-
48.30%
48.48%
-
-
-
-
100.00% 100.00%
99.99%
99.99%
100.00% 100.00%
100.00% 100.00%
-
-
-
-
100.00% 100.00%
99.99%
99.99%
100.00% 100.00%
-
-
-
100.00%
203
Annual Report Enel Américas 2020
Taxpayer
ID No.
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Company
Chinango S.A.C.
Enel Generación Perú S.A.A.
Enel Distribución Perú S.A.A.
Enel Generación Piura S.A.
Enel X Perú S.A.C.
Compañía Energética Veracruz S.A.C.
Country
Peru
Peru
Peru
Peru
Peru
Peru
Functional
Currency
Peruvian soles
Peruvian soles
Peruvian soles
Peruvian soles
Peruvian soles
Peruvian soles
12-31-2020
12-31-2019
Direct
Indirect
Total
Direct
Indirect
Total
-
-
-
-
-
-
80.00%
80.00%
83.60%
83.60%
83.15%
83.15%
96.50%
96.50%
99.99%
99.99%
100.00% 100.00%
-
-
-
-
-
-
80.00%
80.00%
83.60%
83.60%
83.15%
83.15%
96.50%
96.50%
99.99%
99.99%
100.00% 100.00%
(1) Nuxer Trading S.A. changed its name in 2020 to Enel Uruguay S.A.
2.4.1 Changes in the scope of consolidation
2020
-
On September 22, 2020, the Company’ssubsidiary Enel X Brasil S.A. acquired 51% of the share capital of Luz de Angra
Energía S.A., whose corporate purpose is to perform works and services related to public lighting and signage in streets,
ports and airports.
-
On October 22, 2020, Bogotá ZE SAS was incorporated, which is 100% owned by the Company’s subsidiary Enel X
Colombia S.A.S. The new company is engaged in performing any acts related to sustainable electromobility in Colombia
and abroad.
2019
-
The Company’s subsidiary Enel X Perú S.A.C was incorporated in the first quarter of 2019. This subsidiary, among others,
is engaged in the development, implementation and sale of products and services related to energy that incorporate
innovation, state-of-the-art technology and trends of the future, other than the electricity distribution under concession
and the related services.
-
The company Enel Tecnología de Redes S.A. was incorporated in September 2019. This company is 100% owned by Enel
Brasil S.A., and is engaged in the planning, development and execution of energy generation, distribution, transmission
and/or commercialization, as well as the marketing of equipment intended for energy distribution, measurement and
control.
-
In October of 2019, Enel Trading Brasil S.A. was included in the Group's consolidation. This company is 100% owned by
Enel Brasil S.A., and is engaged in the performance of wholesale and retail activities involving energy and other unspecified
products, import and export, management activities, such as those associated with products and related services, as
well as holding ownership interests in other companies.
-
On November 6, 2019, Enel Brasil Investimento Sudeste S.A. was acquired by Enel Distribución Sao Paulo S.A., where the
latter became the legal successor company.
-
On November 27, 2019, within the framework of the public tender offer for the acquisition of shares in the Company’s
subsidiary Enel Distribución Sao Paulo S.A., the market was informed that the Company’s subsidiary Enel Brasil S.A. acquired
2,959,302 shares, equivalent to 1.5% of the total shares of this company, for BRL146.2 million (approximately US$ 35.2
million). Subsequently, on December 5, 2019, Enel Distribución Sao Paulo S.A. redeemed the remaining 5,174,050 shares,
representing 2.62% of total shares, by paying BRL256 million (approximately US$ 62 million). Through these transactions,
Enel Brasil S.A. obtained the control of 100% of the shares of Enel Distribución Sao Paulo S.A.
2.4.2 Consolidated companies with an economic equity interest of less than 50%
Although the Group has an interest of less than 50% in Codensa S.A. E.S.P. and Emgesa S.A. E.S.P. in Colombia, representing
48.3% and 48.48%, respectively, these companies are considered to be “subsidiaries” since Enel Américas exercises control
over them by virtue of a shareholders’ agreement or as a result of its share structure, composition and classes. In this respect,
Enel Américas has 57.15% and 56.43% of the voting shares of Codensa S.A. E.S.P., and Emgesa S.A. E.SP., respectively.
204204
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information 2.5 Investments in associates
Associates are those entities over which Enel Américas, either directly or indirectly, exercises significant influence.
Significant influence is the power to participate in the decisions related to the financial and operating policy of the associate
but without having control or joint control over those policies. In assessing significant influence, the Group takes into account
the existence and effect of currently exercisable voting rights or convertible rights at the end of each reporting period, including
currently exercisable voting rights held by the Company or other entities. In general, significant influence is presumed to be
present in those cases in which the Group has more than 20% of the voting power of the investee.
Associates are accounted for in the consolidated financial statements using the equity method of accounting, as described
in Note 3.i.
The detail of the companies that qualify as associates is the following:
Taxpayer
ID No.
Foreign
Foreign
Foreign
Foreign
Foreign
Company
Sacme S.A.
Yacylec S.A.
Country
Argentina
Argentina
Central Térmica Manuel Belgrano (*) Argentina
Argentine peso
Central Térmica San Martin (*)
Central Vuelta Obligada S.A.
Argentina
Argentina
Argentine peso
Argentine peso
-
-
-
Functional
Currency
12-31-2020
12-31-2019
Direct
Indirect
Total
Direct
Indirect
Total
Argentine peso
-
50,00%
50,00%
-
50,00%
50,00%
Argentine peso
33,33%
33,33%
33,33%
-
33,33%
-
-
-
-
-
40,90%
40,90%
-
-
-
25,60%
25,60%
25,60%
25,60%
40,90%
40,90%
(*) See Note 14.1
2.6 Joint arrangements
Joint arrangements are defined as those entities in which the Group exercises control under an agreement with other shareholders
and jointly with them, i.e., when decisions on the entities’ relevant activities require the unanimous consent of the parties
sharing control.
Depending on the rights and obligations of the participants, joint agreements are classified as:
-
-
Joint venture: an agreement whereby the parties exercising joint control have rights to the entity’s net assets. Joint ventures
are included in the consolidated financial statements using the equity method of accounting, as described in Note 3.i.
Joint operation: an agreement whereby the parties exercising joint control have rights to the assets and obligations with
respect to the liabilities relating to the arrangement. Joint operations are included in the consolidated financial statements
recognizing the proportional interest in the assets and liabilities impacted by such operation.
In determining the type of joint arrangement in which it is involved, the Group’s Management assesses its rights and obligations
arising from the arrangement by considering the structure and legal form of the arrangement, the terms agreed by the parties
in the contractual arrangement and, when relevant, other facts and circumstances. If facts and circumstances change, the
Group reassesses whether the type of joint arrangement in which it is involved has changed.
Currently, the Company is not involved in any joint arrangement that qualifies as a joint operation.
2.7 Basis of consolidation and business combinations
The subsidiaries are consolidated, and all their assets, liabilities, revenues, expenses, and cash flows are included in the
consolidated financial statements once the adjustments and eliminations of intra-group transactions have been made.
The comprehensive income from subsidiaries is included in the consolidated statement of comprehensive income from the
date when the parent company obtains control of the subsidiary until the date on which it loses control of the subsidiary.
205
Annual Report Enel Américas 2020 The Group records its business combinations using the acquisition method when the set of activities and assets acquired
meet the definition of a business, and control is transferred to the Group. To be considered a business, a set of activities and
assets acquired must include, as a minimum, an input and a substantive process applied to it which, as a whole, significantly
contribute to the capacity to create products. IFRS 3 offers the option to apply a “concentration test” as a simplified evaluation
of whether or not an acquired set of activities and assets is a business. The concentration test is positive if substantially all of
the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets.
The operations of the Parent company and its subsidiaries have been consolidated under the following basic principles:
1.
At the date the parent obtains control, the subsidiary’s assets acquired, and its liabilities assumed are recorded at fair value,
except for certain assets and liabilities that are recorded using valuation principles established in other IFRS standards. If
the fair value of the consideration transferred plus the fair value of any non-controlling interests exceeds the fair value
of the net assets acquired, this difference is recorded as goodwill. In the case of a bargain purchase, the resulting gain
is recognized in profit or loss after reassessing whether all of the assets acquired and the liabilities assumed have been
properly identified and following a review of the procedures used to measure the fair value of these amounts.
For each business combination, IFRS allow valuation of the non-controlling interests in the acquiree on the date of
acquisition: i) at fair value; or ii) for the proportional ownership of the identifiable net assets of the acquiree, with the
latter being the methodology that the Group has systematically applied to its business combinations.
If the fair value of all assets acquired and liabilities assumed at the acquisition date has not been completed, the Group
reports the provisional values accounted for in the business combination. During the measurement period, which shall
not exceed one year from the acquisition date, the provisional values recognized will be adjusted retrospectively as if
the accounting for the business combination had been completed at the acquisition date, and also additional assets
or liabilities will be recognized to reflect new information obtained about events and circumstances that existed on
the acquisition date, but which were unknown to Management at that time. Comparative information for prior periods
presented in the financial statements is revised as needed, including making any change in depreciation, amortization
or other income effects recognized in completing the initial accounting.
For business combinations achieved in stages, the Company measures at fair value the participation previously held in
the equity of the acquiree on the date of acquisition and the resulting gain or loss, if any, is recognized in profit or loss
of the period.
2.
Non-controlling interests in equity and in the comprehensive income of the consolidated subsidiaries are presented,
respectively, under the line items “Total Equity: Non-controlling interests” in the consolidated statement of financial
position and “Profit (loss) attributable to non-controlling interests” and “Comprehensive income attributable to non-
controlling interests” in the consolidated statement of comprehensive income.
3.
Balances and transactions between consolidated companies have been fully eliminated on consolidation.
4.
Changes in the ownership interests in subsidiaries that do not result in the Group obtaining or losing control are recognized
as equity transactions. The carrying amounts of the controlling and non-controlling interests are adjusted to reflect the
changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling
interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity attributable
to shareholders of the Parent.
5.
Business combinations under common control are accounted for using the “pooling of interest” method. Under this
method, the assets and liabilities involved in the transaction remain reflected at the same carrying amounts at which
they were recorded in the ultimate parent company, although subsequent accounting adjustments may be needed to
align the accounting policies of the companies involved. The Group does not apply a retrospective item of business
combinations under common control.
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798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
Any difference between assets and liabilities contributed to the consolidation and the consideration paid is recorded
directly in equity, as a debit or credit to “Other reserves.”
2.8 Functional Currency
The functional and presentation currency of the consolidated financial statements of Enel Américas is the United States dollar (US$).
The functional currency has been determined, considering the economic environment in which the Company operates. This
conclusion is based on the fact that the US$ is the currency that fundamentally influences its financing, capital issuance and cash
and cash equivalent activities. Accordingly, the US$ reflects the underlying transactions, events and conditions for Enel Américas.
Any information presented in US$ has been rounded to the closest thousand (ThUS$) or million (MUS$), unless indicated otherwise.
2.9 Conversion of financial statements
denominated in foreign currency
Conversion of the financial statements of the Group companies that have functional currencies different than US$, and do
not operate in hyperinflationary economies, is carried out as follows:
a.
Assets and liabilities, using the exchange rate prevailing at the closing date of the financial statements.
b.
Comprehensive income statements using the average exchange rate for the period (unless this average is not a reasonable
approximation of the cumulative effect of the exchange rate existing on the transaction dates, in which case the exchange
rate on the date of each transaction is used).
c.
Equity is maintained at the historical exchange rate on the date of its acquisition or contribution, and at the average
exchange rate as of the date of generation for retained earnings.
d.
Foreign currency translation differences generated in the conversion of the financial statements are recorded under
“Foreign currency translation gains (losses)” in the consolidated comprehensive income statement: Other comprehensive
income (see Note 27.2).
The financial statements of subsidiaries whose functional currency is that of a hyperinflationary economy, are first adjusted
for inflation, recording any gain or loss in the net monetary position in profit or loss. Subsequently, all items (assets, liabilities,
equity items, expenses and revenue) are converted at the exchange rate prevailing at the closing date of the most recent
statement of financial position.
Argentine Hyperinflation
Beginning on July 2018, the Argentine economy has been considered to be hyperinflationary in accordance with the criteria
established in IAS 29 “Financial Reporting in Hyperinflationary Economies”. This determination was made on the basis of a
number of qualitative and quantitative criteria, especially the presence of accumulated inflation in excess of 100% during the
three previous years.
In accordance with IAS 29, the financial statements of investees in Argentina have been restated retrospectively, applying the
general price index at historical cost, in order to reflect changes in the purchasing power of the Argentinean peso, as of the
closing date of these financial statements.
Non-monetary assets and liabilities were restated from February 2003, the last date on which an inflation adjustment was
applied for accounting purposes in Argentina. Within this context, note that the Group carried out its transition to IFRS on
January 1, 2004, and applied the deemed cost exception to property, plant and equipment.
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Annual Report Enel Américas 2020
For consolidation purposes in Enel Américas and as a result of the application of IAS 29, the results of our subsidiaries in
Argentina were converted at the prevailing period-closing exchange rate (ARS/US$), in accordance with IAS 21 “Effects of
Changes in Foreign Exchange Rates”, when dealing with a hyperinflationary economy. Previously, the profit or loss of Argentinean
subsidiaries were converted using the average exchange rate for the period, as used for the other subsidiaries operating in
other countries whose economies are not considered to be hyperinflationary.
The general price indexes used at the end of the reporting periods are as follows:
From January to December 2018
From January to December 2019
From January to December 2020
General Price Index
47.83%
53.64%
36.13%
The first-time application of IAS 29 led to a positive adjustment in the retained earnings of Enel Américas, of ThUS$ 961,107
(net of taxes) as of January 1, 2018, of which ThUS$ 668,693 were attributable to the shareholders of Enel Américas. The effects
of the application of this standard on these consolidated financial statements are detailed in Note 33.
Exchange rates
The exchange rates used to convert the financial statements of the different foreign subsidiaries are detailed as follows (local
currency versus the US$):
Currency
Argentine peso
Brasilean real
Peruvian sol
Colombian peso
12-31-2020
12-31-2019
Closing Date
Mid Average
Closing Date
Mid Average
84.15
5.20
3.62
84.07
5.16
3.50
59.89
4.03
3.32
59.88
3.94
3.34
12-31-2018
Mid Average
37.67
3.65
3.28
3,432.50
3,693.52
3,277.14
3,281.39
2,952.39
NOTE 3. Accounting policies
The main accounting policies used in preparing the accompanying consolidated financial statements are the following:
a) Property, plant and equipment
Property, plant and equipment are generally measured at acquisition cost, net of accumulated depreciation and any impairment
losses experienced. In addition to the price paid to acquire each item, the cost also includes, the following concepts, where
applicable:
-
Finance costs accrued during the construction period that are directly attributable to the acquisition, construction,
or production of qualifying assets, which require a substantial period of time before being ready for use such as; e.g.,
electricity generation or distribution facilities. The Group defines “substantial period” as a period exceeding twelve
months. The interest rate used is that of the specific financing or, if none exists, the weighted average financing rate of
the company making the investment (see Note 17.b.1).
Employee expenses directly related to construction in progress (see Note 17.b.2).
Future disbursements that the Group will have to make to close its facilities are added to the value of the asset at fair
value, recognizing the related provision for dismantling or restoration. The Group reviews its estimate of these future
disbursements on an annual basis, increasing or decreasing the value of the asset based on the results of this estimate
(see Note 25).
-
-
208208
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information Assets under construction are transferred to operating assets once the testing period has been completed and they are
available for use, at which time depreciation begins.
Expansion, modernization or improvement costs that represent an increase in productivity, capacity or efficiency, or a longer
useful life are capitalized as an increase in the cost of the related assets.
The replacement or overhaul of entire components that increase the asset’s useful life or economic capacity are recorded as
an increase in cost of the related assets, derecognizing the replaced or overhauled components.
Expenditures for periodic maintenance, and repair are recognized directly as an expense for the year in which they are incurred.
Property, plant and equipment, net of its residual value, is depreciated by distributing the cost of the different items that
comprise it on a straight-line basis over its estimated useful life, which is the period during which the Group expects to use
the assets. Useful life estimates and residual values are reviewed on an annual basis and if appropriate adjusted prospectively.
In addition, the Group recognizes right-of-use assets for leases relating to property, plant and equipment in accordance with
the criterion established in Note 3.f.
The following are the main categories of property, plant and equipment with their related estimated useful lives:
Classes of property, plant and equipment
Years of estimated useful life
Buildings
Plant and equipment
IT equipment
Fixtures and fittings
Motor vehicles
10 – 85
10 – 85
3 – 15
3 – 75
5 – 20
In addition, for further information, the following is a more detailed breakdown of the class plant and equipment class:
Generating plant and equipment:
Hydroelectric plants
Civil engineering works
Electromechanical equipment
Coal/Fuel power plants
Combined cycle power plants
Distribution plant and equipment:
High-voltage network
Low- and medium-voltage network
Measuring and remote-control equipment
Primary substations
Years of estimated useful life
10 – 85
10 – 60
10 – 40
10 – 50
15 – 50
30 – 50
10 – 30
20 – 40
Land is not depreciated since it has an indefinite useful life, unless it relates to a right-of-use asset in which case it is depreciated
over the term of the lease.
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Annual Report Enel Américas 2020
Regarding the administrative concessions held by the Group’s electric companies, the following table lists the remaining periods
until expiration of the concessions that do not have an indefinite term:
Concession holder and operator
Empresa Distribuidora Sur S.A. - Edesur (Distribution)
Enel Generación El Chocón S.A. (Generation) (*)
Transportadora de Energía S.A. (Transmission)
Compañía de Transmisión del Mercosur S.A. (Transmission)
EGP Cachoeira Dourada S.A. (Generation)
Enel Generación Fortaleza S.A (Generation)
Enel CIEN S.A. (Garabi I) (**)
Enel CIEN S.A. (Garabi II) (**)
Country
Argentina
Argentina
Argentina
Argentina
Brazil
Brazil
Brazil
Brazil
Year concession
started
Concession term
Remaining period
to expiration
1992
1993
2002
2000
1997
2001
2000
2002
95 years
30 years
85 years
87 years
30 years
30 years
22 years
20 years
67 years
3 years
67 years
67 years
7 years
11 years
1.6 years
1.6 years
(*) The Chocón Complex Concession Contract (Chocón and Arroyito plants) expires on August 11, 2023. This contract does not foresee any extension or new call
for proposals, but rather the restitution to the licensor (Argentine State). However, some proceedings are being carried out to achieve a temporary extension.
(**) The main assets of our subsidiary Enel CIEN are the Garabi I and Garabi II energy interconnection systems, which through two frequency conversion stations
and 2,200 MW transmission lines, transport energy between Brazil and Argentina. In June 2020, the Ministry of Mines and Energy of Brazil enacted an ordinance
that allows Enel CIEN to continue operating the Garabi I line after the end of the concession on June 20, 2020, approving its term to correspond with the conces-
sion of the Garabi II line, up to July 31, 2022. During 2021, there will be a new tender for the operation of both lines, and Enel CIEN has the possibility of participating
in such process. If the concession is not renewed, Enel CIEN will recover the carrying amount of the underlying assets.
To the extent that the Group recognizes the assets as Property, plant and equipment, these are amortized over their economic life or
the concession term, whichever is shorter, when the economic benefit from the asset is limited to its use during the concession term.
Any required investment, improvement or replacement made by the Group is considered in the impairment test to Property,
plant, and equipment as a future contractual cash outflow that is necessary to obtain future cash inflows.
The Group’s Management analyzed the specific contract terms of each of the aforementioned concessions, which vary
depending on the by country, business activity and jurisdiction, and concluded that, with the exception of Enel CIEN, there
are no determining factors indicating that the grantor, which in every case is a government entity, controls the infrastructure
and, at the same time, can continuously set the price to be charged for the services. These requirements are essential for
applying IFRIC 12, Service Concession Arrangements, an interpretation that establishes how to recognize and measure certain
types of concessions (see Note 3.d.1).
On April 19, 2011, the Company’s subsidiary Enel CIEN successfully completed its change in business model. Under the new
agreement, the Brazilian government continues to control the infrastructure, but Enel CIEN receives fixed payments, which places
it at anequal level with a public transmission concession (with regulated prices). Under this business model, its concessions
fall within the scope of IFRIC 12; however, the infrastructure has not been derecognized due to the fact that Enel CIEN has not
substantially transferred the significant risks and benefits to the Brazilian government.
An item of property, plant and equipment is derecognized when it is sold or otherwise disposed of, or when no future economic
benefits are expected from its use, sale or other disposal.
Gains or losses arising from the sale or disposal of items of property, plant and equipment are recognized as “Other gains
(losses)” in the statement of comprehensive income and calculated by deducting the amount received for the sale from the
net carrying amount of the asset and the selling value.
b) Investment property
“Investment property” basically includes land and buildings that are kept for the purpose of obtaining gains from future sales
or lease arrangements.
Investment property is measured at acquisition cost, net of accumulated depreciation and any impairment losses experienced.
Investment property, excluding land, is depreciated by distributing the cost of the several elements that comprise it on a
straight-line basis over the years of useful life.
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798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information An investment property is derecognized on disposal, or when no future economic benefits are expected from use or disposal.
Gains or losses arising from the sale or disposal of items of investment property are recognized as “Other gains (losses)” in
the statement of comprehensive income and determined as the difference between the sales amount and the net carrying
amount of the asset.
c) Goodwill
Goodwill arising from business combinations, and reflected upon consolidation, represents the excess value of the consideration
paid plus the amount of any non-controlling interests over the Group’s share of the net value of the assets acquired and
liabilities assumed, measured at fair value at the acquisition date. If the accounting for a business combination is completed
within the following year after the acquisition date, and thus the goodwill determination as well, the entity recognizes the
related adjustments to the provisional amounts as if the accounting for the business combination had been completed at the
acquisition date. If the accounting for a business combination is completed within the following year after the acquisition date,
and thus the goodwill determination as well, the entity recognizes the related adjustments to the provisional amounts as if the
accounting for the business combination had been completed at the acquisition date (see Note 2.7.1).
Goodwill arising from acquisition of companies with functional currencies other than the functional currency of the Parent is
measured in the functional currency of the acquiree and translated to US dollar using the exchange rate effective as of the
date of the statement of financial position.
Goodwill is not amortized; instead, at the end of each reporting period or when there are indicators that an impairment might
have occurred, the Group estimates whether any impairment loss has reduced its recoverable amount to an amount less than
the carrying amount and, if so, an impairment loss is immediately recognized in profit or loss (see Note 3.e).
d) Intangible assets other than goodwill
Intangible assets are initially recognized at their acquisition cost or production cost, and are subsequently measured at their
cost, net of their accumulated amortization and impairment losses experienced.
Intangible assets are amortized on a straight-line basis during their useful lives, starting from the date when they are ready for
use, except for those with an indefinite useful life, which are not amortized. As of December 31, 2020, and 2019, there are no
significant amounts in intangible assets with an indefinite useful life.
The criteria for recognizing these assets’ impairment losses and, if applicable, recovery of impairment losses recorded in
previous periods are explained in Note e) below.
An intangible asset is derecognized when it is sold or otherwise disposed of, or when no future economic benefits are expected
from its use, sale or other disposal.
Gains or losses arising from sales of intangible assets are recognized in profit or loss for the period and determined as the
difference between the amount of the sale and the carrying amount of the asset.
d.1) Concessions
Public-to-private service concession agreements are recognized according to IFRIC 12: Service Concession Arrangements.
This accounting interpretation applies if:
a)
The grantor controls or regulates what services the operator should provide with the infrastructure, to whom it must
provide them, and at what price; and
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Annual Report Enel Américas 2020
b)
The grantor controls – through ownership, beneficial entitlement, or otherwise – any significant residual interest in the
infrastructure at the end of the term of the arrangement.
If both of the above conditions are met simultaneously, the consideration received by the Group for the constructed infrastructure
is initially recognized at its fair value, as either:
-
An intangible asset when the Group receives the right to charge users of the public service, as long as these charges
are conditional on the degree to which the service is used;
-
A financial asset when the Group has an unconditional contractual right to receive cash or another financial asset directly
from the grantor or from a third party.
However, both types of considerations are classified as a contract asset during the construction or improvement period, in
accordance with IFRS 15 (see Note 9).
The Group recognizes the contractual obligations assumed for maintenance of the infrastructure during its use, or for its
return to the grantor at the end of the concession agreement within the conditions specified in the agreement, as long as it
does not involve an activity that generates income, in accordance with the Group’s accounting policy to recognize provisions
(see Note 3.m).
Finance costs attributable to the concession arrangements are capitalized based on the criteria established in a) above, provided
that the operator has a contractual right to receive an intangible asset.
The Company’s subsidiaries that have recognized an intangible asset and/or a financial asset from their service concession
arrangements are the following:
Concession holder and operator
Enel Distribución Río S.A. (formerly - Ampla) (Distribution) (*)
Enel Distribución Ceará S.A. (formerly - Coelce) (Distribution) (*)
Enel Distribución Goiás S.A. (Distribution) (*)
Enel Green Power Proyectos I (Volta Grande) (**)
Enel Distribución Sao Paulo S.A. (Distribution) (*)
Country
Year concession
started
Concession term
Remaining period
to expiration
Brazil
Brazil
Brazil
Brazil
Brazil
1996
1997
2015
2017
1998
30 years
30 years
30 years
30 years
30 years
6 years
7 years
24 years
27 years
8 years
(*) Because part of the rights acquired by these subsidiaries are unconditional, an intangible asset and financial asset at fair value through profit and loss have
been recognized for the concession (See Notes 3.g.1 and Note 8).
(**) Because all of the rights acquired by this subsidiary are unconditional, only a financial asset at fair value through profit and loss has been recognized for this
concession (see Note 3.g.1 and Note 8).
At the end of each concession period, this can be renewed at the discretion of the granting authority, otherwise all assets and
facilities will be returned to the Government or its assignee, upon reimbursement for investments made and not yet amortized.
d.2) Research & development expenses
The Group recognizes the costs incurred in a project’s development phase as intangible assets in the statement of financial
position as long as the project’s technical feasibility and future economic benefits have been demonstrated.
Research costs are recorded as an expense in the consolidated statement of comprehensive income in the period in which
they are incurred.
d.3) Other intangible assets
Other intangible assets correspond to computer software, water rights, and easements. They are initially recognized at acquisition
or production cost and are subsequently measured at cost less accumulated amortization and impairment losses, if any.
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798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
Computer software is amortized (on average) over five years. Certain easements and water rights have indefinite useful lives
and are therefore not amortized, while others have useful lives ranging from 40 to 60 years, depending on their characteristics,
and they are amortized over that term.
e) Impairment of non-financial assets
During the period, and mainly at the end of each reporting period, the Group evaluates whether there is any indication that an
asset has been impaired. If any such indication exists, the Group estimates the recoverable amount of that asset to determine
the amount of the impairment loss. For identifiable assets that do not generate cash flows independently, the Group estimates
the recoverable amount of the Cash Generating Unit (CGU) to which the asset belongs, which is understood to be the smallest
identifiable group of assets that generates independent cash inflows.
Notwithstanding the preceding paragraph, for CGUs to which goodwill or intangible assets with indefinite useful life have been
allocated, a recoverability analysis is performed routinely at each year-end.
The criteria used to identify the CGUs are based, in line with Management’s strategic and operating vision, within the specific
characteristics of the business, the operating rules and regulations of the market in which the Group operates and corporate
organization.
Recoverable amount is the higher of fair value less costs of disposal and value in use, which is defined as the present value of
the estimated future cash flows. In order to calculate the recoverable amount of Property, plant, and equipment, as well as of
goodwill and intangible assets, the Group uses value in use criteria in practically all cases.
To estimate value in use, the Group prepares future pre-tax cash flow forecasts based on the most recent budgets available.
These budgets include Management’s best estimates of a CGU’s revenue and costs using sector forecasts, past experience
and future expectations.
In general, these projections cover the next five years, estimating cash flows for subsequent years by applying reasonable
growth rates which, in no case, are increasing rates nor exceed the average long-term growth rates for the particular sector
and country in which the Group operates. The growth rates used to extrapolate the projections as of December 31, 2020 and
2019 were the following:
Country
Argentina
Brazil
Peru
Currency
Argentine peso
Brazilian reais
Peruvian soles
Colombia
Colombian pesos
12-31-2020
12-31-2019
Minimum
Maximum
Minimum
Maximum
10.1%
3.5%
2.5%
3.0%
12.8%
3.5%
2.5%
3.0%
6.7%
3.8%
2.5%
3.0%
6.7%
3.8%
2.5%
3.0%
Future cash flows are discounted to calculate their present value at a pre-tax rate that covers the cost of capital for the business
activity and the geographic area in which it is being carried out. The time value of money and risk premiums generally used
among analysts for the business activity and the geographic zone are taken into account to calculate the pre-tax rate.
The following are the pre-tax discount rates applied as of December 31, 2020 and 2019, expressed in nominal terms:
Country
Argentina
Brazil
Peru
Currency
Argentine peso
Brazilian reais
Peruvian soles
Colombia
Colombian pesos
12-31-2020
12-31-2019
Minimum
Maximum
Minimum
Maximum
35.8%
9.6%
7.4%
8.7%
63.4%
40.2%
11.1%
10.5%
24.7%
10.1%
7.8%
8.7%
50.6%
23.4%
12.9%
11.8%
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Annual Report Enel Américas 2020 The Company’s approach to allocate value to each key assumption used to project cash flows, considers:
-
-
Evolution of demand: the growth estimate has been calculated based on the projected increase in the Gross Domestic
Product (GDP), in addition to other assumptions used by the Company regarding the evolution of consumption.
Energy purchase and sale prices: based on specifically developed internal projection models. The price of the planned
“pool” is estimated by considering a number of determining factors, such as the different technologies costs and
productions and energy demand, among other items.
-
Regulatory measures: an important part of the Company’s business is regulated and subject to extensive standards, which
could undergo revisions, either as a result of new laws or the amendment of existing laws, and therefore the projections
include adequate application of the current standards and those that are currently being developed, and those expected
to be effective during the projected period.
-
Installed capacity: in the estimating of the Group’s installed capacity, the existing facilities are taken into account, as
well as the plans for both increasing capacity and capacity closure. The investment plan is constantly updated based on
the evolution of the business, quality of service regulations determined by the regulator and changes in the business
development strategy adopted by management. The necessary investments are taken into account to maintain the
-
-
-
installed capacity in appropriate operating conditions.
Hydrology and NCRE: the projections are made from historical series of meteorological conditions and projecting an
average year, based on these.
Fuel costs: to estimate fuel costs, existing supply contracts are taken into account and long-term projections of oil, gas
or coal prices are made, based on forward markets and available analyst estimates.
Fixed costs: these are projected considering the foreseen level of business activities, both in terms of the evolution of
the workforce (considering salary raises in line with the CPI), and in term of other operating and maintenance costs, the
level of projected inflation and long-term existing maintenance or other contracts. The efficiencies that the Group is
adopting over time are also considered, such as those that arise from the initiatives for the digitalization for the internal
processes.
-
External sources are always considered to verify the assumptions related to the macroeconomic environment such as
price evolution, GDP growth, demand, inflation, interest rates and exchange rates, among others.
Past experience has demonstrated the reliability of the Company’s forecasts, which allows it to base key assumptions on
historical information. During 2020, the deviations observed with respect to the projections used to perform impairment
testing as of December 31, 2019, were not significant and cash flows generated in 2020 remained in a reasonable variance
range compared to those expected for that period, with the exception of the effects generated by the COVID-19 pandemic.
If the recoverable amount of the CGU is less than the net carrying amount of the asset, the related impairment loss is recognized
for the difference, and charged to “Impairment loss (impairment reversals) recognized in profit or loss” in the consolidated
statement of comprehensive income. The impairment is first allocated to the CGU’s goodwill carrying amount, if any, and then
to the other assets comprising it, prorated on the basis of the carrying amount of each one, limited to the fair value less costs
of disposal, or value in use, where no negative amount could be obtained.
Impairment losses recognized in prior periods for an asset other than goodwill are reversed, if and only if, there has been a
change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognized. If
this is the case, the carrying amount of the asset is increased to its recoverable amount with a credit to profit or loss, but so
that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment
loss been recognized for the asset. For goodwill, impairment losses are not reversed in subsequent periods.
f) Leases
In order to determine whether an arrangement is, or contains, a lease, the Company assesses the economic substance of
the agreement, assessing whether the agreement conveys the right to control the use of an identified asset for a period of
time in exchange for consideration. Control is considered to exist if the customer has i) the right to obtain substantially all the
economic benefits arising from the use of an identified asset; and ii) the right to direct the use of the asset.
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798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information f.1) Lessee
When the Group acts as a lessee at the commencement of the lease (i.e. on the date on which the underlying asset is available
for use) it records a right-of-use asset and a lease liability in the statement of financial position.
The Group initially recognizes right-of-use assets at cost. The cost of right-of-.use assets comprises: (i) the amount of the initial
measurement of the lease liability; (ii) lease payments (made until the commencement date less lease incentives received), (iii)
initial direct costs incurred; and (iv) the estimate of decommissioning or restoration costs.
Subsequently, the right-of-use asset is measured at cost, adjusted by any re measurement of the lease liability, less accumulated
depreciation and accumulated impairment losses. A right-of-use asset is depreciated on the same terms as other similar
depreciable assets, as long as there is reasonable certainty that the lessee will acquire ownership of the asset at the end of the
lease. If no such certainty exists, the leased assets are depreciated over the shorter of the useful lives of the assets and their
lease term. The same criteria detailed in Note 3.e are applied to determine whether the right-of-use asset has become impaired.
The lease liability is initially measured at the present value of the lease payments, discounted at the Company's incremental
borrowing rate, if the interest rate implicit in the lease cannot be readily determined. The incremental borrowing rate is the
interest rate that the company would have to pay to borrow over a similar term, and with similar security, the funds necessary
to obtain an asset of similar value to the right-of-use asset in a similar economic environment. The Group determines its
incremental borrowing rate using observable data (such as market interest rates) or by making specific estimates when there are
no observable rates available (e.g., for subsidiaries that do not carry out financing transactions) or when they must be adjusted
to reflect the terms and conditions of the lease (e.g., when the leases are not in the functional currency of the subsidiary).
Lease payments included in the measurement of liabilities comprise: i) fixed payments, less any lease incentive receivable; ii)
variable lease payments that depend on an index or a rate; iii) residual value guarantees; iv) the exercise price of a purchase
option, if the Group is it is reasonably certain to exercise that option; and v) penalties for terminating the lease, if any.
After the commencement date, the lease liability increases to reflect the accrual of interest and is reduced by the lease
payments made. In addition, the carrying amount of the liability is remeasured if there is a change in the terms of the lease
(changes in the lease term, in the amount of expected payments related to a residual value guarantee, in the evaluation of
a purchase option or in an index or rate used to determine lease payments). Interest expense is recognized as finance cost
and distributed over the years making up the lease period, so that a constant interest rate is obtained in each year on the
outstanding balance of the lease liability.
Short-term leases of one year or less or leases of low value assets are exempt from the application of the recognition criteria
described above, with the payments associated with the lease recorded as an expense on a straight-line basis over the term
of the lease.
Right-of-use assets and lease liabilities are presented separately from other assets and liabilities, respectively in the consolidated
statement of financial position.
f.2) Lessor
When the Group acts as a lessor, it classifies at the commencement of the agreement whether the lease is an operating or
finance lease, based on the substance of the transaction. Leases in which all the risks and rewards incidental to ownership of an
underlying asset are substantially transferred are classified as finance leases. All other leases are classified as operating leases.
For finance leases, at the commencement date, the company recognizes in its statement of financial position the assets held
under finance leases and presents them as an account receivable, for an amount equal to the net investment in the lease,
calculated as the sum of the present value of the lease payments and the present value of any accrued residual value, discounted
at the interest rate implicit in the lease. Subsequently, finance income is recognized over the term of the lease, based on a
model that reflects a constant rate of return on the net financial investment made in the lease.
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Annual Report Enel Américas 2020 For operating leases, lease payments are recognized as income on a straight-line basis, over the term of the lease unless
another type of systematic basis of distribution is deemed more representative. The initial direct costs incurred in obtaining
an operating lease are added to the carrying amount of the underlying asset and are recognized as expense throughout the
lease period, applying the same basis as for rental income.
g) Financial instruments
Financial instruments are contracts that give rise to both a financial asset in one entity and a financial liability or equity
instrument in another entity.
g.1) Financial assets other than derivatives
The Group classifies its non-derivative financial assets, whether permanent or temporary, excluding investments accounted
for using the equity method (see Notes 3.i and 14) and non-current assets and disposal groups held for sale or distribution to
owners (see Note 3.k), into three categories:
(i) Amortized cost:
This category includes the financial assets that meet the following conditions (i) the business model that supports the financial
assets seeks to maintain such financial assets to obtain contractual cash flows, and (ii) the contractual terms of such financial
assets give rise on specific dates to cash flows that are solely payments of principal and interest (SPPI criterion).
Financial assets that meet the conditions established in IFRS 9, to be valued at amortized cost in the Group are: cash equivalents,
accounts receivable and, loans. Such assets are recorded at amortized cost, which is the initial fair value, less repayments of
principal, plus uncollected accrued interest, calculated using the effective interest method.
The effective interest method is a method for calculating the amortized cost of a financial asset or a financial liability (or a group
of financial assets or financial liabilities) and allocating the finance income or finance costs throughout the relevant period.
The effective interest rate is the discount rate that exactly matches the estimated cash flows to be received or paid over the
expected useful life of the financial instrument (or when appropriate in a shorter period of time), with the net carrying amount
of the financial asset or financial liability.
(ii) Financial Assets Recorded at Fair Value through Other Comprehensive Income:
This category includes the financial assets that the meet the following conditions: (i) they are classified in a business model,
the purpose of which is to maintain the financial assets both to collect the contractual cash flows and to sell them, and (ii) the
contractual conditions meet the SPPI criterion.
These financial assets are recognized in the consolidated statement of financial position at fair value when this can be determined
reliably. For the holdings in unlisted companies or companies with low liquidity, it is usually not possible to determine the fair
value reliably. Therefore, when this occurs, such holdings are valued at their acquisition cost or for a lower amount if there is
evidence of their impairment.
Changes in fair value, net of their tax effect, are recorded in the consolidated statement of comprehensive income: Other
comprehensive income, until the disposal of these financial assets, where the accumulated amount in this section is fully
allocated to profit or loss for the period except for investments in equity instruments where the accumulated balance in other
comprehensive income is never reclassified to profit or loss.
In the event that the fair value is lower than the acquisition cost, if there is objective evidence that the asset has suffered an
impairment that cannot be considered as temporary, the difference is recorded directly in the loss for the period.
(iii) Financial Assets Recorded at Fair Value through Profit or Loss:
This category includes the trading portfolio of the financial assets that have been allocated as such upon their initial recognition
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798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information and which are managed and assessed according to the fair value criterion, and the financial assets that do not meet the
conditions to be classified in the two categories indicated above.
These are measured at fair value in the consolidated statement of financial position and any changes in value are
recorded directly in profit or loss when they occur.
g.2) Cash and cash equivalents
This item within the consolidated statement of financial position includes cash and bank balances, time deposits, and other
highly liquid investments (with original maturity of less than or equal to 90 days) that are readily convertible into cash and are
subject to insignificant risk of changes in value.
g.3) Impairment of financial assets
Under IFRS 9, the Group applies an impairment model based on expected credit losses, based on the Group’s past history,
existing market conditions, and prospective estimates at the end of each reporting period. The impairment model is applied
to financial assets measured at amortized cost or those measured at fair value through other comprehensive income, except
for investments in equity instruments.
Expected credit loss is the difference between the contractual cash flows that are due in accordance with the contract and
all the cash flows that are expected to be received, i.e. all cash shortfalls), discounted at the original effective interest rate. It is
determined considering: i) the probability of default (PD); ii) loss given default (LGD), and iii) exposure at default (EAD).
To determine the expected credit losses the Group applies two separate approaches:
•
General approach: applied to financial assets other than trade accounts receivable, contractual assets or lease receivables.
This approach is based on the evaluation of significant increases in the credit risk of financial assets, from the date of
initial recognition. If on the reporting date of the financial statements the credit risk has not increased significantly, the
impairment losses are measured related to the expected credit losses in the next 12 months; if, on the contrary, the
credit risk has increased significantly, the impairment is measured considering the expected credit losses throughout
the lifetime of the asset.
In general, the measurement of expected credit losses for financial assets other than trade accounts receivable, contractual
assets or lease receivables, are performed separately.
•
Simplified approach: The Group applies a simplified approach for trade receivables, contract assets and lease receivables
so that the impairment provision is always recognized related to the lifetime expected credit losses for the asset. This is
the approach that the Group has mostly most applied because trade receivables represent the main financial asset of
Enel Américas and its subsidiaries.
For trade accounts receivable, contractual assets and lease receivables, the Group applies two types of evaluations of expected
credit losses:
-
Collective evaluation: based on grouping accounts receivable into specific groups or “clusters”, taking into account each
business and the local regulatory context. Accounts receivable are grouped according to the characteristics of customer
portfolios in terms of credit risk, maturity information and recovery rates. A specific definition of default is considered
for each group.
To measure the expected credit losses collectively, the Group considers the following assumptions:
PD: average default estimate, calculated for each group of trade receivables, taking into account a minimum of 24-month
historical data.
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Annual Report Enel Américas 2020
LGD: calculated based on the recovery rates of a predetermined section, discounted at the effective interest rate; and
EAD: accounting exposure on reporting date, net of cash deposits, including invoices issued, but not due and invoices
to be issued.
-
Analytical or individual evaluation: if accounts receivables are considered individually significant by Management and there
is specific information regarding any significant increase in the credit risk, the Group applies an individual evaluation of
accounts receivable. For the individual evaluation, the PD is obtained mainly from an external supplier, when it is possible
to do so, and the LGD through an internal model that considers the recovery rate and other contractual and financial
characteristics of accounts receivable. The expected credit loss is obtained by multiplying both factors by the EAD, which
is defined as the accounting exposure at the reporting date, including the invoices issued but not due and invoices to
be issued for services rendered, net of potential cash deposits obtained as guarantees.
On the basis of the benchmark market and the regulatory context of the sector, as well as the recovery expectations after 90
days, for those accounts receivable, the Group mainly applies a predetermined definition of 180 days overdue to determine
expected credit losses, since this is considered an effective indicator of a significant increase in credit risk. Consequently,
financial assets that are more than 90 days overdue generally are not considered to be in default.
Based on specific evaluations performed by management, the prospective adjustment can be applied considering qualitative
and quantitative information to reflect possible future events and macroeconomic scenarios, which may affect the risk of the
portfolio or the financial instrument.
g.4) Financial liabilities other than derivatives
General financial liabilities are initially recognized, at fair value net of any costs incurred in the transaction. In subsequent
periods, these obligations are measured at their amortized cost using the effective interest method (see Note 3.g.1).
Lease liabilities are initially measured at the present value of future lease payments, determined in accordance with the criteria
described in Note 3.f.
In the particular case that a liability is the hedged item in a fair value hedge, as an exception, such liability is measured at its
fair value for the portion of the hedged Risk.
In order to calculate the fair value of debt, both when it is recorded in the statement of financial position and for fair value
disclosure purposes as shown in Note 23, debt has been divided into fixed interest rate debt (hereinafter “fixed-rate debt”) and
floating interest rate debt (hereinafter “floating-rate debt”). Fixed-rate debt is that on which fixed-interest coupons established
at the beginning of the transaction are paid explicitly or implicitly over its term. Floating-rate debt is that debt issued at floating
interest rate, i.e., each coupon is established at the beginning of each period based on the benchmark interest rate. All debt has
been measured by discounting expected future cash flows with a market interest rate curve based on the payment currency.
g.5) Derivative financial instruments and hedge accounting
Derivatives held by the Group are transactions entered into to hedge interest and/or exchange rate risk, intended to eliminate
or significantly reduce these risks in the underlying transactions being hedged.
Derivatives are recorded at fair value at the end of each reporting period as follows: if their fair value is positive, they are
recorded within “Other financial assets” and if their fair value is negative, they are recorded within “Other financial liabilities”.
For derivatives on commodities, positive fair value is recorded in “Trade and other receivables”, and negative fair value, if any,
is recognized in “Trade and other liabilities.”
Changes in fair value are recorded directly in profit or loss, except when the derivative has been designated for hedge
accounting purposes as a hedging instrument and all of the conditions for applying hedge accounting established by IFRS
are met, including that the hedge is highly effective. In this case, changes are recognized as follows:
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798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
-
Fair value hedges: The underlying portion for which the risk is being hedged and the hedging instrument are measured
at fair value, and any changes in the value of both items are recognized in the statement of comprehensive income
offsetting the effects in the same caption of the statement comprehensive income.
-
Cash flow hedges: Changes in the fair value of the effective portion of the hedged item and hedging instrument are
recognized in other comprehensive income and accumulated in an equity reserve referred to as “Hedging reserve.” The
cumulative loss or gain in this caption is transferred to the consolidated statement of comprehensive income to the
extent that the hedged item impacts the consolidated statement of comprehensive income offsetting the effect in the
same comprehensive income statement caption. Gains or losses from the ineffective portion of the hedging relationship
are recognized directly in the statement of comprehensive income.
Hedge accounting is discontinued only when the hedging relationship (or a part of the relationship) fails to meet the required
criteria, after making any rebalancing of the hedging relationship, if applicable. If it is not possible to continue the hedging
relationship, including when the hedging instrument expires, is sold, settled or exercised, any gain or loss accumulated in
equity at that date remains in the equity until the forecast transaction affects the statement of comprehensive income. When
a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is immediately transferred to
the statement of income.
The Group does not apply hedge accounting to its investments abroad.
As a general rule, long-term commodity purchases or sales agreements are recognized in the statement of financial position
at their fair value at the end of each reporting period, recognizing any differences in value directly in profit or loss, except for,
when all of the following conditions are met:
-
The sole purpose of the agreement is for its own use, which is understood as: for fuel purchase agreements such use is
to generate electricity; for electrical energy purchased for sale, its sale is to the end-customers; and for electricity sales
its sale is to the end-customers.
-
-
The Group’s future projections evidence the existence of these agreements for own use.
Past experience with agreements shows that they have been used for the Group’s “own use”, except for certain isolated
cases when for exceptional reasons or reasons associated with logistical issues, these have been used for other purposes
beyond the Group’s control and expectations.
-
The agreement does not establish net settlement of differences and there has been no practice to settle similar differences
in similar contracts in the past.
The long-term commodity purchase or sale agreements maintained by the Group, which are mainly for electricity, fuel, and
other supplies, meet the conditions described above. Accordingly, the purpose of fuel purchase agreements is to use them
to generate electricity, electricity purchase contracts for use in sales to end-customers, and electricity sale contracts for sale
of the Group’s own products.
The Group also evaluates the existence of derivatives embedded in contracts or financial instruments to determine if their
characteristics and risk are closely related to the host contract, provided that when taken as a whole they are not being
accounted for at fair value. If they are not closely related, they are recorded separately and changes in value are accounted
for directly in the statement of comprehensive income.
g.6) Derecognition of financial assets and liabilities
Financial assets are derecognized when:
-
The contractual rights to receive cash flows from the financial asset expire or have been transferred or, even when, the
Group has assumed a contractual obligation to pay these cash flows to one or more recipients.
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Annual Report Enel Américas 2020 -
The Group has substantially transferred all the risks and rewards of their ownership, or, if it has neither assigned nor
retained substantially all the risks and rewards, when it does not retain control of the financial asset.
For transactions in which the Group retains substantially all the inherent risks and rewards of ownership of the financial asset
assigned, it recognizes them as a financial liability for the consideration received. Transactions costs are recognized in profit
and loss by using the effective interest method (see Note 3.g.1).
Financial liabilities are derecognized when they are extinguished; i.e., when the obligation arising from the liability has been
paid or cancelled or has expired. An exchange for a debt instrument with substantially different conditions, or a substantial
modification in the current conditions of an existing financial liability (or a part thereof), is recorded as a cancellation of the
original financial liability, and a new financial liability is recognized.
g.7) Offsetting of financial assets and financial liabilities
The Group offsets financial assets and liabilities and the net amount is presented in the statement of financial position only when:
-
-
there is a legally binding right to offset the amounts recognized; and
the Group intends to settle them on a net basis, or to realize the asset and settle the liability simultaneously.
Such rights may only be legally enforceable in the normal course of business, or in the event of default, or in the event of
insolvency or bankruptcy, of one or all the counterparties.
g.8) Financial guarantee contracts
The financial guarantee contracts, defined as the guarantees issued by the Group to third parties, are initially measured at their
fair value, adjusted for transaction costs that are directly attributable to the issuance of the guarantee.
Subsequent to initial recognition, financial guarantee contracts are recognized at the higher of:
-
-
the amount of the liability determined in accordance with the accounting policy described in Note 3.m; and
the amount of the asset initially recognized less, if applicable, any accumulated amortization recognized in accordance
with the revenue recognition policies described in Note 3.q.
h) Fair value measurement
The fair value of an asset or liability is defined as the price that would be received from the sale of an asset or paid to transfer
a liability in an orderly transaction between market participants at the measurement date.
Fair value measurement assumes that the transaction to sell an asset or transfer a liability occurs in the principal market,
namely, the market with the greatest volume and level of activity for that asset or liability. In the absence of a principal market,
it is assumed that the transaction is carried out in the most advantageous market available to the entity, namely, the market
that maximizes the amount that would be received to sell the asset or minimizes the amount that would be paid to transfer
the liability.
In estimating fair value, the Group uses valuation techniques that are appropriate for the circumstances and for which there
is sufficient data to perform the measurement where it maximizes the use of relevant observable data and minimizes the use
of unobservable data.
Given the hierarchy explained below, data used in the valuation techniques, assets and liabilities measured at fair value can be
classified at the following levels:
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798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2: Inputs other than quoted prices included in Level 1 that are observable for the assets or liabilities, either directly (i.e.
as prices) or indirectly (i.e. derived from prices). The methods and assumptions used to determine the fair values at
Level 2 by type of financial assets or financial liabilities take into consideration estimated future cash flows discounted
at market rates. Future cash flows for financial assets and financial liabilities are discounted with the zero-coupon
interest rate curves for each currency (these valuations are performed using external tools such as Bloomberg); and
Level 3: Inputs for assets or liabilities that are not based on observable market data (unobservable inputs).
The Group takes into account the characteristics of the asset or liability when measuring fair value, in particular:
-
For non-financial assets, fair value measurement takes into account the ability of a market participant to generate
economic benefits by using the asset in its highest and best use or by selling it to another market participant that would
use the asset at its highest and best use;
-
For liabilities and equity instruments, the fair value measurement assumes that the liability would not be settled, and
an equity instrument would not be cancelled or otherwise extinguished on the measurement date. The fair value of the
liability reflects the effect of non-performance risk, namely, the risk that an entity will not fulfill the obligation, which
includes but is not limited to, the Company’s own credit risk;
-
For derivatives not traded in active markets, the fair value is determined by using the discounted cash flow method and
generally accepted options valuation models, based on current and future market conditions as of the closing date of
the financial statements. This methodology also adjusts the value based on the Company’s own credit risk (Debt Valuation
Adjustment, DVA), and the counterparty risk (Credit Valuation Adjustment, CVA). These CVA and DVA adjustments are
measured on the basis of the potential future exposure of the instrument (asset or liability position) and the risk profile
of both the counterparties and the Group itself.
-
For financial assets and financial liabilities with offsetting positions in market risks or counterparty credit risks, measuring
the fair value on a net basis is allowed. However, this must be consistent with the manner in which market participants
would price the net risk exposure at the measurement date.
Financial assets and financial liabilities measured at fair value are shown in Note 23.3.
i) Investments accounted for using the equity method
The Group’s interests in joint ventures and associates are recognized using the equity method of accounting.
Under the equity method of accounting, an investment in an associate or joint venture is initially recognized at cost. As of
the acquisition date, the investment is recognized in the statement of financial position based on the share of equity that the
Group’s interest represents in capital, adjusted for, if appropriate, the effect of transactions with the Group plus any goodwill
generated in acquiring the company. If the resulting amount is negative, zero is recorded for that investment in the statement
of financial position, unless the Group has a present obligation (either legal or constructive) to reinstate the Company’s equity
position, in which case a provision is recognized.
The financial statements of associates or joint ventures are prepared for the same reporting period as the Group. When
required, adjustments are made to align the accounting policies with those of the Group.
Goodwill from the associate or joint venture is included in the carrying amount of the investment. It is not amortized but is
subject to impairment testing as part of the overall investment carrying amount when there are indicators of impairment.
Dividends received from these investments are deducted from the carrying amount of the investment, and any profit or loss
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Annual Report Enel Américas 2020 obtained from them to which the Group is entitled based on its ownership interest is recognized under “Share of profit (loss)
of associates accounted for using equity the method of accounting.”
The companies classified as “Associates” and “Joint Ventures” (see Notes 2.5 and 2.6, respectively) in these consolidated financial
statements are accounted for under the equity this method of accounting.
j) Inventories
Inventories are measured at their weighted average acquisition cost or the net realizable value, whichever is lower.
The net realizable value is the estimated selling price in the ordinary course of business less the applicable costs to sell.
The cost of inventories includes all costs of purchase and all necessary costs incurred in bringing the inventories to their
present location and condition net of trade discounts and other rebates.
k) Non-current assets (or disposal groups of assets)
held for sale or held for distribution to owners and
discontinued operations
Non-current assets, including property, plant and equipment; intangible assets; investments accounted for using the equity
method of accounting and joint ventures and disposal groups (a group of assets for disposal or distribution together with
liabilities directly associated with those assets), are classified as:
-
Held for sale, if their carrying amount will be recovered mainly through a sale transaction rather than through continuing
use, or
-
Held for distribution to owners, when the entity is committed to distribute the assets (or disposal groups) to the owners.
For the above classifications, the assets must be available for immediate sale or distribution in their present condition and
their sale or distribution must be highly probable. For a transaction to be considered highly probable, management must be
committed to the sale or distribution and actions to complete the transaction must have been initiated and should be expected
to be completed within one year from the date of classification.
Actions required to complete the sale or distribution plan should indicate that it is unlikely that significant changes to the plan
can be made or that the plan will be cancelled. The probability of shareholders’ approval (if required in the jurisdiction) should
be considered as part of the assessment of whether the sale or distribution is highly probable.
The assets or disposal groups classified as held-for-sale or held for distribution to owners are measured at the lower of their
carrying amount and fair value less costs to sell or costs to distribute, as appropriate.
Depreciation and amortization on these assets cease when they meet the criteria to be classified as non-current assets held
for sale or held for distribution to owners.
Assets that are no longer classified as held for sale or held for distribution to owners, or are no longer part of a disposal group,
are measured at the lower of their carrying amounts before being classified as held for sale or held for distribution, less any
depreciation, amortization or revaluation that would have been recognized had they had not been classified as held for sale
or held for distribution to owners and their recoverable amount at the date of reclassification non-current assets.
Non-current assets held for sale and the components of the disposal groups classified as held for sale or held for distribution
to owners are presented in the consolidated statement of financial position as a single line item within assets referred to as
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798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information “Non-current assets or disposal groups held for sale or for distribution to owners”, and the related liabilities are presented as a
single line item within liabilities referred to as “Liabilities included in disposal groups held for sale or for distribution to owners”.
The Group classifies as discontinued operations those components of the Group that either have been disposed of, or are
classified as held for sale and:
-
-
represent a separate major line of business or geographical area of operations;
is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations;
or
-
is a subsidiary acquired exclusively with a view to resale it.
The after-tax results of discontinued operations are presented in a single line of the statement of comprehensive income
referred to as "Profit (loss) from discontinued operations", as well as the gain or loss recognized from the measurement at
fair value less costs to sell or from the disposal of the assets or groups for disposal comprising the discontinued operation.
l) Treasury shares
Treasury shares are presented deducting the caption “Total equity” in the consolidated statement of financial position and
measured at acquisition cost.
Gains and losses from the disposal of treasury shares are recognized directly in “Total Equity – Retained earnings (losses)”,
without affecting profit or loss for the period.
m) Provisions
Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is
probable that an outflow of economic benefits will be required to settle the obligation, and a reliable estimate can be made
of the amount of the obligation.
The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at
the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision
is measured using the cash flows estimated to settle the present obligation, it´s carrying amount is the present value of those
cash flows (when the effect of the time value of money is material). The unwinding of the discount is recognized as finance
cost. Incremental legal costs expected to be incurred in resolving a legal claim are included in measuring of the provision.
Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best estimate. If it is no longer
probable that an outflow of resources embodying economic benefits will be required to settle the obligation, the provision is
reversed.
A contingent liability does not result in the recognition of a provision. Legal costs expected to be incurred in defending a legal
claim are expensed as incurred. Significant contingent liabilities are disclosed unless the likelihood of an outflow of resources
embodying economic benefits is remote.
m.1) Provisions for post-employment benefits and similar obligations
Certain of the Group’s companies have entered into pension and other similar commitments with their employees. Those defined
benefit and defined contribution commitments are basically through pension plans, except for those related to certain benefits
in lieu of payment, basically commitments to supply electric energy, which, due to their nature have not been outsourced and
their coverage is provided through the related internal provision.
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Annual Report Enel Américas 2020 For defined benefit plans, the companies record the related expense for these commitments following the accrual criteria over
the service life of the employees through timely actuarial studies performed as of the reporting date calculated applying the
projected credit unit method. The cost of past services which correspond to variances in benefits is recognized immediately.
The defined benefit plan obligations in the statement of financial position represent the present value of the accrued obligations,
upon deduction of the fair value of the different plans’ assets, if any.
For each defined benefit plan, if the difference between the actuarial liability for past services and the plan assets is positive,
it is recognized under line item “Provisions for employee benefits” in liabilities in the consolidated statement of financial
position, and if such difference is negative is recognized under line item “Other financial assets” in the consolidated statement
of financial position, provided that is recoverable for the Group, usually through a reduction in future contributions and taking
into consideration the limit established in IFRIC 14, IAS 19 The Limit on a Defined Benefit Asset, Minimum Funding Requirements,
and their interaction.
Actuarial gains and losses arising from measurements of both the plan liabilities and the plan assets, including the limit in IFRIC
14, are recognized directly as a component of other comprehensive income.
Contributions to defined contribution benefit plans are recognized as an expense when the employees have rendered provide
their services.
n) Translation of balances in foreign currency
Transactions performed by each entity in a currency other than its functional currency are recognized using the exchange
rates prevailing as of the date of the transactions. During the period, differences arising between the prevailing exchange
rate at the date of the transaction and the exchange rate as of the date of collection or payment are recognized as “Foreign
currency translation differences” in the consolidated statement of comprehensive income.
Likewise, at the end of each reporting period, balances receivable or payable denominated in a currency other than each entity’s
functional currency are remeasured using the closing date exchange rate. Any differences are recorded as “Foreign currency
translation differences” in the consolidated statement of comprehensive income.
The Group has established a policy to hedge the portion of revenue from its consolidated entities that is directly linked to
variations in the U.S. dollar, through obtaining financing in such currency. Exchange differences related to this debt, which is
regarded as the hedging instrument in cash flow hedge transactions, are recognized, net of taxes, in other comprehensive
income and are accumulated in an equity reserve and recorded in profit or loss in the term in which the cash flows hedged
will be realized. This term has been estimated as ten years.
o) Classification of balances as current or non-current
In these consolidated statements of financial position, assets and liabilities expected to be recovered or settled within twelve
months are presented as current assets or liabilities, except for post-employment and other similar obligations. Those assets
and liabilities expected to be recovered or settled in more than twelve months are presented as non-current items. Deferred
income tax assets and liabilities are classified as non-current.
When the Group has any obligation that mature in less than twelve months but can be refinanced over the long term at the
Group’s discretion, through unconditionally available loan agreements with long-term maturities, such obligations are classified
as non-current liabilities.
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798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information p) Income taxes
Income tax expense for the period is determined as the sum of current taxes from each of the Group’s subsidiaries and results
from applying the tax rate to the taxable income for the period, after deductions allowed have been made, plus any changes
in deferred tax assets and liabilities and tax credits, both for tax losses and deductions. Differences between the carrying
amount and tax basis of assets and liabilities generate deferred tax assets and liabilities, which are calculated using the tax
rates expected to be applied when the assets and liabilities are realized or settled, based on tax rates that have been enacted
or substantively enacted by the end of the reporting period.
Deferred tax assets are recognized for all deductible temporary differences, tax losses and unused tax credits to the extent
that it is probable that sufficient future taxable profits exist to recover the deductible temporary differences and use the tax
credits. Such deferred tax asset is not recognized if the deductible temporary difference arises from the initial recognition of
an asset or liability that:
-
-
did not arise from a business combination; and
at initial recognition provide it affected neither accounting profit nor taxable profit (loss).
With respect to deductible temporary differences associated with investments in subsidiaries, associates and joint arrangements,
deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the
foreseeable future and taxable profits will be available against which the temporary differences can be utilized.
Deferred tax liabilities are recognized for all temporary differences, except for those derived from the initial recognition of
goodwill and those that arose from investments in subsidiaries, associates and joint ventures in which the Group can control
their reversal and where it is probable that they will not be reversed in the foreseeable future.
Current tax and changes in deferred tax assets or liabilities are recorded in profit or loss or in equity, depending on where the
gains or losses that triggered these tax entries have been recognized.
Any tax deductions that can be applied to current tax liabilities are credited to earnings within the line item “Income tax
expenses”, except when uncertainty exists about their tax realization, in which case they are not recognized until they are
effectively realized, or when they relate to specific tax incentives, in which case they are recorded as grants.
At the end of each reporting period, the Group reviews the deferred tax assets and liabilities recognized, and makes, any
necessary adjustments based on the results of this analysis.
Deferred tax assets and deferred tax liabilities are offset in the consolidated statement of financial position if the Group has a
legally enforceable right to set off current tax assets against current tax liabilities, and only when the deferred taxes relate to
income taxes levied by the same tax authority.
q) Revenue and expense recognition
Revenue is recognized when (or as) the control over a good or service is transferred to the customer. Revenue is measured
based on the consideration to which the Group is expected to be entitled for said transfer of control, excluding the amounts
collected on behalf of third parties.
The Group analyzes and takes into consideration all the relevant facts and circumstances for revenue recognition, applying the
five-step model established by IFRS 15: 1) Identifying the contract with a customer; 2) Identifying the performance obligations;
3) Determining the transaction price; 4) Allocating the transaction price; and 5) Recognizing revenue.
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Annual Report Enel Américas 2020 The following are the criteria for revenue recognition by type of good or service provided by the Group:
•
Electricity supply (sale and transportation): Corresponds to a single performance obligation that transfers to the customer
a number of different goods/services that are substantially the same and that have the same transfer pattern. Since the
customer receives and simultaneously consumes the benefits provided by the Company, it is considered a performance
obligation met over time. In these cases, the Group applies an output method to recognize revenue in the amount to
which it is entitled to bill for electricity supplied to date.
-
Generation: revenue is recorded according to the physical deliveries of energy and power, at the prices established
in the respective contracts, at the prices established in the electricity market by the current regulations, or at the
marginal cost of energy and power, depending on whether they are unregulated customers, regulated customers
or energy trading in the spot market are involved, respectively.
-
Distribution of electricity: Revenue is recognized based on the amount of energy supplied to customers during the
period, at prices established in the related contracts or at prices stipulated in the electricity market by applicable
regulations, as appropriate.
These revenues include an estimate of the service provided and not invoiced, at the reporting date (see Notes 2.3 and 28 and
Appendix 2.2).
•
Other Services: mainly the provision of supplementary services to the electricity business, construction of works and
engineering and consulting services. Customers control committed assets as they are created or improved. Therefore,
the Company recognizes this revenue over time based on the progress, measuring progress through output methods
(percentage of completion through the present date, milestones reached, etc.), or costs incurred (resources consumed,
hours of labor spent, etc.), as appropriate in each case.
•
Sale of goods: revenue from the sale of goods is recognized at a certain time, when control of the goods has been
transferred to the customer, which generally occurs at the time of the physical delivery. Revenues are measured at the
independent sale price of each good, and any type of applicable variable compensation.
In contracts in which multiple committed goods and services are identified, the recognition criteria will be applied to each of
the identifiable performance obligations of the transaction, based on the control transfer pattern of each good or service that
is separate and an independent selling price allocated to each of them, or jointly to two or more transactions, when these are
linked to contracts with customers that are negotiated with a single business purpose and the goods and services committed
represent a single performance obligation and their selling prices are not independent.
Enel Américas determines the existence of significant financing components in its contracts, adjusting the value of the
consideration if applicable, to reflect the effects of the time value of money. However, the Group applies the practical expedient
provided by IFRS 15, and will not adjust the value of the consideration committed for the purpose of a significant financing
component, if it expects, at the beginning of the contract, that the period between the payment and the transfer of goods or
service to the customer is one year or less.
The Group excludes the gross revenue of economic benefits received when acting as an agent or broker on behalf of third parties
from the revenue amount. The Group only records as revenue the payment or commission to which it expects to be entitled.
Because the Group mainly recognizes revenue for the amount to which it has the right to invoice, it has decided to apply the
disclosure practical expedient provided in IFRS 15, through which it is not required to disclose the aggregate amount of the
transaction price allocated to the performance obligations not met (or not met partially) at the end of the reporting period.
In addition, the Group evaluates the existence of incremental costs of obtaining a contract and costs directly related to the
fulfillment of a contract. These costs are recognized as an asset, if their recovery is expected, and amortized in a manner
consistent with the transfer of the related goods or services. As a practical expedient, the incremental costs of obtaining a
contract are recognized as an expense, if the depreciation period of the asset that has been recognized is one year or less.
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798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information Costs that do not qualify for capitalization are recognized as expenses at the time they are incurred, unless they are explicitly
attributable to the customer.
As of December 31, 2020, and 2019 the Group has not incurred costs to obtain or perform a contract which meet the conditions
for their capitalization. The costs incurred to obtain a contract are substantially commission payments for sales that, although
are incremental costs, relate to short-term contracts or performance obligations that are met at a certain time, therefore, the
Group has decided to recognize these costs as an expense when they occur.
Interest income (expenses) are recorded considering the effective interest rate applicable to the principal pending amortization,
during the related accrual period.
r) Earnings per share
Basic earnings per share are calculated by dividing net income attributable to shareholders of the Parent Company by the
weighted average number of ordinary shares outstanding during the period, excluding the average number of shares of the
Company held by other subsidiaries within the Group, if any.
Basic earnings per share for continuing and discontinued operations are calculated by dividing net income from continuing
and discontinued operations attributable to shareholders of the Company (the numerator) by the weighted average number
of shares of common stock outstanding (the denominator) during the year, excluding the average number of shares of the
Company held by other subsidiaries within the Group.
Diluted earnings per share is calculated by dividing profit attributable to shareholders of the Parent Company by the weighted
average number of ordinary shares outstanding during the period plus the weighted average number of ordinary shares of
that would be issued on conversion of all the potential dilutive securities into ordinary shares, if any.
s) Dividends
Article No. 79 Law No. 18,046 of the Chilean Corporations Law, establishes that, unless unanimously agreed otherwise by the
shareholders of all issued shares, listed corporations must distribute a cash dividend to shareholders on an annual basis, pro
rata among the shares owned or the proportion established in the Company’s by-laws if there are preferred shares, of at least
30% of profit for each year, except when accumulated losses from prior years must be absorbed.
As it is practically impossible to achieve a unanimous agreement given Enel Américas’ highly fragmented share ownership, at the
end of each reporting period the amount of the minimum statutory dividend obligation to its shareholders is determined, net
of interim dividends approved during the period, and then accounted for in “Trade and other payables, current” and “Current
accounts payable to related parties”, as appropriate, and recognized in equity.
The interim and final dividends are deducted from equity when approved by the relevant authority, which in the first case
is normally the Board of Directors and in the second case is the responsibility of the shareholders as agreed at a General
Shareholders’ Meeting.
t) Share issuance costs
Share issuance costs, only when they represent incremental expenses directly attributable to the transaction, are recognized
directly in net equity as a deduction from “Share premiums,” net of any applicable taxes.
If the share premium account has a zero balance or if the costs described exceed the balance, they are recognized in “Other
reserves”. Subsequently, these costs must be deducted from paid-in capital, and this deduction must be approved at the
Extraordinary Shareholders’ Meeting, which occurs immediately after the date on which the disbursements were incurred.
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Annual Report Enel Américas 2020
Share issuance and placement expenses directly related to a probable future transaction are recorded as prepaid expenses
in the statement of financial position. These expenses are recorded in equity upon issuance and placement of the shares, or
in profit or loss when the conditions change and the transaction is no longer expected to occur.
u) Statement of cash flows
The statement of cash flows reflects changes in cash and cash equivalents that took place during the period, determined with
the direct method. It uses the following definitions and related meanings:
•
•
•
•
Cash flows: inflows and outflows of cash or cash equivalents, which are defined as highly liquid investments maturing in
less than three months with a low risk of changes in value.
Operating activities: the principal revenue-producing activities of the Group and other activities that cannot be considered
investing or financing activities.
Investing activities: the acquisition and disposal of long-term assets and other investments not included in cash and
cash equivalents.
Financing activities: activities that result in changes in the size and composition of the total equity and borrowings of
the Group.
NOTE 4. Sector regulation and electricity
system operations
i. Regulatory Framework:
a) Argentina
Argentina has shown signs of intervention in the electric market since the 2002 crisis. Within this context, the Government
announced in 2012 its intention to replace the regulatory framework with a framework based on average cost.
Resolution No. 95/2013 was issued in March 2013, significantly changing the system for the remuneration of generation companies
and setting new prices for capacity depending on the type of technology used and availability. It also established new values for
the remuneration of non-fuel variable costs in addition to consider additional remuneration for energy generated. This Resolution
also defined remuneration by type of technology and size of the plants, establishing for each case a recognition of fixed costs
(to be determined based on fulfillment of availability), and variable costs plus additional remuneration (these two concepts are
determined based on energy generated). Part of the additional remuneration is consolidated in a trust for future investments.
The commercial management and fuel delivery are centralized by Compañía Administradora del Mercado Mayorista de
Electricidad Sociedad Anónima (CAMMESA).
On February 2, 2017, the Secretariat Electric Energy (SEE) issued Resolution No. 19/2017 replacing Resolution No. 22/2016 issued
by the SEE, which set the remuneration guidelines for existing power generating plants. Such resolution defines the minimum
remuneration for the energy capacity by technology and scale, and allows thermal units to offer availability commitments with
differentiate remuneration that is equal for all technologies. Thermal generators may declare the price of firm capacity to be
committed for a three-year period per unit each summer period, and may also provide the information by summer and winter
periods (adjustments can be made during the period). Remuneration will be received by each generation unit with committed
capacity and will be proportional to its compliance, with the minimum remuneration calculated based on the minimum price.
In addition, the thermal generator could offer additional capacity availability for bi-annual periods, which will be auctioned at
a maximum price.
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798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
In relation to hydroelectric power plants, a new scheme is defined to assess energy capacity based on actual energy capacity
available (that will result in a higher value for capacity than under the previous regulation). Likewise, a base capacity amount
and an additional selected amount are defined for the period from May 2017 to October 2017, and another amount beginning
in November 2017.
The remuneration amounts included in Resolution No. 19/2017 are denominated in U.S. dollars and will be translated to Argentine
pesos using the last business day exchange rate published by the Argentine Central Bank, and will be effective for the term
established in CAMMESA’s procedures. Subsequently, the SEE established that the exchange rate to be used to translate to
Argentinean pesos should correspond to the spot exchange rate from the day before the transaction due date, starting from
November 2017.
Accordingly, the SEE instructed CAMMESA to acquire natural gas under fixed and uninterruptable conditions through the
Electronic Gas Market (MEGSA) to supply thermal power generation.
On Wednesday, November 7, 2018, Resolution 2018-70-APN-SGE was published in the Official Gazette, enabling MEM Generators,
Co-Generators, and Self-Generators to acquire their own supply of fuel for electricity generation, and allowing generators
to obtain an additional margin when producing using their own fuel, only if the purchase price of gas is lower than the price
recognized by CAMMESA. With this resolution, generators charge the Variable Cost of Production (CVP) according to the
prices recognized and CAMMESA is responsible for continued supply to all other generators that do not acquire their own fuel.
On February 28, 2019, SRR and ME Resolution No. 1/2019 replaced SEE Resolution No. 19/2017 which established the guidelines
for the remuneration of existing power plants.
On September 12, an agreement was entered into between Enel Generación Costanera, Enel Generación El Chocón, Enel
Trading and CAMMESA, which establishes that there are no pending issues to be claimed on Availability Contracts and other
financing contracts. This agreement provides the aforementioned companies with the following benefits: for Costanera the risk
of penalties, interest contingencies and the waiver of future tariffs (provided in the agreements) were eliminated. In addition,
this agreement allows for the collection of receivables assigned to Enel Generación Costanera in the transaction from Enel
Generación El Chocón and Enel Trading.
In December 2019, through Resolution No. 12/2019, the new government decided to repeal Resolution No. 2018-70-APN-SGE,
which allowed companies to manage their own fuel supply, leaving CAMMESA in charge again.
On February 27, 2020, the Department of Energy issued Resolution SE 31/2020, which replaced SRR and ME Resolution No.
1/2019, effective from February 1, 2020. Under this resolution, remuneration prices are set in pesos at the exchange rate of ARS
60 = US$ 1 and the resolution established the update of values in Argentinean pesos. Resolution SE 31/2020 defines minimum
power remuneration for technology and scale according to real availability, and additionally for thermal units the possibility of
offering commitments on availability with equal differential remuneration for all technologies. CAMMESA will enable the thermal
generator to file a statement up to 30 days before the beginning of each quarterly period stating the firm power value to be
committed by each unit, differentiating by summer, winter and the remainder of the year (adjustments can be made in the
same period). The remuneration that a unit with power commitment will receive will be proportional to its compliance, and the
minimum value is calculated based on the minimum price. The power remuneration will be affected depending on the usage
factor of thermal generation equipment.
Through Decree 732 dated September 4, 2020, the Secretariat of Energy became part of the Ministry of Economy.
Non-Conventional Renewable Energy
In Argentina, on October 21, 2015, Law No. 27,191 for Renewable Energy was issued, replacing Law No. 26,190. The new regulation
postpones reaching an 8% share in the national demand of energy with renewable sources for generation to December 31,
2017 and establishes a second stage goal of reaching a 20% share in 2025 by establishing milestones of 12% at the end of 2019
, 16% at the end of 2021 and 18% at the end of 2023. The enacted law creates a Fiduciary Fund (“FODER”) to finance works,
grant tax benefits for renewable energy projects and establish exemptions for specific taxes and nationwide, provincial and
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Annual Report Enel Américas 2020 municipality royalties until December 31, 2025. Customers classified as Large Users (>300 Kw) will comply on an individual basis
with the renewable share goals, establishing that the price of contracts will not exceed US$ 113 per MWh, and establishing
sanctions for those not fulfilling the goals.
Tariff Revisions
On February 1, 2017, ENRE issued Resolution No. 64/2017, which finalized the RTI and as a result establishes the annual
remuneration recognized to Edesur S.A. of ARS14,539,836,941.
In connection with the new tariff structure and charges, MEyM instructed ENRE to limit the VAD increase as a result of the RTI
process to be applied beginning on February 1, 2017 to 42% as compared to the VAD currently effective. The application of the
remaining VAD increase would be made in two stages: the first stage in November 2017 and the second stage in February 2018.
In addition, it instructed ENRE to compensate Edesur S.A. and Edenor S.A. for the difference in VAD as a result of the gradual
application of the tariff increases in the RTI, in 48 installments beginning on February 1, 2018, which would be incorporated
to the VAD determined on that date.
The new regulation also sets the method for updating the revenues of distribution companies based on fluctuations in economic
prices, and all other matters related to service quality and supply requirements.
On December 1, 2017 through Resolution 602 the ENRE resolved to approve Edesur’s new Inherent Distribution Cost value,
through the application of the mechanisms foreseen in the RTI. It jointly issued the Tariff Tables that reflect the Seasonal Prices
(generation and transportation) contained in the Department of Electrical Energy Resolution No. 1091 of 2017, as well as the
new subsidy schemes for the Social Tariff and consumption savings bonus for residential users.
As a continuation of the same event, on January 31, 2018, the ENRE approved the new values in effect as of February 1, 2018.
These tables include a new reduction in the subsidies of the wholesale price, taking it to a value of 90% of the seasonal price
in 2017. In addition, it maintained the subsidies on the social tariff and a lower stimulation plan bonus, for reduction of electrical
consumption. Accordingly, the EDESUR tariff reaches ARS 2.2828 / kWh without taxes beginning on February 1, 2018.
Simultaneously and in order to resume the normal structural conditions, the Argentine National Government decided not to
extend the validity of the Electric Emergency Law (effective until December 31, 2017) and the Economic Emergency (effective
until January 6, 2018).
In addition, on April 17, 2017, the MEyM issued a note which instructs the SEE to determine within 120 working days if there
are pending obligations of the Agreement and the treatment to be granted, and to issue a final resolution report during the
following 30 days. For these purposes, the SEE requested that Edesur, ENRE and CAMMESA provide the relevant information.
On July 30, 2018, and within the framework of the Ministry of Energy’s intention to make tariff increases more gradually, a
commitment was signed between the MINE and Edesur through which Edesur would receive 50% of the increase related to the
adjustment mechanism foreseen in the tariff beginning on August 1, 2018 and would receive the remaining 50% in 6 adjusted
installments beginning on February 1, 2019, and maintain the Investments Plan agreed in the RTI. The same commitment was
also signed by EDENOR simultaneously.
Under the agreed commitment, on August 1, 2018, 50% (7.925%) of the increase corresponding to the August 2018 application
of the MMC to Distribution Added Value was applied. Together with this increase the intention to eliminate subsidies to the
wholesale price of energy continued, which had been delayed by the devaluation in June and July. With an increase of almost
50%, this led to the price of the Distributors’ Large Users (demand greater than 300 kW/month) at approximately ARS$2,700
per MWh and the rest of the distributors’ demand at approximately ARS$1,400 per MWh. In addition, the ex-post adjustments
were applied corresponding to the reimbursement of the AT Transportation costs of the previous Tariff Schedule (amendment
of regulations) and to the amounts recognized as compensation for the Debit/Credit tax and the Safety and Hygiene Rates.
On December 10, ENRE issued Resolution 318/2018 in which it approved the methodology and updated the values of
remuneration for the sub-transmission service (PAFTT) offered among the distributors Edesur, Edenor and Edelap, effective
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798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information beginning on March 6, 2017. This was pending in the Comprehensive Tariff Review. This mechanism makes it possible to
remunerate operating and maintenance costs, as well as the recognition of the related losses and the transfer to the tariff of
the costs incurred by Edesur for this concept.
Additionally, by means of Resolution No. 366 of the Secretariat of Energy of December 27, 2018, it was announced that the
new supply cost wasapproximately US$ 68 perMWh, which was 13% lower than that established in August 2018 due to the
improvements in the gas contracts obtained by CAMMESA and the decrease in the international price of oil. In addition, the
future Seasonal Prices to be transferred to the end users’ tariff continue with subsidy reductions foreseen by the authorities
going from around 30% in February to a 15% subsidy in August 2019. However, these prices translated into local currency mean
an initial increase of 26% in February 2019 and subsequent increases of 6% in May and August 2019.
On February 1, 2019, ENRE Resolutions 24/2019 and 26/2019 were issued in the Official Gazette. The former approved the
values of the Rate Table effective from the invoicing related to the reading of meters after midnight on February 1, 2019
according to the increases in the Energy Stabilized Price and the Reference Price of power, as established by Resolution SGE
366/2019. Also, the FNEE increase is included, from ARS$ 15.50 per MWh to ARS$ 80 per MWh, while the AT Transport Cost
had no changes. The second resolution (Resolution 26/2019) approves the new values of the Own Distribution Cost effective
from the same period as the first (February 2019), stating that they will be applied from March 1, 2019.
In relation to the Social Rate that was no longer funded by the National State from January 1, 2019, both the Autonomous City
of Buenos Aires and the Province of Buenos Aires undertook the commitment of continuing with this effective system. This is
the reason why ENRE provides instructions Edesur to continue the application of the Social Rate, including Maximum Amounts.
On May 2, 2019, the new table of rates was issued; containing an update of the Seasonal Price for May through July 2019. The
new feature is a differential price for the residential segment in order to keep it from increasing (per measures announced by
the government on April 17, 2019). It will be applied beginning with consumption starting on May 1, 2019.
On July 18, 2019 by means of Resolution No. 189/19, ENRE finalized the regulations to be applied to the User-Generators
(distributed generation). The most relevant aspects of the resolution are:
•
•
•
The approval of the Injection Tariffs for Users-Generators of the various tariff categories, corresponding to the Stabilized
Energy Prices (PEE) and the Stabilized Transport Price (PET).
The parameters established for the Users-Generators of the T1 category with respect to the maximum value registered
between the energy acquired or demanded and the energy injected.
The parameters set for the User-Generators of the T2 and T3 categories with respect to the Capacity to be Invoiced for
Distribution Service which will be the maximum value registered between the power consumed and the power injected.
Note that the whole set of regulations issued from those under Law 27,424 (on the Promotion of Distributed Generation) to
ENRE Resolutions No. 111/19 and 189/19 affirm the position of Argentine regulation for the protection of Edesur's remuneration.
On September 19, 2019, Edesur entered into a Rate Chart Maintenance Agreement with the National Government, by means of
which the latter instructed ENRE, during the six-month period starting from August 1, 2019, to maintain the rate charts effective
prior to such period for all tariff categories, which implies that Edesur will continue to receive the compensations included
therein due for previous recoveries and deferrals (Resolution No. 26/19 issued by ENRE). The difference generated in VAD and
the difference related to seasonal prices for the period between August 1, 2019 and December 31, 2019, will be recovered
in 7 monthly installments starting from January 1, 2020. Within this framework, an agreement was reached to postpone the
payment of all sanctions until March 1, 2020 at their original value plus any adjustments applicable at the time of payment, in
6 monthly installments, and Edesur committed to maintain the quality of its services.
On Friday, December 20, 2019, the National Congress approved Law No. 27,541 on Social Solidarity Reactivation of Production
in the Public Emergency Framework of The Public Emergency, which declared a public emergency in economic, financial,
fiscal, administrative, pension, tariff, energy, health and social matters until December 31, 2020. Article 5 empowers the
National Executive Power to maintain the tariffs under federal jurisdiction for electricity and gas and to initiate a process of
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Annual Report Enel Américas 2020 renegotiation of the Comprehensive Tariff Review in force in an extraordinary manner for a maximum period of up to 180
days, aimed at reducing the actual tariff burden on households, businesses and industries for the year 2020. Article 6 enables
ENRE to maintain its competency during the emergency by, in Article 7, suspending the validity of the second paragraph of
Article 124 of Law No.27,467
On Friday, December 27, 2019, the ENRE, under the provisions of Article 7 of Law No. 27,541, instructed Edesur not to modify
the Tariff Schedule in force even though it is no longer subject to federal jurisdiction.
On March 17, 2020, through the Need and Urgent Decree issued by the National Executive Power No. 277/2020 an administrator
was appointed for ENRE until December 31, 2020. This together with the performance of a technical, legal and financial audit
and review of the previous management, where it should provide information and/or documentation to the PEN, and propose
actions and measures that should be adopted.
On March 25, 2020 DNU 311/2020 was issued setting forth a limitation on the possibility of suspending basic services (180
consecutive days) including for users who had already been notified that they would be disconnected. Note that due to the
Group’s efforts, especially through ADEERA, we determined that on the one hand the universe reached was restricted, and on
the other this was an unprecedented event in measures of this type given its scope that encompasses telephone, internet
and cable television. Although from the point of view of the media, the limitation will be communicated without clarification by
the authorities, the fine print restricts the universe of users impacted to those that currently have a social tariff or those that
receive some type of allowance or particular subsidy (Public Welfare Entities, Neighborhood Clubs, etc.).
On June 18, 2020 and before the expiration of the 180-day term established by Article 5 of Law 27,541 on Production Solidarity
and Reactivation, Edesur proactively and through General Manager Note 55, sent a “Report” to ENRE, without implying consent
to jurisdiction, which contained a detailed analysis of the evolution of the Integral Rate Review defined under the scope of ENRE
Resolution No. 64/17, also considering its comparison with the actual evolution from the effective date thereof on February
1, 2017, to December 31, 2020. Accordingly, the “Report” would be part of the Extraordinary Tariff Review established by that
law. It was accompanied by the relevant claim for the related tariff update. Simultaneously, notes and copies were issued to
the licensors (CABA and PBA) and the Secretariat of Energy, different municipalities in the concessions area, and the related
public defenders’ offices. Finally, and almost simultaneously, on June 19, 2020 the Need and Urgent Decree (DNU) No. 543 was
published in the Official Gazette, establishing, in the first place, the 180-day extension with a new deadline for this review on
December 17, 2020. Secondly, it extended the benefits established by DNU 311/20 (restrictions to disruption of energy supply)
in the case of users recording payment default in up to 6 consecutive or alternate bills (previously in 3), with due dates from
March 1, 2020.
In order to progress toward a solution that allows for regularization of the debts of the authorities of the Province of Buenos
Aires and the National State in relation to the supply in Underprivileged Neighborhoods, on August 8, 2020, authorities of
Edesur met with the Governor of the Province of Buenos Aires. The proposal made by Edesur consists in an agreed procedure
that guarantees to the Government of the Province of Buenos Aires that the funds that are received for that purpose will be
used by Edesur exclusively for the execution of the electrical infrastructure in that Province.
Decree 756 was issued on September 21, 2020 and extends the benefits of DNU 311/2020 and 543/2020 in case of default
or lack of payment of up to seven (7) consecutive or alternate invoices, due from March 1, 2020 for vulnerable customers
(previously 3 and then 6); and extension of the term of application up to December 31, 2020.
On December 1, 2020, the lawyer María Soledad Manin (D.N.I. No. 28.447.869) was named as administrator for ENRE beginning
on November 11, 2020, under the conditions and in accordance with the terms of Article 1 of Decree No. 277 of March 16,
2020. The most significant aspects of such article are summarized below.
On December 17, 2020, the National Executive Power issued DNU 1020, which postpones the tariff freeze for a maximum of 90
days, or until the tariff chart associated with a Transition Agreement becomes effective, whichever occurs first. It begins the
Comprehensive Tariff Renegotiation Process, the final result of which will be a Final Renegotiation Agreement within a term
lower than 2 years. This negotiation exclusively falls upon the regulatory entities. It authorizes regulators to set transition rates
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798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information and segment rate categories. And for the purpose of complying with that indicated above, the DNU assigns powers to the
entities (ENRE and ENARGAS). These powers include, in addition to those required by renegotiation processes, the capacity
to perform transactions and/or settlements, compensations, etc.
On December 27, 2020, authorized representatives of the Argentine Government, the Province of Buenos Aires, the ENRE,
Edenor and Edesur entered into an agreement to formalize the debt payment mechanism associated with the Framework
Agreement, where companies assumed the commitment to assign those funds to works to improve the energy supply service.
b) Brazil
The legislation in Brazil allows the participation of private equity in the electricity sector, upholds free competition among
companies in electricity generation and transmission, and defines criteria to avoid certain levels of economic concentration
and/or market practices that may cause a decline in free competition.
In relation to the indicative plans made by authorities based on the contract requirements stated by distribution companies,
the Ministry of Energy is involved in the expansion of the electricity system, both setting capacity quotas by technology and,
promoting separate tender processes for thermal, hydraulic or renewable energies, or directly holding tender processes for
specific projects. In addition, the operation is centrally where an independent operator (National System Operator “ONS” in
its Portuguese acronym) coordinates centralized load dispatch based on variable production costs and seeks to ensure the
supply of demand at minimum cost for the system. The spot market price is denominated Difference Settlement Price (PLD).
Generation companies are entitled to sell their energy on the regulated or unregulated market through contracts and trade their
surpluses or deficits on the spot market. The unregulated market is aimed at significant users, with a limit of 2000 kW if they
buy energy from any source or 500 kW if they buy Non-Conventional Renewable Energy (NCRE) *(this limit changed to 2,500
kW from July 1, 2019, and to 2,000 kW from January 1, 2020 and will change to 1,500 kW, 1,000kW and 500kW, respectively
from January 1, 2021, 2022 and 2023).
In the unregulated market, suppliers and their clients directly negotiate energy purchase conditions. In the regulated market,
where distribution companies operate, the energy purchase must be performed through a bidding process instead, which is
coordinated by the National Electricity Agency (“ANEEL” in its Portuguese acronym). Accordingly, the regulated purchase price
used in the determination of tariffs for end users is based on average prices of open bids, and there are separate bidding
processes for existing and new energy. Bidding processes for new energy consider long-term generation contracts in which new
generation projects must address the growth of demand foreseen by distributors. The open bids for existing energy consider
shorter contractual terms and are intended to address the distributors’ contractual requirements needs arising from maturity
date of previous contracts. Each bidding process is centrally coordinated, Where ANEEL establishes maximum prices and,
as a result, contracts where all distributors involved in the process buy pro rata from each offering generator are entered to.
These regulatory mechanisms ensure the creation of regulatory assets/liabilities, whose tariff adjustment for possible deficits
will be made from in the subsequent tariff adjustments (March 15 for Enel Distribución Río S.A. (formerly Ampla) April 22 for
Enel Distribución Ceará S.A. (formerly Coelce), July 4, for Enel Distribución São Paulo (formerly Eletropaulo) and October 22 for
Enel Distribución Goiás). This mechanism has existed since 2001, and is called the Securities Compensation Account - Part A
“CVA” in its Portuguese acronym) which is aimed at maintaining consistent operating margins for the dealer by allowing tariff
revenue from costs of Part A.
The CVA helps maintain market stability and allows for the creation of deferred costs, which can be compensated through
rate adjustments based on the necessary rates to compensate deficits from the previous year. These regulatory assets (CVAs
and others) are part of the assets that can be compensated at the end of the concession, in the event these cannot be
compensated through rates. Accordingly, in compliance with IFRS, these regulatory assets can be recorded in the accounting
records (see Note 3.d.1).
In 2014, Brazil experienced severe drought conditions. In November 2014, the system reached its maximum risk of energy
rationing. The average reservoir limits were 1% below the last rationing. To cover the overcost of energy, the government created
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Annual Report Enel Américas 2020
the ACR account through bank loans to be paid off within two years through the rates. Payments into the ACR account ended
in September 2019, and the remaining balance of this fund was accredited to distributors in October 2019.
In January 2015, based on the mismatches between the costs recognized in tariffs and actual costs other than those related
to operations of distribution entities, ANEEL began the application of a Pricing System known as “Tariffs Flags” of additional
monthly charges over the tariff to the customers, provided that the marginal cost of the system is higher than the regulatory
standard.
The Tariff Flags System is comprised of three levels of colored flags: Red, Yellow and Green.
From January 2015 until the reporting date of these financial statements, the supplemental values of the flags have been changing
based on new expectations of future generation costs. The values currently used (since November 2019) for the flags are:
•
•
•
•
Green flag rate: Favorable generation conditions
Yellow flag rate: BRL1,343 per 100 (kWh)
Red flag rate - level 1: BRL4,169 per 100 (kWh)
Red flag rate - level 2: BRL6,243 per 100 (kWh)
In conclusion, under this tariff system the generation cost that is currently transferred to the customer only once a year (when
the annual tariff adjustment is performed), will have a variation on a monthly basis and the customer will be able to better
manage its electricity consumption.
Energy tenders
Regarding energy tenders under regulated regime, the Brazilian government performs several tenders each year in order to
change the composition of the energy bid.
Given the measures to address COVID-19, the tenders in 2020 were postponed and a future date has not yet been defined,
based on Ordinance No. 134/2020 issued by the Ministry of Mining and Energy.
Energy exports
On June 2, 2020, Enel Green Power Cachoeira Dourada S.A. (CDSA) was authorized to export electricity to Argentina and Uruguay,
as per MME Ordinance No. 226/2020. The authorization will be effective until December 31, 2022.
Energy sales
On April 17, 2020 Enel Trading Brasil S.A. (Enel Trading) a company from the Group established for energy sales, was authorized
to act as an Electric Energy Commercialization Agent in Brazil.
Distributed Generation
General features
Regulatory REN Resolution 482/2012 and its revision in 2015 regulated the connection of the distributed generation systems to
consumers connected to the distribution network, as well as the Electricity Compensation System (“SCEE”), where the energy
injected by the Distributed Generation systems is compensated in the energy billed to the consumer that has this system. This
situation created a large incentive for investment in Distributed Generation, as it expanded the market share of the companies
that created products for sale to consumers.
Definitions of Distributed Generation
Distributed generation allows the use of any source of renewable energy and qualified co-generation. The term distributed
micro-generation refers to power plants with an installed power capacity of up to 75 kilowatts (kW) and distributed mini-
generation refers to power plants with higher than 75 kW and less than or equal to 5 MW, which are connected to the
distribution network through the consumption units installation.. The regulation prohibits power stations from qualifying as
distributed microgeneration when they have been subject to registration, concession, permission or authorization, or have: (i)
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798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
begun commercial operation; (ii) transferred their electric energy to a distribution concessionary or permission holder, where
the distributor has to identify those cases.
Reviews, Tariff Adjustment and others
The Electricity Compensation System, established by Regulatory Resolution No. 482/12 presents distortions in the remuneration
of the distribution and transmission infrastructure, as well as in charges, by consumers who have a Distributed Generation
system. These distortions affect the remuneration of the distributors’ investment and also the energy rate of other consumers
in the concession area, who do not have distributed generation installed. A review of the regulations is planned for 2021, with
changes to the incentives currently in force.
Tariff Review of Enel Distribución Rio (2018)
On March 13, 2018, ANEEL approved the provisional result of the Fourth Periodic Tariff Review of Enel Distribución Rio, starting
from February 15, 2018, which was consolidated upon evaluation of the contributions made in the Public Hearing No. 078/2017.
The result leads to an average effect for consumers of 21.04%, and 19.94% for consumers connected to High Voltage – HV,
and 21.46% for those connected to Low Voltage – LV. It established the T component of X Factor at 0.00% and technical losses
at 9.1%.
Tariff Adjustment of Enel Distribución Ceará S.A. (2018)
On April 17, 2018, ANEEL approved the result of the adjustment of Enel Distribución Ceará, starting from April 22, 2018. The
result leads to an average effect for consumers of 4.96 %, and 7.96% for consumers connected to High Voltage – HV and 3.8%
for those connected to Low Voltage – LV.
Adjustment of Enel CIEN (2018)
Resolution No. 2408, dated October 22, 2018, established the permitted annual revenue (RAP). The values for Enel CIEN are:
Garabi I (RAP: BRL 172,667,795.35 and adjusted PA: BRL 6,579,727.76) and Garabi II (RAP: BRL 179,367,079,58 and adjusted PA:
BRL 6,834,803.35).
Tariff Adjustment of Enel Distribución São Paulo (2018)
On July 4, 2018, ANEEL approved the tariffs applicable for consumers. The result of this process was a tariff adjustment index
of +16.4%, composed of an economic adjustment of +10.5% and a financial adjustment of +5.9%. Upon removal of the financial
adjustment of the previous year (0.6%), the average effect for the consumer was +15.8%, being larger for consumers connected
to High Voltage (+17.7%) whereas for those connected to Low Voltage recorded a low increase of 15.1%.
Tariff Adjustment of Enel Distribución Goiás S.A. (2018)
On October 16, 2018, ANEEL approved the result of the review of Enel Distribución Goiás, starting from April 22, 2018. The
result leads to an average effect for consumers of 18.54%, with 26.52% for consumers connected to High Voltage - HV and
15.31% for those connected to Low Voltage – LV.
Enel Generación Fortaleza
The Fortaleza Thermal Power Generation Plant (CGTF), a thermal power plant that runs on natural gas, had a discrepancy with
Petrobras, the power plant's gas supplier, leading to the unilateral termination of the supply contract by Petrobras. Enel filed
a lawsuit against Petrobras to reestablish the gas supply to the plant, and secured fuel supply under the court's rulings, until
August 31, 2020 when CGTF and Petrobras reached a mutual agreement to withdraw the lawsuit, without prejudice to the
maintenance of the contract. These processes are expected to be finalized in the short-term.
Proposal for a solution to the short-term lack of market liquidity
Brazil has been a short-term illiquid market since 2015, the year in which several legal limits were granted to hydro generators
for their assumption of non-hydrological risks. This is because the thermal dispatch performed outside the cost merit order,
the import of energy without physical guarantee and the impact of the structuring power plants (Belo Monte, Jirau and Santo
Antônio power plants) displaced their generation and exposed them to the short-term market under non-manageable factors
unrelated to hydrological risk. Accordingly, the hydro generators would be exempted to pay their debts in the short-term
market, which currently amounts to BRL$8 billion and represents about 70% of the total amount recognized of the market.
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Annual Report Enel Américas 2020 After the enactment of Law No. 14,052/2020 on September 8, 2020, which establishes new conditions for renegotiating the
hydrological risk, ANEEL opened a public consultation to regulate the compensation of non-hydrological risks assumed by
hydropower plants during the period 2013 through the present date. The term to submit contributions ends on October 23,
2020 and, after the issuance of a Regulatory Resolution, the agents will know the individual economic compensation per
power plant and the related extension term of their concession, which is limited to 7 years. Considering this information, and
subject to the waiver of legal proceedings and payment of their debts through the present date sustained by precautionary
measures, the agents will be able to enter into the contract with ANEEL within 60 days after becoming aware of the results.
After the enactment of Law 14,052 on September 8, 2020, which establishes new conditions for the renegotiation of hydrological
risk, on December 1, ANEEL issued Regulatory Resolution 895/2020 (REN 895/2020) to regulate the compensation of non-
hydrological risks assumed by hydropower plants since 2013. As the next steps to take, within 90 days following the REN
895/2020, the CCEE must issue the economic compensation by plant and the related extension period for its concession,
limited to 7 years, and the agents will have over 60 days to enter into the agreement and withdraw from the judicial processes.
This agreement will resolve the impasse noted by the hydraulic generators in the courts, and will reestablish the liquidity in
the Brazilian market in the short term.
Official Communication No. 18 of January 4, 2019
ANEEL, under its regulatory attributions, ordered that, when a billing error occurs for reasons attributable to the distributor,
the limit of setback to refund to consumers will be 10 years instead of 36 months.
Tariff adjustment of Enel Distribución Rio (2019)
Enel Distribución Rio’s tariff review was provisionally approved on March 13, 2018, according to Resolution No. 2.377, when
tariffs were adjusted to 21.04%. At that time, the values of the Regulatory Remuneration Base (RRB) and the history of non-
technical losses from 2019 to 2022 were provisional. The final calculation of these issues occurred in the Tariff Adjustment of
2019, based on the final calculation of the remuneration basis, BRL 20,052,539.92 were added to Plot B and the difference
between the amount approved in 2018 and the final value of 2019 resulted in BRL 21,819,141.88, at the price of March 2019,
included as financing items in the Tariffs Adjustment (RTA) of 2019.
The following values were defined for non-technical losses: 19.80% (for 2019), 19.39% (for 2020), 18.98% (for 2021) and 18.57%
(for 2022).
The tariff adjustment of Enel Distribución Rio was approved by ANEEL on March 12, 2019, with an average effect for consumers
of 9.70%, with 9.72% for low voltage consumers and 9.65% for medium and high voltage customers. This adjustment became
effective from March 15, 2019 to March 31, 2019.
ANEEL authorizes CCEE to reach agreement with banks for payment of ACR account
ANEEL authorized the Chamber of Electricity Commercialization (CCEE) to conclude an agreement with a group of eight banks
to push up the approval of the so-called ACR Account, a mechanism for the transfer of funds to distributors to cover costs
with involuntary exposure in the short-term market and the thermal power plant dispatch between February and December
2014. The measure will withdraw BRL 8.4 billion from electricity rates until 2020, and allow for an average reduction in rate
adjustments of 3.7% in 2019 and 1.2% in 2020.
ANEEL incorporated the effects of the agreement into the tariffs of the companies for which adjustments were made between
December 2018 and March 2019 through an extraordinary tariff review: Cepisa, Ceron, Electroacre, Energisa Borborema, Light,
and Enel Distribución Rio.
Extraordinary Tariff Review of Enel Distribución Rio (2019)
The extraordinary review was necessary due to the decision of ANEEL’s Board of Directors on March 20, 2019, which authorized
CCEE to reach the agreement with the group of eight banks to anticipate the payment of the so-called CDE Conta- ACR by
September 2019. This decision was reflected in Enel Distribución Rio’s tariff, which was 7.59% (average for all consumers).
For low-voltage consumers, the adjustment changed the increase from 9.72% to 7.49%, and for medium- and high-voltage
customers, the approved rate changed from 9.65% to 7.89%. The review was applied from April 1, 2019 to March 14, 2020.
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798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information Tariff Review of Enel Distribución Ceará (2019)
On April 18, 2019, ANEEL approved the result of the fifth periodic tariff review of Enel Distribución Ceará, effective from April
22, 2019. The result leads to an average effect on consumer rates of 8.22%, which is 7.87% for high-voltage consumers and
8.35% for low- voltage consumers. The T component of X the Factor was adjusted by 1.17%, recording technical losses of 9.52%
in injected energy and non-technical losses of 7.56% in the low-voltage market.
Adjustment of Enel CIEN (2019)
Resolution No. 2,565, dated June 25, 2019, established the annual income allowed (RAP) resulting in the values of Enel CIEN:
Garabi I (RAP: BRL B180,711,108.53 and PA: BRL -6,391,867.71) and Garabi II (RAP: BRL 187,722,462.73 and PA: BRL -6,662,275.47).
It should be noted that Enel CIEN should have updated its tariffs in 2019, but the regulator postponed this process until 2020,
and its effects were considered in the related adjustment during 2020.
ANEEL Regulatory Resolution No. 853/2019
On August 16, 2019, ANEEL established the provisions related to the quality of the public services for energy transmission,
associated with the availability and operating capacity of the Transmission Functions - FT Converter; the new rules become
effective starting from January 1, 2020.
Tariff Review of Enel Distribution São Paulo (2019)
On July 2, 2019, ANEEL approved the result of the Fifth Periodic Tariff Review of Enel Distribución Sao Paulo, starting from July 4,
2019, which was consolidated after the evaluation of the contributions submitted at the Public Hearing No. 011/2019. The result
is an average effect on consumers rates of 7.03%, with 8.46% for high-voltage consumers and 6.48% for low-voltage consumers.
During the review, the parameters that will be effective for 4 years were established, until the next review in 2023. Such parameters
are: technical and non-technical losses (commercial), RAB, operating costs, doubtful accounts and X Factor (productivity and
regulatory operating costs).
Tariff Adjustment of Enel Distribución Goiás S.A. (2019)
On October 22, 2019, ANEEL approved the result of the adjustment of Enel Distribuición Goiás, starting from October 22, 2019.
The average effect on consumer rates is -3.90% and consisted of (i) an economic adjustment of -4.42%, with -5.18% on Plot
A and +0.76% on Plot B, and (ii) financial components of +6.25% discounting the financial components considered in the last
tariff process quantified at 5.73%.
The result leads to an average effect on consumers of -3.90 %, with -2.89% for high-voltage consumers” and -4.32% for low-
voltage consumers.
Tariff Adjustment of Enel Distribución Rio (2020)
On March 10, 2020, ANEEL approved the result of the adjustment of Enel Distribución Rio, starting from March 15, 2020. The
result leads to an average effect on consumers of +2.71 %, with +3.38% for high-voltage consumers and +2.48% for low-voltage
consumers.
Tariff Adjustment of Enel Distribución Ceará (2020)
On April 14, 2020, ANEEL approved the tariff adjustment of Enel Distribución Ceará, with an average effect of 3.94% on end
consumers. The regulator entity postponed the tariff increases for the next three months, as a response to the economic
emergency created by the COVID-19 crisis and for the purpose of protecting captive customers. The tariffs will be fixed until
June 30, 2020 and will be adjusted on July 1, 2020.
It should be noted that the loss of revenue due to the non-application of the new tariffs in the mentioned period will be
compensated with a delay in the payment of the CDE installments, for May, June and July 2020. Those payments will be duly
adjusted by the Selic rate and recomposed to the CDE fund for Enel Distribución Ceará in up to 5 equal installments starting
from August 2020. Lastly, the difference in revenue between the approved tariff and extended tariff will be adjusted by the
market occurring up to June 30, 2020 and considered in the subsequent tariff process.
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Annual Report Enel Américas 2020 CIEN Designation
On June 19, the Ministry of Mining and Energy published ordinance No. 255, which establishes that Enel CIEN by official
designation will continue operating the facilities of Garabi 1 until a new operator is designated through a tender process,
probably starting from August 2022. Until that date, Enel CIEN will receive annual revenue (RAP) calculated based on current
criteria and methodology.
Tariff Review of Enel CIEN (2019)
Through Regulatory Resolution No. 2700, dated June 23, 2020, ANEEL approved the final result of the tariff review of Enel Cien,
relating to 2019, which was proposed for 2020. The new permitted annual revenue will become effective retroactively from July
1, 2019 and will still be updated upon tariff adjustment of 2020.
The values for Enel CIEN are: Garabi I (RAP: BRL 145,870,451.38) and Garabi II (RAP: BRL 175,884,264.79).
Tariff Adjustment of Enel Distribución São Paulo (2020):
On June 30, 2020, ANEEL approved the tariff adjustment of Enel Distribución São Paulo, with an average effect of 4.23% on
end consumers, with 6.00% average, for high-voltage consumers and 3.58% for low-voltage consumers.
It should be noted that the adjustment already considered the effects due to anticipation of the COVID-19 account, thus
reducing a greater increase in tariffs for the consumer, which without such resource would be 12.22%.
Tariff Adjustment of Enel CIEN (2020)
Resolution No. 2,725, dated July 14, 2020, established the permitted annual revenue (RAP) for public service concessionaries
for energy transmission, due to availability of the transmission facilities under their responsibility.
The values for Enel CIEN are: Garabi I (RAP: BRL 148,620,461.29 and PA: BRL -34,591,321.34) and Garabi II (RAP: BRL 179,251,086.59
and PA: BRL -12,198,352.85).
Rate Adjustment of Enel Distribución Goiás S.A. (2020)
On October 20, 2020, ANEEL approved the result of the rate adjustment by Enel Distribución Goiás, starting October 22, 2020.
The result leads to an average effect on consumers of +4.28%, with +6.63% for consumers connected at High Voltage - HV
and +3.36% for those connected at Low Voltage - LV.
ANEEL considered a negative financial adjustment of -7.84%, due to the amounts received in the COVID-19 Account.
ANEEL Regulatory Resolution No. 874/2020
On March 10, 2020, ANEEL approved the new methodology for the calculation and frequency for updating the remuneration
rate of regulatory capital (WACC) used to review the tariff or revenue of electric energy distributors, transmitters and generators.
Enel Distribución Sao Paulo, Enel Distribución Goias, Enel Distribución Rio and Enel Distribución Ceará will only know the WACC
in 2023, which will be applied for their new tariff review. It should be noted that ANEEL also defined the WACC for transmitters
that should have performed their Tariff Review in 2019, but was postponed until 2020 (as in the case of Enel CIEN).
ANEEL Regulatory Resolution No. 877/2020
On March 17, 2020, ANEEL approved the methodological review of the Xp Factor associated with productivity (Pd component),
applicable to distributors from April 1, 2020. The purpose of the new methodology is to reflect the recent history of productivity
gains and cyclical market variances.
For companies whose concession contracts have not been extended, the value of the Xp factor is established in the tariff
review, recording no subsequent tariff adjustments. Accordingly, for Enel Distribución Sao Paulo and Enel Distribución Ceará, the
adjustment of the Xp factor will only be applied in 2023. In the case of distributors with a new contract (Enel Distribución Goiás
and Enel Distribución Rio), the value of the component is calculated in the annual tariff adjustments, based on current data.
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798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
ANEEL Regulatory Resolution No. 878/2020
For 90 days (starting from March 24, 2020), this regulatory resolution established measures to preserve the provision of
electricity distribution public service due to the public emergency related to the COVID-19 pandemic, which include: prohibiting
the suspension of supply according to consumption units residential customers from urban and rural areas allowing the
suspension of delivery of the monthly printed invoice to consumers (replacing it with electronic invoices or bar codes), prioritizing
emergency services and those destined to attend to essential services, among various other measures, to contribute to social
isolation actions and prioritize the continuous and reliable supply of electric energy
This was amended on July 21, 2020 by Regulatory Resolution 891/2020, which extended its term to December 31, 2020, and
reduced the prohibition of shut offs for consumers in the low-income residential sub-class.
Federal Government Provisional Measure No. 950/2020
This measure is intended to increase the discount of the Social Tariff for consumers to 100% with billing of up to 220 KW per
month, using CDE resources for this coverage, and allow financial resources to be assumed by CDE in order to face the impact
on the electricity sector as a result of the COVID-19 pandemic.
ANEEL Dispatch No. 986/2020
The difference in spot prices in 2019 brought CCEE to an amount of BRL 2 billion. On April 7, ANEEL approved the transfer of
this surplus to free consumers (BRL 500 billion) and distributors (BRL 1.4 billion) for future costs of ancillary service charges
and operation restrictions.
Reduction of Transmission Charges
As a measure to provide liquidity to the Electricity Sector due to the effects of COVID-19, on April 20, 2020, ANEEL approved the
anticipation of the financial effects of the Adjustment Installment for the months of April, May, and June 2020. The immediate
effect is BRL 144 million on discounts to charges for the use of the transmission system by distribution companies (90%) and
free consumers (10%), recording similar discounts in May and June.
Decree No. 10,350/2020
On May 18, 2020, the Brazilian government published Decree No. 10,350/2020 that regulated the COVID-19 account, a sector
rescue loan to distribution companies in response to the COVID-19 pandemic. The COVID-19 account consists of a loan obtained
from a group of public and private banks, destined to preserve the liquidity of companies from the sector and, at the same
time, alleviate the impacts of the crisis affecting the consumers. Subsequently, these values will be included in the 2021 rate
adjustments and continue for 5 years until the loan is fully repaid.
ANEEL Dispatch No. 1,511/2020
Due to the COVID-19 pandemic, on June 1st, 2020 ANEEL suspended, in an exceptional and temporary manner, the application
of the Tariff Flags system, until December 31, 2020.
ANEEL Regulatory Resolution No. 885/2020
Regulatory Resolution No. 885/220 was published on June 23, 2020, which regulates Decree No. 10,350/20 and established (i)
the cost structure of the COVID-19 account, (ii) the conditions for transferring funds, (iii) the manner in which the account is
managed, (iv) the structure of charges for amortization of financial transactions, (v) the settlement of credit transactions, (vi)
clauses regulating the acceptance term for the decree provisions, and (vii) limits to the collection of funds by the Distribution
Companies, for a total amount of BRL 16 billion.
ANEEL Regulatory Resolution No. 888/2020
Regulatory Resolution No 888/2020, was published on July 9, 2020, and regulates the electricity supply conditions for the public
lighting service. Electricity distribution companies will no longer be able to charge for collecting the municipal tax (COSIP)
after the next tariff review. Until then, the charge is limited to 1%.
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Annual Report Enel Américas 2020 Federal Government Provisional Measure No. 998/2020
On September 1, 2020 the Federal Government entered into a contract to establish a Provisional Measure with special measures
to reduce tariffs in the pandemic period and also in the medium and long-term. The measure is effective for 120 days, after
which is no longer valid.
After an extensive political and regulatory debate, on February 4, the MP 998 was passed by the Federal Senate and sent to the
president for approval as law. Enel made a significant contribution to the definition of this law, in order to guarantee positive
impacts for the group and mitigate problems and risks found in the initial formulations. The approved text includes (i) a capacity
contracting mechanism; (ii) the removal of incentives for renewable energies starting 12 months after the publication of the
law; (iii) the approval of the use of funds to contain increases in the Distribution rate; (iv) instructions for developing competitive
mechanisms that will allow Distributors to dispose of energy surplus; (v) definition of a special type of sales agent to represent
small-scale free consumers in the free market, with the possibility of suspending the offer in the case of payment default. The
bill was expected to be passed, without veto, by the end of February.
ANEEL Dispatches No. 2,177/20, 2,353/20, 2.640/20, 2,914/20, 3,197/20 and 3,490/20
The dispatches established the values of the resources of the COVID-19 account transferred to the distribution concessionaries,
which were received from July to December 2020.
ANEEL Order No. 3,364/2020
Given the adverse hydropower conditions, on November 30, 2020, ANEEL decided to revoke Order No. 1.511/2020 and reactivated
the rate flag system, which was reinstated on December 1, 2020.
Non-Conventional Renewable Energy
ANEEL holds auctions by technology considering the expansion plan set by the planning agency, the Empresa de Pesquisa
Energética (“EPE”), so that the target amount set for non-conventional renewable energy capacity is met.
Tariff revisions
In Brazil, there are three types of tariff adjustments: i) Ordinary Tariff Reviews (“RTO”) which are conducted periodically in
accordance with the provisions in the concession contracts (for Enel Distribución Ceará and Enel Distribución São Paulo every
4 years and for Enel Distribución Río and Enel Distribución Goiás every 5 years); (ii) Annual Adjustments (“IRT”) since Brazil,
unlike other countries, does not automatically index its tariffs to inflation; and (iii) Extraordinary Reviews (“RTE”) when important
events have occurred that may affect the financial situation of the distributors.
The final tariff revisions of Enel distributors were performed in 2018 (Enel Distribución Río and Enel Distribución Goiás) and
2019 (Enel Distribución Ceará and Enel Distribución São Paulo). The Enel distributors’ next revisions will be performed in 2023.
c) Colombia
In 1994, Act 142 or the Public Utility Act (Ley de Servicios Públicos Domiciliarios) and Act 143 or the Electricity Act (Ley Eléctrica)
were issued, which established the general criteria and policies regulating the public utility service provision in Colombia, as
well as the procedures and mechanisms for its regulation, monitor and oversight.
The Electricity Act make the constitutional approach viable, regulates the generation, transmission, distribution and sale of
electricity, creates a market and competitive environment, strengthens the industry and delimit the government intervention.
Considering the characteristics of each activity or business, general guidelines were established for the development of the
regulatory framework, creation and implementation of the rules that would allow free competition in the power generation
and sales industries, while the guidelines for the transmission and distribution industries were aimed to address these activities
as monopolies, looking for competitive conditions if possible.
The main institution in the electricity sector is the Ministry Mining and Energy, which through the Mining Energy Planning Unit,
(Unidad de Planeación Minero Energética, or UPME) develops the national Energy Plan and the Generation and Transmission
Expansion Plan. The Energy and Gas Regulatory Commission (Comisión de Regulación de Energía y Gas or CREG) and the
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798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information Public Service Superintendency (Superintendencia de Servicios Públicos, or SSPD) regulate and oversee, respectively, the
companies in the industry. In addition, the Superintendency of Industry and Commerce is the national authority for free trade
protection issues.
The electricity industry operates on the basis of electricity-selling companies and the large consumers are able to buy and sell
energy through bilateral contracts or on a short-term energy exchange market, called the “energy exchange” that operates
freely according to supply and demand conditions. In addition, there are two mechanisms to promote the expansion of the
system: i) auctions of Firm Energy within a “Reliable Charge” scheme and ii) long-term auctions to enhance the Non-conventional
Renewable Energy Sources (FRNCE). The market is operated and managed by XM, which is in charge of the National Dispatch
Center (Centro Nacional de Despacho, CND), and the Manager of the Commercial Exchange System (Administrador del Sistema
de Intercambios Comerciales, ASIC).
Act 1715 of 2014 was created, "By means of which the integration of non-conventional renewable energies into the National
Energy System is regulated", which is also intended to promote the efficient management of energy, addressing both energy
efficiency and the response to the demand. Such act also promotes the development and use of non-conventional resources,
mainly those of a renewable nature, in the national energy system, through their integration into the electricity market, their
participation in non-interconnected areas and other energy uses as a necessary means for sustainable economic development,
the reduction of greenhouse gas emissions, and the security of energy supply.
In 2019, the CREG established general rules of market behavior for agents performing activities of home utility services of
electric power and fuel gas. CREG considers it is necessary to establish a regulatory framework that, in addition to the specific
market rules and obligations, defines general rules of behavior that promote and allow further development of: free access to
networks and facilities that are monopolies by nature, free choice of service providers and the possibility of user migration,
transparency, neutrality, economic efficiency, free competition and the non-abuse of dominant positions.
Due to the worldwide and national situation caused by the COVID-19 pandemic, in March 2020 the National Government
declared a State of Economic, Social and Ecological Emergency throughout the national territory and ordered the mandatory
preventive lockdown of all the inhabitants of the territory; these measures have generated the issuance of different transitory
standards and regulations by the MME, CREG and SSPD among others, which looks forward to guarantee the continuous and
stable provision of public residential services and mitigate the economic and social effects in the electric energy and natural
gas sectors.
The National Government has published the final documents containing the analysis and proposals of the “Energy Transformation
Assignment" which will be established in the sector route sheet, as a guide for the main transformations that will be adopted
in the future. The Mission's recommendations were disseminated and reported to the sector's agents for review and comment
in February 2020.
Non-Conventional Renewable Energy
In 2014, Law No. 1.715 was enacted, creating a legal framework for the development of non-conventional renewable energies,
which established guidelines on the declaration of public utility, tax, tariff and accounting incentives. As part of the regulation,
the Ministry of Mining and Energy issued Decree No. 2.469 of 2014, which established the energy policy guidelines for the
delivery of self-generation surpluses. The regulations issued by the CREG have been aimed at allowing the participation of
Non-Conventional Renewable Energy Sources (NCREs) in the Reliability Charge mechanism, and strengthened the participation
of demand through large- and small-scale self generation.
In this manner, for the purpose of having an electric energy generation matrix that is resilient and complementary while
reducing the emission of greenhouse effect gasses (GEI) and promoting competition in the sector, the Ministry of Mining and
Energy (MME), the Mining Energy Planning Unit (UPME) and the Energy and Gas Commission (CREG) have made a number of
adjustments to the tender regulations, defining a two separate, sealed envelope tender with voluntary participation, exclusively
for new FNCER projects, with a price ceiling, the product of which is a 15-year pay of what was contracted contract model in
COP/kWh and with inception date anuary 1, 2022.
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Annual Report Enel Américas 2020 In May 2019, Law 1955 - 2018-2022 National Development Plan “Pacto por Colombia, Pacto por la Equidad” was approved. The
following items of the final wording are emphasized: i. Tax Benefit: whoever makes investments in FNCER shall have a right to
deduct from their income in a period of no more than 15 years, 50% of the total investment made. ii. Energy matrix – FNCER
Energy Purchase in long-term contracts: commercializing agents will be obliged to purchase electric energy from FNCER
(between 8% and 10% of their purchases). However, the Ministry of Mining and Energy or the delegated entity, shall regulate
the scope of the obligation.
Tariff Revisions
CREG is the entity that defines the method by which distribution networks are paid. Distribution charges are reviewed every five
years and updated monthly according to the Producer Price Index (“PPI”). Currently, these charges include the new replacement
value of all operational assets, the Administration, Operation and Maintenance (“AOM”) and non-electrical assets used in the
distribution business.
The current distribution charges for Codensa were issued by CREG in October 2009.
Additionally, CREG issued Resolution No. 95 in 2015, which defined a method for calculating the regulated remuneration tariff
(“WACC”) for electricity transmission and distribution, as well as for natural gas transportation and distribution.
In February 2018, CREG issued Resolution No. 015 of 2018, which definitively decides on the Distribution Remuneration
Methodology for the new tariff period, which determines the remuneration over the existing asset base, the presentation of
investment plans, the remuneration of operating and maintenance expenses and defines ways to decrease losses and service
quality. Finally, in December 2019, the Commission published CREG Resolution 189 of 2019, which approves the necessary
variables for calculating the revenue and charges associated with the electricity distribution activity for the commercialization
market in which Codensa operates.
In September 2018, CREG issued Resolution No. 114 of 2018, by which it determined the general principles and conditions that
must be met by the mechanisms for the marketing of electric energy in order for its prices to be recognized in the component
of costs of energy purchases from the regulated user.
In February 2019, CREG issued Resolution No. 015 of 2019, which modifies the rate of return for the electricity distribution activity
(with 11.79% for the year 2019, 11.64% for the year 2020, 11.5% for the year 2021 and 11.36% from the year 2022 onwards),
which responds to the aforementioned methodology.
In May 2019, the Ministry of Mining and Energy issued Resolution No. 40,459. This new regulation from the ministry revises the
public policy guidelines on Advanced Measurement Infrastructures (AMI) in the public electric power service.
In May 2019, Law No.1,955, the National Development Plan, was approved, which contains the following guidelines:
•
•
•
•
Subsidies to customers in categories 1, 2 and 3 are extended until December 31, 2022.
A special transitional regime is created to ensure the sustainability of efficient service provision: i) surcharge per kilowatt
hour consumed to support the Business Fund in the national territory (COP 4/kWh); and ii) additional 1% contribution to
the SSPD regulated in article 85 of Law No.142 of 1994.
Law No.143 of 1994 is revised to extend the restriction on vertical integration and restrict integration through business
groups.
The Ministry of Mining and Energy (or the entity designated to perform this function) will regulate the scope of the
aforementioned measures.
In September 2019, the SSPD issued the regulation of the national surcharge of COP 4 / kWh, as part of the measures required
to guarantee the provision of electric power service under the charge of the companies operated by the SSPD. This rate
applies to strata 4.5 and 6; commercial and industrial and will be in force from November and will be retroactive to July and its
collection is considered third party income.
242242
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information In October 2019, CREG issued Resolution No. 129 of 2019; which establishes the formula for the transfer in the energy purchase
component to the regulated user of the prices of the contracting mechanism that sign contracts resulting from the auction
referred to in Resolution No. 40,590 of 2019 of the Ministry of Mining and Energy.
In December 2019, CREG issued draft Resolution No. 155 of 2019, which contains the conceptual bases for the remuneration
of the marketing activity.
In December 2019 CREGissued Resolution No. 198 of 2019, extending the application of the subsidies to tier 1 and tier 2 users.
On March 17, 2020, the National Government declared a state of economic, social and environmental emergency throughout
the country, to reflect the public crisis affecting the country due to the new coronavirus (COVID-19), which has been extended
until February 28, 2021.
On June 24, 2020, CREG issued Resolution No. 122 of 2020, approving the final distribution for Enel Codensa. In its approval,
CREG resolved the appeal filed by the Company with respect to Resolution No. 189 of 2019.
In addition, CREG in its final approval makes the correction of the Base of Assets, the incorporation of additional events in the
calculation of quality indicators and the retroactive application of service quality incentives.
The Constitutional Court declared the unenforceability of Article 313 of Law 1955 of 2019, through ruling C-504, which indicates
that the surcharge collection agents must abstain from billing, charging, or collecting the surcharge during billing periods
immediately following December 3, 2020. The portfolio cannot be written off, and collection proceedings must be arranged
to be transferred to the corporate fund.
The Constitutional Court declared the unenforceability of Article 18 of Law 1955 of 2019, through ruling C-484, which implies
that, as of 2021, the contribution will be reliquidated both for CREG and SSPD, as before i.e. this implies a reduction in both
contributions.
d) Peru
Law No. 25,844, the Law on Electricity Concessions, indicates that the Peruvian electricity sector is divided into three large
segments: generation, transmission and distribution, such that no more than one activity can be developed by the same
company. The Peruvian electricity system is known as the National Interconnected Electricity System (SEIN), in addition to
some isolated electricity systems.
According to the abovementioned Law, generation companies’ operations will be subject to the provisions of the Economic
Operations Committee for the National Interconnected System (COES) for the purpose of coordinating their operations at
minimum cost, guaranteeing the secure supply of electricity and best use of energy resources. The COES manages power
and energy transfers between generators, considering contractual injections and withdrawals, and values these transfers on a
monthly basis, as well as compensations to the transmission system owners and compensations to other generators according
to the regulations established by OSINERGMIN in this regard.
The main purposes of Law No. 28,832 are i) to ensure the sufficiency of efficient electricity generation, which reduces the
electricity system's exposure to price volatility and the risk of rationing due to energy shortage; and to ensure a competitive
electricity rate for consumers; ii) to reduce administrative intervention in the determination of generation prices through
market solutions; and iii) to promote effective competition in the generation market.
The main changes introduced by the law refer to the short-term market participation of generation companies, distribution
companies, and free large customers, including both distributors and free customers as participants in the COES, and modifying
the latter's structure. It also added the bid mechanism to be followed by electricity distribution companies for the purposes
of entering into electricity supply contracts with generation companies for the public supply of electricity and, optionally, in
the case of free users.
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Annual Report Enel Américas 2020 The sale of energy by generators to distributors for the purpose of the public supply of electricity, shall be performed through
bids or bilateral contracts (with a regulated maximum price - bar rate). The bid mechanism has the purpose of establishing a
system that promotes investments in new generation capacity through long-term electricity supply contracts and firm rates
with distribution companies.
Supreme Decree No. 026-2016-EM approves the Wholesale Electricity Market Regulations (MME Regulations) and incorporates
the definition of “MME” which is composed of the short-term market (“MCP”) and the complementary service allocation, operative
inflexibility, and congestion income allocation mechanisms. The participants authorized to purchase in the MCP are: generators
to meet their supply contracts, distributors to meet the needs of their free users (up to 10% of maximum demand), and large
users to meet up to 10% of maximum demand. The COES will calculate marginal energy costs and marginal congestion costs,
provisional daily values of the transactions in the MME, and the results will be reported to participants on the COES website.
The participants must have payment guarantees, and the COES will take action in the event of non-compliance with these.
Legislative Decree No. 1.002 creates a promotional regime for non-conventional renewable sources of energy “RER”; through
tenders for specific technologies (to cover up to 5% of the electrical power demand) with a mechanism of guaranteed revenue
paid by the demand through a tariff charge in the connection fee.
Legislative Decree No. 1,221 amends the Law on Electricity Concessions, mainly introducing the following changes:
•
•
•
•
The Ministry of Energy and Mining will determine a Technical Responsibility Zone for each distribution concessionary.
It establishes the performance of studies and the setting of Value-Added Distribution (VAD) for each distribution
concessionary providing services to more than 50,000 suppliers.
Recognition of an additional charge for technological innovation projects previously approved by OSINERGMIN, equivalent
to a maximum percentage of the annual revenue.
Incentives to improve the quality of the service from the actual quality until the target value is achieved.
Through Executive Decree No. 018-2016-EM the Regulations of the Electricity Concessions Law is amended, which are
mainly: the incorporation of the possibility to install supplies with intelligent metering owned by the distribution Company
and its investment costs and operation and maintenance costs (O&M) will be considered in the VAD; the proposed Technical
Responsibility Zones (ZRT) will be published; technological innovation projects will be included in the VAD and they will be
compensated through a charge for power.
In addition, with respect to customers who may choose to belong to the regulated or unregulated market, Executive Decree
No. 018-2016 maintained the following provisions:
•
•
•
The range for customers who may choose to be regulated or unregulated fluctuated between 200 and 2,500 kW.
The condition change shall be notified to the current supplier at least one year in advance. The user must remain in the
new condition for at least 3 years.
Customers whose maximum demand is greater than 2,500 kW are necessarily unregulated customers.
Legislative Decree No. 1041 modified various articles of Law on Electricity Concessions (D. Law No. 25.844) and the Law to
Ensure Efficient Development of Electricity Generation (Law No.28.832). Through Executive Decree No. 001-2010-EM, D. Leg
No. 1041 was regulated, which amends the electricity regulatory framework to dispatch natural gas and the remuneration
of power and energy. Concerning the transmission regime, the payment responsibility of the rate base of the Guaranteed
Transmission System was finally amended to assign it exclusively to the users.
Law No. 29970 declares the national interest in implementing measures to guarantee the country's energy security through
the diversification of energy sources, the reduction of external dependency, and the reliability of the energy supply chain. Law
No. 30543, published on March 3, 2017 and regulated by Supreme Decree No. 022-2017-EM published on August 16, 2017,
eliminates the energy security guarantee charge (CASE) derived from Law No. 29970.
Through Legislative Decree No. 1,451 the article 122 of the Law on Electricity Concessions was amended, which incorporates
provisions for those cases of vertical integration that do not qualify as acts of concentration according to the related regulations.
244244
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information The Regulations of the Electricity Wholesale Market were approved through Executive Decree No. 026-2016-EM and are
expected to be effective from January 1, 2018 through Executive Decree No. 033-2017-EM.
Through Executive Decree No. 022-2018-EM (amended by Executive Decree No. 026-2018-EM) the Regulation of Electricity
Supply Tenders, approved by Executive Decree No. 052-2007-EM, was amended in order to establish provisions on the procedure
for the evaluation of proposals to amend contracts resulting from tenders.
Through Executive Decree No. 237-2019-EFthe National Competitiveness and Productivity Plan was approved, which is intended
to promote economic growth that will improve the population’s well-being in the medium term. There are 9 priority objectives,
including Environmental Sustainability (OP9), which guidelines (9.1) include the Strategy for Financing Climate Change Measures
and (9.4) the Strategy for Renewable Energy, Electromobility and Clean Fuels.
Through Executive Resolution No. 006-2019-EM the Multisectoral Commission for the Reform of the Electricity Subsector
was created. Its purpose is to perform an analysis of the electricity market, in order to make proposals aimed at the adoption
of measures that guarantee the sustainability and development of the Electricity Sub-sector. The commission is effective for
24 months.
Through Resolution OSINERGMIN No.144-2019-OS/CD, the Technical Procedure of COES No. 26 “Calculation of Firm Capacity”
was amended. This parameter is used to determine the revenue from capacity of the generators in the COES, as well as the
contracting level that they can achieve. Starting from September 2019, the Firm Capacity for RER power plants using wind,
solar or tidal technology will be determined considering the energy production in the peak hours of the system.
On January 6, 2021, Law No. 31,112 was published to establish prior control of corporate concentration operations. By publishing
this law, which supposes the prior approval of its regulations and other regulatory modifications provided by the law itself, the
content of Law No. 26,876 is repealed, with the exception of article 13, which modifies article 122 of Decree Law No. 25,844,
the Law on Electricity Concessions (related to restrictions to concentration in the electricity sector), as well as the Emergency
Decree No. 013-2019 which established prior control of corporate concentration operations starting March 1, 2021.
Supreme Decree No. 044-2020-PCM of March 15, 2020 and its modifying regulations, declared a National State of Emergency,
which has been extended until February 28, 2021, due to the Coronavirus outbreak in the country. During this period, different
mandatory social distancing measures were established, along with restrictions to the freedom of assembly and freedom
of transit. Likewise, it establishes that the State guarantees access to public services and essential products and services
(established in the Supreme Decree).
Through Vice-ministerial Resolution No. 001-2020-MINEM/VME, published on March 19, 2020, it was established that electricity
generation, transmission and distribution companies must: (i) activate their security protocols in order to safeguard their
employees, contractors or third parties; (ii) prioritize actions to ensure continuity of electricity services, and (iii) present to the
OSINERGMIN and MINEM their Contingency Plans to ensure continuity of the service specifying the coordinator in charge.
Through Executive Decree No. 035-2020, published on April 3, 2020, it was established that distribution companies can divide in
up to 24 months the receipts issued in March 2020 or which comprise any consumption during the state of national emergency
of vulnerable users (those with consumption of up to 100 kWh/month or users from non-conventional rural electrical systems
supplied with autonomous photovoltaic power). The Government recognizes compensatory interest for the mentioned division,
which is paid to companies using the resources of the Energy Social Inclusion Fund. In addition, it considers the suspension
of meter reading activities and delivery of physical receipts (the delivery of digital receipts is authorized), suspending the
obligation to physically attend to users in Customer Service Centers and authorizes billing using an average of consumption.
Through Executive Decree No. 062-2020, issued on May 28, 2020, the range of customers that can access division of their
bills was extended to those with consumption that is greater than 100 kWh/month and less than 300 kWh/month. In this case,
the standard establishes that the division can be applied to bills from May and those that comprise consumption while the
State of Emergency is in force, with the compensatory interest being partly subsidized by the Government (according to the
consumption range) and the difference is assumed by the users. Finally, the standard also establishes that non-compliance
245
Annual Report Enel Américas 2020 with the Electricity Service Quality Technical Standard and the Rural Electricity Service Quality Technical Standard will not lead
to payment of compensation and sanctions until 60 calendar days subsequent to the end of the State of Emergency.
Through Emergency Decree No. 074-2020, issued on June 27, 2020, the “Electricity Bonus” was created, which is a subsidy
that covers consumption pending payments in the period from March to December 2020 and that are not involved in a user
complaint process with consumption of up to 125 kWh/month (subject to conditions). Such bonus will cover the debts up to
PEN 160, since the resources will be transferred directly to the distribution companies.
The procedure for application of the Electricity Bond was approved through Resolution No. 080-2020-OS/CD issued by the
Governing Board of OSINERMGIN, and was issued on July 9, 2020. Such standard establishes the considerations that distribution
companies must consider to identify the beneficiaries of the Electricity Bonus and the procedure for its execution.
Urgent Decree No. 105-2020, issued on September 10, 2020, modified Urgent Decree No. 074-2020 including customers with
prepayment supply and those associated to collective supply in the “Electricity Bonus.”
Supreme Decree No. 031-2020-EM, published on December 21, 2020, repeals Supreme Decree No. 043-2017-EM, which
establishes the provisions for determining the prices of natural gas for electricity generation.
OSINERGMIN Directors’ Council Resolution No. 218-2020-OS/CD, published on December 24, 2020, approves the “Activities-
Based Costs Manual, applicable to electricity distribution companies.”
Non-Conventional Renewable Energy
In Peru, a target up to 5% has been set as the non-conventional renewable energy share in the country’s energy system (“ERNC”
in its Spanish acronym). It is a nonbinding target and the regulatory agency, OSINERGMIN, holds differential quota tenders by
technology and limited prices to help reach the goal.
In 2016, the Fourth Tender of Energy Supply with Renewable Energy Resources (“RER” in its Spanish acronym) was carried
out. The tender was awarded to thirteen projects consisting of two biomass plants, two solar plants, three wind plants and six
hydroelectrical plants, and will add 430.1 MW to the SEIN.
Tariff Revisions
In Peru, the process for the determination of the distribution rate is carried out every 4 years, and is called "Value Added
Distribution Fixation" (“VAD”). Exceptionally, the last process lasted 5 years, since one year was required to implement the last
reforms approved in 2015 by Legislative Decree No. 1221.
The process of determining the VAD for Enel Distribución Perú corresponding to the 2018-2022 period took place during 2018.
The regulator reviewed the cost studies proposed, made observations and the distribution companies technically supported
their proposals. At the end of that tariff process, in general, the company, in general, maintained its annual income received
in the 2013-2017 tariff period.
It should be noted that the Peruvian regulation follows the regulatory scheme of an efficient model company, so that in each
tariff period the efficient investment costs are established, as well as the standard operation and maintenance costs that will be
recognized to each distribution company under the parameters and criteria defined by the OSINERGMIN (regulatory body). As of
the tariff period of 2018, the efficient model company is built individually for each distributor with more than 50,000 customers.
ii. Limits on integration and concentration
In general, all of the countries have legislation in effect that defends free competition and, together with specific regulations
that apply to the electricity market, defines criteria to avoid certain levels of economic concentration and/or abusive market
practices.
246246
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information In principle, the regulators allow the participation of companies in different activities (e.g. generation, distribution, and
commercialization) as long as there is an adequate separation of each activity, for both accounting and company purposes.
Nevertheless, most of the restrictions imposed involve the transmission sector mainly due to its nature and to the need to
guarantee adequate access to all agents. In Argentina and Colombia, there are specific restrictions if generation or distribution
companies want to become majority shareholders in transmission companies.
Regarding concentration in a specific sector, in Argentina, there are no specific limits that affect the vertical or horizontal
integration of a company. In Peru, integration is subject to the authorization of the Instituto Nacional de Defensa de la
Competencia y Protección de la Propiedad Intelectual (“INDECOPI”), an antitrust authority that is able to establish commercial
conduct. In Colombia, no company may have a direct or indirect market share of over 25% in electricity sale activities, although
two criteria have been established for generating activity. In May 2019, Law No.1,955 of the National Development indicates that
in order to ensure the sustainability of the provision of the service on the Caribbean Coast, the limits on the participation in the
commercialization activity may be higher, than the current regulatory limit by possibly as much as 10 additional percentage points.
One of these relates to participation limits depending on market concentration (HHI) and the size of the players according
to their Firm Energy, and the other relates to pivotally conditions in the market depending on the availability of resources to
meet system demand. In addition, Colombian companies created after the Public Service Law was enacted in 1994, can only
engage in activities that complement generation/sales and distribution/sales. Finally, in Brazil, with the changes taking place
in the power industry under Law No. 10,848/2004 and Decree No. 5,163/2004, the ANEEL gradually perfected regulations,
eliminating concentration limits as no longer compatible with the prevailing regulatory environment. However, regulatory
approval is required for consolidations or mergers to take place between players operating within the same business segment.
In July 2019, in Colombia, CREG No. 079 of 2019, the purpose of which is to ensure that the level of contracting between
vertically integrated and/or controlled companies does not change until CREG approves its own definitive path with respect
to maximum contracting.
iii. Unregulated customers market
In all of the countries where the Group operates, distributing companies can supply their customers under regulated or freely
agreed conditions. The supply limitations imposed on the unregulated market are as follows:
Country
Argentina
Brazil
Colombia
Peru
kW threshold
> 30 kW
> 2,000 kW or > 500 kW (1)
> 100 kW or 55 MWh- month
> 200 kW (2)
(1): The > 500 kW limit is applied if energy from renewable sources is purchased, which is encouraged by the Government
through a toll discount. As of January 1, 2021, the limit of 2,000 KW decreases to 1,500 KW.
(2): D.S. 018-2016-EM established that:
•
•
•
The demand of customers that can opt between the regulated and free market (those with demand from 200 to 2,500
kW) is measured at each point of supply.
Regulated customers whose demand exceeds 2,500 kW, will remain regulated for 1 year.
Customers whose demand at each point of supply is greater than 2,500 kW are necessarily free customers.
247
Annual Report Enel Américas 2020
NOTE 5. Non-Current assets or disposal
groups held for sale or held for distribution to
owners and discontinued operations
5.1.- Operation Central Rio Negro (CODENSA).
In October 2018, Codensa’s Board of Directors approved the start of the sale process of the Small Hydroelectric Power Plant
PCH Rio Negro (the “Río Negro SHP”).
The Rio Negro SHP was received as a result of the merger with Empresa de Energía de Cundinamarca, or EEC, in 2016.
Considering that Codensa was constituted after 1992, the restriction of vertical integration is applicable and therefore it
cannot operate or commercially represent any generation asset. Due to the above, the SHP was operated by Emgesa S.A.
E.S.P. under a usufruct agreement.
After a selling process in 2019, the transaction was successfully carried out with the signing of the asset’s purchase/sales
contract on December 26, 2019. 82% of the agreed purchase price was effectively collected by Codensa and the balance is
subject to the total transfer of real estate, whose process is in progress.
Taking into account the sales process and what is established in IFRS 5 “Non-current assets held for sale and discontinued
operations”, prior to the classification as non-current asset held for sale, the PCH was recorded at fair value. During 2019, there
were additions due to mandatory compliance with environmental issues and fair value was updated.
As of June 30, 2020, assets and liabilities held for sale were derecognized, since to date Codensa does not have control over
the transferred assets.
Non-current assets and liabilities held for sale as of December 31, 2019, are detailed as follows.
IN THOUSANDS OF U.S. DOLLARS – THUS$
Property, plant and equipment
TOTAL NON-CURRENT ASSETS
Other non-current non-financial liabilities
TOTAL NON-CURRENT LIABILITIES
12-31-2019
MUS$
11,326
11,326
3,791
3,791
248248
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information NOTE 6. Business combination
6.1 Acquisition of Enel Distribución Paulo S.A.
(Formerly Eletropaulo Metropolitana de Eletricidade
de Sao Paulo S.A.)
On April 17, 2018, subsidiary Enel Brasil S.A. through wholly-owned subsidiary Enel Investimentos Sudeste S.A. (Enel Sudeste)
launched a voluntary public tender offer for all the shares issued by the Brazilian electric energy distributor Enel Distribución
Sao Paulo S.A., subject to the acquisition of more than 50% of those shares in order to obtain control of it.
On June 4, Enel Sudeste received approval from the Free Competition authority in Brazil, the Conselho Administrativo de
Defensa Econômica (“CADE”). On that same date, the success of the public tender offer and acquisition of the initial auction
was confirmed, and completed through payment of the price and transfer of shares in favor of Enel Sudeste, which took place
on June 7, 2018, the date from which the accounting for the purchase as established in IFRS 3 Business Combinations was
applied. Specifically, 122,799,289 shares were acquired, all of the same class, corresponding to 73.38% of the share capital of
Enel Distribución Sao Paulo S.A. for a total of BRL 5,552,984 (US$ 1,484 million).
Complementing the above, on June 11, 2018, Agência Nacional de Energía Eléctrica (ANEEL) issued a technical note approving
the acquisition of control of Enel Distribución Sao Paulo S.A., which was produced with the purchase of the shares mentioned
in the previous paragraphs. This technical note was issued by ANEEL on June 26, 2018.
Since the shareholders of Enel Distribución Sao Paulo S.A. had a deadline of July 4, 2018 to sell the remaining shares to Enel
Sudeste, at the same price offered in the public tender offer (BRL 45.22 per share), during June and July the additional participation
increases took place. In effect, on June 22 and June 30 and on July 2 and July 4, 2018, the amount of 4,692,338, 4,856,462,
14,525,826 and 9,284,666 shares were acquired, respectively, equivalent to a total of BRL 1,516,362 (US$ 384 million). These
subsequent acquisitions represented an increase in ownership from 73.38% to 95.05%.
On September 19, 2018, the Management Council of Enel Distribución Sao Paulo S.A. approved an increase in the company’s
share capital of BRL 1,500,000, through the issuance of 33,171,164 new shares. Enel Sudeste concurred in this capital increase,
acquiring 33,164,964 of the new shares (US$ 395 million) with which it increased its ownership in the company to 95.88%.
The functional currency of Enel Distribución Sao Paulo S.A. is the Brazilian Real. Enel Américas has converted the initial effects
of the business combination to its presentation currency, using the exchange rates current as of the acquisition date. As of
the closing date of each reporting period, the financial statements of Enel Distribución Sao Paulo S.A. are converted following
the accounting criteria detailed in Note 2.7.3.
Enel Distribución Sao Paulo S.A. has an area under concession that encompasses 4,526 km², which concentrates most of the
gross domestic product and the highest demographic density in Brazil, with 1,581 consumer units per km², which corresponds to
33.3% of total electric energy consumed in the State of Sao Paulo and 9.3% of Brazil’s total. It covers the demand of approximately
7.2 million consumer units, it has 7,355 internal collaborators and has an infrastructure composed of 156 substations.
As of the acquisition date, Enel Distribución Sao Paulo S.A. contributed revenue from operating activities in the amount of
ThUS$2,214,855 and profit before taxes in the amount of ThUS$39,227 to the income of Enel Américas for the year ended
December 31, 2018. If the acquisition had occurred on January 1, 2018, it is estimated that, for the year ended December 31,
2018, consolidated revenue from operating activities would have increased by ThUS$3,587,161 and profit before taxes would
have decreased by ThUS$14,678.
249
Annual Report Enel Américas 2020 Assets acquired and liabilities assumed at the acquisition date
Definitive values
Identifiable net assets acquired
Cash and cash equivalents
Other current non-financial assets
Trade and other current receivables
Inventories
Current tax assets
Other non-current financial assets
Other non-current non-financial assets
Trade and other non-current receivables
Intangible assets other than goodwill
Property, plant and equipment
Investment property
Deferred tax assets
Other current financial liabilities
Trade and other current payables
Other current provision
Other current non-financial liabilities
Other non-current financial liabilities
Other non-current payables
Other non-current provision (*)
Deferred tax liabilities
Provisions for non-current employee benefits
Fair Value
ThR$
1,037,105
400,311
3,948,137
275,129
41,179
3,205,469
1,056,711
205,249
11,055,574
65,804
44,049
3,229,417
(2,266,501)
(3,551,676)
(759,862)
(600,990)
(2,505,299)
(567,355)
(2,788,278)
(3,009,203)
(3,327,621)
Fair Value
ThUS$
273,439
105,544
1,040,949
72,539
10,857
845,140
278,608
54,115
2,914,866
17,350
11,614
851,455
(597,576)
(936,420)
(200,342)
(158,454)
(660,537)
(149,586)
(735,146)
(793,394)
(877,347)
Total
5,187,349
1,367,674
(*) includes contingent liabilities in the amount of ThBRL 1,252,000 (ThUS$ 330,097), which the Company recorded as liabilities assumed at the date of acquisi-
tion. The main contingent liabilities identified in the business combination are disclosed in note 35.3.b.32-48.
Determination of goodwill
Definitive values
Cash consideration transferred
Non-controlling interests assumed at the acquisition date
(-) Net assets acquired and liabilities assumed
Goodwill determined
ThR$
7,069,345
256,616
(5,187,349)
ThUS$
1,863,874
67,658
(1,367,674)
2,138,612
563,858
Goodwill is mainly attributable to the value of the synergies that are expected to be achieved through the integration of Enel
Distribución Sao Paulo S.A. into the Group. These synergies are related, among others, to the generation of new businesses,
efficiencies in investments and administrative costs.
The amounts paid to obtain control of Enel Distribución Sao Paulo S.A. are shown below:
Cash and Cash equivalents to obtain control of Enel Distribución Sao Paulo
Amounts paid for the acquisition in cash and cash equivalents
Amounts of cash and cash equivalents in the acquired entity
Total
250250
ThUS$
(1,863,874)
273,439
(1,590,435)
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information NOTE 7. Cash and cash equivalents
a) The details of cash and cash equivalents as of December 31, 2020 and 2019 are as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Cash and Cash Equivalents
Cash balances
Bank balances
Time deposits
Other fixed-income instruments
Total
12-31-2020
308
641,870
749,671
115,144
12-31-2019
830
593,747
1,168,331
176,089
1,506,993
1,938,997
Time deposits have a maturity of three months or less from their date of acquisition and accrue the market interest for this
type of short-term investment. Other fixed-income investments are mainly comprised of resale agreements maturing in 90
days or less from the date of investment. There are no restrictions for significant amounts of cash availability.
b) The detail of cash and cash equivalents by currency is as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Currency
Chilean peso
Argentine peso
Colombian peso
Brazilian real
Peruvian soles
U.S. dollar
Euros
Total
12-31-2020
638
65,480
381,754
741,281
147,458
170,335
47
12-31-2019
142,878
49,846
185,423
699,418
188,655
672,694
83
1,506,993
1,938,997
c) The following table records the components of “Other payments for operating activities” line item in the Statement of Cash
Flows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Other Payments from Operating Activities
Payment for other taxes (VAT, ICMS, PIS/COFINS, Sales taxes, Custom taxes, taxes
on bank transfers) (1)
Payments for collections made under Codensa Hogar contract (2)
Payments for the Energy Development Account (CDE) (3)
Other miscellaneous itemized payments for operating activities (4)
12-31-2020
12-31-2019
12-31-2018
(2,587,437)
(349,481)
(736,116)
(340,754)
(3,613,564)
(578,708)
(1,148,756)
(382,405)
(2,774,024)
(514,595)
(926,642)
(1,012,571)
Total other payments from operating activities
(4,013,788)
(5,723,433)
(5,227,832)
(1) The main elements of payments for other taxes are related to:
•
•
•
ICMS: This is a state value added tax (VAT) in Brazil, applied on the sale of telecommunications and transportation goods and services. The ICMS pay-
ments were ThUS$ 2,025,223, ThUS$ 2,672,785 and ThUS$ 2,154,158 for the years ended December 31, 2020, 2019 and 2018, respectively.
PIS/COFINS taxes. In Brazil, the “Programa de Integração Social” (PIS) is a social contribution tax, payable by corporations, targeted to finance the pay-
ment of unemployment insurance and allowance for low paid employees, while the “Contribuição para o Financiamento da Seguridade Social” (COFINS)
is a federal contribution tax, based on gross revenues of business sales. The total amounts paid for PIS/COFINS were ThUS$ 442,734, ThUS$ 827,589
and ThUS$ 474,826 for the years ended December 31, 2020, 2019 and 2018, respectively.
Payment for taxes on sales in Peru for ThUS$ 86,768, ThUS$ 85,089 and ThUS$ 81,694 for the years ended December 31, 2020, 2019 and 2018, respec-
tively.
(2) Our Colombian subsidiary Codensa entered into an arrangement with a third party that develops a business with Codensa’s customers. By virtue of this
arrangement, Codensa manages the collection of that third party’s receivables, since they are billed as part of the Codensa’s invoices issued monthly. The
payments are related to the monthly collected amounts under the collection management contract, whereas the collections are presented in the line item
“Other collections from operating activities”.
In Brazil, Law No. 10,438/2002 created the “Conta de Desenvolvimento Energético” (“CDE”). The CDE is a government fund that aims to promote the develop-
ment of alternative energy sources, promote globalization of energy services and subsidizes low-income residential customers. The fund is financed through
charges included in consumers and generators tariffs and government contributions.
(3)
(4) Other miscellaneous payments for operating activities includes several types of individually non-significant payments related to operating activities.
251
Annual Report Enel Américas 2020 d) Reconciliation of liabilities arising from financing activities:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Liabilities from financing activities
Short-term loans
Long-term loans
Lease liabilities
Assets held to cover liabilities arising
from financing activities
Balance at
01-01-2020
1,422,681
4,818,468
190,269
Cash flows from financing
From
1,359,012
582,583
-
Used
(1,689,240)
(91,207)
(77,292)
Paid interest
(320,948)
-
(5,755)
Total
12.31.2020
(651,176)
491,376
(83,047)
Acquisition
of subsidiaries
Changes
in fair value
3,990
Changes that do not represent cash flows
Exchange
differences
(80,673)
(516,196)
(15,290)
Financial
costs (1)
323,080
9,757
9,286
New financial
leases
45,639
Other
changes
957,126
(784,683)
(4,297)
Balance at
12-31-2020
1,975,028
4,018,731
142,560
(67,937)
114,004
-
-
114,004
9,691
(152,874)
(15,286)
(1,907)
(114,309)
Total
6,363,481
2,055,599
(1,857,739)
(326,703)
(128,843)
13,690
(765,033)
326,837
45,639
166,239
6,022,010
IN THOUSANDS OF U.S. DOLLARS – THUS$
Liabilities from financing activities
Short-term loans
Long-term loans
Lease liabilities
Assets held to cover liabilities arising
from financing activities
Balance at
01-01-2019
4,264,806
4,535,549
121,973
Cash flows from financing
From
3,401,133
1,525,820
-
Used
(7,150,100)
(297,385)
(59,177)
Paid interest
(605,522)
-
(9,077)
Total
12.31.2019
(4,354,489)
1,228,435
(68,254)
Acquisition
of subsidiaries
Changes
in fair value
4,812
Changes that do not represent cash flows
Exchange
differences
8,608
(50,138)
10,866
Financial
New financial
leases
costs (1)
571,136
11,666
114,963
Other c
hanges
927,808
(895,378)
(945)
Balance at
12-31-2019
1,422,681
4,818,468
190,269
(113,974)
95,512
-
-
95,512
(10,363)
(32,030)
(7,082)
(67,937)
-
-
Total
8,808,354
5,022,465
(7,506,662)
(614,599)
(3,098,796)
(5,551)
(62,694)
582,802
114,963
24,403
6,363,481
IN THOUSANDS OF U.S. DOLLARS – THUS$
Cash flows from financing
Liabilities from financing activities
Short-term loans
Long-term loans
Lease liabilities
Assets held to cover liabilities arising
from financing activities
01.01.2018
688,497
4,352,974
104,492
From
4,295,111
2,929,441
-
Used
(2,902,062)
(1,393,822)
(31,619)
Paid interest
(432,515)
-
(7,037)
Total at
12.31.2018
960,534
1,535,619
(38,656)
(21,964)
15,926
-
-
15,926
(135,348)
26,289
Acquisition
of subsidiaries
Changes
in fair value
612,755
758,494
22,677
Changes that do not represent cash flows
Exchange
differences
(230,631)
(418,440)
(2,992)
Financial
costs (1)
560,160
New financial
leases
8,170
28,143
Other
changes
1,673,078
(1,693,098)
139
-
Balance at
12-31-2018
4,264,806
4,535,549
121,973
(113,974)
-
-
-
-
-
-
-
-
Total
5,123,999
7,240,478
(4,327,503)
(439,552)
2,473,423
1,393,926
(787,411)
594,619
28,143
(19,881)
8,808,354
-
-
-
-
-
-
-
-
-
-
-
9
-
-
-
413
-
-
1,123
1,536
(1) This relates to accrual of interest.
NOTE 8. Other financial assets
The detail of other financial assets as of December 31, 2020 and 2019, is as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Current
Non-Current
Other Financial Assets
Financial assets at fair value through profit or loss (1)
Financial assets measured at amortized cost (1)
Financial assets at fair value with changes in results IFRIC 12 (2)
Financial assets at fair value with changes in other comprehensive
income
Financial assets measured at amortized cost IFRIC 12 (3)
Hedging derivatives (4)
Non-hedging derivatives (5)
Total
12-31-2020
118.383
13.827
-
12-31-2019
57.623
30.040
-
-
10.283
86.465
1.321
230.279
-
12.689
18.508
1.523
120.383
12-31-2020
25.460
-
2.468.149
268
267.351
29.635
-
2.790.863
12-31-2019
70
3.139
2.652.064
320
342.599
51.619
-
3.049.811
(1) The amounts included in financial assets measured at fair value with changes to profit and loss and financial assets at amortized cost mainly correspond to
time deposits and other highly liquid investments that are easily convertible in cash and are subject to low risk of change in their value but that do not strictly
meet the definition of cash equivalents as defined in Note 3.g.2 (for example with maturity date above 90 days at the time of investment).
(2) Corresponding to concession agreements that include Enel Distribución Río S.A., Enel Distribución Ceará S.A., Enel Distribución Goias S.A. and Enel Distribu-
ción Sao Paulo S.A. (with balances as of December 31, 2020 of ThUS$ 831,941 (ThUS$ 898,154, as of December 31, 2019), ThUS$ 582,649 (ThUS$589,684 as
of December 31, 2019), ThUS$43,318 (ThUS$37,589 as of December 31, 2019) and ThUS$ 1,010,241 (ThUS$1,126,637 as of December 31, 2019), respectively.
The current legislation in effect, among other aspects, establishes that the Government in its capacity of grantor will use the New Replacement Value (VNR)
in order to pay the applicable amounts to concession companies as compensation for those assets not amortized at the end of the concession term. On a
monthly basis, distributors adjust the carrying amount of financial assets, once the present value of the estimated cash flows have been computed, using the
rate of interest in effect for the payment corresponding to the end of concession; see Note 3.d.1.
(3) Corresponding to the concession agreement in Enel Green Power Project I (Volta Grande); see Note 3.d.1.
(4) See Note 23.2.a).
(5) See Note 23.2.b).
252252
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
d) Reconciliation of liabilities arising from financing activities:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Short-term loans
Long-term loans
Lease liabilities
Short-term loans
Long-term loans
Lease liabilities
Liabilities from financing activities
Used
Paid interest
12.31.2020
Balance at
01-01-2020
1,422,681
4,818,468
190,269
From
1,359,012
582,583
-
Cash flows from financing
(1,689,240)
(320,948)
(91,207)
(77,292)
(5,755)
Assets held to cover liabilities arising
from financing activities
(67,937)
114,004
Total
6,363,481
2,055,599
(1,857,739)
(326,703)
(128,843)
IN THOUSANDS OF U.S. DOLLARS – THUS$
Liabilities from financing activities
Used
Paid interest
12.31.2019
Balance at
01-01-2019
4,264,806
4,535,549
121,973
From
3,401,133
1,525,820
-
Cash flows from financing
(7,150,100)
(297,385)
(59,177)
(605,522)
(9,077)
Assets held to cover liabilities arising
from financing activities
(113,974)
95,512
Total
8,808,354
5,022,465
(7,506,662)
(614,599)
(3,098,796)
IN THOUSANDS OF U.S. DOLLARS – THUS$
Liabilities from financing activities
01.01.2018
Used
Paid interest
Short-term loans
Long-term loans
Lease liabilities
Assets held to cover liabilities arising
from financing activities
688,497
4,352,974
104,492
From
4,295,111
2,929,441
-
(21,964)
15,926
(2,902,062)
(1,393,822)
(31,619)
(432,515)
(7,037)
Total
5,123,999
7,240,478
(4,327,503)
(439,552)
2,473,423
(1) This relates to accrual of interest.
Total
(651,176)
491,376
(83,047)
114,004
Total
(4,354,489)
1,228,435
(68,254)
95,512
Total at
12.31.2018
960,534
1,535,619
(38,656)
15,926
-
-
-
-
-
-
-
-
-
Changes that do not represent cash flows
Acquisition
of subsidiaries
-
-
-
Changes
in fair value
3,990
9
-
Exchange
differences
(80,673)
(516,196)
(15,290)
Financial
costs (1)
323,080
9,757
9,286
New financial
leases
-
-
45,639
Other
changes
957,126
(784,683)
(4,297)
Balance at
12-31-2020
1,975,028
4,018,731
142,560
-
-
9,691
(152,874)
(15,286)
-
(1,907)
(114,309)
13,690
(765,033)
326,837
45,639
166,239
6,022,010
Changes that do not represent cash flows
Acquisition
of subsidiaries
-
-
-
Changes
in fair value
4,812
-
-
Exchange
differences
8,608
(50,138)
10,866
Financial
costs (1)
571,136
-
11,666
New financial
leases
-
-
114,963
Other c
hanges
927,808
(895,378)
(945)
Balance at
12-31-2019
1,422,681
4,818,468
190,269
-
-
(10,363)
(32,030)
-
(7,082)
(67,937)
(5,551)
(62,694)
582,802
114,963
24,403
6,363,481
Cash flows from financing
Changes that do not represent cash flows
Acquisition
of subsidiaries
612,755
758,494
22,677
-
1,393,926
Changes
in fair value
413
-
-
1,123
1,536
Exchange
differences
(230,631)
(418,440)
(2,992)
Financial
costs (1)
560,160
8,170
New financial
leases
-
-
28,143
Other
changes
1,673,078
(1,693,098)
139
Balance at
12-31-2018
4,264,806
4,535,549
121,973
(135,348)
26,289
-
-
(113,974)
(787,411)
594,619
28,143
(19,881)
8,808,354
NOTE 9. Other non-financial assets and liabilities
a) The detail of other non-financial assets as of December 31, 2020 and 2019, is as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Other non-financial assets
12-31-2020
12-31-2019
12-31-2020
12-31-2019
Current
Non-Current
VAT Credit and Other Taxes
Contributions fund to Enel Distribución Goiás (1)
Ongoing services provided by third parties
Ongoing I & D and Energy Efficiency service
Judicial Deposits
Assets under construction IFRIC 12 (2)
Recoverable taxes - Pis/Cofins (3)
Prepaid expenses
Other
Total
68.200
7.536
9.993
90.349
-
-
211.611
53.783
119.314
57.124
3.357
10.929
94.672
-
-
169.404
18.193
132.483
118.268
180.824
-
-
267.266
314.825
1.366.883
-
84.790
141.807
234.947
-
-
340.477
358.289
1.435.282
-
225.088
560.786
486.162
2.332.856
2.735.890
(1)
Through Law 17,555 of January 20, 2012, the state of Goiás in Brazil created the Contribution Fund for Enel Distribución
Goiás (Fundo de Aporte à CELG D - FUNAC), regulated by Decree No. 7,732, dated September 28, 2012, with the purpose of
collecting and allocating financial resources for reimbursement to Enel Distribución Goiás of the payments of contingencies
253
Annual Report Enel Américas 2020
of any nature which had taken place up until the transfer of equity control to Eletrobrás, which occurred during January
2015, according to the terms of the agreement between the shareholders and the management, as well as FUNAC’s
cooperation terms. The resources of the aforementioned fund depend on the contributions made by the government of
the State of Goiás and the credits received for lawsuits won by Enel Distribución Goiás, which occurred during January
2015, which are reimbursed to the respective fund.
During 2019, the State of Goiás enacted a law, which limits the period of coverage of Law 17,555, from January 2015 to
April 2012. The Group is taking all appropriate measures to maintain the rights acquired at the time of the purchase
of Enel Distribuição Goiás, which are guaranteed by the State of Goiás itself, as established in the purchase and sale
agreement signed on February 14, 2017. The appeals presented by the Group argue that the right to the guarantee is
legal and contractual, given that the actions of the State of Goiás are clearly illegal, and the possibility that the legal
actions will not result in a favorable ruling for the Company are considered remote. (see Note 35.3.b.19).
In addition, since the resources are not final, as of December 2020 and as of the 2019 year-end an impairment loss was
recognized in the amount of ThUS$14,479 and ThUS$110,774, respectively, corresponding to the amount of accounts
receivable generated from April 2012 to January 2015.
(2) Corresponds to assets under construction referring to concessions of the subsidiaries Enel Distribución Río S.A., Enel
Distribución Ceará S.A., Enel Distribución Goiás S.A. and Enel Distribución Sao Paulo S.A.
(3)
In March 2017, the Federal Supreme Court of Brazil (STF) resolved a matter of general applicability, related to the calculation
of PIS and COFINS taxes. The STF confirmed the view that the ICMS tax should not be part of the base for calculation of
PIS and COFINS taxes; however, the Brazilian federal government filed an appeal, in order to determine the temporary
effects and make some clarifications.
Our subsidiaries in Brazil that were affected by the resolution of the STF, filed legal actions in this sense, in the respective
Federal Regional Courts. In 2019, Enel Distribución Sao Paulo and Enel Distribución Ceará were notified of the final decisions
issued by those Courts, recognizing their right to deduct the ICMS applied to their own operations from the calculation
bases of the PIS and COFINS, for the periods from December 2003 to December 2014 for Enel Distribución Sao Paulo,
and from May 2001 and onward for Enel Distribución Ceará. In March 2020, Enel Distribución Sao Paulo received a similar
notification for the period from January 2015 and onward.
Considering various analyses both internal and provided by legal advisors, as well as the best estimates available, Enel
Distribución Sao Paulo and Enel Distribución Ceará recognized assets in the amount of ThUS$1,326,297 and ThUS$252,197,
respectively, at year end 2020 (ThUS$1,244,266 and ThUS$360,420, respectively, as of December 31, 2019).
Since the excess payment of the PIS and COFINS taxes was passed down to the end customers at the time, simultaneous
to recognizing these recoverable taxes, our subsidiaries have recognized a regulatory liability for the same amounts
indicated above, net of any cost incurred or to be incurred by the Companies in these legal proceedings. These liabilities
represent the obligation to reimburse the taxes recovered to the end customers.
The Group will adopt the tax credit recovery procedures in accordance with legal provisions. The transfer to consumers
will depend on the effective use of the tax credit by the Companies and will take place in accordance with the regulations
of the Agencia Nacional de Energía Eléctrica (ANEEL).
On the other hand, the legal actions filed by our subsidiaries Enel Distribución Rio and Enel Distribución Goias are pending
resolution, waiting for the final decision of the respective Regional Courts.
It is important to note that the PIS and the COFINS are federal contributions paid by companies in Brazil intended to
finance programs for employees, public health, social assistance and social security and are applied to the gross income
of the companies. The “tax on movement of goods and services” (ICMS) is a state value-added tax (VAT) in Brazil, applied
to the sale of telecommunications and transportation goods and services. (See Note 24 and 35.3.b.25).
254254
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
b) The detail of other non-financial liabilities as of December 31, 2020 and 2019, is as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Other non-financial liabilities
VAT Credit and Other Taxes
Other
Total
Current
Non-Current
12-31-2020
12-31-2019
12-31-2020
12-31-2019
230.395
36.209
286.816
33.939
48.266
68.695
57.009
54.259
266.604
320.755
116.961
111.268
NOTE 10. Trade and other receivables
a) The detail of trade and other receivables as of
December 31, 2020 and 2019, is as follows
IN THOUSANDS OF U.S. DOLLARS – THUS$
Trade and Other Receivables, Gross
Trade and other receivables, gross
Trade receivables, gross
Accounts receivable from finance leases, gross
Other receivables, gross
IN THOUSANDS OF U.S. DOLLARS – THUS$
Trade and Other Receivables, Net
Trade and other receivables, net
Trade receivables, net
Accounts receivable from finance leases, net
Other receivables, net (1)
IN THOUSANDS OF U.S. DOLLARS – THUS$
Sectorial assets Brazil (i)
Accounts receivable "low income" (ii)
Receivables VOSA project (iii)
Accounts receivables from employees
Advances to suppliers
Subsidy and contribution mechanisms
Other
Total
Current
Non-Current
12-31-2020
3.924.946
3.693.052
584
231.310
12-31-2019
12-31-2020
12-31-2019
4.243.413
3.219.045
-
1.024.368
643.923
354.376
8.214
281.333
617.218
122.428
-
494.790
Current
Non-Current
12-31-2020
12-31-2019
12-31-2020
12-31-2019
3.234.935
3.008.544
568
225.823
3.504.457
2.576.458
-
927.999
578.524
289.361
8.000
281.163
587.957
99.876
-
488.081
Current
Non-Current
12-31-2020
12-31-2019
12-31-2020
12-31-2019
-
27.593
43.800
7.869
28.441
33.545
84.575
557.504
168.025
42.442
11.024
21.226
27.133
100.645
-
-
268.075
12.798
-
-
290
166.040
-
308.077
12.850
-
-
1.114
225.823
927.999
281.163
488.081
(i) Regulatory (or industry-wide) assets and liabilities are recorded as a result of the signing in December 2014 of significant
amendments to the original concession agreements entered into by our electricity distribution subsidiaries in Brazil. These
amendments established that, in addition to the compensation amounts derived from investments not amortized during the
respective concession periods (see Note 9 (2)), the balances of regulatory assets and liabilities that had not been recovered
or returned through the tariff cycles will also be subject to compensation or return by the Brazilian government. This implies
that the realization of these assets or the settlement of liabilities does not depend on the invoicing made to customers during
the concession period.
255
Annual Report Enel Américas 2020 These regulatory assets and liabilities arise from the differences between the actual cost and the cost considered in the
tariff adjustments and generate an asset to the extent that the actual cost is greater than the one considered in the tariff,
or a liability when the actual costs are lower than those considered in the tariff. These differences are considered by ANEEL,
which is the government entity that regulates electricity tariffs in Brazil, in the subsequent tariff adjustment process of each
concessionaire company.
In general, as a result of the normal operation of the companies, these regulatory assets and liabilities are collected or settled
through invoices to customers over a period that is on average between 10 and 24 months.
CONTA-COVID
On May 18, Decree No. 10,350 was issued in the Official Gazette of Brazil, which authorized the creation of CONTA-COVID, which
establishes a cash-advance mechanism for electricity distribution companies in respect to accounts receivable already accrued,
which under normal circumstances would be recovered through future customer billing, once the corresponding tariff update
processes have been carried out. The CONTA-COVID is managed by the Electric Energy Commercialization Chamber – CCEE.
CONTA-COVID is regulated by Regulatory Resolution No. 885 issued by the Ministry of Mining and Energy, dated June 23, 2020,
and its funds were obtained through a “sectorial loan”, entered into by a group of banks. The CCEE centralized the contracting
of loan transactions and transferred the funds to the electricity distribution companies, in accordance with the limit established
by ANEEL for each company.
CONTA-COVID guarantees the economic resources necessary to compensate for the loss of income due to the pandemic
and to protect the rest of the electricity sector’s production chain, by allowing electricity distribution companies to continue
complying with their contracts. Additionally, CONTA-COVID avoided significant adjustments in electricity tariffs, since without
this mechanism, there would have been an impact for consumers in the next readjustments, with payment in 12 months. With
this mechanism, the impact will be diluted over a total period of 60 months.
As of December 31, 2020, the amounts received by electricity distribution subsidiaries in Brazil (presented in the consolidated
statement cash flows, under Other receipts from operating activities), which are recorded against the corresponding sectorial
assets and liabilities, are summarized as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
CONTA COVID
Enel Distribución Sao Paulo
Enel Distribución Río
Enel Distribución Goiás
Enel Distribución Ceará
Total
12-31-2020
263.102
150.728
99.009
85.005
597.844
The tariff increases deferred in this period will be paid by customers in up to 5 years from 2021, through a sectorial tariff
charged by distributors and transferred to the CCEE. The CCEE, in turn, will amortize the loan entered into with the syndicate
of the sectorial loan creditor banks.
(ii) Accounts receivable to “low income” consumers to which a social discount is applied creating a “low income” final tariff,
in which the Brazilian government replenishes such discount to our subsidiaries Enel Distribución Río S.A., Enel Distribución
Ceará S.A., Enel Distribución Goias and Enel Distribución Sao Paulo S.A. through a state subsidy.
(iii) Account receivables related to the Argentine Project.
There are no significant trade and other receivables balances held by the Group that are not available for its use.
The Group does not have customers to which it has sales representing 10% or more of its operating revenue for the years
ended December 31, 2020 and 2019.
256256
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
Refer to Note 11.1 for detailed information on amounts, terms and conditions associated with accounts receivable from related
companies.
b) As of December 31, 2020 and 2019, the analysis
of trade accounts receivables due and unpaid, but
of which no impairment losses have been recorded,
is as follows
IN THOUSANDS OF U.S. DOLLARS – THUS$
Trade accounts receivables due and unpaid, but of which no impairment losses have been recorded
12-31-2020
12-31-2019
Less than three months
Between three and six months
Between six and twelve months
More than twelve months
Total
555.004
92.337
75.779
169.477
551.817
95.451
87.226
213.357
892.597
947.851
c) The reconciliation of changes in the allowance
for credit losses of trade receivables is as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Trade accounts receivables due and unpaid, with impairment losses
Balance as of January 1, 2019
Increases (decreases) for the year
Amounts written off
Foreign currency translation differences
Balance as of December 31, 2019
Increases (decreases) for the year (*)
Amounts written off
Foreign currency translation differences
Balance as of December 31, 2020
Current and
Non-Current
799.865
159.250
(168.889)
(22.009)
768.217
211.536
(112.591)
(111.752)
755.410
(*) Impairment losses on trade accounts receivable amounted to ThUS$ 211,536 as of December 31, 2020, which represented an increase of 32.8% in comparison
to the loss of ThUS$ 159,250 recorded in the 2019. This increase originated mainly due to the effects of a higher level of default generated by COVID-19, mainly
from our Brazil distribution subsidiaries, in the amount of ThUS$ 113,095 offset by the effects of conversion of different foreign currencies in respect to the US
dollar in the amount of ThUS$ 62,278. See Note 31.b) Trade and Other Accounts Receivable Impairment Losses.
Write-offs for doubtful accounts
Past-due debt is written off once all collection measures and legal proceedings have been exhausted and the debtors’ insolvency
has been demonstrated. In our power generation business, this process normally takes at least one year of procedures for the
few cases that arise in each country. In our distribution business, considering the differences in each country, the process takes
at least 6 months in Argentina and Brazil and 12 months in Colombia and Peru. Overall, the risk of bad debt, and therefore the
risk of writing off our trade receivables, is limited (see Notes 3.g.3 and 22.5).
d) Additional information:
•
•
Additional statistical information required under Official Bulletin 715 of the CMF, of February 3, 2012. See Appendix 2.
Complementary Trade Accounts Information. See Appendix 2.1.
257
Annual Report Enel Américas 2020
NOTE 11. Balances and transactions with
related parties
Related party transactions are performed at current market conditions
Transactions between the companies belonging to the Group have been eliminated on consolidation and are not itemized in this note.
As of the date of these financial statements, no guarantees have been given or received nor has any allowance for bad or
doubtful accounts been recorded with respect to receivable balances for related party transactions.
The controlling shareholder of the Company is the Italian corporation Enel S.p.A.
11.1 Balances and transactions with related parties
The balances of accounts receivable and payable as of December 31, 2020 and 2019 are as follows:
a) Receivables from related companies
IN THOUSANDS OF U.S. DOLLARS – THUS$
Taxpayer
ID N°
Company
Country
Relationship
Currency
Italy
Common Immediate Parent
EUR
Description of
Transaction
Technical
services
Term of Transaction
12-31-2020 12-31-2019 12-31-2020 12-31-2019
Current
Non-Current
Less than 90 days
-
145
Italy
Italy
Italy
Italy
Italy
Italy
Italy
Argentina
Italy
Italy
Spain
Spain
Spain
Spain
Spain
Italy
Italy
Italy
Peru
Peru
Mexico
United States
United States
Peru
Peru
Colombia
United States
Argentina
Colombia
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Brazil
Brazil
Common Immediate Parent
Parent
Parent
Parent
Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
EUR
EUR
EUR
BRL
BRL
EUR
ARS
ARS
EUR
EUR
EUR
EUR
COP
EUR
EUR
EUR
Other services Less than 90 days
Other services More than 90 days
Other services Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
Common Immediate Parent
EUR
Other services Less than 90 days
Common Immediate Parent
Common Immediate Parent
BRL
PEN
Other services Less than 90 days
Other services Less than 90 days
Common Immediate Parent
PEN
Other services Less than 90 days
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Associated
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
PEN
US$
PEN
PEN
PEN
COP
US$
ARS
COP
US$
ARS
COP
CLP
BRL
CLP
ARS
CLP
US$
Other services Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
Less than 90 days
Energy sales
Other services Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
543
-
1,003
-
243
16
-
-
265
1
18
1,289
-
86
46
-
102
105
-
133
33
93
43
2,271
-
709
-
7
-
430
-
7
2,377
222
802
22
92
2
119
254
1,027
38
421
17
4
101
188
36
18
1,288
29
115
53
81
47
67
445
501
37
-
41
2,853
8
675
325
13
2
882
97
-
1,792
46
746
22
15
2
Common Immediate Parent
BRL
Other services Less than 90 days
3,208
2,682
Common Immediate Parent
BRL
Tolls
Less than 90 days
17
Brazil
Argentina
Italy
United States
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
BRL
ARS
US$
EUR
Energy sales
Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
32,544
22
58
141
15
1,122
-
-
-
46,950
16,369
32
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
32
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
68
-
-
-
-
-
-
-
-
-
-
-
-
779
-
-
-
847
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Enel X S.R.L.
Enel Global Infrastructure And
Network
Enel S.P.A.
Enel S.P.A.
Enel S.P.A.
Enel S.P.A.
E-Distribuzione S.P.A
E-Distribuzione S.P.A
Enel Green Power Argentina
Enel Green Power S.P.A.
Enel Global Trading S.P.A.
Endesa España
Enel Iberia S.R.L.
Enel Iberia S.R.L.
Endesa Operaciones y Servicios
Comerciales S.L.
Endesa Energía S.A.
Enel Energia S.P.A
Enel Global Thermal Generation
S.R.L.
Enel Global Thermal Generation
S.R.L.
Energética Monzon S.A.C.
Proyectos Y Soluciones
Renovables S.A.C.
Energía Nueva Energía Limpia
Mexico S.R.L
Enel North América Inc.
Enel North América Inc.
Enel Green Power Perú
Enel Green Power Perú
Enel Green Power Colombia
S.A.S
Enel X North America
SACME
Enel X Colombia
Foreign
Foreign
Foreign
Foreign
76.536.353-5 Enel Chile S.A.
76.536.353-5 Enel Chile S.A.
76.536.353-5 Enel Chile S.A.
76.536.353-5 Enel Chile S.A.
76.536.353-5 Enel Chile S.A.
96.800.570-7 Enel Distribución Chile S.A.
91.081.000-6 Enel Generación Chile S.A.
91.081.000-6 Enel Generación Chile S.A.
76.412.562-2 Enel Green Power Chile S.A.
Grupo Enel Green Power Brasil
Participações Ltda
Grupo Enel Green Power Brasil
Participações Ltda
Grupo Enel Green Power Brasil
Participações Ltda
Enel X Argentina S.A.U.
E-Distributie Muntenia
Electric Motor Werks, Inc.
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
258258
Total
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information b) Accounts payable to related companies
IN THOUSANDS OF U.S. DOLLARS – THUS$
Taxpayer
ID N°
Company
Country
Relationship
Currency
Current
Non-Current
12-31-2020 12-31-2019 12-31-2020 12-31-2019
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
EUR
EUR
EUR
US$
BRL
US$
BRL
ARS
EUR
EUR
US$
EUR
Common Immediate Parent
EUR
Term of Transaction
Description of
Transaction
Technical
Less than 90 days
services
Other services Less than 90 days
IT services
Less than 90 days
Other services Less than 90 days
Loans payable More than 90 days
Loans payable More than 90 days
Other services More than 90 days
Dividends
Less than 90 days
Other services Less than 90 days
Engineering
Less than 90 days
services
Other services Less than 90 days
Other services Less than 90 days
Technical
services
Less than 90 days
3,685
3,702
252
67
145
150,269
745
-
217
25
8
1,116
2,830
336
-
57
-
-
-
18
221
-
11
1,259
31,107
33,938
Common Immediate Parent
EUR
Other services Less than 90 days
2,348
2,167
Common Immediate Parent
EUR
IT services
Less than 90 days
16,858
-
Common Immediate Parent
BRL
Common Immediate Parent
Parent
Parent
Parent
Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
EUR
EUR
EUR
EUR
CLP
EUR
EUR
EUR
EUR
EUR
Common Immediate Parent
EUR
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
EUR
COP
EUR
EUR
EUR
EUR
EUR
EUR
EUR
EUR
BRL
EUR
US$
Common Immediate Parent
EUR
Less than 90 days
Other services Less than 90 days
Purchase of
Less than 90 days
materials
Other services Less than 90 days
Technical
Less than 90 days
services
Less than 90 days
IT services
Less than 90 days
Dividends
Other services Less than 90 days
Technical
Less than 90 days
services
IT services
Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
Technical
services
Engineering
Less than 90 days
services
Other services Less than 90 days
Other services Less than 90 days
Technical
services
IT services
Technical
Less than 90 days
services
Other services Less than 90 days
IT services
Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
Technical
services
Less than 90 days
Less than 90 days
Less than 90 days
-
1,117
1,501
9,063
51,334
3,417
160,914
2,129
4
1,547
54
1,321
-
8,504
50,841
-
277,267
30,186
11,695
11,702
212
9,934
7,113
1,424
2,978
-
629
8,196
942
3,967
304
785
2,586
1,394
-
318
-
4,883
63
506
4,434
-
2,350
1,462
-
1,958
1,295
223
122
87
15,279
3,581
Common Immediate Parent
EUR
IT services
Less than 90 days
6,755
Common Immediate Parent
EUR
Other services Less than 90 days
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
PEN
EUR
US$
Common Immediate Parent
EUR
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Associated
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Associated
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
PEN
PEN
COP
COP
US$
ARS
US$
CLP
CLP
ARS
US$
CLP
US$
US$
CLP
CLP
COP
US$
CLP
CLP
Common Immediate Parent
BRL
Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
Technical services Less than 90 days
Engineering
services
Energy
Less than 90 days
purchases
Other services Less than 90 days
Energy purchases Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
IT services
Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
Engineering
Less than 90 days
services
Other services Less than 90 days
Engineering
Less than 90 days
services
Other services Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
Energy
purchases
Less than 90 days
-
547
141
464
23
48
1,672
153
1,549
7
38
229
3,237
3,518
806
-
902
205
272
552
412
945
212
-
387
1
892
220
704
18
52
1,328
70
2,637
16
1
163
1,583
2,126
631
11
766
345
240
-
780
1,777
-
4
430
-
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Enel X S.R.L.
Enel X S.R.L.
Enel X S.R.L.
Enel X S.R.L.
Enel Finance International NV (*)
Enel Finance International NV (*)
Enel Finance International NV
Endesa Latinoamérica S.A.
Endesa Generación S.A.
Endesa Generación S.A.
Endesa Generación S.A.
Enel Sole
Enel Global Infrastructure and
Network
Enel Global Infrastructure and
Network
Enel Global Infrastructure and
Network
Enel Global Infrastructure and
Network
Enel Italia S.R.L
Enel S.P.A.
Enel S.P.A.
Enel S.P.A.
Enel S.P.A.
Enel Italia S.R.L
Enel Italia S.R.L
Enel Italia S.R.L
E-Distribuzione S.P.A
Enel Produzione
Foreign
Enel Produzione
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Enel Produzione
Enel Produzione
Enel Green Power S.P.A.
Enel Green Power S.P.A.
Enel Green Power S.P.A.
Enel Global Trading S.P.A.
Enel Global Trading S.P.A.
Enel Global Trading S.P.A.
Endesa España
Enel Iberia S.R.L.
Enel Iberia S.R.L.
Endesa Energía S.A.
Endesa Energía S.A.
Enel Global Thermal Generation
S.R.L.
Enel Global Thermal Generation
S.R.L.
Enel Global Thermal Generation
S.R.L.
Proyectos y Soluciones
Renovables S.A.C.
Edistribución Redes Digitales, S.L.
Edistribución Redes Digitales, S.L.
Foreign
Cesi S.P.A.
Italy
Italy
Italy
Italy
Holland
Holland
Holland
Argentina
Spain
Spain
Spain
Spain
Italy
Italy
Italy
Italy
Italy
Italy
Italy
Italy
Italy
Italy
Italy
Italy
Italy
Italy
Italy
Italy
Italy
Italy
Italy
Italy
Italy
Italy
Italy
Spain
Spain
Spain
Spain
Spain
Italy
Italy
Italy
Peru
Spain
Spain
Italy
Enel Green Power Perú
Enel Green Power Perú
Enel Green Power Colombia S.A.S
Enel Green Power Colombia S.A.S
Enel X North America
SACME
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
76.536.353-5 Enel Chile S.A.
76.536.353-5 Enel Chile S.A.
76.536.353-5 Enel Chile S.A.
Foreign
Yacylec S.A.
96.800.570-7 Enel Distribución Chile S.A.
96.800.570-7 Enel Distribución Chile S.A.
91.081.000-6 Enel Generación Chile S.A.
Peru
Peru
Colombia
Colombia
United States
Argentina
Chile
Chile
Chile
Argentina
Chile
Chile
Chile
91.081.000-6 Enel Generación Chile S.A.
91.081.000-6 Enel Generación Chile S.A.
91.081.000-6 Enel Generación Chile S.A.
91.081.000-6 Enel Generación Chile S.A.
76.412.562-2 Enel Green Power Chile S.A.
76.412.562-2 Enel Green Power Chile S.A.
76.924.079-9 Enel X Chile S.P.A
Grupo Enel Green Power Brasil
Participações Ltda
Grupo Enel Green Power Brasil
Participações Ltda
Energética Monzon S.A.C.
Enel Global Services S.r.L
Enel Global Services S.r.L
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Brazil
Brazil
Peru
Italy
Italy
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Total
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
33,395
12,577
BRL
PEN
EUR
EUR
EUR
EUR
ARS
EUR
Other services Less than 90 days
Other services Less than 90 days
IT services
Less than 90 days
Other services Less than 90 days
Technical
Less than 90 days
services
Other services Less than 90 days
Other services Less than 90 days
Other services Less than 90 days
1,182
24
6,110
34,999
12,885
146
3
510
931
-
-
-
-
-
-
-
Enel Global Services S.r.L
Italy
Servizio Elettrico Nazionale SpA Italy
Enel X Argentina S.A.U.
Electric Motor Werks, Inc.
Argentina
United States
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
Common Immediate Parent
597,122
494,511
144,391
-
-
-
-
144,391
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
259
Annual Report Enel Américas 2020 c) Significant transactions and effects on profit or loss:
As of December 31, 2020, 2019 and 2018 the significant transactions with related companies that are not consolidated, are
as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Taxpayer
ID N°
Company
Country Relationship
76.536.353-5 Enel Chile S.A.
Chile
Common Immediate Parent
Description of
Transaction
Management services
and other
2020
2019
2018
(7,158)
(7,707)
(8,138)
Enel Finance International NV
Holland
Common Immediate Parent
Financial expenses
(2,441)
(127,977)
(43,873)
Enel Global Infrastructure and Network
Enel Global Infrastructure and Network
Enel Global Thermal Generation S.R.L.
Italy
Italy
Italy
Common Immediate Parent
IT services
(7,418)
-
Common Immediate Parent
Technical services
(30,448)
(16,685)
-
-
Common Immediate Parent
Technical services
Grupo Enel Green Power Brasil Participações Ltda Brazil
Common Immediate Parent
Energy sales
Grupo Enel Green Power Brasil Participações Ltda Brazil
Common Immediate Parent
Energy purchases
(147,841)
(93,299)
(126,627)
(7,268)
54,158
(3,536)
(5,561)
1,134
24,333
215
(1,472)
839
1,993
(2,913)
66
(8,483)
(3,757)
-
-
-
-
-
-
(7,156)
-
-
-
-
-
-
-
-
-
Grupo Enel Green Power Brasil Participações Ltda Brazil
Common Immediate Parent
Electricity tolls
Grupo Enel Green Power Brasil Participações Ltda Brazil
Common Immediate Parent
Other services
Enel Green Power Colombia S.A.S
Colombia Common Immediate Parent
Other services
Enel Green Power Perú
Enel Green Power Perú
Enel Green Power Perú
Peru
Peru
Peru
Common Immediate Parent
Other services
Common Immediate Parent
Energy purchases
Common Immediate Parent
Energy sales
Enel Green Power Colombia S.A.S
Spain
Common Immediate Parent
Energy purchases
Enel Green Power S.P.A
Enel Italia S.R.L
Enel Italia S.R.L
Enel S.P.A.
Enel S.P.A.
Enel X S.R.L.
Proyectos y Soluciones Renovables S.A.C.
Enel Global Services S.r.L
Italy
Italy
Italy
Italy
Italy
Italy
Peru
Italy
Total
Common Immediate Parent
Technical services
Common Immediate Parent
IT services
(758)
(12,278)
(12,211)
Common Immediate Parent
Technical services
Other services
-
(4,045)
(6,778)
(2,827)
Technical services
(11,542)
(11,554)
Parent
Parent
Common Immediate Parent
Technical services
Common Immediate Parent
Other services
Common Immediate Parent
IT services
(2,852)
(31)
(7,051)
-
-
-
(4,158)
(1,077)
(2,083)
-
-
-
Total
(188,207)
(288,663)
(179,395)
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
d) Significant transactions Enel Américas:
˝
On September 26, 2018, Enel Finance International NV executed with Enel Brasil a credit agreement in reais for the
amount of BRL 9,400 million, which was actually disbursed on October 5, 2018 at a fixed interest rate of 7.676% a year
and was not secured by any collateral, with a single repayment of principal and interest at maturity on July 2, 2019. The
funds were used for the prepayment of promissory notes held by Enel Brasil and Enel Sudeste issued for the purchase
of Eletropaulo, currently Enel Distribución Sao Paulo. The debt was paid off on the maturity date, of July 2, 2019.
•
On December 14, 2018, Enel Finance International NV executed with Enel Distribución Ceará a credit agreement in reais
for the amount of BRL 300 million, which was disbursed on December 18, 2018, at a fixed annual interest rate of 8% for
one year, with no guarantees provided and with a single principal and interest payment on the maturity date of December
18, 2019 (1 year term). The funds of this financing were used for working capital and it was paid off on its maturity date.
•
On December 14, 2018, Enel Finance International NV executed with Enel Distribución Sao Paulo, a credit agreement in
reais for the amount of BRL 420 million, which was disbursed on December 18, 2018, at a fixed annual interest rate of
8% for one year, with no guarantees provided and with a single principal and interest payment on the maturity date of
December 18, 2019 (1 year term). The funds of this financing were used for working capital and it was terminated on its
maturity date.
•
On May 20, 2020, Enel Américas S.A. formalized and completely used, a committed revolving credit facility with Enel
Finance International N.V. for a total of US$150 million at a variable interest rate of LIBOR 1M, 3M or 6M plus a 1.35%
margin, with monthly, quarterly or biannual interest payments with expiration date of May 20, 2021. This revolving credit
facility has no guarantees. As of December 31, 2020, this facility was fully drawn.
260260
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information •
On June 17, 2020, Enel Finance International NV entered into a revolving credit agreement with Enel Brasil S.A. denominated
in Brazilian reais for an amount of BRL 800 million at a variable interest rate and with a maturity date of June 12, 2021.
As of December 31, 2020, this revolving credit facility has not been drawn.
•
On December 21, 2020, Enel Finance International NV formalized an unsecured loan agreement with Enel Distribución
Río, denominated in Brazilian reais, in the amount of BRL 750 million, at a fixed interest rate of 3.4%, with payments of
interest made annually to be paid in full on the maturity date, January 22, 2024 , which is the date when its principal and
interest amortize.
11.2 Board of directors and key management
personnel
The Company is managed by a Board of Directors which consists of seven members. Each director serves for a three-year
term after which they can be reelected.
The Board of Directors as of December 31, 2020 was elected at the General Shareholders Meeting held on April 30, 2019, and
is composed of the following members:
•
•
•
•
•
•
Mr. Francisco de Borja Acha Besga
Mr. José Antonio Vargas Lleras
Mr. Enrico Viale
Mr. Hernán Somerville Senn
Mr. Patricio Gómez Sabaini
Mr. Domingo Cruzat Amunátegui
On November 9, 2020, Mr. Livio Gallo resigned as Director of the Company and, to date, the Board of Directors has not appointed
a replacement. According to the provisions of Law 18,046 (Chilean Corporations Law), during the next Ordinary Shareholders’
Meeting held by the Company, the entire Board of Directors must be renewed.
At the Board of Directors’ meeting held on April 29, 2016, Mr. Francisco de Borja Acha Besga was appointed as Chairman of
the Board, Mr. José Antonio Vargas Lleras was appointed as Vice Chairman of the Board and Mr. Domingo Cruzat Amunátegui
was appointed as Secretary of the Board.
Likewise, at the same Board of Directors Meeting, the Directors’ Committee was elected under the requirements of Law 18,046
(Chilean Corporations Law) and the Sarbanes-Oxley Act. The Directors’ Committee is composed of the following independent
directors: Mr. Hernán Sommerville Senn (as Chairman), Mr. Patricio Gómez Sabaini and Mr. Domingo Cruzat Amunátegui (as
Secretary).
The Board of Directors determined that Mr. Hernan Sommerville Senn is a financial expert for the Directors’ Committee of the
Company.
a) Accounts receivable and payable and other transactions
• Accounts receivable and payable
There are no outstanding amounts receivable or payable between the Company and the members of the Board of Directors
and key management personnel.
• Other transactions
No transactions other than the payment of compensation has taken place between the Company and the members of the
Board of Directors and key management personnel.
261
Annual Report Enel Américas 2020 b) Compensation for directors.
In accordance with Article 33 of Law No. 18,046 (Chilean Corporations Law) governing stock corporations, the compensation
of Directors is established each year at the General Shareholders Meeting of the Company.
The compensation consists of paying each member of the Board of Directors monthly compensation, one part in a fixed monthly
fee and another part dependent on meetings attended. The breakdown of this compensation is as follows:
•
•
UF 216 as a fixed monthly fee, and
UF 79.2 as a per diem for each Board meeting attended with a maximum of 16 sessions in total whether ordinary or
extraordinary, within the corresponding exercise.
According to the provisions of the bylaws, the remuneration of the Chairman of the Board will be twice that of a Director.
In the event a Director of Enel Américas participates in more than one Board of Directors of domestic or foreign subsidiaries and
/ or affiliates or acts as director or consultant for other domestic or foreign companies or legal entities in which Enel Américas
has a direct or indirect interest, he/she may receive remuneration only in one of said Boards of Directors or Management Boards.
The executive officers of Enel Américas S.A. and/or its domestic or foreign subsidiaries or affiliates will not receive remunerations
or per diem allowances if acting as directors in any of the domestic or foreign Enel Américas’ subsidiaries, affiliates or investee
in any way. Therefore, said remunerations or per diem allowances may be received by the executive officers as long as this is
previously and expressly authorized as an advance of their variable portion of remuneration by the corresponding companies
with which they are associated through an employment contract.
Directors’ Committee:
Each member will be paid monthly compensation, one part in a fixed monthly fee and another part dependent on meetings
attended.
This compensation is broken down as follows:
•
•
UF 72 as a fixed monthly fee, in any event, and
UF 26.4 as a per diem for each Board meeting attended, all with a maximum of 16 meetings in total, whether ordinary
or extraordinary, within the corresponding fiscal year.
The following tables show details of the compensation paid to the members of the Board of Directors of the Company for the
years ended December 31, 2020, 2019 and 2018:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Name
Francisco de Borja Acha Besga
Position
Chairman
Period in position
January - December 2020
José Antonio Vargas Lleras
Vice Chairman January - December 2020
Director
Director
Director
Director
Director
January - December 2020
January - November 2020
January - December 2020
January - December 2020
January - December 2020
Taxpayer
ID N°
Foreigner
Foreigner
Foreigner
Foreigner
Enrico Viale
Livio Gallo
4.132.185-7
Hernán Somerville Senn
Foreigner
Patricio Gómez Sabaini
6.989.304-K
Domingo Cruzat Amunátegui
Total
262262
2020
Enel Américas
Board
Board of
Subsidiaries
Directors’
Committee
-
-
-
-
143
143
143
429
-
-
-
-
-
-
-
-
-
-
-
-
47
47
47
141
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information IN THOUSANDS OF U.S. DOLLARS – THUS$
Taxpayer
ID N°
Foreigner
Foreigner
Foreigner
Foreigner
Enrico Viale
Livio Gallo
4.132.185-7
Hernán Somerville Senn
Foreigner
Patricio Gómez Sabaini
6.989.304-K
Domingo Cruzat Amunátegui
Total
IN THOUSANDS OF U.S. DOLLARS – THUS$
Taxpayer
ID N°
Foreigner
Foreigner
Foreigner
Foreigner
Enrico Viale
Livio Gallo
4.132.185-7
Hernán Somerville Senn
Foreigner
Patricio Gómez Sabaini
6.989.304-K
Domingo Cruzat Amunátegui
Total
Name
Francisco de Borja Acha Besga
Position
Chairman
Period in position
January - December 2019
José Antonio Vargas Lleras
Vice Chairman January - December 2019
Director
Director
Director
Director
Director
January - December 2019
January - December 2019
January - December 2019
January - December 2019
January - December 2019
Name
Francisco de Borja Acha Besga
Position
Chairman
Period in position
January - December 2018
José Antonio Vargas Lleras
Vice Chairman January - December 2018
Director
Director
Director
Director
Director
January - December 2018
January - December 2018
January - December 2018
January - December 2018
January - December 2018
2019
Enel Américas
Board
Board of
Subsidiaries
Directors’
Committee
-
-
-
-
-
-
-
-
-
-
-
-
48
48
48
144
-
-
-
-
159
159
159
478
2018
Enel Américas
Board
Board of
Subsidiaries
Directors’
Committee
-
-
-
-
166
163
166
495
-
-
-
-
-
-
-
-
-
-
-
-
50
50
50
150
c) Guarantees given by the Company in favor of the directors.
No guarantees have been given to the directors.
11.3 Compensation of key management personnel
a) Remunerations received by key management personnel
KEY MANAGEMENT PERSONNEL
Taxpayer ID No.
Foreigner
Foreigner
10.560.169-7
25.067.660-3
Foreigner
6.973.465-0
Name
Maurizio Bezzeccheri (1)
Aurelio Ricardo Bustilho de Oliveira (2)
Francisco Miqueles Ruz (3)
Simone Tripepi (4)
Raffaele Cutrignelli (5)
Domingo Valdés Prieto (5)
Position
Chief Executive Officer
Administration, Finance and Control Manager
Planning and Control Manager
Enel X South America Manager
Internal Audit Manager
Attorney and Secretary of the Board
(1) Mr. Maurizio Bezzeccheri assumed the position of Chief Executive Officer on August 1, 2018.
(2) Mr. Aurelio Ricardo Bustilho de Oliveira assumed the position of Administration, Finance and Control Manager on October 1, 2018.
(3) Mr. Francisco Miqueles Ruz assumed the position of Planning and Control Manager on February 26, 2020, replacing Mr. Paolo Pescarmona.
(4) Mr. Simone Tripepi assumed the position of Enel X South America Manager on August 29, 2019.
(5) Messrs. Raffaele Cutrignelli and Domingo Valdés Prieto, executive officers of Enel Américas, are paid exclusively by Enel Chile S.A. who is their employer, but
they provide services to the Company by virtue of an intercompany contract between those companies.
Incentive plans for key management personnel
Enel Américas has implemented an annual bonus plan for its executives based on meeting company-wide objectives and on the
level of their individual contribution in achieving the overall goals of the Group. The plan provides for a range of bonus amounts
according to seniority level. The bonuses paid to the executives consist of a certain number of monthly gross remunerations.
263
Annual Report Enel Américas 2020 Compensation of key management personnel is the following:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Remuneration
Short-term benefits for employees
Other long-term benefits - IAS
2020
3,495
148
7
2019
2,407
106
2018
2,586
21
-
-
Total
3,650
2,513
2,607
b) Guarantees established by the Company in favor of key management personnel.
No guarantees have been given to key management personnel.
11.4 Compensation plans linked to share price
There are no payment plans granted to the Directors or key management personnel based on the share price of the Company.
NOTE 12. Inventories
The detail of inventories as of December 31, 2020 and 2019 is as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Classes of Inventories
Supplies for Production
Oil
Coal
Spare parts
Electrical materials
Total
12-31-2020
12-31-2019
26,685
16,686
9,999
53,013
391,735
35,589
25,475
10,114
32,145
328,505
471,433
396,239
There are no inventories acting as security for liabilities.
For the years ended December 31, 2020, 2019 and 2018, raw materials and inputs recognized as fuel cost amount to ThUS$
137,850, ThUS$ 277,117 and ThUS$ 226,843 respectively (see Note 29).
For the years ended December 31, 2020, 2019 and 2018 there have been no impairments recognized in inventories.
NOTE 13. Current tax assets and liabilities
a) The detail of current tax receivables as of December 31, 2020 and 2019, is as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Tax Receivables
Monthly provisional tax payments
Other
Total
264264
12-31-2020
12-31-2019
118,609
9,271
98,158
9,163
127,880
107,321
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
b) The detail of current tax payables as of December 31, 2020 and 2019, is as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Tax Payables
Income tax
Total
12-31-2020
12-31-2019
222,870
220,727
222,870
220,727
NOTE 14. Investments accounted for using
the equity method
14.1 Investments accounted for using the equity
method
a. The investments of the Group accounted for using the equity method and their
changes during the years ended December 31, 2020 and 2019, are detailed as
follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Relationship Country
Associate
Associate
Argentina Argentine peso
Argentina Argentine peso
Functional
Currency
Ownership
Interest %
33,33%
50,00%
Balance as of
01-01-2020
1.220
186
Share of
Profit (Loss)
475
28
Dividends
Declared
(345)
-
Foreign
Currency
Translation
(252)
(54)
Other Com-
prehensive
Income
-
-
Other
Increase
(Decrease)
-
(75)
Argentine
hyperinfla-
tionary
economy
(103)
48
Balance as of
12-31-2020
995
133
Taxpayer
ID No.
Foreigner
Foreigner
Associates and Joint
Ventures
Yacylec S.A.
Sacme S.A.
Central Térmica Manuel
Belgrano (1)
Foreigner
Associate
Foreigner Central Térmica San Martin (1) Associate
Foreigner Central Vuelta Obligado S.A. Associate
Argentina Argentine peso
Argentina Argentine peso
Argentina Argentine peso
-
-
40,90%
32
249
291
687
732
1.211
(483)
(548)
(481)
(9)
(72)
(84)
Total
1.978
3.133
(1.857)
(471)
IN THOUSANDS OF U.S. DOLLARS – THUS$
-
-
-
-
(227)
(361)
208
-
-
-
-
-
1.145
(455)
(55)
2.273
Taxpayer
ID No.
Foreigner
Foreigner
Associates and Joint
Ventures
Yacylec S.A.
Sacme S.A.
Central Térmica Manuel
Belgrano
Associate
Foreigner
Foreigner Central Térmica San Martin
Associate
Foreigner Central Vuelta Obligado S.A. Associate
Total
Relationship Country
Associate
Associate
Argentina Argentine peso
Argentina Argentine peso
Functional
Currency
Ownership
Interest %
33,33%
50,00%
Balance as of
01-01-2019
556
236
Share of
Profit (Loss)
(227)
20
Dividends
Declared
-
(62)
Foreign
Currency
Translation
(362)
(87)
Other Com-
prehensive
Income
-
-
Other
Increase
(Decrease)
668
-
Argentine
hyperinfla-
tionary
economy
585
79
Balance as of
12-31-2019
1.220
186
Argentina Argentine peso
Argentina Argentine peso
Argentina Argentine peso
25,60%
25,60%
40,90%
868
931
5
2.596
117
165
508
583
(631)
(501)
(220)
(322)
(346)
(2)
(1.414)
(1.119)
-
-
-
-
-
-
-
-
-
-
32
249
291
668
664
1.978
(1) During November 2020, all conditions were met to allow the Argentine government to enter into the ownership of the Manuel Belgrano Thermal Power Plant
and the San Martin Thermal Power Plant. This situation caused the Group to lose significant influence in those plants (see Note 35.6).
Based on the above, the Group reclassified these investments as financial assets at fair value through profit or loss, generating
a finance income of ThUS$ 24,893 at year end of 2020 (see Note 33).
265
Annual Report Enel Américas 2020 b. Additional financial information on investments in associates
- Investments with significant influence.
The following tables set forth financial information as of December 31, 2020 and 2019, from the financial statements of the
investments in associates where the Group has significant influence:
IN THOUSANDS OF U.S. DOLLARS – THUS$
12-31-2020
Investments
with Significant
Influence
Ownership
Interest Direct
/ Indirect %
Current
Assets
Non-Current
Assets
Current
Liabilities
Non-Current
Liabilities
Revenue
Expenses
Yacylec S.A.
33.33%
3,975
1,314
866
1,437
3,388
(1,963)
Profit
(Loss)
1,425
Other Com-
prehensive
Income
Comprehen-
sive
Income
(755)
670
IN THOUSANDS OF U.S. DOLLARS – THUS$
Investments
with Significant
Influence
Ownership
Interest Direct
/ Indirect %
Current
Assets
Non-Current
Assets
Current
Liabilities
Non-Current
Liabilities
Revenue
Expenses
12-31-2019
Yacylec S.A.
33.33%
4,831
1,323
932
1,562
3,085
(4,155)
Profit
(Loss)
(1,070)
Other Com-
prehensive
Income
Comprehen-
sive
Income
(1,585)
(2,655)
None of our associates have issued price quotations.
There are no significant commitments and contingencies, or restrictions to the availability of funds in associated companies
and joint ventures.
NOTE 15. Intangible assets other than goodwill
The following table presents intangible assets other than Goodwill as of December 31, 2020 and 2019:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Classes of Intangible Assets, gross
Intangible Assets, gross
Easements and water rights
Concessions
Development costs
Patents, registered trademarks and other rights
Computer software
Other identifiable intangible assets
IN THOUSANDS OF U.S. DOLLARS – THUS$
Intangible Assets, Amortization and Impairment
Accumulated Amortization and Impairment
Easements and water rights
Concessions
Development costs
Patents, registered trademarks and other rights
Computer software
Other identifiable intangible assets
IN THOUSANDS OF U.S. DOLLARS – THUS$
Classes of Intangible Assets, Net
Intangible Assets, Net
Easements and water rights
Concessions, Net (1)
Development costs
Patents, registered trademarks and other rights
Computer software
Other identifiable intangible assets
266266
12-31-2020
8,525,990
50,415
8,042,389
14,544
44,596
372,455
1,591
12-31-2020
(4,001,164)
(16,969)
(3,807,526)
(9,708)
(23,499)
(141,994)
(1,468)
12-31-2020
4,524,826
33,446
4,234,863
4,836
21,097
230,461
123
12-31-2019
10,206,344
47,752
9,787,352
14,494
46,644
308,336
1,766
12-31-2019
(4,678,465)
(16,265)
(4,505,624)
(9,948)
(21,154)
(123,906)
(1,568)
12-31-2019
5,527,879
31,487
5,281,728
4,546
25,490
184,430
198
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
IN THOUSANDS OF U.S. DOLLARS – THUS$
Concession Holder
Enel Distribución Río S.A. (*)
Enel Distribución Ceará S.A. (*)
Enel Distribución Goias S.A. (*)
Enel Distribución Sao Paulo S.A. (*)
EGP Cachoeira Dourada S.A.
TOTAL
12-31-2020
12-31-2019
534,325
434,656
1,240,641
1,965,083
60,158
688,901
543,441
1,457,864
2,591,522
-
4,234,863
5,281,728
(*) Public service concession agreements to a private operator are recorded in accordance with IFRIC 12 Service Concession Agreements (see Note 3.d.1).
The reconciliations of the carrying amounts of intangible assets as of December 31, 2020 and 2019 are as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Changes in Intangible Assets
Development
Costs
Easements
Concessions
Patents,
Registered
Trademarks and
Other Rights
Opening balance as of January 1, 2020
4,546
31,487
5,281,728
25,490
Computer
Software
184,430
Changes in identifiable intangible assets:
Increases other than from business combinations
Increase (decrease) from foreign currency
translation differences
Amortization
Increases (decreases) from transfers and other
changes
Increases (decreases) from transfers
Disposals and removal from service
Removals from service
Argentine hyperinflationary economy
Other increases (decreases)
Total changes in identifiable intangible assets
-
(263)
(146)
488
488
-
-
-
211
290
-
738,387
-
82,988
(1,472)
(1,257)
4,688
4,688
-
-
-
-
(1,192,132)
(357,855)
(996)
(996)
(16,522)
(16,522)
37
(217,784)
(1,705)
(3,149)
461
461
-
-
-
-
(20,661)
(29,963)
(4,641)
(4,641)
-
-
9,991
8,317
Other
Identifiable
Intangible
Assets, net
198
-
(16)
(59)
-
-
-
-
-
-
Intangible
Assets,
Net
5,527,879
821,375
(1,216,249)
(392,429)
-
-
(16,522)
(16,522)
10,028
(209,256)
1,959
(1,046,865)
(4,393)
46,031
(75)
(1,003,053)
Closing balance as of December 31, 2020
4,836
33,446
4,234,863
21,097
230,461
123
4,524,826
IN THOUSANDS OF U.S. DOLLARS – THUS$
Changes in Intangible Assets
Development
Costs
Easements
Concessions
Patents,
Registered
Trademarks and
Other Rights
Opening balance as of January 1, 2019
4,255
43,235
5,637,387
14,118
Computer
Software
128,218
Changes in identifiable intangible assets:
Increases other than from business combinations
Increase (decrease) from foreign currency
translation differences
Amortization
Increases (decreases) from transfers and other
changes
Increases (decreases) from transfers
Disposals and removal from service
Removals from service
Argentine hyperinflationary economy
Other increases (decreases)
Total changes in identifiable intangible assets
13
38
(387)
-
-
-
-
-
178
601,792
1,042
83,051
(187)
(1,181)
1,804
1,804
-
-
-
(202,951)
(437,962)
-
-
(15,675)
(15,675)
-
(300,863)
(355,659)
(85)
(3,486)
(5,040)
(5,040)
-
-
-
18,941
11,372
(8,651)
(22,429)
3,236
3,236
-
-
7,391
(6,386)
56,212
627
291
(12,362)
(11,748)
Other
Identifiable
Intangible
Assets, net
76
-
-
(62)
-
-
-
-
-
184
122
Intangible
Assets,
Net
5,827,289
686,076
(211,836)
(465,507)
-
-
(15,675)
(15,675)
7,391
(299,859)
(299,410)
Closing balance as of December 31, 2019
4,546
31,487
5,281,728
25,490
184,430
198
5,527,879
As of December 31, 2020, the main additions to concession intangible assets in the amount of ThUS$738,387 arise mainly from
Enel Distribución Río S.A., Enel Distribución Ceará S.A., Enel Distribución Sao Paulo S.A. and Enel Distribución Goiás S.A. for
investments in networks and extensions to optimize their operation, in order to improve the efficiency and quality of the level
of service. These are recorded under concessions, in accordance with IFRIC 12 (See Note 3.d.1). As of December 31, 2019, the
main additions to intangible assets for a total of ThUS$601,792 arise mainly from Enel Distribución Río S.A., Enel Distribución
Ceará S.A., Enel Distribución Sao Paulo S.A. and Enel Distribución Goiás S.A.
Additions to intangible assets for the year ended December 31, 2020 and 2019, amounted to ThUS$821,375 and ThUS$686,076,
respectively.
267
Annual Report Enel Américas 2020 The amortization of intangible assets amounted to ThUS$376,465, ThUS$449,463 and ThUS$351,114 for the years ended
December 31, 2020, 2019 and 2018, respectively, which are presented net of PIS and COFINS taxes in the Brazilian subsidiaries.
The financial expenses capitalized for the years ended December 31, 2020, 2019 and 2018 were ThUS$ 1,185 ThUS$7,611 and
ThUS$14,407, respectively (see Note 33). The average financing rate by averaging the financing rates from different geographical
areas as 4.98%, 9.27% and 8.95% for the years ended December 31, 2020, 2019 and 2018, respectively.
During the years ended December 31, 2020, 2019 and 2018 the expenses for personnel directly related to constructions
in progress were activated for the item of concessions for the amount of ThUS$76,470, ThUS$89,154 and ThUS$82,662,
respectively.
No impairment losses have been recognized as of December 31, 2020, and 2019. According to the estimates and projections
of the Group management, the projections for the cash flows attributed to intangible assets allow recovering the net value of
these assets recorded as of December 31, 2020 and 2019 (see Note 3.e).
As of December 31, 2020, and 2019, the Company has no intangible assets of indefinite useful life that can represent significant
amounts.
NOTE 16. Goodwill
The following table sets forth goodwill by cash-generating unit or group of cash-generating units to which it belongs and
changes for the years ended December 31, 2020 and 2019:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Company
Cash Generating Unit
Opening
balance
01-01-2019
Foreign
Currency
Translation
Enel Distribución Rio S.A.
Enel Distribución Río S.A.
219.380
(8.013)
Compañía Distribuidora y
Comercializadora de Energía S.A.
Compañía Distribuidora y
Comercializadora de Energía S.A.
Enel Generación El Chocón S.A.
Enel Generación El Chocón S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú
EGP Cachoeira Dourada S.A.
EGP Cachoeira Dourada S.A.
Enel Generación Perú S.A.
Enel Generación Perú
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Enel Perú S.A.
Enel Brasil S.A.
Enel Distribución Perú
Enel Brasil S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Sao Paulo S.A.
Enel Distribución Sao Paulo
13.343
26.255
68.347
80.441
128.643
5.902
20
1.021
110.429
551.789
(152)
(9.741)
1.300
(2.938)
2.447
(67)
3
(37)
(4.033)
(20.154)
Argentine
hyperinfla-
tionary
economy
-
-
8.858
-
-
-
-
-
-
-
-
Closing
balance
12-31-2019
Foreign
Currency
Translation
211.367
(47.672)
13.191
25.372
69.647
77.503
131.090
5.835
23
984
106.396
531.635
(529)
(7.299)
(5.801)
(17.480)
(10.918)
(234)
(3)
(222)
(23.997)
(119.906)
Argentine
hyperinfla-
tionary
economy
-
-
6.530
-
-
-
-
-
-
-
-
Closing
balance
12-31-2020
163.695
12.662
24.603
63.846
60.023
120.172
5.601
20
762
82.399
411.729
Total
1.205.570
(41.385)
8.858
1.173.043
(234.061)
6.530
945.512
According to the Group management’s estimates and projections, the expected future cash flows projections attributable to
the cash-generating units or groups of cash-generating units, to which the acquired goodwill has been allocated, allow the
recovery of its carrying amount as of December 31, 2020 (see Note 3.e).
The origin of the goodwill is detailed below:
1.- Enel Distribución Rio S.A. (formerly Ampla Energia e Serviços S.A.)
On November 20, 1996, the Company and Enel Distribución Chile S.A. (formerly named Chilectra S.A.), together with Endesa, S.A.
and Electricidad de Portugal, acquired a controlling equity interest in Cerj S.A. (now Enel Distribución Rio S.A.) of Rio de Janeiro
in Brazil. The Company and Enel Distribución Chile S.A. together acquired 42% of the total shares in an international public
bidding process held by the Brazilian government. The Company and Enel Distribución Chile S.A. also acquired an additional
18.5% on December 31, 2000, as such, holding, directly and indirectly, a total 60.5% ownership interest.
268268
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information 2.- Enel Distribución Ceará S.A. (formerly Compañía Energética Do Ceará S.A.)
Between 1998 and 1999, the Company and its former subsidiary Enel Distribución Chile S.A., together with Endesa, S.A.,
acquired Compañía de Distribución Eléctrica del Estado de Ceará (now named Enel Distribución Ceará S.A.) in northeast Brazil
in an international public bidding process held by the Brazilian government.
3.- Compañía Distribuidora y Comercializadora de Energía S.A. (Codensa S.A.)
On October 23, 1997, Enel Américas S.A. and its former subsidiary Enel Distribución Chile S.A., together with Endesa, S.A.,
acquired a 48.5% equity interest in Codensa, a company that distributes electricity in Santa Fé de Bogotá in Colombia. The
acquisition took place through an international public bidding process held by the Colombian government.
4.- Enel Generación El Chocón S.A.
On August 31, 1993, Enel Generación Chile S.A. (formerly known as Endesa Chile) acquired a 59% equity interest of Enel
Generación El Chocón S.A. in an international public bidding process held by the Argentine government.
5.- Enel Distribución Perú S.A.A.
On October 15, 2009, in a transaction on the Lima Stock Exchange, the Company acquired an additional 24% interest
in Enel Distribución Perú S.A.
6.- EGP Cachoeira Dourada S.A.
On September 5, 1997, the Company’s former subsidiary Enel Generación Chile S.A. acquired 79% of EGP Cachoeira Dourada
S.A. in the state of Goiás in a public bidding process held by the Brazilian government.
7.- Enel Generación Perú S.A.A (formerly Edegel S.A.A. )
On October 9, 2009, in a transaction on the Lima Stock Exchange in Peru, the Company’s former subsidiary Enel Generación
Chile S.A. acquired an additional 29.3974% equity interest in Enel Generación Perú S.A.
8.- Emgesa S.A. E.S.P.
On October 23, 1997, the Company’s former subsidiary Enel Generación Chile S.A., together with Endesa, S.A., acquired a
48.5% equity interest in Emgesa S.A. E.S.P. in Colombia. The acquisition was made in an international public bidding process
held by the Colombian government.
9.- Enel Distribución Sao Paulo S.A.
On June 7, 2018, the Company’s subsidiary Enel Brasil acquired majority stock ownership in Enel Distribución Sao Paulo S.A.
(see Note 6.1).
269
Annual Report Enel Américas 2020
NOTE 17. Property, plant and equipment
The following table sets forth the property, plant and equipment as of December 31, 2020 and 2019:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Classes of Property, Plant and Equipment, Gross
Property, Plant and Equipment, Gross
Construction in progress
Land
Buildings
Plant and equipment
Network Infrastructure
Fixtures and fittings
IN THOUSANDS OF U.S. DOLLARS – THUS$
Classes of Accumulated Depreciation and Impairment in Property, Plant and Equipment
Accumulated Depreciation and Impairment in Property, Plant and Equipment
Buildings
Plant and equipment
Network Infrastructure
Fixtures and fittings
IN THOUSANDS OF U.S. DOLLARS – THUS$
Classes of Property, Plant and Equipment, Net
Property, Plant and Equipment, Net
Construction in progress
Land
Buildings
Plant and equipment
Network Infrastructure
Fixtures and fittings
12-31-2020
15,691,168
12-31-2019
15,957,450
1,107,981
158,894
479,161
6,894,543
6,647,840
402,749
1,189,709
163,522
493,914
6,942,941
6,743,394
423,970
12-31-2020
(7,336,496)
(225,850)
(3,509,839)
(3,379,182)
(221,625)
12-31-2019
(7,194,012)
(236,767)
(3,357,348)
(3,374,311)
(225,586)
12-31-2020
12-31-2019
8,354,672
1,107,981
158,894
253,311
3,384,704
3,268,658
181,124
8,763,438
1,189,709
163,522
257,147
3,585,593
3,369,083
198,384
The composition and movements of the property, plant and equipment accounts for the year ended December 31, 2020 and
2019, are detailed as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Changes in 2020
Construc-
tion
in Progress
Land
Buildings,
Net
Plant and
Equipment,
Net
Network
Infrastruc-
ture, Net
Fixtures and
Fittings, Net
Property,
Plant and
Equipment,
Net
Opening balance as of January 1, 2020
1,189,709
163,522
257,147
3,585,593
3,369,083
198,384
8,763,438
Increases other than from business
combinations
Increases (decreases) from foreign
currency translation differences
Depreciation
s
e
g
n
a
h
C
Increases (decreases) from transfers
and other changes
Increases (decreases) from
transfers from construction in
progress
Disposals and removal from service
Disposals
Removals
Argentine hyperinflationary economy
Other increases (decreases)
Total changes
583,727
-
744
246
-
21,846
606,563
(214,324)
(11,335)
-
-
(25,179)
(11,198)
(282,132)
(207,624)
(412,848)
(203,165)
(38,472)
(23,264)
(984,290)
(445,251)
(483,505)
2,076
23,769
159,526
276,955
21,179
(483,505)
2,076
23,769
(79)
(78)
(1)
3,815
895
-
-
-
7,330
698
159,526
(2,961)
(2,014)
(947)
98,418
33,638
276,955
(5,035)
(9)
(5,026)
247,568
(3,900)
21,179
(3,916)
(142)
(3,774)
(1,881)
7,248
-
-
-
115,905
(83,531)
(81,728)
(4,628)
(3,836)
(200,889)
(100,425)
(17,260)
(408,766)
-
-
(11,991)
(2,243)
(9,748)
471,155
(44,952)
Closing balance as of December 31, 2020
1,107,981
158,894
253,311
3,384,704
3,268,658
181,124
8,354,672
270270
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information IN THOUSANDS OF U.S. DOLLARS – THUS$
Changes in 2019
Construc-
tion
in Progress
Land
Buildings,
Net
Plant and
Equipment,
Net
Network
Infrastruc-
ture, Net
Fixtures and
Fittings, Net
Property,
Plant and
Equipment,
Net
Opening balance as of January 1, 2019
1,059,070
163,660
137,455
3,722,183
3,226,015
195,089
8,503,472
Increases other than from business
combinations
Increases (decreases) from foreign
currency translation differences
Depreciation
Impairment (losses) reversals
recognized in profit or loss
s
e
g
n
a
h
C
Increases (decreases) from transfers
and other changes
Increases (decreases) from transfers
Increases (decreases) from
transfers from construction in
progress
Disposals and removal from service
Disposals
Removals
Argentine hyperinflationary economy
Other increases (decreases)
Total changes
775,595
414
907
3,558
-
15,418
795,892
(156,075)
(5,955)
(10,400)
(145,309)
(387,169)
(14,011)
(227,473)
(193,738)
(2,993)
(23,006)
(707,901)
(458,228)
-
-
-
-
(1,307)
-
-
-
(1,307)
(677,665)
(677,665)
1,865
1,865
18,298
18,298
205,682
205,682
430,453
430,453
21,367
21,367
(677,665)
-
-
-
163,990
24,794
130,639
1,865
(855)
(794)
(61)
4,731
(338)
(138)
18,298
(5,180)
(412)
(4,768)
9,150
205,682
430,453
-
-
-
75,860
(7,416)
-
(7,416)
340,626
(39,688)
21,367
(3,428)
-
(3,428)
19,819
(23,882)
122,235
(48,908)
119,692
(136,590)
143,068
3,295
259,966
-
-
-
(16,879)
(1,206)
(15,673)
614,176
34,213
Closing balance as of December 31, 2019
1,189,709
163,522
257,147
3,585,593
3,369,083
198,384
8,763,438
Additional information on property, plant and
equipment, net
a) Main investments
The main additions to property, plant and equipment correspond to investments in operating plants, distribution networks and
new projects for ThUS$606,563 and ThUS$795,892 the years ended December 31, 2020 and 2019, respectively.
In the generation business, investments in combined cycle power plants and hydroelectric power plants in the subsidiaries Enel
Generación Perú S.A., Emgesa and Enel Generación Costanera that involved additions as of December 31, 2020, amounted to
ThUS$163,418 (as of December 31, 2019, investments in combined cycle power plants and hydroelectric power plants in the
subsidiaries Enel Generación Perú S.A., Emgesa and Enel Generación Costanera were in the amount of ThUS$221,257), whereas
in the distribution businesses the largest investments have been in extensions and networks to optimize their operation, in
order to improve the efficiency and quality of the level of service, which were in the amount of ThUS$442,833 as of December
31, 2020 (ThUS$551,787 as of December 31, 2019).
The depreciation of property, plant and equipment are presented net of PIS and COFINS taxes in the Brazilian subsidiaries.
b) Capitalized cost
b.1) Capitalized financial expenses
The capitalized cost for financial expenses for the years ended December 31, 2020, 2019 and 2018 amounted to ThUS$6,376,
ThUS$8,092 and ThsUS$4,922, respectively (see Note 33). The average funding rate mainly depends on the geographic area
and amounted to 6.04%, 7.49% and 7.25% as of December 31, 2020, 2019 and 2018, respectively.
b.2) Capitalized personnel expenses
The capitalized cost for personnel expenses directly related to construction in progress for the years ended December 31,
2020, 2019 and 2018 amounted to ThUS$ 70,681, ThUS$ 92,411 and ThUS$ 95,335, respectively.
271
Annual Report Enel Américas 2020 c) Other information
i) As of December 31, 2020, the Group had contractual commitments for the acquisition of property, plant and equipment
amounting to ThUS$1,078,846 (ThUS$986,935 as of December 31, 2019) (including commitments to acquire intangible from
our Brazilian distribution subsidiaries).
ii) As of December 31, 2020, the Group had property, plant and equipment pledged as security for liabilities for ThUS$ 104,577
(ThUS$114,699 as of December 31, 2019 (see Note 35.1).
iii) The Company and its foreign subsidiaries have insurance policies for all risks, earthquake and machinery breakdown and
damages for business interruption with a €1,000 million (ThUS$1,226,950) limit, including business interruption coverage.
Additionally, the Company has Civil Liability insurance to meet claims from third parties with a €400 million (ThUS$490,780)
limit. The premiums associated with these policies are presented proportionally for each company under the line item “other
non-financial assets”.
iv) For Enel Generación Costanera, due to the application of IAS 29 - Financial Information in Hyperinflationary Economies,
(see Note 2.9), the book value of property, plant and equipment as of January 1, 2018 exceeded its recoverable value, which
resulted in a deterioration of ThUS$162,274 (equivalent to ThARS 3,102,739 at the exchange rate on that date). At the end of
fiscal year 2018, the Enel Generación Costanera recorded a partial reversal of the aforementioned impairment of ThUS$70,513
(equivalent to ThARS 2,656,082 using the exchange rate as of December 31, 2018), which was recognized in the results for the
year, mainly as a result of the positive impact that the depreciation of the Argentinean peso had on the company’s income,
whose revenues are denominated in dollars.
NOTE 18. Right-of-use assets
a) Right-of-use assets
Right-of-use assets for the year ended December 31, 2020 and 2019, are detailed as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Changes in 2020
Opening balance as of January 1, 2020
New contracts of right-of-use assets
Increases (decreases) from foreign currency translation
differences
Removals
Depreciation
Other increases (decreases)
Total changes
Land
3,023
14,080
555
-
(1,357)
132
13,410
Buildings, Net
Other Plant and
equipment, Net
Right-of-use
asset, Net
66,858
551
(10,472)
(75)
(11,366)
82
(21,280)
185,918
4,546
(21,080)
(159)
(23,768)
14,952
(25,509)
255,799
19,177
(30,997)
(234)
(36,491)
15,166
(33,379)
Closing balance as of December 31, 2020
16,433
45,578
160,409
222,420
272272
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
IN THOUSANDS OF U.S. DOLLARS – THUS$
Changes in 2019
Opening balance as of January 1, 2019 before application of
IFRS 16
Effects first application IFRS 16
Opening balance as of January 1, 2019
Increases (decreases) from foreign currency translation
differences
Depreciation
Other increases (decreases)
Total changes
Land
Buildings, Net
Other Plant and
equipment, Net
Right-of-use
asset, Net
-
3,448
3,448
(90)
(618)
283
(425)
1,424
50,840
52,264
(1,328)
(13,049)
28,971
14,594
181,931
17,538
199,469
1,557
(27,111)
12,003
(13,551)
183,355
71,826
255,181
139
(40,778)
41,257
618
Closing balance as of December 31, 2019
3,023
66,858
185,918
255,799
As of December 31, 2020 and 2019, the main right-of-use assets and lease liabilities are detailed as follows:
-
Lease contract with Banco de Crédito del Perú, for a 9-year term at a 5.8% fixed rate in US dollars, with quarterly
amortization that began on March 31, 2014. This lease was signed to finance the “Cold Generation Reserve” Unit.
-
On July 21, 2016, a lease contract was signed with Banco de Crédito del Perú. That lease is for a 5-year term at a fixed rate
of 3.68% in US dollars, with quarterly amortization that began the second half of 2018. This lease was signed to finance a
compressor and a natural gas station for the “Cold Generation Reserve” Unit of the Malacas thermal power plant (TG5).
-
Lease contract signed on December 16, 2015, with Scotiabank, which is for a six and a half-year term, at a fixed rate of
3.75% in US dollars, with quarterly amortization that began in September 2017. This lease was signed to finance the new
TG-6 turbine for the Malacas thermal power plant (TG6).
-
In addition, as a consequence of the application of IFRS 16 (see Note 3.f), the Group recognized as of January 1, 2019
rights of use assets related to property, plant and equipment in the amount of ThUS$71,826.
The present value of future payments derived from those contracts is detailed as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Less than one year
From one to two years
From two to three years
From three to four years
From four to five years
More than five years
Gross
56,509
32,680
16,395
12,393
11,798
36,747
12-31-2020
Interest
Present Value
5,017
4,718
3,454
2,818
2,073
5,882
51,492
27,962
12,941
9,575
9,725
30,865
Gross
88,847
49,187
31,187
17,065
10,055
20,318
12-31-2019
Interest
Present Value
7,203
6,478
4,946
3,392
2,128
2,243
81,644
42,709
26,241
13,673
7,927
18,075
Total
166,522
23,962
142,560
216,659
26,390
190,269
b) Short-term and low value leases
The consolidated statement of income for the years ended December 31, 2020 and 2019 includes expenses in the amount of
ThUS$10,641 and ThUS$10,341, respectively, that correspond to short-term rental payments for a total amount of ThUS$3,046
in 2020 and ThUS$4,040 in 2019, lease of low value underlaying assets in the amount of ThUS$1,281 in 2020 and ThUS$226 in
2019 and amounts related tovariable leases in the amount of ThUS$6,314 in 2020 and ThUS$6,075 in 2019, which are exempt
from the application of IFRS 16 (See Note 3.f).
273
Annual Report Enel Américas 2020 As of December 31, 2020, and 2019 future payments derived from those contracts are detailed as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Less than one year
From one to two years
From two to three years
From three to four years
From four to five years
More than five years
Total
12-31-2020
MUS$
196
1,281
-
-
-
-
12-31-2019
MUS$
866
-
-
-
-
-
1,477
866
NOTE 19. Income tax and deferred taxes
a) Income taxes
The components of income tax for the years ended December 31, 2020, 2019 and 2018 are detailed as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Current Income Tax and Adjustments to Current Income Tax for Previous Periods
Income tax benefit (expense)
Tax benefit from tax losses, tax credits or temporary differences not previously
recognized for the current period (current tax credits and/or benefits)
Adjustments to current tax from the previous period
Current tax (expenses) / benefit (related to cash flow hedges)
Other (expenses) / benefit from Current Tax
2020
(559,077)
8,956
4,250
18
-
2019
(676,112)
7,426
23,419
845
-
2018
(697,569)
20,104
7,692
(894)
(20)
Current tax expense, net
(545,853)
(644,422)
(670,687)
Benefit / (expense) from deferred taxes for origination and reversal of temporary
differences
Benefit / (expense) from deferred taxes due to changes in tax rates or the
introduction of new taxes
Total deferred tax benefit / (expense)
(20,707)
415,513
228,093
-
(20,707)
(7,437)
408,076
4,662
232,755
Income tax expense
(566,560)
(236,346)
(437,932)
The following table reconciles income taxes resulting from applying the local current tax rate to “Net income before taxes”
and the actual income tax expense recognized in the consolidated statement of comprehensive income for the years ended
December 31, 2020, 2019 and 2018:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Reconciliation of Tax Expense
ACCOUNTING INCOME BEFORE TAX
Tax Rate
2020
Tax Rate
2019
Tax Rate
2018
1.747.812
2.406.109
2.104.990
Total tax income (expense) using statutory rate
(27.00%)
(471,909)
(27.00%)
(649,649)
(27.00%)
(568,347)
Tax effect of rates applied in other countries
(4.67%)
(81,699)
(5.23%)
(125,912)
(6.64%)
(139,772)
Tax effect of tax-exempt revenue and other positive
effects impacting the effective rate
Tax effect of non-deductible expenses for determining
taxable profit (loss)
Tax effect of changes in income tax rates
Tax effect of adjustments to income taxes in previous
periods
Total adjustments to tax expense using statutory rate
5.41%
94,578
26.32%
633,125
19.15%
402,989
(6.40%)
(111,780)
-
(4.57%)
(0.31%)
(109,892)
(7,437)
0.24%
(5.42%)
4,250
(94,651)
0.97%
17.18%
23,419
413,303
(6.90%)
0.22%
0.37%
6.20%
(145,156)
4,662
7,692
130,415
Income tax benefit (expense)
(32.42%)
(566,560)
(9.82%)
(236,346)
(20.80%)
(437,932)
274274
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information The main temporary differences are described below:
b) Deferred taxes
The table below shows the balances of the deferred tax assets and liabilities presented in the consolidated statement of
financial position at December 31, 2020 and 2019:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Assets/(Liabilities) for Deferred Taxes
Depreciations
Amortizations
Obligations for post-employment benefits
Revaluations of financial instruments
Tax loss
Provisions
Provision for Civil Contingencies
Provision Contingencies Workers
Provision for doubtful trade accounts
Provision of Human Resources accounts
Financial assets IFRIC 12
Other Provisions
Other Deferred Taxes
Amortization PPA - (Enel Distribución Goiás)
Monetary Correction - Argentina
Other Deferred Taxes
Deferred taxes Assets/(Liabilities) before compensation
Compensation deferred taxes Assets/Liabilities
12-31-2020
12-31-2019
Assets
17,717
4,161
498,424
2,274
209,339
630,331
247,400
28,467
121,764
18,724
-
213,976
197,727
-
-
197,727
1,559,973
(565,591)
Liabilities
(448,711)
(16,505)
-
(31,883)
-
(205,151)
-
-
-
-
(194,045)
(11,106)
(476,294)
(75,497)
(289,158)
(111,639)
(1,178,544)
565,591
Assets
25,659
6,158
552,760
1,211
281,080
636,653
241,520
36,878
122,104
16,339
-
219,812
194,989
-
-
194,989
1,698,510
(610,276)
Liabilities
(508,172)
(22,213)
(154)
(11,626)
-
(237,040)
-
-
-
-
(207,425)
(29,615)
(474,925)
(105,236)
(285,210)
(84,479)
(1,254,130)
610,276
Deferred taxes Assets/(Liabilities) after compensation
994,382
(612,953)
1,088,234
(643,854)
The origin and changes in deferred tax assets and liabilities as of December 31, 2020 and 2019 are as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Deferred Taxes Assets/(Liabilities)
Depreciations
Amortizations
Obligations for post-employment benefits
Revaluations of financial instruments
Tax loss
Provisions
Provision for Civil Contingencies
Provision Contingencies Workers
Provision for doubtful trade accounts
Provision of Human Resources accounts
Financial assets IFRIC 12
Other Provisions
Other Deferred Taxes
Amortization PPA - (Enel Distribución
Goiás)
Monetary Correction – Argentina
Other Deferred Taxes
Net balance
as of January
1, 2020
Recognized
in profit or
loss
Movements
Recognized
in com
prehensive
income
Foreign
currency
translation
difference
(482,513)
(16,055)
552,606
(10,415)
281,080
399,613
241,520
36,878
122,104
16,339
(207,425)
190,197
(279,936)
(105,236)
(285,210)
110,510
(8,120)
91
(93,757)
(26,693)
(10,184)
83,431
(1,643)
3,618
53,041
3,395
(34,068)
59,088
34,525
3,054
(4,001)
35,472
-
-
161,330
5,056
-
-
-
-
-
-
-
-
-
-
-
-
94,913
3,620
(122,045)
2,446
(63,849)
(88,945)
(26,933)
(7,150)
(44,237)
(1,010)
46,864
(56,479)
12,380
22,828
290
(10,738)
Other
increases
(decreases)
Net balance
as of
December 31,
2020
(35,274)
(430,994)
-
290
(3)
2,292
31,081
34,456
(4,879)
(9,144)
-
584
10,064
(45,536)
3,857
(237)
(49,156)
(12,344)
498,424
(29,609)
209,339
425,180
247,400
28,467
121,764
18,724
(194,045)
202,870
(278,567)
(75,497)
(289,158)
86,088
Deferred Taxes Assets/(Liabilities)
444,380
(20,707)
166,386
(161,480)
(47,150)
381,429
275
Annual Report Enel Américas 2020 IN THOUSANDS OF U.S. DOLLARS – THUS$
Deferred Taxes Assets/(Liabilities)
Depreciations
Amortizations
Obligations for post-employment benefits
Revaluations of financial instruments
Tax loss
Provisions
Provision for Civil Contingencies
Provision Contingencies Workers
Provision for doubtful trade accounts
Provision of Human Resources accounts
Financial assets IFRIC 12
Other Provisions
Other Deferred Taxes
Amortization PPA - (Enel Distribución
Goiás y Sao Paulo)
Monetary Correction – Argentina
Other Deferred Taxes
Movements
Net balance
as of January
1, 2019
Recognized
in profit or
loss
Recognized in
comprehen-
sive income
Foreign
currency
translation
difference
(349,781)
(17,194)
373,951
(5,074)
258,589
593,249
256,544
32,360
235,875
14,730
(196,683)
250,423
(38,520)
119
(1,962)
1,339
1,481
(112,506)
(46,541)
146
7,096
680
(36,402)
(37,485)
(966,773)
558,125
(682,399)
(265,047)
(19,327)
563,517
370
(5,762)
-
-
195,098
(1,320)
-
-
-
-
-
-
-
-
-
-
-
-
82,756
(308)
(17,182)
(162)
(10,630)
(30,273)
(11,377)
116
(9,042)
(223)
12,177
(21,924)
37,743
13,646
629
23,468
Other
increases
(decreases)
(176,968)
1,328
2,701
(5,198)
31,640
(50,857)
42,894
4,256
(111,825)
1,152
13,483
(817)
Net balance
as of
December 31,
2019
(482,513)
(16,055)
552,606
(10,415)
281,080
399,613
241,520
36,878
122,104
16,339
(207,425)
190,197
90,969
(279,936)
-
(21,162)
112,131
(105,236)
(285,210)
110,510
Deferred Taxes Assets/(Liabilities)
(113,033)
408,076
193,778
61,944
(106,385)
444,380
Recovery of deferred tax assets will depend on whether sufficient taxable profits are obtained in the future. The Company’s
management believes that the future profit projections for its subsidiaries will allow these assets to be recovered.
c) As of December 31, 2020, the Group has not
recognized deferred tax assets related to tax losses
carried forward for ThUS$44,296 (ThUS$37,442 as
of December 31, 2019) (see Note 3.p).
The Group has not recognized deferred tax liabilities for taxable temporary differences relating to investment in subsidiaries and
joint ventures, as it is able to control the timing of the reversal of the temporary differences and considers that it is probable
that such temporary differences will not reverse in the foreseeable future. As of December 31, 2020, the aggregate amount of
taxable temporary differences relating to investments in subsidiaries and joint ventures for which deferred tax liabilities have
not been recognized were ThUS$2,839,057 (ThUS$3,427,371 as of December 31, 2019). On the other hand, the total amount
of deductible temporary differences relating to investments in subsidiaries and joint ventures for which as of December 31,
2020, it is probable that will not reverse in the foreseeable future or there will be not sufficient taxable profits in the future to
recover such temporary differences was ThUS$4,213,400 (ThUS$2,362,974 as of December 31, 2019).
The Group companies are potentially subject to income tax audits by the tax authorities of each country in which the Group
operates. Such tax audits are limited to a number of annual tax periods and once these have expired, audits of these periods
can no longer be performed. Tax audits by nature are often complex and can require several years to complete. The following
table presents a summary of tax years potentially subject to examination:
Period
2017-2019
2014-2019
2015-2019
2016-2019
2015-2019
Country
Chile
Argentina
Brazil
Colombia
Peru
276276
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information Given the range of possible interpretations of tax standards, the results of any future inspections carried out by tax authorities
for the years subject to audit can give rise to tax liabilities that cannot currently be quantified objectively. Nevertheless, the
Company’s management estimates that the liabilities, if any, that may arise from such audits, would not significantly impact
the Group companies’ future results.
The effects of deferred taxes on the components of other comprehensive income attributable to both controlling and non-
controlling interests for the years ended December 31, 2020, 2019 and 2018, are as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Effects of Income Tax on the Components
of Other Comprehensive Income
Amount
before Tax
2020
Income Tax
Expense
(Benefit)
Amount
After Tax
Amount
before Tax
2019
Income Tax
Expense
(Benefit)
Amount
After Tax
Amount
before Tax
2018
Income Tax
Expense
(Benefit)
Amount
After Tax
Financial assets at fair value through other
comprehensive income
Cash flow hedges
Foreign currency translation
Actuarial gains (losses) from defined benefit
pension plans
Income tax related to components of
other income and expenses with a charge
or credit in equity
(10)
(12,976)
(2,249,915)
-
5,038
(10)
(7,938)
(598)
5,906
-
(2,165)
(598)
3,741
(458)
(2,727)
-
1,354
(458)
(1,373)
-
(2,249,915)
(765,005)
-
(765,005)
(1,575,134)
-
(1,575,134)
(476,805)
161,766
(315,039)
(576,143)
195,098
(381,045)
(177,527)
59,684
(117,843)
(2,739,706)
166,804
(2,572,902)
(1,335,840)
192,933
(1,142,907)
(1,755,846)
61,038
(1,694,808)
The effects of deferred taxes on the components of other comprehensive income attributable to both controlling and non-
controlling interests for the years ended December 31, 2020, 2019 and 2018, are as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Reconciliation of deferred tax movements between Balance Sheet and income
taxes in Comprehensive income
Total increases (decreases) for deferred taxes of other comprehensive income
Income tax of changes in cash flow hedge transactions
Deferred taxes of changes from defined benefit pension plans
2020
166.386
(18)
436
2019
193.778
(845)
-
2018
60.144
894
-
Total income tax relating to components of other comprehensive income
166.804
192.933
61.038
d)
In Colombia, Law No. 1943 of 2018 modified the income tax rate from the taxable year of 2019 defining the following
rates: 33% for 2019, 32% for 2020, 31% for 2021 and 30% for 2022 and following years. This affects the taxable income
obtained during each year. The effect of temporary differences involving the payment of a lower or higher income tax in
the current year is accounted as deferred tax credit or debit, respectively, at the tax rates when differences are reversed
(31% for 2021 and 30% as from 2022), provided that there are reasonable expectations that such differences will be
reversed in the future and also for the assets, which at that time should be generating sufficient taxable income.
As a result of this increase in rates, the Colombian subsidiaries recognized as of December 31, 2018 variations in their
deferred tax assets and liabilities. The net credit to results amounted to ThUS$ 4,662.
e)
On December 23, 2019 in Argentina, Act No. 27.541 on “Solidaridad Social y Reactivación Productiva en el marco de
Emergencia Pública” (“Social Solidarity and Reactivation of Productions in the Public Emergency Framework”) was issued
in the Official Gazette, along with Decree No. 58/2019 which enacted it. Also, on December 28, 2019, Decree No. 99/2019
was issued stating the regulations for the implementation of the Act.
The main actions for the Company stated within the Act, as well as its regulations are as follows:
Act No. 27.430 provided that the corporate income tax rate would be reduced from 30% to 25% and that the additional
tax on dividends or profits distributed to individuals from Argentina and abroad and legal entities from abroad would
increase from 7% to 13% for fiscal periods beginning January 1, 2020. The amendment ended that rate change and
preserved the original 30% and 7% rates, respectively, for annual fiscal years beginning on January 1, 2022, inclusive.
Act No. 27.468 provided that for the first three annual fiscal (tax) years beginning on January 1, 2019 the positive or negative
inflationary adjustment should be distributed as follows: one-third in the annual fiscal year in which the adjustment was
277
Annual Report Enel Américas 2020
determined and two equal thirds in the next two immediate annual fiscal years. The amendment modified that distribution
and established that the positive or negative adjustment corresponding to the first and second fiscal year beginning as of
January 1, 2019, must be distributed as follows: one-sixth on the annual fiscal year in which the adjustment is determined
and the remaining five-sixths in the next five immediate fiscal periods. On the other hand, 100% of the adjustment may
be deducted in the year in which it is determined for annual fiscal years beginning on January 1, 2021.
On December 31, 2019, Argentine subsidiaries recorded the variations of their deferred tax assets and liabilities as a
result of this increase in rates. The net charge sto profit and loss amounted to ThUS$7,437.
f)
On November 6, 2019 and after its approval at an Extraordinary Shareholder’s Meeting, Enel Distribución Sao Paulo
merged the assets and liabilities of its parent, Enel Brasil Investimentos Sudeste S.A. (“Enel Sudeste”). The merged assets
include amounts related to the concessionaire’s intangibles, as well as the recognition of the deferred tax liability on
the concessionaire’s intangibles mentioned above (see Note 6.2). Once the merger was carried out, the deferred tax
obligations were reversed, since the differences between the tax and accounting base at the time of the acquisition of
Enel Distribución Sao Paulo were equal and will be written off in the concessionaire’s future payments. As mentioned
above, the company recognized a deferred tax benefit in earnings amounting to ThUS$ 553,225 for the 2019 fiscal year.
NOTE 20. Other financial liabilities
The balance of other financial liabilities as of December 31, 2020 and 2019, is as follows:
In thousands of U.S. dollars – ThUS$
Current
Non-Current
Current
Non-Current
Other Financial Liabilities
Interest-bearing borrowings
Hedging derivatives (*)
Non-hedging derivatives (**)
Total
(*) See Note 23.2.a
(**) See Note 23.2.b
12-31-2020
12-31-2019
1,815,160
3,837,697
1,397,187
4,780,797
6,730
3,240
9
-
9,500
1,720
1,036
-
1,825,130
3,837,706
1,408,407
4,781,833
a) Interest-bearing borrowings.
The detail of current and non-current interest-bearing borrowings as of December 31, 2020 and 2019, is as follows:
In thousands of U.S. dollars – ThUS$
Current
Non-Current
Current
Non-Current
Classes of Interest-Bearing Borrowings
12-31-2020
12-31-2019
Secured bank loans
Unsecured bank loans
Unsecured bonds
Secured bonds
Other obligations
Total
235,404
927,075
409,087
154,955
88,639
247,150
149,057
2,864,794
395,289
181,407
258,976
447,954
264,634
395,987
29,636
585,107
37,173
3,357,885
696,529
104,103
1,815,160
3,837,697
1,397,187
4,780,797
Bank loans by currency and contractual maturity as of December 31, 2020 and 2019, are as follows:
278278
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
- Summary of bank loans by currency and maturity
IN THOUSANDS OF U.S. DOLLARS – THUS$
Current
Maturity
Non-Current
Maturity
Currency
Country
US$
Chile
CLP
Chile
US$
Peru
PEN
Peru
US$
Brazil
BRL
Brazil
US$
Brazil
Brazil
BRL
Colombia COP
Colombia COP
Effective
Interest
Rate
2,65%
6,00%
2,62%
2,75%
3,98%
5,52%
2,21%
2,20%
0,01%
3,68%
Nominal
Interest
Rate
Secured /
Unsecured
0,94% Unsecured
6,00% Unsecured
2,59% Unsecured
2,71% Unsecured
3,63% Secured
5,41% Secured
2,20% Unsecured
2,19% Unsecured
0,01% Secured
3,62% Unsecured
One to three
months
175,040
1
-
157
134,692
7,747
127,016
37,377
281
153
Three to
twelve
months
150,196
-
25,043
168,609
75,656
15,847
86,730
30,014
1,181
126,739
Total
Current
12-31-2020
325,236
1
25,043
168,766
210,348
23,594
213,746
67,391
1,462
126,892
One to two
years
Two to three
years
Three to four
years
Four to five
years
More than
five years
-
-
-
46,989
164,746
21,268
-
-
1,575
11,346
-
-
-
38,697
-
15,779
-
-
1,248
20,478
-
-
-
-
2,778
9,881
-
-
-
20,478
-
-
-
-
-
8,953
-
-
-
10,737
-
-
-
-
-
20,922
-
-
-
332
Total
Non-
Current
12-31-2020
-
-
-
85,686
167,524
76,803
-
-
2,823
63,371
Total
482,464
680,015
1,162,479
245,924
76,202
33,137
19,690
21,254
396,207
IN THOUSANDS OF U.S. DOLLARS – THUS$
Current
Maturity
Non-Current
Maturity
Effective
Interest
Rate
4,99%
6,00%
4,16%
4,44%
6,70%
4,66%
6,53%
5,73%
Nominal
Secured /
Interest
Rate
Unsecured
2,67% Unsecured
6,00% Unsecured
4,10% Unsecured
4,16% Secured
6,60% Secured
4,65% Unsecured
6,52% Unsecured
5,61% Unsecured
One to three
months
-
1
-
7,281
7,458
495
876
1,396
Three to
twelve
months
351,820
-
-
151,859
92,378
60,534
-
32,832
Total
Current
12-31-2019
351,820
1
-
159,140
99,836
61,029
876
34,228
One to two
years
-
-
22,614
318,251
27,916
-
-
7,524
Two to three
years
Three to four
years
Four to five
years
More than
five years
-
-
-
148,012
26,338
-
-
3,575
-
-
-
-
15,975
-
-
1,038
-
-
-
2,786
10,576
-
-
1,038
-
-
-
-
35,253
-
-
1,384
Total Non-
Current
12-31-2019
-
-
22,614
469,049
116,058
-
-
14,559
17,507
689,423
706,930
376,305
177,925
17,013
14,400
36,637
622,280
Currency
Country
US$
Chile
CLP
Chile
PEN
Peru
US$
Brazil
BRL
Brazil
US$
Brazil
BRL
Brazil
Colombia COP
Total
- Fair value measurement and hierarchy
The fair value of current and non-current bank borrowings as of December 31, 2020 was ThUS$1,552,781 (ThUS$1,309,690 as
of December 31, 2019). The borrowings have been classified as Level 2 fair value measurement based on the entry data used
in the valuation techniques (see Note 3.h).
279
Annual Report Enel Américas 2020
- Identification of bank borrowings by company
IN THOUSANDS OF U.S. DOLLARS – THUS$
Country
Brazil
Brazil
Brazil
Brazil
Brazil
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Taxpayer ID
No.
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Company
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Enel Distribución Ceará S.A. Brazil
Enel Distribución Ceará S.A. Brazil
Enel Distribución Ceará S.A. Brazil
Enel Distribución Ceará S.A. Brazil
Enel Distribución Ceará S.A. Brazil
Enel Distribución Ceará S.A. Brazil
Enel Distribución Ceará S.A. Brazil
Enel Distribución Ceará S.A. Brazil
Enel Distribución Ceará S.A. Brazil
Enel Distribución Ceará S.A. Brazil
Peru
Enel Distribución Perú S.A.
Peru
Enel Distribución Perú S.A.
Peru
Enel Distribución Perú S.A.
Brazil
Enel Distribución Goias S.A.
Brazil
Enel Distribución Goias S.A.
Brazil
Enel Distribución Goias S.A.
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Brazil
Brazil
Brazil
Brazil
Peru
Peru
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Generación Piura S.A.
Enel Perú S.A.C.
Taxpayer ID
No.
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
97036000-k
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Financial Institution
BNP PARIBAS
BNDES
BNP PARIBAS
ITAÚ
CITIBANK
FINDETER
FINDETER
FINDETER
BANCO BBVA COLOMBIA S.A.
BANCO DE BOGOTÁ
BANCO BBVA COLOMBIA S.A.
MUFG BANK LTD
BNDES
BANCO DO BRASIL (BOND D)
BANCO DO BRASIL (BOND P)
BNB Nº 16.2018.204.23875
BNB Nº 16.2018.204.23875
SCOTIABANK
TOKIO
TOKIO
SCOTIABANK
FINEP
BANCO DE CREDITO DEL PERÚ S.A.
BANCO INTERCIONAL DEL PERÚ S.A.A.
BANCO DE CREDITO DEL PERÚ S.A.
BNDES CG
SCOTIABANK
BNP
BNP PARIBAS NY
CITIBANK N.A
CREDIT AGRICOLE CIB
JPMORGAN CHASE BANK
SUMITOMO MITSUI BANKING
SOCIETE GENERALE
BBVA NEW YORK BRANCH
BBVA S.A NEW YORK BRANCH
CREDIT AGRICOLE CIB
THE BANK OF NOVA SCOTIA
BNP PARIBAS NY
CITIBANK N.A
CREDIT AGRICOLE CIB
JPMORGAN CHASE BANK
SUMITOMO MITSUI BANKING
SOCIETE GENERALE
BBVA NEW YORK BRANCH
LINEA SOBREGIRO (BANCO SANTANDER)
FINEP - 2º PROTOCOLO
TOKIO
SCOTIABANK
BNP
SCOTIABANK
BBVA
Currency
Country
US$
U.S.A
BRL
Brazil
US$
Brazil
US$
Brazil
Brazil
US$
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
COP
Japan
BRL
Brazil
US$
Brazil
US$
Brazil
BRL
Brazil
BRL
Brazil
BRL
Brazil
US$
Brazil
US$
Brazil
BRL
Brazil
BRL
Brazil
PEN
Peru
PEN
Peru
PEN
Peru
BRL
Brazil
US$
U.S.A
US$
U.S.A
US$
U.S.A
US$
U.S.A
US$
U.S.A
US$
U.S.A
US$
U.S.A
US$
U.S.A
US$
U.S.A
US$
U.S.A
US$
U.S.A
US$
U.S.A
US$
U.S.A
US$
U.S.A
US$
U.S.A
US$
U.S.A
US$
U.S.A
US$
U.S.A
US$
U.S.A
CLP
Chile
BRL
Brazil
US$
Brazil
US$
Brazil
US$
Brazil
US$
Peru
PEN
Peru
Effective
Interest
Rate
8,73%
3,01%
2,72%
4,35%
1,76%
0,01%
0,01%
0,01%
2,63%
3,00%
3,16%
5,93%
3,01%
2,33%
6,31%
6,27%
6,27%
2,22%
1,69%
1,79%
2,18%
6,48%
4,16%
3,75%
2,61%
9,61%
2,98%
2,64%
4,99%
4,99%
4,99%
4,99%
4,99%
4,99%
4,99%
1,38%
1,38%
1,38%
0,84%
0,84%
0,84%
0,84%
0,84%
0,84%
0,84%
6,00%
3,96%
1,79%
2,15%
3,61%
2,62%
0,48%
Nominal
Interest
Rate
8,40%
3,00%
2,71%
4,34%
1,46%
0,01%
0,01%
0,01%
2,60%
2,97%
3,12%
5,80%
3,00%
1,67%
6,30%
6,26%
6,26%
2,21%
1,68%
1,78%
2,17%
5,80%
4,10%
3,70%
2,58%
9,60%
2,30%
1,84%
0,85%
0,85%
0,85%
0,85%
0,85%
0,85%
0,85%
1,38%
1,38%
1,38%
0,84%
0,84%
0,84%
0,84%
0,84%
0,84%
0,84%
6,00%
3,95%
1,78%
2,14%
3,60%
2,59%
0,48%
Type of
Amortization
Upon expiration
Monthly
Upon expiration
Monthly
Monthly
Upon expiration
Upon expiration
Upon expiration
Biannual
Monthly
Biannual
Upon expiration
Monthly
Upon expiration
Upon expiration
Monthly
Monthly
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Monthly
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Monthly
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Biannual
Secured
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
No
No
No
Yes
Yes
Yes
Yes
Yes
No
No
No
No
Yes
No
No
No
Yes
Yes
Yes
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
Yes
No
No
No
No
No
Current
Non-Current
Less than
90 days
More than
90 days
12-31-2020
Two to
three years
Three to
four years
Four to
five years
More than
five years
Total Non-
Current
20,731
20,769
18
18
18
74
128
Total
Current
2,641
1,594
14
77,231
96,923
121,194
4,880
263
656
543
675
142
796
3
21
5,929
5,342
37,251
31,769
10,637
30,141
-
58
62
7,594
390
33,124
45,000
15,000
15,035
15,000
30,000
15,000
15,000
50,196
50,000
50,000
7,500
2,500
2,504
2,500
5,000
2,500
2,500
1
2,339
32,668
51,421
87,251
25,043
147,879
One to two
years
77,010
1,590
39,235
-
-
316
715
543
2,435
996
7,914
793
4,700
4,235
46,989
7,471
48,504
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,192
75,656
237
537
407
4,880
664
121,194
595
3,525
3,176
30,014
5,604
50,196
50,000
50,000
1,755
86,730
25,043
147,879
2,641
402
14
1,575
96,923
26
119
136
-
11
142
-
201
3
21
2,404
2,166
37,251
31,769
10,637
127
-
38
58
62
1,990
390
33,124
45,000
15,000
15,035
15,000
30,000
15,000
15,000
-
-
-
7,500
2,500
2,504
2,500
5,000
2,500
2,500
1
584
32,668
51,421
521
-
-
662
290
596
362
996
19,482
397
4,700
4,235
38,698
3,113
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
996
19,482
1,143
1,636
4,700
4,235
996
9,741
332
4,700
4,235
10,967
9,881
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
77,010
2,252
39,235
606
1,311
905
2,435
4,316
56,619
1,190
1,143
1,636
29,767
26,821
46,989
38,698
10,584
48,504
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,478
2,653
927
6,058
Totals
482,464
680,015
1,162,479
245,924
76,202
33,137
19,690
21,254
396,207
280280
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information Taxpayer ID
Taxpayer ID
Company
Country
No.
Financial Institution
Country
Currency
Rate
Amortization
Secured
Effective
Nominal
Interest
Interest
Type of
- Identification of bank borrowings by company
IN THOUSANDS OF U.S. DOLLARS – THUS$
No.
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Brazil
Brazil
Brazil
Brazil
Brazil
Foreign
Foreign
Foreign
Foreign
Foreign
Colombia
Foreign
Colombia
Foreign
Colombia
Foreign
BNP PARIBAS
BNDES
BNP PARIBAS
ITAÚ
CITIBANK
FINDETER
FINDETER
FINDETER
Colombia
Foreign
BANCO BBVA COLOMBIA S.A.
Colombia
Foreign
BANCO DE BOGOTÁ
Colombia
Foreign
BANCO BBVA COLOMBIA S.A.
Colombia
Foreign
MUFG BANK LTD
BNDES
BANCO DO BRASIL (BOND D)
BANCO DO BRASIL (BOND P)
BNB Nº 16.2018.204.23875
BNB Nº 16.2018.204.23875
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Enel Distribución Ceará S.A. Brazil
Enel Distribución Ceará S.A. Brazil
Enel Distribución Ceará S.A. Brazil
Enel Distribución Ceará S.A. Brazil
Enel Distribución Ceará S.A. Brazil
Enel Distribución Ceará S.A. Brazil
Enel Distribución Ceará S.A. Brazil
Enel Distribución Ceará S.A. Brazil
Enel Distribución Ceará S.A. Brazil
Enel Distribución Ceará S.A. Brazil
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Peru
Peru
Peru
Brazil
Brazil
Brazil
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Brazil
Brazil
Brazil
Brazil
Peru
Peru
BANCO DE CREDITO DEL PERÚ S.A.
BANCO INTERCIONAL DEL PERÚ S.A.A.
BANCO DE CREDITO DEL PERÚ S.A.
SCOTIABANK
TOKIO
TOKIO
SCOTIABANK
FINEP
BNDES CG
SCOTIABANK
BNP
BNP PARIBAS NY
CITIBANK N.A
CREDIT AGRICOLE CIB
JPMORGAN CHASE BANK
SUMITOMO MITSUI BANKING
SOCIETE GENERALE
BBVA NEW YORK BRANCH
BBVA S.A NEW YORK BRANCH
CREDIT AGRICOLE CIB
THE BANK OF NOVA SCOTIA
BNP PARIBAS NY
CITIBANK N.A
CREDIT AGRICOLE CIB
JPMORGAN CHASE BANK
SUMITOMO MITSUI BANKING
SOCIETE GENERALE
BBVA NEW YORK BRANCH
TOKIO
SCOTIABANK
BNP
BBVA
SCOTIABANK
97036000-k
LINEA SOBREGIRO (BANCO SANTANDER)
FINEP - 2º PROTOCOLO
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Generación Piura S.A.
Enel Perú S.A.C.
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Totals
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Japan
COP
U.S.A
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Peru
Peru
Peru
Brazil
U.S.A
U.S.A
U.S.A
U.S.A
U.S.A
U.S.A
U.S.A
U.S.A
U.S.A
U.S.A
U.S.A
U.S.A
U.S.A
U.S.A
U.S.A
U.S.A
U.S.A
U.S.A
U.S.A
Chile
Brazil
Brazil
Brazil
Brazil
Peru
Peru
US$
BRL
US$
US$
US$
BRL
US$
US$
BRL
BRL
BRL
US$
US$
BRL
BRL
PEN
PEN
PEN
BRL
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
CLP
BRL
US$
US$
US$
US$
PEN
8,73%
3,01%
2,72%
4,35%
1,76%
0,01%
0,01%
0,01%
2,63%
3,00%
3,16%
5,93%
3,01%
2,33%
6,31%
6,27%
6,27%
2,22%
1,69%
1,79%
2,18%
6,48%
4,16%
3,75%
2,61%
9,61%
2,98%
2,64%
4,99%
4,99%
4,99%
4,99%
4,99%
4,99%
4,99%
1,38%
1,38%
1,38%
0,84%
0,84%
0,84%
0,84%
0,84%
0,84%
0,84%
6,00%
3,96%
1,79%
2,15%
3,61%
2,62%
0,48%
Rate
8,40%
3,00%
2,71%
4,34%
1,46%
0,01%
0,01%
0,01%
2,60%
2,97%
3,12%
5,80%
3,00%
1,67%
6,30%
6,26%
6,26%
2,21%
1,68%
1,78%
2,17%
5,80%
4,10%
3,70%
2,58%
9,60%
2,30%
1,84%
0,85%
0,85%
0,85%
0,85%
0,85%
0,85%
0,85%
1,38%
1,38%
1,38%
0,84%
0,84%
0,84%
0,84%
0,84%
0,84%
0,84%
6,00%
3,95%
1,78%
2,14%
3,60%
2,59%
0,48%
Upon expiration
Monthly
Upon expiration
Monthly
Monthly
Upon expiration
Upon expiration
Upon expiration
Biannual
Monthly
Biannual
Upon expiration
Monthly
Upon expiration
Upon expiration
Monthly
Monthly
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Monthly
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Monthly
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Biannual
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
No
No
No
Yes
Yes
Yes
Yes
Yes
No
No
No
No
Yes
No
No
No
Yes
Yes
Yes
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
No
Yes
No
No
No
No
No
Current
More than
90 days
-
1,192
-
75,656
-
237
537
407
4,880
664
-
121,194
595
-
-
3,525
3,176
-
-
-
30,014
-
20,731
-
-
5,604
-
-
-
-
-
-
-
-
-
50,196
50,000
50,000
-
-
-
-
-
-
-
-
1,755
-
-
86,730
25,043
147,879
Less than
90 days
2,641
402
14
1,575
96,923
26
119
136
-
11
142
-
201
3
21
2,404
2,166
37,251
31,769
10,637
127
-
38
58
62
1,990
390
33,124
45,000
15,000
15,035
15,000
30,000
15,000
15,000
-
-
-
7,500
2,500
2,504
2,500
5,000
2,500
2,500
1
584
32,668
51,421
521
-
-
Non-Current
Total
Current
2,641
1,594
14
77,231
96,923
263
656
543
4,880
675
142
121,194
796
3
21
5,929
5,342
37,251
31,769
10,637
30,141
-
20,769
58
62
7,594
390
33,124
45,000
15,000
15,035
15,000
30,000
15,000
15,000
50,196
50,000
50,000
7,500
2,500
2,504
2,500
5,000
2,500
2,500
1
2,339
32,668
51,421
87,251
25,043
147,879
One to two
years
77,010
1,590
39,235
-
-
316
715
543
2,435
996
7,914
-
793
-
-
4,700
4,235
-
-
-
-
-
-
46,989
-
7,471
-
48,504
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,478
-
-
-
-
-
12-31-2020
Two to
three years
-
662
-
-
-
290
596
362
-
996
19,482
-
397
-
-
4,700
4,235
-
-
-
-
18
-
-
38,698
3,113
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2,653
-
-
-
-
-
Three to
four years
-
-
-
-
-
-
-
-
-
996
19,482
-
-
1,143
1,636
4,700
4,235
-
-
-
-
18
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
927
-
-
-
-
-
Four to
five years
-
-
-
-
-
-
-
-
-
996
9,741
-
-
-
-
4,700
4,235
-
-
-
-
18
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
More than
five years
-
-
-
-
-
-
-
-
-
332
-
-
-
-
-
10,967
9,881
-
-
-
-
74
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total Non-
Current
77,010
2,252
39,235
-
-
606
1,311
905
2,435
4,316
56,619
-
1,190
1,143
1,636
29,767
26,821
-
-
-
-
128
-
46,989
38,698
10,584
-
48,504
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6,058
-
-
-
-
-
482,464
680,015
1,162,479
245,924
76,202
33,137
19,690
21,254
396,207
281
Annual Report Enel Américas 2020 IN THOUSANDS OF U.S. DOLLARS – THUS$
Taxpayer ID
No.
Company
Country
Taxpayer ID
No.
Financial Institution
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
Foreign
Foreign
Foreign
Foreign
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Enel Distribución Ceará S.A. Brazil
Enel Distribución Ceará S.A. Brazil
Enel Distribución Ceará S.A. Brazil
Enel Distribución Ceará S.A. Brazil
Enel Distribución Ceará S.A. Brazil
Enel Distribución Ceará S.A. Brazil
Enel Distribución Ceará S.A. Brazil
Enel Distribución Ceará S.A. Brazil
Enel Distribución Ceará S.A. Brazil
Peru
Enel Distribución Perú S.A.
Brazil
Enel Distribución Goias S.A.
Brazil
Enel Distribución Goias S.A.
Brazil
Enel Distribución Goias S.A.
Brazil
Enel Distribución Goias S.A.
Brazil
Enel Distribución Goias S.A.
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Brazil
Brazil
Brazil
Brazil
Enel Generación Fortaleza
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
97036000-k
Foreign
Foreign
Foreign
Foreign
ITAU BBA INTERNATIONAL PLC
CITIBANK TRADE
BNP PARIBAS
BNDES
BNDES-A
BNDES-B
BNDES-F
SCOTIABANK
BANCO BBVA COLOMBIA S.A.
BANCO DE BOGOTÁ
BANCO BBVA COLOMBIA S.A.
BANCO BBVA COLOMBIA S.A.
BANCO BBVA COLOMBIA S.A.
BANCO BBVA COLOMBIA S.A.
BANCO BBVA COLOMBIA S.A.
BANCO BBVA COLOMBIA S.A.
BANCO BBVA COLOMBIA S.A.
BANCO BBVA COLOMBIA S.A.
BANCO BBVA COLOMBIA S.A.
BANCO AGRARIO
MUFG BANK LTD
BNDES CAPEX 12 A
BNDES CAPEX 12 B
BNDES CAPEX 12 F
BNDES
BANCO DO BRASIL (BOND D)
BANCO DO BRASIL (BOND P)
BNB Nº 16.2018.204.23875
BNB Nº 16.2018.204.23875
BNP
BANCO DE CREDITO DEL PERÚ
BNDES -FINAME CAPITAL DE GIRO
CITIBANK
SCOTIABANK
SCOTIABANK
BNP
BNP PARIBAS NY
CITIBANK N.A
CREDIT AGRICOLE CIB
JPMORGAN CHASE BANK
SUMITOMO MITSUI BANKING
SOCIETE GENERALE
BBVA NEW YORK BRANCH
LINEA SOBREGIRO (BANCO SANTANDER)
BANCO CITIBANK
FINEP - 1º PROTOCOLO
FINEP - 2º PROTOCOLO
6ª NOTA PROMISSÓRIA
Effective
Interest
Rate
Nominal
Interest
Rate
Type of
Amortization
Secured
Current
Non-Current
12-31-2019
Less than
90 days
More than
90 days
Total
Current
One to two
Two to
years
three years
Three to
four years
Four to
five years
More than
five years
Total Non-
Current
4,40%
3,59%
8,74%
3,01%
9,11%
10,13%
6,27%
3,21%
5,18%
5,47%
5,13%
5,18%
5,21%
5,13%
5,18%
5,21%
5,86%
5,78%
5,83%
6,23%
9,11%
9,11%
10,13%
6,27%
3,01%
3,73%
6,39%
6,59%
6,59%
4,42%
4,16%
9,89%
4,16%
3,06%
3,37%
3,78%
4,99%
4,99%
4,99%
4,99%
4,99%
4,99%
4,99%
6,00%
4,66%
4,00%
5,24%
6,53%
4,39%
3,58%
7,14%
3,00%
8,93%
9,93%
6,13%
3,20%
5,09%
5,36%
5,03%
5,08%
5,11%
5,03%
5,08%
5,11%
5,74%
5,66%
5,71%
6,09%
8,82%
8,93%
9,93%
6,13%
3,00%
3,72%
6,38%
6,58%
6,58%
4,41%
4,10%
9,88%
4,15%
1,95%
3,36%
3,77%
2,67%
2,67%
2,67%
2,67%
2,67%
2,67%
2,67%
6,00%
4,65%
4,00%
5,00%
6,52%
Upon expiration
Upon expiration
Upon expiration
Monthly
Monthly
Monthly
Monthly
Quarterly
Biannual
Monthly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Upon expiration
Monthly
Monthly
Monthly
Monthly
Upon expiration
Upon expiration
Monthly
Monthly
Monthly
Upon expiration
Quarterly
Upon expiration
Quarterly
Quarterly
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Monthly
Monthly
Monthly
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
No
No
No
No
No
No
No
No
No
No
No
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
Yes
No
No
No
No
No
No
No
No
No
Yes
Yes
No
-
1,400
24,793
1,586
8
3,411
522
1,524
1,525
33
620
-
20
75
64
35
126
81
77
189
97
144
488
843
843
16
261
7
21
313
282
76
245
812
391
123
302
495
253
722
876
-
-
-
-
-
-
-
-
1
1,539
1,514
1,514
98
53,436
5,108
-
-
-
-
-
-
-
123
80
77
562
272
417
837
837
47
768
3,709
3,342
71,338
4,703
-
-
-
-
-
48,028
50,395
105,546
35,182
35,182
35,182
70,364
35,182
35,182
60,534
2,132
-
-
-
1,586
8
3,411
2,061
3,038
3,039
131
54,056
5,108
20
75
64
35
249
161
154
751
369
561
1,888
24,793
1,680
1,680
63
1,029
7
21
4,022
3,624
71,414
-
4,948
812
391
48,151
50,697
105,546
35,182
35,182
35,182
70,364
35,182
35,182
1
61,029
253
2,854
876
167
158
242
1,191
5,564
5,012
22,614
8,062
145,407
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
75,769
97,075
2,053
99,436
2,053
855
5,074
692
2,537
1,038
1,038
1,038
1,384
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
75,769
97,075
99,436
4,961
7,611
5,190
167
158
242
1,191
2,560
1,145
1,641
40,801
36,756
22,614
20,156
145,407
48,576
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,024
1,024
512
5,564
5,012
5,564
5,012
18,545
16,708
1,145
1,641
5,564
5,012
8,062
4,032
48,576
6,201
4,623
10,824
Currency
Country
United
Kingdom US$
US$
U.S.A
US$
U.S.A
BRL
Brazil
BRL
Brazil
BRL
Brazil
BRL
Brazil
Brazil
US$
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
COP
Japan
BRL
Brazil
BRL
Brazil
BRL
Brazil
BRL
Brazil
US$
Brazil
US$
Brazil
BRL
Brazil
BRL
Brazil
BRL
Brazil
PEN
Peru
BRL
Brazil
US$
U.S.A
US$
U.S.A
US$
U.S.A
US$
France
US$
U.S.A
US$
U.S.A
US$
U.S.A
US$
U.S.A
US$
U.S.A
US$
U.S.A
US$
U.S.A
CLP
Chile
US$
U.S.A
BRL
Brazil
BRL
Brazil
BRL
Brazil
Totals
17,507
689,423
706,930
376,305
177,925
17,013
14,400
36,637
622,280
b) Unsecured bonds
The detail of Unsecured bonds by currency and maturity as of December 31, 2020 and 2019 is as follows:
- Summary of Unsecured bonds by currency and maturity
IN THOUSANDS OF U.S. DOLLARS – THUS$
Current
Maturity
Nominal
Interest
Rate
5,30%
5,75%
6,34%
6,24%
6,24%
5,74%
Secured /
Unsecured
Unsecured
Unsecured
Unsecured
Unsecured
Unsecured
Unsecured
One to three
months
Three to
twelve months
Total Current
12-31-2020
-
-
-
3.531
5.425
245.073
4.405
7.103
275
29.344
33.691
80.240
4.405
7.103
275
32.875
39.116
325.313
One to two
Two to three
years
3.611
-
-
31.787
67.383
254.173
years
-
-
-
44.225
62.493
223.554
Non-Current
Maturity
Three to
four years
-
-
-
42.126
361.796
202.170
Four to
five years
-
-
-
38.697
92.308
220.981
More than
five years
588.112
-
10.017
161.837
175.405
284.119
Total Non-
Current
12-31-2020
588.112
3.611
10.017
318.672
759.385
1.184.997
254.029
155.058
409.087
356.954
330.272
606.092
351.986
1.219.490
2.864.794
Country
Currency
US$
UF
US$
PEN
BRL
COP
Chile
Chile
Peru
Peru
Brazil
Colombia
Total
282282
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information ITAU BBA INTERNATIONAL PLC
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
CITIBANK TRADE
BNP PARIBAS
BNDES
BNDES-A
BNDES-B
BNDES-F
SCOTIABANK
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Enel Distribución Ceará S.A. Brazil
Enel Distribución Ceará S.A. Brazil
Enel Distribución Ceará S.A. Brazil
Enel Distribución Ceará S.A. Brazil
Enel Distribución Ceará S.A. Brazil
Enel Distribución Ceará S.A. Brazil
Enel Distribución Ceará S.A. Brazil
Enel Distribución Ceará S.A. Brazil
Enel Distribución Ceará S.A. Brazil
Enel Distribución Perú S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Colombia
Foreign
BANCO BBVA COLOMBIA S.A.
Colombia
Foreign
BANCO DE BOGOTÁ
Colombia
Foreign
BANCO BBVA COLOMBIA S.A.
Colombia
Foreign
BANCO BBVA COLOMBIA S.A.
Colombia
Foreign
BANCO BBVA COLOMBIA S.A.
Colombia
Foreign
BANCO BBVA COLOMBIA S.A.
Colombia
Foreign
BANCO BBVA COLOMBIA S.A.
Colombia
Foreign
BANCO BBVA COLOMBIA S.A.
Colombia
Foreign
BANCO BBVA COLOMBIA S.A.
Colombia
Foreign
BANCO BBVA COLOMBIA S.A.
Colombia
Foreign
BANCO BBVA COLOMBIA S.A.
Colombia
Foreign
BANCO AGRARIO
Colombia
Foreign
MUFG BANK LTD
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Peru
Brazil
Brazil
Brazil
Brazil
Brazil
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Chile
Brazil
Brazil
Brazil
Brazil
BNDES CAPEX 12 A
BNDES CAPEX 12 B
BNDES CAPEX 12 F
BNDES
BANCO DO BRASIL (BOND D)
BANCO DO BRASIL (BOND P)
BNB Nº 16.2018.204.23875
BNB Nº 16.2018.204.23875
BNP
BANCO DE CREDITO DEL PERÚ
BNDES -FINAME CAPITAL DE GIRO
CITIBANK
SCOTIABANK
SCOTIABANK
BNP
BNP PARIBAS NY
CITIBANK N.A
CREDIT AGRICOLE CIB
JPMORGAN CHASE BANK
SUMITOMO MITSUI BANKING
SOCIETE GENERALE
BBVA NEW YORK BRANCH
BANCO CITIBANK
FINEP - 1º PROTOCOLO
FINEP - 2º PROTOCOLO
6ª NOTA PROMISSÓRIA
97036000-k
LINEA SOBREGIRO (BANCO SANTANDER)
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
94.271.000-3 Enel Américas S.A.
Enel Generación Fortaleza
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Totals
b) Unsecured bonds
United
Kingdom US$
U.S.A
U.S.A
Brazil
Brazil
Brazil
Brazil
Brazil
US$
US$
BRL
BRL
BRL
BRL
US$
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Japan
COP
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Peru
Brazil
U.S.A
U.S.A
U.S.A
U.S.A
U.S.A
U.S.A
U.S.A
U.S.A
U.S.A
U.S.A
Chile
U.S.A
Brazil
Brazil
Brazil
France
BRL
BRL
BRL
BRL
US$
US$
BRL
BRL
BRL
PEN
BRL
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
CLP
US$
BRL
BRL
BRL
4,40%
3,59%
8,74%
3,01%
9,11%
10,13%
6,27%
10,13%
3,21%
5,18%
5,47%
5,13%
5,18%
5,21%
5,13%
5,18%
5,21%
5,86%
5,78%
5,83%
6,23%
9,11%
9,11%
6,27%
3,01%
3,73%
6,39%
6,59%
6,59%
4,42%
4,16%
9,89%
4,16%
3,06%
3,37%
3,78%
4,99%
4,99%
4,99%
4,99%
4,99%
4,99%
4,99%
6,00%
4,66%
4,00%
5,24%
6,53%
4,39%
3,58%
7,14%
3,00%
8,93%
9,93%
6,13%
3,20%
5,09%
5,36%
5,03%
5,08%
5,11%
5,03%
5,08%
5,11%
5,74%
5,66%
5,71%
6,09%
8,82%
8,93%
9,93%
6,13%
3,00%
3,72%
6,38%
6,58%
6,58%
4,41%
4,10%
9,88%
4,15%
1,95%
3,36%
3,77%
2,67%
2,67%
2,67%
2,67%
2,67%
2,67%
2,67%
6,00%
4,65%
4,00%
5,00%
6,52%
Upon expiration
Upon expiration
Upon expiration
Monthly
Monthly
Monthly
Monthly
Quarterly
Biannual
Monthly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Quarterly
Upon expiration
Quarterly
Quarterly
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Monthly
Monthly
Monthly
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
No
No
No
No
No
No
No
No
No
No
No
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
Yes
No
No
No
No
No
No
No
No
No
Yes
Yes
No
The detail of Unsecured bonds by currency and maturity as of December 31, 2020 and 2019 is as follows:
- Summary of Unsecured bonds by currency and maturity
IN THOUSANDS OF U.S. DOLLARS – THUS$
IN THOUSANDS OF U.S. DOLLARS – THUS$
Current
Non-Current
Taxpayer ID
No.
Company
Taxpayer ID
Country
No.
Financial Institution
Country
Currency
Rate
Rate
Amortization
Secured
Less than
90 days
More than
90 days
Total
Current
One to two
years
Effective
Nominal
Interest
Interest
Type of
1,586
8
3,411
522
1,524
1,525
33
620
-
20
75
64
35
126
81
77
189
97
144
488
-
843
843
16
261
7
21
313
282
76
-
245
812
391
123
302
-
-
-
-
-
-
-
1
495
253
722
876
-
-
-
1,539
1,514
1,514
98
53,436
5,108
-
-
-
-
123
80
77
562
272
417
1,400
24,793
837
837
47
768
-
-
3,709
3,342
71,338
-
4,703
-
-
48,028
50,395
105,546
35,182
35,182
35,182
70,364
35,182
35,182
-
60,534
-
2,132
-
1,586
8
3,411
2,061
3,038
3,039
131
54,056
5,108
20
75
64
35
249
161
154
751
369
561
1,888
24,793
1,680
1,680
63
1,029
7
21
4,022
3,624
71,414
-
4,948
812
391
48,151
50,697
105,546
35,182
35,182
35,182
70,364
35,182
35,182
1
61,029
253
2,854
876
12-31-2019
Two to
three years
-
-
99,436
2,053
-
-
-
-
75,769
97,075
-
2,053
-
-
-
-
5,074
692
2,537
1,038
-
-
-
-
-
-
167
158
242
1,191
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,024
1,024
-
-
5,564
5,012
-
22,614
8,062
145,407
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5,564
5,012
-
-
8,062
-
48,576
-
-
-
-
-
-
-
-
-
-
-
-
6,201
-
4,623
-
Three to
four years
Four to
five years
More than
five years
Total Non-
Current
-
-
-
855
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,038
1,038
1,384
-
-
-
-
-
-
-
-
-
-
-
-
-
-
512
-
-
5,564
5,012
-
-
4,032
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,145
1,641
5,564
5,012
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
18,545
16,708
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
75,769
97,075
99,436
4,961
-
-
-
-
7,611
5,190
-
-
-
-
-
-
167
158
242
1,191
-
-
-
-
2,560
1,145
1,641
40,801
36,756
-
22,614
20,156
145,407
48,576
-
-
-
-
-
-
-
-
-
-
-
-
10,824
-
17,507
689,423
706,930
376,305
177,925
17,013
14,400
36,637
622,280
Country
Currency
Chile
Chile
Peru
Peru
Brazil
Total
Colombia
US$
UF
US$
PEN
BRL
COP
Current
Maturity
Nominal
Interest
Rate
5,30%
5,75%
6,34%
6,24%
6,24%
5,74%
Secured /
Unsecured
Unsecured
Unsecured
Unsecured
Unsecured
Unsecured
Unsecured
One to three
Three to
months
twelve months
Total Current
12-31-2020
-
-
-
3.531
5.425
245.073
4.405
7.103
275
29.344
33.691
80.240
4.405
7.103
275
32.875
39.116
325.313
One to two
years
Two to three
years
-
3.611
-
31.787
67.383
254.173
-
-
-
44.225
62.493
223.554
Non-Current
Maturity
Three to
four years
-
-
-
42.126
361.796
202.170
Four to
five years
-
-
-
38.697
92.308
220.981
More than
five years
588.112
-
10.017
161.837
175.405
284.119
Total Non-
Current
12-31-2020
588.112
3.611
10.017
318.672
759.385
1.184.997
254.029
155.058
409.087
356.954
330.272
606.092
351.986
1.219.490
2.864.794
283
Annual Report Enel Américas 2020 IN THOUSANDS OF U.S. DOLLARS – THUS$
Country
Currency
Chile
Chile
Peru
Peru
Brazil
Colombia
Total
US$
UF
US$
PEN
BRL
COP
Nominal
Interest
Rate
5,30%
5,75%
6,06%
6,26%
7,33%
7,71%
Secured /
Unsecured
Unsecured
Unsecured
Unsecured
Unsecured
Unsecured
Unsecured
- Unsecured bonds by company
Current
Maturity
One to three
months
Three to
twelve months
Total Current
12-31-2019
One to two
Two to three
Four to
More than
years
years
four years
five years
five years
-
-
418
3.992
61.962
33.128
4.471
6.228
10.002
41.588
2.064
100.781
4.471
6.228
10.420
45.580
64.026
133.909
Non-Current
Maturity
Three to
-
-
-
48.244
240.094
232.874
-
-
-
45.954
298.609
134.501
586.224
-
10.001
218.755
316.363
450.078
Total Non-
Current
12-31-2019
586.224
9.766
10.001
377.780
984.265
1.389.849
6.543
-
-
30.152
43.503
307.641
3.223
-
-
34.675
85.696
264.755
99.500
165.134
264.634
387.839
388.349
521.212
479.064
1.581.421
3.357.885
IN THOUSANDS OF U.S. DOLLARS – THUS$
Taxpayer ID
No.
Company
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Country
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Enel Generación Perú S.A.
Enel Generación Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Chile
Chile
Chile
Brazil
Brazil
Brazil
94.271.00-3
Enel Américas S.A.
94.271.00-3
Enel Américas S.A.
94.271.00-3
Enel Américas S.A.
Enel Distribución Río S.A.
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Foreign
Foreign
Foreign
Total
284284
Taxpayer
ID No.
Name
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
BONOS B12-13
BONOS B7-14
Bonos E5-17
BONOS E7-17
BONOS E7-18
BONOS B12-18
BONOS B5-18
BONOS E4-19
BONOS B10-19
BONOS E4-2020
BONOS B7-2020
DEBÊNTURES 5ª EMISSÃO - 1 SÉRIE (CEAR15)
DEBÊNTURES 5ª EMISSÃO - 2 SÉRIE (CEAR25)
DEBÊNTURES 6ª EMISSÃO - 1 SÉRIE (CEAR16)
DEBÊNTURES 6ª EMISSÃO - 2 SÉRIE (CEAR26)
DEBÊNTURES 7ª EMISSÃO - 1 SÉRIE (COCE17)
DEBÊNTURES 7ª EMISSÃO - 1 SÉRIE (COCE27)
BANCO CONTINENTAL TERC PROG 8VA EMISION SERIE A
BANCO CONTINENTAL TERC PROG 1RA EMISION SERIE A
BONOS 4TA PROGRAMA - 9NA EMISIÓN SERIE A
Bonos 4ta Programa - 11ra emisión Serie A
Bonos 4ta Programa - 13ra emisión Serie A
BONOS 4TA PROGRAMA - 15VA EMISION SERIE A
BONOS 4TA PROGRAMA - 12VA EMISION SERIE A
BONOS 5TO PROGRAMA - 5TA EMISION SERIE A
BONOS 5TO PROGRAMA - 8VA EMISION SERIE A
BONOS 5TO PROGRAMA - 9NA EMISION SERIE A
Bonos 5to Programa - 10ma emision Serie A
BONOS 5TO PROGRAMA - 2DA EMISION SERIE A
BONOS 5TO PROGRAMA - 19NA EMISION SERIE A
BONOS 5TO PROGRAMA - 20DA EMISION SERIE A
BONOS 5TO PROGRAMA - 21MA EMISION SERIE A
BONOS 6TO PROGRAMA - 1 EMISION SERIE A
BONOS 6TO PROGRAMA - 2 EMISION SERIE A
BONOS 6TO PROGRAMA - 3 EMISION SERIE A
BONOS 6TO PROGRAMA - 4 EMISION SERIE A
BONOS B15-09
BONOS B12-09
BONOS EXTERIOR
BONOS QUIMBO
BONOS QUIMBO B10
BONOS QUIMBO B15
BONOS QUIMBO B12-13
BONOS QUIMBO B16-14
BONOS QUIMBO B10-14
BONOS B7-16
BONOS E6-16
YANKEE BONOS 2026
BONOS UF 269
YANKEE BONOS SERIE ÚNICA U.S. $ 600 MILLONES
DEBENTURES 10 EMISSION (AMPL10)
DEBÊNTURES - 24ª EMISSÃO 1ª SÉRIE
DEBÊNTURES - 24ª EMISSÃO 2ª SÉRIE
Effective
Interest
Rate
6.36%
Nominal
Interest
Rate
6.22%
5.07%
7.60%
6.46%
6.74%
5.14%
4.35%
6.29%
5.10%
4.69%
3.98%
3.60%
10.41%
3.76%
10.61%
3.29%
9.27%
6.44%
6.41%
6.48%
6.25%
5.72%
5.13%
5.26%
7.55%
7.65%
7.02%
6.55%
6.55%
8.46%
6.28%
6.18%
5.88%
5.52%
6.08%
5.19%
7.67%
6.10%
9.11%
9.11%
5.06%
5.18%
6.56%
5.70%
5.38%
6.25%
7.59%
7.76%
7.02%
4.21%
3.01%
3.61%
8.73%
4.98%
7.39%
6.31%
6.58%
5.04%
4.28%
6.15%
5.01%
4.61%
3.92%
3.59%
10.40%
3.75%
10.60%
3.28%
9.26%
6.34%
6.31%
6.38%
6.15%
5.64%
5.06%
5.19%
7.41%
7.51%
6.90%
6.44%
6.44%
8.29%
6.19%
6.09%
5.80%
5.45%
5.99%
5.13%
7.46%
0.00%
8.75%
8.75%
4.97%
5.09%
6.41%
5.58%
5.27%
6.11%
7.38%
6.60%
5.75%
4.00%
2.99%
3.60%
8.72%
Currency
COP
COP
COP
COP
COP
COP
COP
COP
COP
COP
COP
BRL
BRL
BRL
BRL
BRL
BRL
US$
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
COP
COP
COP
COP
COP
COP
COP
COP
COP
COP
COP
US$
UF
US$
BRL
BRL
BRL
Country
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
U.S.A
Chile
U.S.A
Brazil
Brazil
Brazil
Maturity
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Annual
Annual
Annual
Annual
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Biannual
Upon expiration
Biannual
Annual
Upon expiration
Current
Non-Current
12-31-2020
Less than
90 days
More than
90 days
Total
One to two
Two to
years
three years
Three to
four years
450
51
4,729
54,062
Current
450
54,113
4,729
78,901
Four to
five years
56,499
More than
five years
Total Non-
Current
56,499
33,691
33,770
33,691
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
275
150
119
83
139
28,057
56
264
211
265
26,178
5
7,103
4,400
2,202
28,057
241
863
529
467
343
204
341
289
83
10
151
473
275
12
150
119
273
83
307
254
139
56
401
454
819
264
211
413
265
598
168
226
154
389
333
361
721
88
5
7,103
4,400
1,153
459
816
26,665
28,540
205,098
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
33,691
6,910
11,056
13,820
87,644
87,630
3,611
56,984
81,823
17,550
7,701
33,050
4,193
16,585
27,641
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
58,445
58,445
31,524
25,017
73,057
14,439
57,703
22,113
20,013
16,219
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
11,056
27,641
106,036
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
46,756
58,445
73,057
10,017
13,820
13,820
9,813
16,585
19,349
27,641
35,933
24,877
58,408
47,453
858
587,253
175,405
-
78,901
58,445
58,445
46,756
56,984
81,823
58,445
73,057
73,057
33,691
31,989
7,701
56,541
66,741
61,896
10,017
6,910
11,056
13,820
13,820
11,056
13,820
9,813
16,585
-
16,585
22,113
19,349
27,641
20,013
27,641
27,641
35,933
24,877
16,219
-
-
-
87,644
58,408
106,036
47,453
54,450
84,745
87,630
858
3,611
587,253
192,318
133,103
175,405
54,450
84,745
192,318
65,811
67,292
2,202
12
241
863
529
467
343
204
341
289
79
83
10
151
473
-
-
-
-
-
-
-
-
-
-
273
307
254
401
454
819
413
598
168
487
226
154
389
333
361
721
88
-
-
-
1,153
459
816
28,540
205,098
254,029
155,058
409,087
356,954
330,272
606,092
351,986
1,219,490
2,864,794
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information IN THOUSANDS OF U.S. DOLLARS – THUS$
Country
Currency
Chile
Chile
Peru
Peru
Brazil
Total
Colombia
US$
UF
US$
PEN
BRL
COP
Nominal
Interest
Rate
5,30%
5,75%
6,06%
6,26%
7,33%
7,71%
Secured /
Unsecured
Unsecured
Unsecured
Unsecured
Unsecured
Unsecured
Unsecured
Current
Maturity
-
-
418
3.992
61.962
33.128
One to three
Three to
months
twelve months
Total Current
12-31-2019
4.471
6.228
10.002
41.588
2.064
100.781
4.471
6.228
10.420
45.580
64.026
133.909
- Unsecured bonds by company
IN THOUSANDS OF U.S. DOLLARS – THUS$
Taxpayer ID
Taxpayer
Company
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Country
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Name
BONOS B12-13
BONOS B7-14
Bonos E5-17
BONOS E7-17
BONOS E7-18
BONOS B12-18
BONOS B5-18
BONOS E4-19
BONOS B10-19
BONOS E4-2020
BONOS B7-2020
ID No.
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Enel Generación Perú S.A.
Enel Generación Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Chile
Chile
Chile
Brazil
Brazil
Brazil
No.
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Total
DEBÊNTURES 5ª EMISSÃO - 1 SÉRIE (CEAR15)
DEBÊNTURES 5ª EMISSÃO - 2 SÉRIE (CEAR25)
DEBÊNTURES 6ª EMISSÃO - 1 SÉRIE (CEAR16)
DEBÊNTURES 6ª EMISSÃO - 2 SÉRIE (CEAR26)
DEBÊNTURES 7ª EMISSÃO - 1 SÉRIE (COCE17)
DEBÊNTURES 7ª EMISSÃO - 1 SÉRIE (COCE27)
BANCO CONTINENTAL TERC PROG 8VA EMISION SERIE A
BANCO CONTINENTAL TERC PROG 1RA EMISION SERIE A
BONOS 4TA PROGRAMA - 9NA EMISIÓN SERIE A
Bonos 4ta Programa - 11ra emisión Serie A
Bonos 4ta Programa - 13ra emisión Serie A
BONOS 4TA PROGRAMA - 15VA EMISION SERIE A
BONOS 4TA PROGRAMA - 12VA EMISION SERIE A
BONOS 5TO PROGRAMA - 5TA EMISION SERIE A
BONOS 5TO PROGRAMA - 8VA EMISION SERIE A
BONOS 5TO PROGRAMA - 9NA EMISION SERIE A
Bonos 5to Programa - 10ma emision Serie A
BONOS 5TO PROGRAMA - 2DA EMISION SERIE A
BONOS 5TO PROGRAMA - 19NA EMISION SERIE A
BONOS 5TO PROGRAMA - 20DA EMISION SERIE A
BONOS 5TO PROGRAMA - 21MA EMISION SERIE A
BONOS 6TO PROGRAMA - 1 EMISION SERIE A
BONOS 6TO PROGRAMA - 2 EMISION SERIE A
BONOS 6TO PROGRAMA - 3 EMISION SERIE A
BONOS 6TO PROGRAMA - 4 EMISION SERIE A
BONOS B15-09
BONOS B12-09
BONOS EXTERIOR
BONOS QUIMBO
BONOS QUIMBO B10
BONOS QUIMBO B15
BONOS QUIMBO B12-13
BONOS QUIMBO B16-14
BONOS QUIMBO B10-14
BONOS B7-16
BONOS E6-16
YANKEE BONOS 2026
BONOS UF 269
94.271.00-3
Enel Américas S.A.
94.271.00-3
Enel Américas S.A.
94.271.00-3
Enel Américas S.A.
Enel Distribución Río S.A.
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
YANKEE BONOS SERIE ÚNICA U.S. $ 600 MILLONES
DEBENTURES 10 EMISSION (AMPL10)
DEBÊNTURES - 24ª EMISSÃO 1ª SÉRIE
DEBÊNTURES - 24ª EMISSÃO 2ª SÉRIE
Effective
Interest
Nominal
Interest
Currency
Country
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
U.S.A
Chile
U.S.A
Brazil
Brazil
Brazil
COP
COP
COP
COP
COP
COP
COP
COP
COP
COP
COP
BRL
BRL
BRL
BRL
BRL
BRL
US$
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
COP
COP
COP
COP
COP
COP
COP
COP
COP
COP
COP
US$
UF
US$
BRL
BRL
BRL
Rate
6.36%
5.07%
7.60%
6.46%
6.74%
5.14%
4.35%
6.29%
5.10%
4.69%
3.98%
3.60%
10.41%
3.76%
10.61%
3.29%
9.27%
6.44%
6.41%
6.48%
6.25%
5.72%
5.13%
5.26%
7.55%
7.65%
7.02%
6.55%
6.55%
8.46%
6.28%
6.18%
5.88%
5.52%
6.08%
5.19%
7.67%
6.10%
9.11%
9.11%
5.06%
5.18%
6.56%
5.70%
5.38%
6.25%
7.59%
7.76%
7.02%
4.21%
3.01%
3.61%
8.73%
Rate
6.22%
4.98%
7.39%
6.31%
6.58%
5.04%
4.28%
6.15%
5.01%
4.61%
3.92%
3.59%
10.40%
3.75%
10.60%
3.28%
9.26%
6.34%
6.31%
6.38%
6.15%
5.64%
5.06%
5.19%
7.41%
7.51%
6.90%
6.44%
6.44%
8.29%
6.19%
6.09%
5.80%
5.45%
5.99%
5.13%
7.46%
0.00%
8.75%
8.75%
4.97%
5.09%
6.41%
5.58%
5.27%
6.11%
7.38%
6.60%
5.75%
4.00%
2.99%
3.60%
8.72%
One to two
Two to three
Non-Current
Maturity
Three to
Four to
More than
years
years
four years
five years
five years
-
6.543
-
30.152
43.503
307.641
-
3.223
-
34.675
85.696
264.755
-
-
-
48.244
240.094
232.874
-
-
-
45.954
298.609
134.501
586.224
-
10.001
218.755
316.363
450.078
Total Non-
Current
12-31-2019
586.224
9.766
10.001
377.780
984.265
1.389.849
99.500
165.134
264.634
387.839
388.349
521.212
479.064
1.581.421
3.357.885
Maturity
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Annual
Annual
Upon expiration
Annual
Annual
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Biannual
Upon expiration
Biannual
Annual
Upon expiration
Current
More than
90 days
-
54,062
-
-
-
-
-
-
-
-
-
Total
Current
450
54,113
4,729
One to two
years
-
-
78,901
241
863
529
467
343
204
341
289
-
-
-
-
-
-
-
-
33,691
33,770
33,691
-
-
-
-
-
275
-
150
119
-
83
-
-
139
28,057
56
-
-
-
264
211
-
265
-
-
26,178
-
-
-
-
-
-
-
-
-
5
7,103
4,400
-
-
-
83
10
151
473
2,202
275
12
150
119
273
83
307
254
139
28,057
56
401
454
819
264
211
413
265
598
168
26,665
28,540
205,098
226
154
389
333
361
721
88
5
7,103
4,400
1,153
459
816
-
-
-
33,691
-
-
6,910
11,056
-
13,820
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
87,644
-
-
-
-
-
87,630
-
3,611
-
-
-
-
Less than
90 days
450
51
4,729
241
863
529
467
343
204
341
289
79
83
10
151
473
2,202
-
12
-
-
273
-
307
254
-
-
-
401
454
819
-
-
413
-
598
168
487
28,540
205,098
226
154
389
333
361
721
88
-
-
-
1,153
459
816
Non-Current
12-31-2020
Two to
three years
-
-
-
-
-
-
56,984
81,823
-
-
-
-
17,550
7,701
-
33,050
4,193
-
-
-
-
-
-
-
-
-
-
16,585
-
-
27,641
-
-
-
-
-
-
-
-
-
-
-
-
-
-
84,745
-
-
-
-
-
-
-
Three to
four years
-
-
-
58,445
-
-
-
-
-
73,057
-
-
14,439
-
31,524
-
57,703
-
-
-
-
-
-
-
-
-
-
-
22,113
-
-
20,013
-
-
-
-
16,219
-
-
-
-
-
-
-
54,450
-
-
-
-
-
192,318
65,811
-
Four to
five years
56,499
More than
five years
-
Total Non-
Current
56,499
-
-
-
58,445
-
-
-
-
-
-
-
-
-
25,017
-
-
-
-
-
-
-
11,056
-
-
-
-
-
-
-
-
-
27,641
-
-
-
-
-
-
-
-
-
-
-
-
-
46,756
-
-
58,445
-
73,057
-
-
-
-
-
-
10,017
-
-
13,820
-
-
13,820
9,813
16,585
-
-
-
19,349
-
-
-
27,641
35,933
24,877
-
-
-
-
-
58,408
-
78,901
58,445
58,445
46,756
56,984
81,823
58,445
73,057
73,057
33,691
31,989
7,701
56,541
66,741
61,896
10,017
6,910
11,056
13,820
13,820
11,056
13,820
9,813
16,585
-
16,585
22,113
19,349
27,641
20,013
27,641
27,641
35,933
24,877
16,219
-
-
-
87,644
58,408
106,036
-
106,036
-
-
-
-
-
-
-
-
67,292
47,453
-
-
-
858
-
587,253
-
-
-
175,405
47,453
54,450
84,745
87,630
858
3,611
587,253
192,318
133,103
175,405
254,029
155,058
409,087
356,954
330,272
606,092
351,986
1,219,490
2,864,794
285
Annual Report Enel Américas 2020 Effective
Interest
Rate
8.83%
Nominal
Interest
Rate
8.55%
7.50%
7.70%
7.39%
6.46%
6.74%
7.57%
6.77%
6.30%
7.53%
7.26%
10.99%
6.95%
10.02%
6.48%
8.22%
6.44%
6.41%
5.86%
7.58%
6.38%
6.15%
5.64%
5.06%
5.19%
6.86%
7.41%
6.61%
7.51%
6.90%
6.44%
6.44%
8.29%
6.19%
6.09%
5.80%
5.45%
5.99%
5.13%
10.16%
10.17%
9.11%
9.11%
7.50%
7.62%
8.94%
8.15%
7.82%
7.39%
7.39%
8.71%
7.59%
7.76%
7.02%
4.21%
6.42%
6.80%
6.82%
6.17%
7.30%
7.49%
7.39%
6.31%
6.58%
7.36%
6.60%
6.16%
7.33%
7.25%
10.50%
6.95%
9.10%
6.47%
7.36%
6.34%
6.31%
5.78%
7.44%
6.28%
6.06%
5.56%
5.00%
5.13%
6.75%
7.28%
6.50%
7.38%
6.78%
6.34%
6.34%
8.12%
6.09%
6.00%
5.72%
5.38%
5.91%
5.06%
9.80%
9.81%
8.75%
8.75%
7.29%
7.41%
8.65%
7.91%
7.60%
7.20%
7.20%
8.44%
7.38%
6.60%
5.75%
4.00%
6.42%
6.79%
6.27%
6.17%
Currency
COP
COP
COP
COP
COP
COP
COP
COP
COP
COP
BRL
BRL
BRL
BRL
BRL
BRL
US$
PEN
US$
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
COP
COP
COP
COP
COP
COP
COP
COP
COP
COP
COP
COP
COP
US$
UF
US$
BRL
BRL
BRL
BRL
Maturity
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Annual
Annual
Annual
Annual
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Biannual
Upon expiration
Biannual
Annual
Upon expiration
Monthly
Current
Non-Current
12-31-2019
Less than
90 days
More than
90 days
Total
One to two
Two to
Current
years
three years
Three to
four years
Four to
five years
More than
five years
58,860
Total Non-
Current
27,398
4,959
56,321
82,198
43,503
42,915
42,781
43,142
36,218
33,388
1,400
2,752
273
648
79
96
253
900
805
751
360
306
177
98
21
179
145
269
295
333
359
275
434
491
888
648
231
667
2,333
16,766
347
235
556
493
543
362
304
1,042
92
3,923
53,412
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
12
10,002
9,046
162
127
89
15,075
15,185
148
449
57
284
225
446
283
39,897
33,486
-
-
5
-
-
6,228
4,466
1,120
944
648
79
27,494
4,959
253
900
805
751
360
306
177
98
21
179
1,400
2,752
273
12
10,147
9,315
162
127
295
89
333
15,434
275
15,185
148
449
57
434
491
888
284
225
446
283
648
231
667
347
235
556
493
543
40,259
33,790
1,042
92
5
6,228
4,466
3,923
1,120
944
53,412
7,538
12,061
15,076
30,152
2,333
16,766
27,271
27,152
196,897
91,293
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
59,365
85,242
21,525
9,944
18,091
30,153
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
60,887
18,447
76,539
24,122
21,832
16,897
56,717
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
10,704
10,704
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
60,887
48,710
60,887
10,001
15,076
12,061
15,076
18,091
21,108
30,152
30,152
39,198
27,137
60,844
110,458
49,432
858
585,366
86,760
196,215
58,860
56,321
-
82,198
60,887
60,887
48,710
59,365
85,242
60,887
86,418
39,972
9,944
69,606
85,923
76,539
10,001
7,538
12,061
15,076
15,076
12,061
15,076
-
-
-
-
18,091
30,152
18,091
24,122
21,108
30,153
21,832
30,152
30,152
39,198
27,137
16,897
27,271
27,152
196,897
91,293
60,844
110,458
49,432
56,717
-
-
88,267
91,264
858
9,766
585,366
248,245
171,403
196,215
-
88,267
91,264
6,543
3,223
165,483
82,762
84,643
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
99,500
165,134
264,634
387,839
388,349
521,212
479,064
1,581,421
3,357,885
IN THOUSANDS OF U.S. DOLLARS – THUS$
Taxpayer ID
No.
Company
Taxpayer
ID No.
Name
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Country
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Enel Generación Perú S.A.
Enel Generación Perú S.A.
Enel Generación Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Chile
Chile
Chile
Brazil
Brazil
Brazil
Brazil
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
BONOS B12-13
BONOS B7-14
BONOS E4-16
BONOS E5-17
BONOS E7-17
BONOS E7-18
BONOS B12-18
BONOS B5-18
BONOS E4-19
BONOS B10-19
DEBÊNTURES 5ª EMISSÃO - 1 SÉRIE (CEAR15)
DEBÊNTURES 5ª EMISSÃO - 2 SÉRIE (CEAR25)
DEBÊNTURES 6ª EMISSÃO - 1 SÉRIE (CEAR16)
DEBÊNTURES 6ª EMISSÃO - 2 SÉRIE (CEAR26)
DEBÊNTURES 7ª EMISSÃO - 1 SÉRIE (COCE17)
DEBÊNTURES 7ª EMISSÃO - 1 SÉRIE (COCE27)
BANCO CONTINENTAL TERC PROG 8VA EMISION SERIE A
BANCO CONTINENTAL TERC PROG 1RA EMISION SERIE A
Country
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Peru
Peru
BANCO SCOTIABANK CUARTO PROG 5TA EMISION SERIE A Peru
BONOS 4TA PROGRAMA - 5TA MISIÓN SERIE A
BONOS 4TA PROGRAMA - 9NA EMISIÓN SERIE A
BONOS 4TA PROGRAMA - 11RA EMISIÓN SERIE A
BONOS 4TA PROGRAMA - 13RA EMISIÓN SERIE A
BONOS 4TA PROGRAMA - 15VA EMISION SERIE A
BONOS 4TA PROGRAMA - 12VA EMISION SERIE A
BONOS 5TO PROGRAMA - 1RA EMISION SERIE A
BONOS 5TO PROGRAMA - 5TA EMISION SERIE A
BONOS 5TO PROGRAMA - 1RA EMISION SERIE B
BONOS 5TO PROGRAMA - 8VA EMISION SERIE A
BONOS 5TO PROGRAMA - 9NA EMISION SERIE A
BONOS 5TO PROGRAMA - 10MA EMISION SERIE A
BONOS 5TO PROGRAMA - 2DA EMISION SERIE A
BONOS 5TO PROGRAMA - 19NA EMISION SERIE A
BONOS 5TO PROGRAMA - 20DA EMISION SERIE A
BONOS 5TO PROGRAMA - 21MA EMISION SERIE A
BONOS 6TO PROGRAMA - 1 EMISION SERIE A
BONOS 6TO PROGRAMA - 2 EMISION SERIE A
BONOS 6TO PROGRAMA - 3 EMISION SERIE A
BONOS 6TO PROGRAMA - 4 EMISION SERIE A
BONOS B15-09
BONOS B12-09
BONOS EXTERIOR
BONOS QUIMBO
BONOS QUIMBO B10
BONOS QUIMBO B15
BONOS QUIMBO B12-13
BONOS QUIMBO B16-14
BONOS QUIMBO B10-14
BONOS QUIMBO B6-14
BONOS B6-14
BONOS B7-16
BONOS E6-16
YANKEE BONOS 2026
BONOS UF 269
YANKEE BONOS SERIE ÚNICA U.S. $ 600 MILLONES
DEBENTURES 10 EMISSION (AMPL10)
DEBÊNTURES - 24ª EMISSÃO 1ª SÉRIE
DEBÊNTURES - 24ª EMISSÃO 2ª SÉRIE
6ª NOTA PROMISSÓRIA
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
U.S.A
Chile
U.S.A
Brazil
Brazil
Brazil
Brazil
94.271.00-3
Enel Américas S.A.
94.271.00-3
Enel Américas S.A.
94.271.00-3
Enel Américas S.A.
Enel Distribución Río S.A.
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Foreign
Foreign
Foreign
Foreign
Total
286286
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information IN THOUSANDS OF U.S. DOLLARS – THUS$
Taxpayer ID
Taxpayer
Company
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Country
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Name
BONOS B12-13
BONOS B7-14
BONOS E4-16
BONOS E5-17
BONOS E7-17
BONOS E7-18
BONOS B12-18
BONOS B5-18
BONOS E4-19
BONOS B10-19
ID No.
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Enel Generación Perú S.A.
Enel Generación Perú S.A.
Enel Generación Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Chile
Chile
Chile
Brazil
Brazil
Brazil
Brazil
No.
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Total
DEBÊNTURES 5ª EMISSÃO - 1 SÉRIE (CEAR15)
DEBÊNTURES 5ª EMISSÃO - 2 SÉRIE (CEAR25)
DEBÊNTURES 6ª EMISSÃO - 1 SÉRIE (CEAR16)
DEBÊNTURES 6ª EMISSÃO - 2 SÉRIE (CEAR26)
DEBÊNTURES 7ª EMISSÃO - 1 SÉRIE (COCE17)
DEBÊNTURES 7ª EMISSÃO - 1 SÉRIE (COCE27)
BANCO CONTINENTAL TERC PROG 8VA EMISION SERIE A
BANCO CONTINENTAL TERC PROG 1RA EMISION SERIE A
BANCO SCOTIABANK CUARTO PROG 5TA EMISION SERIE A Peru
BONOS 4TA PROGRAMA - 5TA MISIÓN SERIE A
BONOS 4TA PROGRAMA - 9NA EMISIÓN SERIE A
BONOS 4TA PROGRAMA - 11RA EMISIÓN SERIE A
BONOS 4TA PROGRAMA - 13RA EMISIÓN SERIE A
BONOS 4TA PROGRAMA - 15VA EMISION SERIE A
BONOS 4TA PROGRAMA - 12VA EMISION SERIE A
BONOS 5TO PROGRAMA - 1RA EMISION SERIE A
BONOS 5TO PROGRAMA - 5TA EMISION SERIE A
BONOS 5TO PROGRAMA - 1RA EMISION SERIE B
BONOS 5TO PROGRAMA - 8VA EMISION SERIE A
BONOS 5TO PROGRAMA - 9NA EMISION SERIE A
BONOS 5TO PROGRAMA - 10MA EMISION SERIE A
BONOS 5TO PROGRAMA - 2DA EMISION SERIE A
BONOS 5TO PROGRAMA - 19NA EMISION SERIE A
BONOS 5TO PROGRAMA - 20DA EMISION SERIE A
BONOS 5TO PROGRAMA - 21MA EMISION SERIE A
BONOS 6TO PROGRAMA - 1 EMISION SERIE A
BONOS 6TO PROGRAMA - 2 EMISION SERIE A
BONOS 6TO PROGRAMA - 3 EMISION SERIE A
BONOS 6TO PROGRAMA - 4 EMISION SERIE A
BONOS B15-09
BONOS B12-09
BONOS EXTERIOR
BONOS QUIMBO
BONOS QUIMBO B10
BONOS QUIMBO B15
BONOS QUIMBO B12-13
BONOS QUIMBO B16-14
BONOS QUIMBO B10-14
BONOS QUIMBO B6-14
BONOS B6-14
BONOS B7-16
BONOS E6-16
YANKEE BONOS 2026
BONOS UF 269
94.271.00-3
Enel Américas S.A.
94.271.00-3
Enel Américas S.A.
94.271.00-3
Enel Américas S.A.
Enel Distribución Río S.A.
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
YANKEE BONOS SERIE ÚNICA U.S. $ 600 MILLONES
DEBENTURES 10 EMISSION (AMPL10)
DEBÊNTURES - 24ª EMISSÃO 1ª SÉRIE
DEBÊNTURES - 24ª EMISSÃO 2ª SÉRIE
6ª NOTA PROMISSÓRIA
Effective
Interest
Nominal
Interest
Currency
Country
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
U.S.A
Chile
U.S.A
Brazil
Brazil
Brazil
Brazil
COP
COP
COP
COP
COP
COP
COP
COP
COP
COP
BRL
BRL
BRL
BRL
BRL
BRL
US$
PEN
US$
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
PEN
COP
COP
COP
COP
COP
COP
COP
COP
COP
COP
COP
COP
COP
US$
UF
US$
BRL
BRL
BRL
BRL
Rate
8.83%
7.50%
7.70%
7.39%
6.46%
6.74%
7.57%
6.77%
6.30%
7.53%
7.26%
10.99%
6.95%
10.02%
6.48%
8.22%
6.44%
6.41%
5.86%
7.58%
6.38%
6.15%
5.64%
5.06%
5.19%
6.86%
7.41%
6.61%
7.51%
6.90%
6.44%
6.44%
8.29%
6.19%
6.09%
5.80%
5.45%
5.99%
5.13%
10.16%
10.17%
9.11%
9.11%
7.50%
7.62%
8.94%
8.15%
7.82%
7.39%
7.39%
8.71%
7.59%
7.76%
7.02%
4.21%
6.42%
6.80%
6.82%
6.17%
10.50%
Rate
8.55%
7.30%
7.49%
7.39%
6.31%
6.58%
7.36%
6.60%
6.16%
7.33%
7.25%
6.95%
9.10%
6.47%
7.36%
6.34%
6.31%
5.78%
7.44%
6.28%
6.06%
5.56%
5.00%
5.13%
6.75%
7.28%
6.50%
7.38%
6.78%
6.34%
6.34%
8.12%
6.09%
6.00%
5.72%
5.38%
5.91%
5.06%
9.80%
9.81%
8.75%
8.75%
7.29%
7.41%
8.65%
7.91%
7.60%
7.20%
7.20%
8.44%
7.38%
6.60%
5.75%
4.00%
6.42%
6.79%
6.27%
6.17%
Current
More than
90 days
-
-
27,398
-
-
-
-
-
-
-
-
-
-
-
-
-
-
12
10,002
9,046
162
127
-
89
-
15,075
-
15,185
148
449
57
-
-
-
284
225
446
283
-
-
-
-
-
-
-
-
-
-
39,897
33,486
-
-
5
6,228
4,466
-
1,120
944
-
Less than
90 days
648
79
96
4,959
253
900
805
751
360
306
177
98
21
179
1,400
2,752
273
-
145
269
-
-
295
-
333
359
275
-
-
-
-
434
491
888
-
-
-
-
648
231
667
2,333
16,766
347
235
556
493
543
362
304
1,042
92
-
-
-
3,923
-
-
53,412
Total
Current
648
79
27,494
4,959
253
900
805
751
360
306
177
98
21
179
1,400
2,752
273
12
10,147
9,315
162
127
295
89
333
15,434
275
15,185
148
449
57
434
491
888
284
225
446
283
648
231
667
2,333
16,766
347
235
556
493
543
40,259
33,790
1,042
92
5
6,228
4,466
3,923
1,120
944
53,412
Maturity
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Annual
Annual
Upon expiration
Annual
Annual
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Upon expiration
Biannual
Upon expiration
Biannual
Annual
Upon expiration
Monthly
One to two
years
-
56,321
-
-
-
-
-
-
-
-
12-31-2019
Two to
three years
-
-
-
82,198
-
-
-
-
-
-
43,503
42,915
-
-
-
Non-Current
Three to
four years
-
Four to
five years
-
More than
five years
58,860
-
-
-
-
-
-
59,365
85,242
-
-
21,525
9,944
-
-
-
60,887
-
-
-
-
-
-
18,447
-
-
-
-
-
60,887
48,710
-
-
60,887
-
-
-
-
36,218
33,388
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
30,152
-
-
-
-
-
-
-
-
-
-
27,271
27,152
196,897
-
-
-
-
-
-
-
-
-
-
6,543
-
-
-
-
-
42,781
43,142
-
-
7,538
-
-
12,061
-
15,076
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
91,293
-
-
-
-
-
-
-
91,264
-
3,223
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
18,091
-
-
30,153
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
88,267
-
-
-
-
165,483
-
-
-
-
76,539
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
24,122
-
-
21,832
-
-
-
-
16,897
-
-
-
-
-
-
-
56,717
-
-
-
-
-
-
-
82,762
84,643
-
-
Total Non-
Current
58,860
56,321
-
82,198
60,887
60,887
48,710
59,365
85,242
60,887
86,418
39,972
9,944
69,606
85,923
76,539
10,001
7,538
-
-
12,061
15,076
15,076
12,061
15,076
-
-
-
10,001
-
-
-
-
15,076
-
12,061
15,076
-
10,704
10,704
-
18,091
-
-
-
21,108
-
-
30,152
30,152
39,198
27,137
-
-
-
-
-
60,844
110,458
49,432
-
-
-
-
-
858
-
585,366
-
86,760
196,215
-
-
18,091
30,152
18,091
24,122
21,108
30,153
21,832
30,152
30,152
39,198
27,137
16,897
27,271
27,152
196,897
91,293
60,844
110,458
49,432
56,717
-
-
88,267
91,264
858
9,766
585,366
248,245
171,403
196,215
-
99,500
165,134
264,634
387,839
388,349
521,212
479,064
1,581,421
3,357,885
287
Annual Report Enel Américas 2020 c) Secured bonds
The detail of Secured bonds by currency and maturity as for the years ended December 31, 2020 and 2019, is as follows:
- Summary of secured bonds by currency and maturity
IN THOUSANDS OF U.S. DOLLARS – THUS$
Currency
BRL
Nominal
Interest
Rate
7,31%
Country
Brazil
Total
IN THOUSANDS OF U.S. DOLLARS – THUS$
Currency
BRL
Nominal
Interest
Rate
7,31%
Country
Brazil
Total
- Secured bonds by company
IN THOUSANDS OF U.S. DOLLARS – THUS$
Current
Maturity
Secured /
Unsecured
Unsecured
One to three
months
Three to
twelve months
3,478
151,477
Total Current
12-31-2020
154,955
One to two
Two to three
years
149,733
years
150,272
Non-Current
Maturity
Three to
four years
16,027
Four to
five years
16,027
More than
five years
63,230
Total Non-
Current
12-31-2020
395,289
3,478
151,477
154,955
149,733
150,272
16,027
16,027
63,230
395,289
Current
Maturity
Secured /
Unsecured
Unsecured
One to three
months
Three to
twelve months
Total Current
12-31-2019
11,275
384,712
395,987
One to two
Two to three
years
194,043
years
192,045
Non-Current
Maturity
Three to
four years
192,727
Four to
five years
19,628
More than
five years
98,086
Total Non-
Current
12-31-2019
696,529
11,275
384,712
395,987
194,043
192,045
192,727
19,628
98,086
696,529
Taxpayer ID
No.
Company
Country
Taxpayer
ID No.
Name
Enel Green Power Volta
Grande
Enel Green Power Volta
Grande
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Brazil
Brazil
Brazil
Brazil
Foreign
DEBÊNTURES 1ª EMISSÃO (EGVG11) - 1ª SÉRIE
Foreign
Foreign
Foreign
DEBÊNTURES 1ª EMISSÃO (EGVG21) - 2ª SÉRIE
DEBÊNTURES - 23ª EMISSÃO 1ª SÉRIE
DEBÊNTURES - 23ª EMISSÃO 2ª SÉRIE
Foreign
Foreign
Foreign
Foreign
Total
Country
Currency
Brazil
Brazil
Brazil
Brazil
BRL
BRL
BRL
BRL
Effective
Interest
Rate
Nominal
Interest
Rate
8.24%
8.23%
8.22%
3.02%
3.10%
8.21%
3.01%
3.08%
IN THOUSANDS OF U.S. DOLLARS – THUS$
Taxpayer ID
No.
Company
Country
Enel Distribución Río S.A.
Enel Distribución Goias S.A.
Enel Green Power Volta
Grande
Enel Green Power Volta
Grande
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Total
Taxpayer
ID No.
Foreign
Foreign
Name
DEBENTURES 9 EMISSION (AMPL19)
3ª NOTA PROMISSORIA ITAÚ
Foreign
DEBÊNTURES 1ª EMISSÃO (EGVG11) - 1ª SÉRIE
Foreign
Foreign
Foreign
DEBÊNTURES 1ª EMISSÃO (EGVG21) - 2ª SÉRIE
DEBÊNTURES - 23ª EMISSÃO 1ª SÉRIE
DEBÊNTURES - 23ª EMISSÃO 2ª SÉRIE
Country
Currency
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
BRL
BRL
BRL
BRL
BRL
BRL
Effective
Interest
Rate
6.80%
Nominal
Interest
Rate
6.78%
6.69%
6.68%
9.17%
8.17%
9.17%
6.45%
6.62%
8.17%
6.43%
6.60%
- Fair value measurement and hierarchy
-
The fair value of current and non-current secured and unsecured liabilities as of December 31, 2020 totaled ThUS$4,017,861
(ThUS$4,877,583 as of December 31, 2019). These liabilities have been classified as Level 2 fair value measurement based
on the entry data used in the valuation techniques used (see Note 3.h). It is important to note that these financial liabilities
are measured at amortized cost (see Note 3 g.4)
288288
Maturity
Annual
Annual
Annual
Upon expiration
Maturity
Upon expiration
Upon expiration
Biannual
Monthly
Upon expiration
Annual
Current
Non-Current
12-31-2020
Less than
90 days
More than
90 days
Total
One to two
Two to
Current
years
three years
Three to
four years
Four to
five years
More than
five years
Total Non-
Current
727
10,570
11,297
10,620
10,595
10,595
10,595
41,778
84,183
317
758
1,676
5,495
135,412
-
5,812
136,170
1,676
5,432
-
5,446
-
133,681
134,231
5,432
5,432
21,452
43,194
3,478
151,477
154,955
149,733
150,272
16,027
16,027
63,230
395,289
Current
Non-Current
12-31-2019
More than
Total
One to two
Two to
years
three years
Three to
four years
Four to
five years
More than
five years
Total Non-
Current
Less than
90 days
226
1,516
90 days
148,960
216,039
Current
149,186
217,555
713
12,980
13,693
12,987
12,988
12,988
12,989
64,866
116,818
288
2,812
5,720
6,733
-
-
7,021
2,812
5,720
6,638
174,418
172,418
173,100
6,639
6,639
6,639
33,220
-
-
-
-
-
-
-
267,912
-
-
59,775
174,418
345,518
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
11,275
384,712
395,987
194,043
192,045
192,727
19,628
98,086
696,529
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information c) Secured bonds
The detail of Secured bonds by currency and maturity as for the years ended December 31, 2020 and 2019, is as follows:
- Summary of secured bonds by currency and maturity
IN THOUSANDS OF U.S. DOLLARS – THUS$
Current
Maturity
Current
Maturity
Secured /
Unsecured
Unsecured
One to three
Three to
months
twelve months
3,478
151,477
Total Current
12-31-2020
154,955
One to two
years
149,733
Two to three
years
150,272
Non-Current
Maturity
Three to
four years
16,027
Four to
five years
16,027
More than
five years
63,230
Total Non-
Current
12-31-2020
395,289
3,478
151,477
154,955
149,733
150,272
16,027
16,027
63,230
395,289
Secured /
Unsecured
Unsecured
One to three
Three to
months
twelve months
Total Current
12-31-2019
11,275
384,712
395,987
One to two
years
194,043
Two to three
years
192,045
Non-Current
Maturity
Three to
four years
192,727
Four to
five years
19,628
More than
five years
98,086
Total Non-
Current
12-31-2019
696,529
11,275
384,712
395,987
194,043
192,045
192,727
19,628
98,086
696,529
Taxpayer ID
No.
Company
Country
Taxpayer
ID No.
Name
Enel Green Power Volta
Foreign
Grande
Enel Green Power Volta
Grande
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Brazil
Brazil
Brazil
Brazil
Foreign
DEBÊNTURES 1ª EMISSÃO (EGVG11) - 1ª SÉRIE
Foreign
Foreign
Foreign
DEBÊNTURES 1ª EMISSÃO (EGVG21) - 2ª SÉRIE
DEBÊNTURES - 23ª EMISSÃO 1ª SÉRIE
DEBÊNTURES - 23ª EMISSÃO 2ª SÉRIE
IN THOUSANDS OF U.S. DOLLARS – THUS$
Company
Country
Name
Country
Currency
Foreign
Grande
Foreign
DEBÊNTURES 1ª EMISSÃO (EGVG11) - 1ª SÉRIE
Enel Distribución Río S.A.
Enel Distribución Goias S.A.
Enel Green Power Volta
Enel Green Power Volta
Grande
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Taxpayer
ID No.
Foreign
Foreign
DEBENTURES 9 EMISSION (AMPL19)
3ª NOTA PROMISSORIA ITAÚ
Foreign
Foreign
Foreign
DEBÊNTURES 1ª EMISSÃO (EGVG21) - 2ª SÉRIE
DEBÊNTURES - 23ª EMISSÃO 1ª SÉRIE
DEBÊNTURES - 23ª EMISSÃO 2ª SÉRIE
Country
Currency
Rate
Rate
Effective
Interest
Nominal
Interest
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
8.24%
8.23%
8.22%
3.02%
3.10%
8.21%
3.01%
3.08%
Effective
Interest
Nominal
Interest
Rate
6.80%
6.69%
Rate
6.78%
6.68%
9.17%
8.17%
9.17%
6.45%
6.62%
8.17%
6.43%
6.60%
Maturity
Annual
Annual
Upon expiration
Annual
Maturity
Upon expiration
Upon expiration
Biannual
Monthly
Upon expiration
Annual
Current
Non-Current
12-31-2020
Less than
90 days
More than
90 days
Total
Current
One to two
years
Two to
three years
Three to
four years
Four to
five years
More than
five years
Total Non-
Current
727
10,570
11,297
10,620
10,595
10,595
10,595
41,778
84,183
317
758
1,676
5,495
135,412
-
5,812
136,170
1,676
5,432
-
5,446
-
133,681
134,231
5,432
5,432
21,452
43,194
-
-
-
-
-
-
-
267,912
3,478
151,477
154,955
149,733
150,272
16,027
16,027
63,230
395,289
Current
Non-Current
Less than
90 days
226
More than
90 days
148,960
1,516
216,039
Total
Current
149,186
217,555
One to two
years
-
12-31-2019
Two to
three years
-
Three to
four years
-
-
-
-
Four to
five years
-
-
More than
five years
-
-
Total Non-
Current
-
-
713
12,980
13,693
12,987
12,988
12,988
12,989
64,866
116,818
288
2,812
5,720
6,733
-
-
7,021
2,812
5,720
6,638
174,418
-
6,639
-
172,418
6,639
-
173,100
6,639
33,220
-
-
-
-
59,775
174,418
345,518
11,275
384,712
395,987
194,043
192,045
192,727
19,628
98,086
696,529
IN THOUSANDS OF U.S. DOLLARS – THUS$
Currency
BRL
Currency
BRL
Nominal
Interest
Rate
7,31%
Nominal
Interest
Rate
7,31%
- Secured bonds by company
IN THOUSANDS OF U.S. DOLLARS – THUS$
Country
Brazil
Total
Country
Brazil
Total
Foreign
Foreign
Foreign
Total
Taxpayer ID
No.
Foreign
Foreign
Foreign
Foreign
Foreign
Total
289
Annual Report Enel Américas 2020 Less than
More than
Total
One to two
Three to
Four to
More than
Total Non-
Maturity
90 days
90 days
Current
years
four years
five years
five years
Current
Current
Non-Current
Monthly
Monthly
Monthly
Monthly
Biannual
Monthly
Monthly
Monthly
Monthly
Quarterly
Monthly
Quarterly
Monthly
Monthly
Monthly
Monthly
Biannual
Monthly
Monthly
Monthly
Monthly
21
82
69
78
-
1,670
1,033
613
113
49
45
81
106
89
100
-
3,526
2,113
178
748
-
165
206
233
6,088
7,240
4,245
1,736
339
-
-
244
319
266
301
7,281
7,992
3,659
534
2,099
12-31-2020
Two to
three
years
-
-
-
-
-
259
7,594
3,141
777
1,797
318
Two to
three
years
-
-
207
402
3,221
11,022
5,522
620
2,260
21
247
275
311
6,088
8,910
5,278
2,349
452
49
45
-
-
160
311
6,494
7,493
3,563
1,630
318
-
-
325
425
355
401
7,281
11,518
5,772
712
2,847
27
319
355
402
2,834
11,022
5,522
620
2,058
7,494
7,494
11,709
1,975
159
2,165
4,506
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
335
6,753
5,403
2,194
620
2,475
8,013
19,827
310
2,705
9,055
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
160
570
40,785
10,634
4,340
12,073
795
-
-
112,050
27
319
562
1,139
40,648
27,447
13,238
2,170
18,553
51,685
12,929
64,614
34,477
34,477
34,477
8,619
55,458
33,181
88,639
54,446
48,363
44,105
18,278
16,215
181,407
Current
12-31-2019
Non-Current
Less than
More than
Total
One to two
Three to
Four to
More than
Total Non-
Maturity
90 days
90 days
Current
years
four years
five years
five years
Current
6,941
22,695
29,636
23,159
23,254
17,780
11,028
28,882
104,103
- Detail of other obligations
IN THOUSANDS OF U.S. DOLLARS – THUS$
Taxpayer
ID No.
Company
Country
Taxpayer
ID No.
Company
Country
Currency
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Brazil
Brazil
Brazil
Brazil
Foreign
Foreign
Foreign
Foreign
ELETROBRAS 0244/2009
ELETROBRAS 0265/2009
ELETROBRAS 292/2010
ELETROBRAS 310/2010
Brazil
Brazil
Brazil
Brazil
Enel Generación Costanera S.A. Argentina
Foreign
MITSUBISHI (DEUDA GARANTIZADA) Argentina
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Brazil
Brazil
Brazil
Brazil
Foreign
Foreign
Foreign
Foreign
FIDC SÉRIE A
FIDC SÉRIE B
MÚTUO CELGPAR 41211376/2014
ELETROBRAS
Emgesa S.A. E.S.P.
Colombia
Foreign
BANK OF NOVA SCOTIA
Codensa
Colombia
Foreign
BANK OF NOVA SCOTIA
Enel Distribución Sao Paulo
Brazil
Foreign
FUNDAÇÃO CESP (*)
Brazil
Brazil
Brazil
Brazil
Colombia
Colombia
Brazil
BRL
BRL
BRL
BRL
US$
BRL
BRL
BRL
BRL
COP
COP
BRL
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Total
IN THOUSANDS OF U.S. DOLLARS – THUS$
Taxpayer
ID No.
Company
Country
Taxpayer
ID No.
Company
Country
Currency
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Brazil
Brazil
Brazil
Brazil
Foreign
Foreign
Foreign
Foreign
ELETROBRAS 0244/2009
ELETROBRAS 0265/2009
ELETROBRAS 292/2010
ELETROBRAS 310/2010
Brazil
Brazil
Brazil
Brazil
Enel Generación Costanera S.A. Argentina
Foreign
MITSUBISHI (DEUDA GARANTIZADA) Argentina
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Brazil
Brazil
Brazil
Brazil
Foreign
Foreign
Foreign
Foreign
FIDC SÉRIE A
FIDC SÉRIE B
ELETROBRAS
MÚTUO CELGPAR 41211376/2014
Brazil
Brazil
Brazil
Brazil
BRL
BRL
BRL
BRL
US$
BRL
BRL
BRL
BRL
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Total
Nominal
Interest
Rate
6.00%
6.00%
6.00%
6.00%
0.25%
6.15%
12.32%
6.80%
6.00%
0.30%
0.02%
9.47%
Nominal
Interest
Rate
6.00%
6.00%
6.00%
6.00%
0.25%
9.11%
14.42%
6.00%
6.80%
(*) See Note 26.2.c)
d) Hedged debt.
The debt denominated in U.S. dollars for ThUS$ 35,064 held by the Group as of December 31, 2020, is related to future cash
flow hedges for the Group’s U.S. dollar-linked operating revenues (ThUS$29,474 and ThUS$40,867 as of December 31, 2019
and 2018, respectively) (see Note 3.n).
The following table details changes in “Reserve for cash flow hedges” for the years ended December 31, 2020, 2019 and 2018,
due to exchange differences from this debt:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Balance in hedging reserves (hedging revenues) at the beginning of the year, net
Foreign currency exchange differences recorded in equity, net
Recognition of foreign currency exchange differences revenue, net
Foreign currency translation differences
2020
(9.453)
(1.319)
913
756
2019
(9.882)
424
189
(184)
Balance in hedging reserves (hedging revenues) at the end of the year, net
(9.103)
(9.453)
2018
(9.754)
(1.181)
634
419
(9.882)
290290
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
- Detail of other obligations
IN THOUSANDS OF U.S. DOLLARS – THUS$
Company
Country
ID No.
Company
Country
Currency
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Taxpayer
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
ELETROBRAS 0244/2009
ELETROBRAS 0265/2009
ELETROBRAS 292/2010
ELETROBRAS 310/2010
FIDC SÉRIE A
FIDC SÉRIE B
ELETROBRAS
MÚTUO CELGPAR 41211376/2014
Enel Generación Costanera S.A. Argentina
Foreign
MITSUBISHI (DEUDA GARANTIZADA) Argentina
Emgesa S.A. E.S.P.
Colombia
Foreign
BANK OF NOVA SCOTIA
Codensa
Colombia
Foreign
BANK OF NOVA SCOTIA
Enel Distribución Sao Paulo
Brazil
Foreign
FUNDAÇÃO CESP (*)
Colombia
Colombia
Brazil
IN THOUSANDS OF U.S. DOLLARS – THUS$
Company
Country
ID No.
Company
Country
Currency
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Taxpayer
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
ELETROBRAS 0244/2009
ELETROBRAS 0265/2009
ELETROBRAS 292/2010
ELETROBRAS 310/2010
FIDC SÉRIE A
FIDC SÉRIE B
ELETROBRAS
MÚTUO CELGPAR 41211376/2014
Enel Generación Costanera S.A. Argentina
Foreign
MITSUBISHI (DEUDA GARANTIZADA) Argentina
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
BRL
BRL
BRL
BRL
US$
BRL
BRL
BRL
BRL
COP
COP
BRL
BRL
BRL
BRL
BRL
US$
BRL
BRL
BRL
BRL
Nominal
Interest
Rate
6.00%
6.00%
6.00%
6.00%
0.25%
6.15%
12.32%
6.80%
6.00%
0.30%
0.02%
9.47%
Nominal
Interest
Rate
6.00%
6.00%
6.00%
6.00%
0.25%
9.11%
14.42%
6.00%
6.80%
Taxpayer
ID No.
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Total
Taxpayer
ID No.
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Total
(*) See Note 26.2.c)
Current
Non-Current
Less than
90 days
More than
90 days
Total
Current
One to two
years
21
82
69
78
-
1,670
1,033
613
113
49
45
-
165
206
233
6,088
7,240
4,245
1,736
339
-
-
21
247
275
311
6,088
8,910
5,278
2,349
452
49
45
-
-
160
311
6,494
7,493
3,563
1,630
318
-
-
12-31-2020
Two to
three
years
-
-
-
259
7,594
3,141
777
1,797
318
-
-
Maturity
Monthly
Monthly
Monthly
Monthly
Biannual
Monthly
Monthly
Monthly
Monthly
Quarterly
Monthly
Quarterly
Three to
four years
Four to
five years
More than
five years
Total Non-
Current
-
-
-
-
-
-
-
-
-
-
-
-
7,494
7,494
11,709
-
-
-
-
2,165
4,506
-
-
1,975
159
-
-
-
-
-
-
-
-
-
-
-
160
570
40,785
10,634
4,340
12,073
795
-
-
112,050
51,685
12,929
64,614
34,477
34,477
34,477
8,619
55,458
33,181
88,639
54,446
48,363
44,105
18,278
16,215
181,407
Current
12-31-2019
Non-Current
Maturity
Monthly
Monthly
Monthly
Monthly
Biannual
Monthly
Monthly
Monthly
Monthly
Less than
90 days
More than
90 days
Total
Current
One to two
years
81
106
89
100
-
3,526
2,113
178
748
244
319
266
301
7,281
7,992
3,659
534
2,099
325
425
355
401
7,281
11,518
5,772
712
2,847
27
319
355
402
2,834
11,022
5,522
620
2,058
Two to
three
years
-
-
207
402
3,221
11,022
5,522
620
2,260
Three to
four years
Four to
five years
More than
five years
Total Non-
Current
-
-
-
335
6,753
5,403
2,194
620
2,475
-
-
-
-
-
-
-
-
8,013
19,827
-
-
310
2,705
-
-
-
9,055
27
319
562
1,139
40,648
27,447
13,238
2,170
18,553
6,941
22,695
29,636
23,159
23,254
17,780
11,028
28,882
104,103
e) Other information.
As of December 31, 2020, the Group does not have unconditional long-term lines of credit at their disposal (ThUS$706,000
as of December 31, 2019).
f) Future undiscounted debt flows
The following table shows the estimates of undiscounted cash flows by type of financial debt:
291
Annual Report Enel Américas 2020
- Summary of bank loans by currencies and maturities
IN THOUSANDS OF U.S. DOLLARS – THUS$
Country
Chile
Peru
Peru
Colombia
Brazil
Brazil
Total
Currency
US$
PEN
US$
COP
US$
BRL
IN THOUSANDS OF U.S. DOLLARS – THUS$
Country
Chile
Peru
Colombia
Brazil
Brazil
Total
Currency
US$
PEN
COP
US$
BRL
Current
Maturity
Nominal
Interest Rate
0.94%
2.71%
2.59%
3.62%
2.91%
3.80%
One to
three months
175,940
1,102
151
2,746
294,873
10,496
Three to
twelve months
150,366
171,132
25,050
125,276
107,696
112,467
Total Current
12-31-2020
326,306
172,234
25,201
128,022
402,569
122,963
One to
two years
Two to
three years
Four to
five years
More than
five years
48,505
-
-
15,435
49,366
143,573
-
-
39,557
23,344
127
18,697
Non-Current
Maturity
Three to
four years
-
-
-
21,204
2,819
11,953
-
-
-
-
10,775
10,476
-
-
-
-
334
22,414
Total
Non-Current
12-31-2020
-
-
88,062
71,092
52,312
207,113
485,308
691,987
1,177,295
256,879
81,725
35,976
21,251
22,748
418,579
Current
Maturity
Nominal
Interest Rate
3.33%
4.10%
5.61%
4.40%
6.56%
One to
three months
2,859
235
2,221
6,217
11,071
Three to
twelve months
350,952
704
34,131
298,443
32,956
Total Current
12-31-2019
353,811
939
36,352
304,660
44,027
One to
two years
-
23,080
8,228
322,374
39,125
Two to
three years
-
-
3,875
49,552
129,934
Non-Current
Maturity
Three to
four years
-
-
1,200
140
22,224
Four to
five years
More than
five years
-
-
1,145
2,827
13,671
-
-
-
1,439
37,964
Total
Non-Current
12-31-2019
-
23,080
15,887
374,893
242,918
22,603
717,186
739,789
392,807
183,361
23,564
17,643
39,403
656,778
- Summary of secured and unsecured bonds by currency and maturity
IN THOUSANDS OF U.S. DOLLARS – THUS$
Country
Chile
Chile
Peru
Peru
Colombia
Brazil
Total
Currency
US$
UF
US$
PEN
COP
BRL
IN THOUSANDS OF U.S. DOLLARS – THUS$
Current
Maturity
Nominal
Interest Rate
5.30%
5.75%
6.34%
6.24%
5.74%
5.94%
One to
three months
6,248
172
157
5,292
236,187
17,348
Three to
twelve months
18,743
7,482
471
42,218
138,040
236,255
Total Current
12-31-2020
24,991
7,654
628
47,510
374,227
253,603
265,404
443,209
708,613
680,112
749,924
633,075
429,427
1,436,622
3,929,160
Currency
US$
UF
US$
PEN
COP
BRL
Current
Maturity
Nominal
Interest Rate
5.30%
5.75%
6.06%
6.31%
7.18%
7.34%
One to
three months
6,265
340
305
6,444
28,377
88,674
Three to
twelve months
18,794
7,080
10,768
57,879
182,656
487,188
Total Current
12-31-2019
25,059
7,420
11,073
64,323
211,033
575,862
130,405
764,365
894,770
828,877
796,760
878,411
620,987
1,941,286
5,066,321
Country
Chile
Chile
Peru
Peru
Colombia
Brazil
Total
292292
One to
two years
24,991
3,807
628
50,087
321,820
278,779
One to
two years
25,059
7,247
632
51,881
394,102
349,956
Two to
three years
24,991
628
60,314
270,759
393,232
Two to
three years
25,059
3,555
632
54,694
338,555
374,265
-
-
-
-
Non-Current
Non-Current
Maturity
Three to
four years
24,991
628
56,162
238,759
312,535
Maturity
Three to
four years
25,059
632
65,866
283,029
503,825
Four to f
ive years
24,991
628
50,510
247,208
106,090
Four to
five years
25,059
632
61,329
173,072
360,895
More than
five years
621,693
11,309
209,399
332,765
261,456
More than
five years
646,809
11,948
283,798
535,052
463,679
Total
Non-Current
12-31-2020
721,657
3,807
13,821
426,472
1,411,311
1,352,092
Total
Non-Current
12-31-2019
747,045
10,802
14,476
517,568
1,723,810
2,052,620
-
-
-
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information - Summary of bank loans by currencies and maturities
IN THOUSANDS OF U.S. DOLLARS – THUS$
Country
Currency
Nominal
One to
Three to
Interest Rate
three months
twelve months
Total Current
12-31-2020
One to
two years
Two to
three years
-
48,505
-
15,435
49,366
143,573
-
39,557
-
23,344
127
18,697
Non-Current
Maturity
Three to
four years
-
-
-
21,204
2,819
11,953
Four to
five years
More than
five years
-
-
-
10,775
-
10,476
-
-
-
334
-
22,414
Total
Non-Current
12-31-2020
-
88,062
-
71,092
52,312
207,113
IN THOUSANDS OF U.S. DOLLARS – THUS$
Country
Currency
Nominal
One to
Three to
Interest Rate
three months
twelve months
Total Current
12-31-2019
485,308
691,987
1,177,295
256,879
81,725
35,976
21,251
22,748
418,579
One to
two years
-
23,080
8,228
322,374
39,125
Two to
three years
-
-
3,875
49,552
129,934
Non-Current
Maturity
Three to
four years
-
-
1,200
140
22,224
Four to
five years
More than
five years
-
-
1,145
2,827
13,671
-
-
1,439
-
37,964
Total
Non-Current
12-31-2019
-
23,080
15,887
374,893
242,918
22,603
717,186
739,789
392,807
183,361
23,564
17,643
39,403
656,778
- Summary of secured and unsecured bonds by currency and maturity
IN THOUSANDS OF U.S. DOLLARS – THUS$
Country
Currency
Nominal
One to
Three to
Interest Rate
three months
twelve months
Total Current
12-31-2020
One to
two years
24,991
3,807
628
50,087
321,820
278,779
Non-Current
Two to
three years
24,991
Maturity
Three to
four years
24,991
Four to f
ive years
24,991
More than
five years
621,693
-
-
-
-
628
60,314
270,759
393,232
628
56,162
238,759
312,535
628
50,510
247,208
106,090
11,309
209,399
332,765
261,456
Total
Non-Current
12-31-2020
721,657
3,807
13,821
426,472
1,411,311
1,352,092
IN THOUSANDS OF U.S. DOLLARS – THUS$
Country
Currency
Nominal
One to
Three to
Interest Rate
three months
twelve months
Total Current
12-31-2019
265,404
443,209
708,613
680,112
749,924
633,075
429,427
1,436,622
3,929,160
One to
two years
25,059
7,247
632
51,881
394,102
349,956
Two to
three years
25,059
3,555
632
54,694
338,555
374,265
Non-Current
Maturity
Three to
four years
25,059
Four to
five years
25,059
More than
five years
646,809
-
-
-
632
65,866
283,029
503,825
632
61,329
173,072
360,895
11,948
283,798
535,052
463,679
Total
Non-Current
12-31-2019
747,045
10,802
14,476
517,568
1,723,810
2,052,620
130,405
764,365
894,770
828,877
796,760
878,411
620,987
1,941,286
5,066,321
Current
Maturity
175,940
1,102
151
2,746
294,873
10,496
150,366
171,132
25,050
125,276
107,696
112,467
326,306
172,234
25,201
128,022
402,569
122,963
Current
Maturity
2,859
235
2,221
6,217
11,071
350,952
704
34,131
298,443
32,956
353,811
939
36,352
304,660
44,027
Current
Maturity
6,248
172
157
5,292
236,187
17,348
18,743
7,482
471
42,218
138,040
236,255
Current
Maturity
6,265
340
305
6,444
28,377
88,674
18,794
7,080
10,768
57,879
182,656
487,188
24,991
7,654
628
47,510
374,227
253,603
25,059
7,420
11,073
64,323
211,033
575,862
0.94%
2.71%
2.59%
3.62%
2.91%
3.80%
3.33%
4.10%
5.61%
4.40%
6.56%
5.30%
5.75%
6.34%
6.24%
5.74%
5.94%
5.30%
5.75%
6.06%
6.31%
7.18%
7.34%
Colombia
Chile
Peru
Peru
Brazil
Brazil
Total
Colombia
Chile
Peru
Brazil
Brazil
Total
Chile
Chile
Peru
Peru
Colombia
Brazil
Total
Chile
Chile
Peru
Peru
Colombia
Brazil
Total
US$
PEN
US$
COP
US$
BRL
US$
PEN
COP
US$
BRL
US$
UF
US$
PEN
COP
BRL
US$
UF
US$
PEN
COP
BRL
293
Annual Report Enel Américas 2020 - Summary of lease obligations by currency and maturity
IN THOUSANDS OF U.S. DOLLARS – THUS$
Country
Argentina
Colombia
Brazil
Total
Currency
US$
COP
BRL
IN THOUSANDS OF U.S. DOLLARS – THUS$
Country
Argentina
Brazil
Total
Currency
US$
BRL
Current
Maturity
Nominal
Interest Rate
0.25%
0.32%
7.19%
One to
three months
1,946
94
58,113
Three to
twelve months
4,296
-
34,017
Total Current
12-31-2020
6,242
94
92,130
One to
two years
3,781
-
56,158
Two to
three years
4,374
-
44,720
Non-Current
Maturity
Three to
four years
7,494
-
37,124
Four to
five years
7,494
-
11,104
More than
five years
18,590
Total
Non-Current
12-31-2020
41,733
-
4,796
-
153,902
60,153
38,313
98,466
59,939
49,094
44,618
18,598
23,386
195,635
Current
Maturity
Nominal
Interest Rate
0.25%
7.54%
One to
three months
1,195
9,081
Three to
twelve months
6,339
27,222
Total Current
12-31-2019
7,534
36,303
One to
two years
5,340
30,630
Two to
three years
5,175
28,683
Non-Current
Maturity
Three to
four years
5,383
17,293
Four to f
ive years
4,770
3,711
More than
five years
21,881
9,943
Total
Non-Current
12-31-2019
42,549
90,260
10,276
33,561
43,837
35,970
33,858
22,676
8,481
31,824
132,809
NOTE 21. Lease liabilities
As of December 31, 2020, and 2019, the balance of lease liabilities is as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Lease liability
Lease liability
Total
Current
Non-Current
Current
Non-Current
12-31-2020
12-31-2019
51.495
91.070
81.644
108.625
51.495
91.070
81.644
108.625
294294
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information Current
Maturity
Nominal
One to
Three to
Interest Rate
three months
twelve months
Total Current
12-31-2020
0.25%
0.32%
7.19%
1,946
94
58,113
4,296
-
34,017
6,242
94
92,130
One to
two years
3,781
-
56,158
Two to
three years
4,374
-
44,720
Non-Current
Maturity
Three to
four years
7,494
-
37,124
Four to
five years
7,494
-
11,104
More than
five years
18,590
Total
Non-Current
12-31-2020
41,733
-
4,796
-
153,902
60,153
38,313
98,466
59,939
49,094
44,618
18,598
23,386
195,635
Current
Maturity
Nominal
One to
Three to
Interest Rate
three months
twelve months
0.25%
7.54%
1,195
9,081
6,339
27,222
Total Current
12-31-2019
7,534
36,303
One to
two years
5,340
30,630
Two to
three years
5,175
28,683
Non-Current
Maturity
Three to
four years
5,383
17,293
Four to f
ive years
4,770
3,711
More than
five years
21,881
9,943
Total
Non-Current
12-31-2019
42,549
90,260
10,276
33,561
43,837
35,970
33,858
22,676
8,481
31,824
132,809
- Summary of lease obligations by currency and maturity
IN THOUSANDS OF U.S. DOLLARS – THUS$
IN THOUSANDS OF U.S. DOLLARS – THUS$
Currency
US$
COP
BRL
Currency
US$
BRL
Country
Argentina
Colombia
Brazil
Total
Country
Argentina
Brazil
Total
Lease liability
Lease liability
Total
NOTE 21. Lease liabilities
As of December 31, 2020, and 2019, the balance of lease liabilities is as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Current
Non-Current
Current
Non-Current
12-31-2020
12-31-2019
51.495
91.070
81.644
108.625
51.495
91.070
81.644
108.625
295
Annual Report Enel Américas 2020 21.1 Individualization of Lease Liabilities
Taxpayer ID
No.
Foreign
Foreign
Foreign
Foreign
Foreign
Company
MAREAUTO COLOMBIA SAS
TRANSPORTES ESPECIALES ALIADOS S.A.S
PATRIMONIOS AUTONOMOS FIDUCIARIA BO
ANA MARIA RESTREPO PEREA
MARIA VICTORIA RESTREPO DE MARTINEZ
Effective
Interest
Country Currency
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Rate Maturity
12.94% Monthly
12.50% Monthly
7.44% Monthly
7.44% Monthly
7.44% Monthly
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
LONDONO DE ARENAS MARIA DEL PILAR
MARTINEZ ISAACS ROBERTO EDUARDO
PATRIMONIOS AUTONOMOS FIDUCIARIA BO
PATRIMONIOS AUTONOMOS FIDUCIARIA BO
PATRIMONIOS AUTONOMOS FIDUCIARIA BO
CALDWELL MANAGEMENT SAS
CASTRO OCHOA LUIS ANTONIO
SITUANDO LTDA
JULIO ALBERTO FLECHAS VEGA
PAEZ RUIZ Y ASOCIADOS LTDA
ACCI S.A.S
SITUANDO LTDA
CONSTRUCCIONES E INVERSIONES
CANALES ANDRADE Y CIA SAS
MERCURIO CENTRO COMERCIAL
MUNOZ HERMANOS FYN Y COMPAN A SAS
MUNOZ HERMANOS FYN Y COMPAN A SAS
E Y D Y COMPAÑIA S.C
INTERCOLOMBIA S.A. E.S.P.
C.I. ALLIANCE S.A.
TERRAPUERTO SAS
COMPAÑIA GENERAL DE
MINISTERIO DEFENSA NAL EJERCITO NAC
NEARDENTAL SAS
TRANSPORTES ESPECIALES FSG
ALD AUTOMOTIVE
ALD AUTOMOTIVE
ALD AUTOMOTIVE
ALD AUTOMOTIVE
ALD AUTOMOTIVE
ALD AUTOMOTIVE
ALD AUTOMOTIVE
ALD AUTOMOTIVE
ALD AUTOMOTIVE
ALD AUTOMOTIVE
ALD AUTOMOTIVE
ALD AUTOMOTIVE
AMERICAS BUSINESS PROCESS SERVICES
AMERICAS BUSINESS PROCESS SERVICES
BANCO INTERBANK DEL PERU
BANCO INTERBANK DEL PERU
BANCO CONTINENTAL
BANCO CONTINENTAL
BUILDINGINMUEBLES PANAMERICANA S.A.
BUILDINGMZ-INMOBILIARIA & DESARROLLADORA S.A.
RENTAEQUIPOS LEASING PERU S.A.
CORP MG
SOVI INVERSIONES S.A.C.
SCOTIABANK PERU
BANCO DE CREDITO DEL PERU
BBVA CONTINENTAL
RENTING S.A.C.
AVIS MAREAUTO COLOMBIA S.A.S
COMPAÑÍA NAVIERA DEL GUAVIO LTDA.
PATRIMONIOS AUTONOMOS
TRANSPORTES ESPECIALES FSG
CALDWELL MANAGEMENT SAS
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
PEN
Peru
PEN
Peru
PEN
Peru
PEN
Peru
PEN
Peru
PEN
Peru
US$
Peru
US$
Peru
US$
Peru
US$
Peru
US$
Peru
US$
Peru
Peru
PEN
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
7.44% Monthly
7.44% Monthly
7.44% Monthly
7.93% Monthly
4.20% Monthly
7.56% Monthly
7.71% Monthly
7.56% Monthly
7.44% Monthly
7.60% Monthly
7.99% Monthly
4.20% Monthly
7.80% Monthly
7.57% Monthly
7.57% Monthly
7.87% Monthly
7.87% Monthly
4.20% Monthly
7.88% Monthly
7.50% Monthly
7.50% Monthly
7.50% Monthly
7.72% Monthly
7.40% Monthly
7.10% Monthly
9.25% Monthly
9.25% Monthly
9.25% Monthly
9.25% Monthly
9.25% Monthly
9.25% Monthly
9.25% Monthly
9.25% Monthly
9.25% Monthly
9.25% Monthly
9.25% Monthly
9.25% Monthly
7.59% Monthly
7.59% Monthly
6.24% Quarterly
5.54% Quarterly
4.37% Quarterly
1.61% Quarterly
5.19% Monthly
4.65% Monthly
4.70% Monthly
2.27% Monthly
3.19% Monthly
3.70% Quarterly
3.63% Quarterly
2.84% Quarterly
7.57% Monthly
7.47% Monthly
5.72% Monthly
7.93% Monthly
7.10% Monthly
7.56% Monthly
Country
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Colombia
Colombia
Colombia
Colombia
Colombia
Current
Non-Current
One to two
12-31-2020
Two to
years
three years
Less than
90 days
More than
90 days
Total
Current
Three to
four years
Four to
five years
More than
five years
Total Non-
Current
129
102
68
75
82
19
19
15
5
24
54
12
37
7
15
51
21
14
26
1
6
6
2
13
95
67
57
95
16
7
1
2
3
2
2
2
2
2
2
2
1
2
9
22
617
99
1,758
-
54
11
26
1
22
2,418
627
-
8
8
52
69
208
55
10
130
-
46
46
34
11
-
304
240
109
-
12
21
45
32
-
9
52
3
18
17
5
15
224
113
107
56
-
17
3
4
6
4
4
4
3
4
4
4
3
4
23
60
1,863
298
5,328
95
164
-
75
766
102
7,268
628
1,432
11
6
156
164
632
112
78
205
82
65
65
49
16
24
433
342
163
12
49
28
60
83
21
23
78
4
24
23
7
28
319
180
164
151
16
24
4
6
9
6
6
6
5
6
6
6
4
6
32
82
2,480
397
7,086
95
218
11
101
767
124
9,686
1,255
1,432
19
14
208
233
840
167
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2
4
5
9
6
5
5
5
6
6
6
4
6
-
-
26
24
5
26
254
178
152
51
2,620
311
7,374
382
229
-
107
1,697
93
2,397
1,463
-
-
-
-
-
72
72
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5
6
6
6
6
5
6
6
6
4
6
-
-
-
-
-
-
-
-
-
-
-
-
-
-
28
26
-
28
273
192
163
106
1,893
95
240
1,697
93
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5
6
6
6
6
5
6
6
6
4
6
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
30
294
206
176
33
316
221
189
942
4,802
3,368
2,904
10
10
253
87
1,697
46
1,697
7,777
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
51
-
2
14
17
29
18
17
17
15
18
18
18
12
18
-
-
54
50
5
1,059
5,939
4,165
3,584
2,620
417
9,267
477
809
-
107
14,565
232
2,397
1,463
-
-
-
-
-
72
72
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
IN THOUSANDS OF U.S. DOLLARS – THUS$
Taxpayer
ID No.
Foreign
Foreign
Foreign
Foreign
Foreign
Company
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Generación Piura S.A.
Enel Generación Piura S.A.
Enel Generación Piura S.A.
Enel Generación Piura S.A.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
296296
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information 21.1 Individualization of Lease Liabilities
IN THOUSANDS OF U.S. DOLLARS – THUS$
Taxpayer
Company
Taxpayer ID
Country Currency
Rate Maturity
Effective
Interest
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
ID No.
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Generación Piura S.A.
Enel Generación Piura S.A.
Enel Generación Piura S.A.
Enel Generación Piura S.A.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Country
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Colombia
Colombia
Colombia
Colombia
Colombia
No.
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Company
MAREAUTO COLOMBIA SAS
TRANSPORTES ESPECIALES ALIADOS S.A.S
PATRIMONIOS AUTONOMOS FIDUCIARIA BO
ANA MARIA RESTREPO PEREA
MARIA VICTORIA RESTREPO DE MARTINEZ
LONDONO DE ARENAS MARIA DEL PILAR
MARTINEZ ISAACS ROBERTO EDUARDO
PATRIMONIOS AUTONOMOS FIDUCIARIA BO
PATRIMONIOS AUTONOMOS FIDUCIARIA BO
PATRIMONIOS AUTONOMOS FIDUCIARIA BO
CALDWELL MANAGEMENT SAS
CASTRO OCHOA LUIS ANTONIO
SITUANDO LTDA
JULIO ALBERTO FLECHAS VEGA
PAEZ RUIZ Y ASOCIADOS LTDA
ACCI S.A.S
SITUANDO LTDA
CONSTRUCCIONES E INVERSIONES
CANALES ANDRADE Y CIA SAS
MERCURIO CENTRO COMERCIAL
MUNOZ HERMANOS FYN Y COMPAN A SAS
MUNOZ HERMANOS FYN Y COMPAN A SAS
E Y D Y COMPAÑIA S.C
INTERCOLOMBIA S.A. E.S.P.
C.I. ALLIANCE S.A.
TERRAPUERTO SAS
COMPAÑIA GENERAL DE
MINISTERIO DEFENSA NAL EJERCITO NAC
NEARDENTAL SAS
TRANSPORTES ESPECIALES FSG
ALD AUTOMOTIVE
ALD AUTOMOTIVE
ALD AUTOMOTIVE
ALD AUTOMOTIVE
ALD AUTOMOTIVE
ALD AUTOMOTIVE
ALD AUTOMOTIVE
ALD AUTOMOTIVE
ALD AUTOMOTIVE
ALD AUTOMOTIVE
ALD AUTOMOTIVE
ALD AUTOMOTIVE
AMERICAS BUSINESS PROCESS SERVICES
AMERICAS BUSINESS PROCESS SERVICES
BANCO INTERBANK DEL PERU
BANCO INTERBANK DEL PERU
BANCO CONTINENTAL
BANCO CONTINENTAL
BUILDINGINMUEBLES PANAMERICANA S.A.
BUILDINGMZ-INMOBILIARIA & DESARROLLADORA S.A.
RENTAEQUIPOS LEASING PERU S.A.
CORP MG
SOVI INVERSIONES S.A.C.
SCOTIABANK PERU
BANCO DE CREDITO DEL PERU
BBVA CONTINENTAL
RENTING S.A.C.
AVIS MAREAUTO COLOMBIA S.A.S
COMPAÑÍA NAVIERA DEL GUAVIO LTDA.
PATRIMONIOS AUTONOMOS
TRANSPORTES ESPECIALES FSG
CALDWELL MANAGEMENT SAS
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
PEN
PEN
PEN
PEN
PEN
PEN
US$
US$
US$
US$
US$
US$
PEN
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
12.94% Monthly
12.50% Monthly
7.44% Monthly
7.44% Monthly
7.44% Monthly
7.44% Monthly
7.44% Monthly
7.44% Monthly
7.93% Monthly
4.20% Monthly
7.56% Monthly
7.71% Monthly
7.56% Monthly
7.44% Monthly
7.60% Monthly
7.99% Monthly
4.20% Monthly
7.80% Monthly
7.57% Monthly
7.57% Monthly
7.87% Monthly
7.87% Monthly
4.20% Monthly
7.88% Monthly
7.50% Monthly
7.50% Monthly
7.50% Monthly
7.72% Monthly
7.40% Monthly
7.10% Monthly
9.25% Monthly
9.25% Monthly
9.25% Monthly
9.25% Monthly
9.25% Monthly
9.25% Monthly
9.25% Monthly
9.25% Monthly
9.25% Monthly
9.25% Monthly
9.25% Monthly
9.25% Monthly
7.59% Monthly
7.59% Monthly
6.24% Quarterly
5.54% Quarterly
4.37% Quarterly
1.61% Quarterly
5.19% Monthly
4.65% Monthly
4.70% Monthly
2.27% Monthly
3.19% Monthly
3.70% Quarterly
3.63% Quarterly
2.84% Quarterly
7.57% Monthly
7.47% Monthly
5.72% Monthly
7.93% Monthly
7.10% Monthly
7.56% Monthly
Current
Less than
90 days
68
75
82
19
19
More than
90 days
10
130
-
46
46
Non-Current
One to two
years
-
-
-
-
-
Total
Current
78
205
82
65
65
12-31-2020
Two to
three years
-
-
-
-
-
Three to
four years
-
-
-
-
-
Four to
five years
-
-
-
-
-
More than
five years
-
-
-
-
-
Total Non-
Current
-
-
-
-
-
15
5
24
129
102
54
12
37
7
15
51
21
14
26
1
6
6
2
13
95
67
57
95
16
7
1
2
3
2
2
2
2
2
2
2
1
2
9
22
617
99
1,758
-
54
11
26
1
22
2,418
627
-
8
8
52
69
208
55
34
11
-
304
240
109
-
12
21
45
32
-
9
52
3
18
17
5
15
224
113
107
56
-
17
3
4
6
4
4
4
3
4
4
4
3
4
23
60
1,863
298
5,328
95
164
-
75
766
102
7,268
628
1,432
11
6
156
164
632
112
49
16
24
433
342
163
12
49
28
60
83
21
23
78
4
24
23
7
28
319
180
164
151
16
24
4
6
9
6
6
6
5
6
6
6
4
6
32
82
2,480
397
7,086
95
218
11
101
767
124
9,686
1,255
1,432
19
14
208
233
840
167
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
26
24
5
26
254
178
152
51
-
2
4
5
9
6
5
5
5
6
6
6
4
6
-
-
2,620
311
7,374
382
229
-
107
1,697
93
2,397
-
1,463
-
-
72
-
72
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
28
26
-
28
273
192
163
-
-
-
5
6
10
6
6
6
5
6
6
6
4
6
-
-
-
106
1,893
95
240
-
-
1,697
93
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
30
294
206
176
-
-
-
5
6
10
6
6
6
5
6
6
6
4
6
-
-
-
-
-
-
253
-
-
1,697
46
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
33
316
221
189
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
87
-
-
1,697
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
942
4,802
3,368
2,904
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
7,777
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
54
50
5
1,059
5,939
4,165
3,584
51
-
2
14
17
29
18
17
17
15
18
18
18
12
18
-
-
2,620
417
9,267
477
809
-
107
14,565
232
2,397
-
1,463
-
-
72
-
72
-
297
Annual Report Enel Américas 2020 21.1 Individualization of Lease Liabilities, continued
Country
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Taxpayer ID
No.
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Company
AVIS Mareauto Colombia S.A.S
AVIS MAREAUTO COLOMBIA S.A.S
NEARDENTAL S.A.S
GESTIÓN INMOBILIARIA MIC S.A.S
EMPRESA INMOBILIARIA DE CUNDINAMARCA
PAOLA ANDREA LONDOÑO
ALD AUTOMOTIVE
CASTELLO BRANCO OFFICE PARK - FUNDO DE INVESTIMENTO
IMOBILIÁRIO (50%) / CSHG REAL ESTATE - FUNDO DE INVESTIMENTO
IMOBILIÁRIO (50%)
MICHEL ESPER SAAD JUNIOR / SELMA MICHEL SAAD / DORA SAAD
SIFONT - COMÉRCIO DE PRODUTOS ADESIVOS LTDA - PPE / DAISAN
CONSULTORIA E NEGÓCIOS IMOBILIÁRIOS LTDA
GABRIEL CHUCAIR / SANDRA REGINA MARQUES PEREIRA CHUCAIR /
EDUARDO CHUCAIR / MAURÍCIO CHUCAIR
JOAQUIM VICENTE MARTINS / MARIA FERNANDA DOS SANTOS
MARTINS
DINARTEK ADMINISTRAÇÃO E PARTICIPAÇÃO
LUIZ ROBERTO GIL CONSULTORIA
RECOLOR MERCANTIL LTDA
FADL IBRAHIM MADJOUB / WADAD ABDUL MANDJOUB
ROGERIO PEREIRA DA SILVA / SIMONE DA SILVA
CONSTRUTORA AVILA DE AZEVEDO EIRELI
FABIO HIROYUKI OGAWA / MÔNICA HITOMI KONDO
SERGIO PEREIRA LEITE
JOSÉ CARLOS RIBEIRO / ANA CLÁUDIA LAPORTE RIBEIRO
M.O. INCORPORAÇÕES & PARTICIPAÇÕES LTDA.
EMILIANA RIBEIRO / SUZANA APARECIDA RIBEIRO / VICTOR JESUS
RIBEIRO / JOSEPH AUGUSTO RIBEIRO
LOURIVAL ASSUNÇÃO DE ABREU
DHL LOGISTICS LTDA
JSL LOCAÇÕES LTDA
CSC COMPUTER SCIENCES BRASIL S.A.
DIRCE GONÇALVES GOMES
FRANCISCO FREXOSO SALAZAR
DARCIO ANTONIO LEARDINI / RITA DE CASSIA PONTIERI LEARDINI /
VINICIUS LEARDINI / PATRICIA LEARDINI SOUZA / MURILO LEARDINI
JOSÉ HENRIQUE DOS SANTOS SOUSA / JOSÉ ANTUNES GOMES DE
SOUSA
MARIA ANGELA RODRIGUES LODO MOTA
HONÓRIO PEREIRA DOMINGUES
EDNEIA DE SOUZA SOARES
MADALENA OLIVEIRA DA SILVA / RENAN OLIVEIRA SILVA / SULIVAN
OLIVEIRA SILVA
ADAQUIR PRISCO
NEWTON PEREIRA DA SILVA
DALMAS PARTICIPAÇÕES LTDA.
ACG PROJETOS & DECORAÇÕES LTDA
ADA MARIA VASONE / OLGA MARIA VASONE DE CASTRO CONDE /
PATRICIA MARIA VASONE SPINGOLA / ARMANDO VASONE FILHO
FUNDAÇÃO PADRE ANCHIETA - CENTRO PAULISTA DE RÁDIO TV
EDUCATIVAS
RUJO CONSTRUÇÕES E EMPREENDIMENTOS IMOBILIÁRIOS LTDA
TIVIT TERCEIRIZAÇÃO DE PROCESSOS, SERVIÇOS E TECNOLOGIA S.A.
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
FUNDAÇÃO AMPLA DE SEGURIDADE SOCIAL - BRASILETROS
ITAPOAM ADMINISTRADORA DE BENS LTDA
JSL
MAESTRO
VAMOS
DHL
AGASUS
BBVA
BBVA
RENTAEQUIPOS LEASING PERU S.A.
ELIAS MARCELO LAOS HUAMAN
RENTING S.A.C.
RENTAEQUIPOS LEASING PERU S.A.
RENTAEQUIPOS LEASING PERU S.A.
FUNDAÇÃO AMPLA DE SEGURIDADE SOCIAL - BRASILETROS
FUNDAÇÃO AMPLA DE SEGURIDADE SOCIAL - BRASILETROS
FUNDAÇÃO AMPLA DE SEGURIDADE SOCIAL - BRASILETROS
VINICOLA DO VALE DO SÃO FRANCISCO
BM LOGÍSTICA S.A.
VINICOLA DO VALE DO SÃO FRANCISCO
LM TRANSPORTES INTERESTADUAIS SERVIÇOS E COMÉRCIO S.A.
Effective
Interest
Country Currency
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Rate Maturity
13.30% Monthly
14.08% Monthly
7.40% Monthly
7.48% Monthly
6.90% Monthly
8.18% Monthly
9.25% Monthly
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
US$
PEN
US$
US$
PEN
US$
US$
BRL
BRL
BRL
EUR
BRL
BRL
BRL
10.55% Monthly
6.66% Monthly
8.22% Monthly
2.42% Monthly
4.44% Monthly
4.44% Monthly
6.66% Monthly
5.37% Monthly
5.83% Monthly
5.83% Monthly
5.28% Monthly
3.33% Monthly
9.34% Monthly
4.92% Monthly
5.28% Monthly
3.33% Monthly
5.28% Monthly
10.32% Monthly
8.97% Monthly
8.97% Monthly
7.41% Monthly
7.41% Monthly
7.35% Monthly
6.93% Monthly
7.35% Monthly
7.41% Monthly
7.41% Monthly
7.35% Monthly
7.82% Monthly
6.93% Monthly
8.02% Monthly
11.25% Monthly
7.82% Monthly
7.82% Monthly
7.41% Monthly
8.93% Monthly
2.42% Monthly
5.83% Monthly
9.87% Monthly
9.45% Monthly
7.28% Monthly
7.28% Monthly
13.39% Monthly
6.57% Monthly
2.81% Quarterly
1.59% Quarterly
4.12% Monthly
2.23% Quarterly
5.45% Monthly
4.51% Monthly
2.23% Monthly
12.42% Monthly
10.93% Monthly
12.42% Monthly
9.31% Monthly
5.94% Monthly
13.11% Monthly
6.23% Monthly
Current
Non-Current
One to two
12-31-2020
Two to
years
three years
Less than
90 days
More than
90 days
Total
Current
Three to
four years
Four to
five years
More than
five years
Total Non-
Current
1,040
160
1,662
235
1,851
2,046
2,461
70
76
20
266
242
5
-
7
2
13
3
106
622
75
22
11
28
18
9
18
13
11
85
6
28
10
3
3
3
1
1
3
2
7
7
1
1
1
1
1
2
2
5
3
9
121
11
776
527
85
67
133
202
69
505
1,228
2,233
-
3
6
2
7
-
12
9
15
15
10
38
-
17
1
-
-
4
9
162
42
-
53
40
16
41
29
22
183
20
12
13
7
2
3
3
3
2
5
-
-
3
2
2
2
2
3
5
9
6
18
127
22
-
-
189
86
1,641
413
629
294
902
4,529
45
3
14
3
21
36
27
46
2
5
-
-
22
1
7
2
17
12
268
64
11
81
58
25
59
42
33
10
5
6
4
4
5
7
268
6
28
30
19
20
4
3
3
3
3
5
7
14
9
27
248
33
776
527
274
153
2,869
546
831
363
1,407
6,762
45
6
20
5
28
48
36
61
17
15
38
-
2
6
-
-
-
3
209
1,515
226
60
-
12
-
23
28
40
31
6
-
-
3
2
-
5
-
-
4
3
3
3
4
5
7
28
17
19
153
124
2,368
13
8
26
181
32
-
-
586
892
252
520
181
-
-
-
-
26
802
31
22
38
3
-
-
3
121
1,674
119
65
23
-
3
-
1
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
30
18
20
4
3
3
3
4
5
7
14
9
28
162
34
-
-
-
137
2,592
309
311
305
45
-
-
-
-
-
-
-
-
-
4
-
-
3
28
18
11
11
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1
2
2
1
2
3
2
9
7
2
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
371
138
2
358
9,547
345
291
-
12
-
46
28
43
31
2
7
-
-
-
3
6
-
-
3
2
-
5
-
-
9
8
8
7
508
76
46
50
10
13
16
36
24
56
343
84
-
-
153
550
557
520
226
-
-
-
-
26
31
22
38
386
138
-
8
14,107
895
1,203
18
151
2,836
138
3,104
3,207
362
362
802
802
802
3,674
6,882
IN THOUSANDS OF U.S. DOLLARS – THUS$
Taxpayer
ID No.
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Company
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Foreign
Foreign
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Foreign
Enel Distribución Sao Paulo
Foreign
Enel Distribución Sao Paulo
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Foreign
Enel Distribución Sao Paulo
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Foreign
Enel Distribución Sao Paulo
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Generación Perú S.A.
Enel Generación Perú S.A.
Enel Generación Perú S.A.
Enel Generación Perú S.A.
Enel Generación Perú S.A.
Enel Generación Perú S.A.
Enel Generación Perú S.A.
EGP Cachoeira Dourada S.A.
ENEL BRASIL S.A.
ENEL X BRASIL
ENEL X BRASIL
ENEL X BRASIL
ENEL X BRASIL
ENEL X BRASIL
298298
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information Foreign
Enel Distribución Sao Paulo
Foreign
CONSULTORIA E NEGÓCIOS IMOBILIÁRIOS LTDA
Foreign
Enel Distribución Sao Paulo
Foreign
EDUARDO CHUCAIR / MAURÍCIO CHUCAIR
IN THOUSANDS OF U.S. DOLLARS – THUS$
Taxpayer
ID No.
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Company
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Foreign
Foreign
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Generación Perú S.A.
Enel Generación Perú S.A.
Enel Generación Perú S.A.
Enel Generación Perú S.A.
Enel Generación Perú S.A.
Enel Generación Perú S.A.
Enel Generación Perú S.A.
EGP Cachoeira Dourada S.A.
ENEL BRASIL S.A.
ENEL X BRASIL
ENEL X BRASIL
ENEL X BRASIL
ENEL X BRASIL
ENEL X BRASIL
No.
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Taxpayer ID
Country
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Company
AVIS Mareauto Colombia S.A.S
AVIS MAREAUTO COLOMBIA S.A.S
NEARDENTAL S.A.S
GESTIÓN INMOBILIARIA MIC S.A.S
EMPRESA INMOBILIARIA DE CUNDINAMARCA
PAOLA ANDREA LONDOÑO
ALD AUTOMOTIVE
Country Currency
Rate Maturity
Effective
Interest
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
CASTELLO BRANCO OFFICE PARK - FUNDO DE INVESTIMENTO
IMOBILIÁRIO (50%) / CSHG REAL ESTATE - FUNDO DE INVESTIMENTO
IMOBILIÁRIO (50%)
MICHEL ESPER SAAD JUNIOR / SELMA MICHEL SAAD / DORA SAAD
SIFONT - COMÉRCIO DE PRODUTOS ADESIVOS LTDA - PPE / DAISAN
GABRIEL CHUCAIR / SANDRA REGINA MARQUES PEREIRA CHUCAIR /
JOAQUIM VICENTE MARTINS / MARIA FERNANDA DOS SANTOS
MARTINS
DINARTEK ADMINISTRAÇÃO E PARTICIPAÇÃO
LUIZ ROBERTO GIL CONSULTORIA
RECOLOR MERCANTIL LTDA
FADL IBRAHIM MADJOUB / WADAD ABDUL MANDJOUB
ROGERIO PEREIRA DA SILVA / SIMONE DA SILVA
CONSTRUTORA AVILA DE AZEVEDO EIRELI
FABIO HIROYUKI OGAWA / MÔNICA HITOMI KONDO
SERGIO PEREIRA LEITE
JOSÉ CARLOS RIBEIRO / ANA CLÁUDIA LAPORTE RIBEIRO
M.O. INCORPORAÇÕES & PARTICIPAÇÕES LTDA.
EMILIANA RIBEIRO / SUZANA APARECIDA RIBEIRO / VICTOR JESUS
RIBEIRO / JOSEPH AUGUSTO RIBEIRO
LOURIVAL ASSUNÇÃO DE ABREU
DHL LOGISTICS LTDA
JSL LOCAÇÕES LTDA
CSC COMPUTER SCIENCES BRASIL S.A.
DIRCE GONÇALVES GOMES
FRANCISCO FREXOSO SALAZAR
SOUSA
MARIA ANGELA RODRIGUES LODO MOTA
HONÓRIO PEREIRA DOMINGUES
EDNEIA DE SOUZA SOARES
OLIVEIRA SILVA
ADAQUIR PRISCO
NEWTON PEREIRA DA SILVA
DALMAS PARTICIPAÇÕES LTDA.
ACG PROJETOS & DECORAÇÕES LTDA
MADALENA OLIVEIRA DA SILVA / RENAN OLIVEIRA SILVA / SULIVAN
ADA MARIA VASONE / OLGA MARIA VASONE DE CASTRO CONDE /
FUNDAÇÃO PADRE ANCHIETA - CENTRO PAULISTA DE RÁDIO TV
EDUCATIVAS
RUJO CONSTRUÇÕES E EMPREENDIMENTOS IMOBILIÁRIOS LTDA
TIVIT TERCEIRIZAÇÃO DE PROCESSOS, SERVIÇOS E TECNOLOGIA S.A.
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
FUNDAÇÃO AMPLA DE SEGURIDADE SOCIAL - BRASILETROS
ITAPOAM ADMINISTRADORA DE BENS LTDA
JSL
MAESTRO
VAMOS
DHL
AGASUS
BBVA
BBVA
RENTAEQUIPOS LEASING PERU S.A.
ELIAS MARCELO LAOS HUAMAN
RENTING S.A.C.
RENTAEQUIPOS LEASING PERU S.A.
RENTAEQUIPOS LEASING PERU S.A.
FUNDAÇÃO AMPLA DE SEGURIDADE SOCIAL - BRASILETROS
FUNDAÇÃO AMPLA DE SEGURIDADE SOCIAL - BRASILETROS
FUNDAÇÃO AMPLA DE SEGURIDADE SOCIAL - BRASILETROS
VINICOLA DO VALE DO SÃO FRANCISCO
BM LOGÍSTICA S.A.
VINICOLA DO VALE DO SÃO FRANCISCO
LM TRANSPORTES INTERESTADUAIS SERVIÇOS E COMÉRCIO S.A.
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
US$
PEN
US$
US$
PEN
US$
US$
BRL
BRL
BRL
EUR
BRL
BRL
BRL
13.30% Monthly
14.08% Monthly
7.40% Monthly
7.48% Monthly
6.90% Monthly
8.18% Monthly
9.25% Monthly
10.55% Monthly
6.66% Monthly
8.22% Monthly
2.42% Monthly
4.44% Monthly
4.44% Monthly
6.66% Monthly
5.37% Monthly
5.83% Monthly
5.83% Monthly
5.28% Monthly
3.33% Monthly
9.34% Monthly
4.92% Monthly
5.28% Monthly
3.33% Monthly
5.28% Monthly
10.32% Monthly
8.97% Monthly
8.97% Monthly
7.41% Monthly
7.41% Monthly
6.93% Monthly
7.35% Monthly
7.41% Monthly
7.41% Monthly
7.35% Monthly
7.82% Monthly
6.93% Monthly
8.02% Monthly
11.25% Monthly
7.82% Monthly
7.82% Monthly
7.41% Monthly
8.93% Monthly
2.42% Monthly
5.83% Monthly
9.87% Monthly
9.45% Monthly
7.28% Monthly
7.28% Monthly
13.39% Monthly
6.57% Monthly
2.81% Quarterly
1.59% Quarterly
4.12% Monthly
2.23% Quarterly
5.45% Monthly
4.51% Monthly
2.23% Monthly
12.42% Monthly
10.93% Monthly
12.42% Monthly
9.31% Monthly
5.94% Monthly
13.11% Monthly
6.23% Monthly
Foreign
Enel Distribución Sao Paulo
Foreign
VINICIUS LEARDINI / PATRICIA LEARDINI SOUZA / MURILO LEARDINI
Brazil
7.35% Monthly
DARCIO ANTONIO LEARDINI / RITA DE CASSIA PONTIERI LEARDINI /
JOSÉ HENRIQUE DOS SANTOS SOUSA / JOSÉ ANTUNES GOMES DE
Foreign
Enel Distribución Sao Paulo
Foreign
PATRICIA MARIA VASONE SPINGOLA / ARMANDO VASONE FILHO
Current
Less than
90 days
5
-
7
2
13
3
106
More than
90 days
17
1
-
-
4
9
162
622
75
1,040
160
Non-Current
One to two
years
2
6
-
-
-
3
209
12-31-2020
Two to
three years
-
1
-
-
-
-
121
1,515
226
1,674
119
Total
Current
22
1
7
2
17
12
268
1,662
235
22
11
28
18
9
18
13
11
3
3
3
1
1
3
2
85
6
28
10
7
7
1
1
1
1
1
2
2
5
3
9
121
11
776
527
85
67
1,228
133
202
69
505
2,233
-
3
6
2
7
-
12
9
15
15
10
38
-
42
-
53
40
16
41
29
22
7
2
3
3
3
2
5
183
-
-
20
12
13
3
2
2
2
2
3
5
9
6
18
127
22
-
-
189
86
1,641
413
629
294
902
4,529
45
3
14
3
21
362
36
27
46
2
5
-
-
64
11
81
58
25
59
42
33
10
5
6
4
4
5
7
268
6
28
30
19
20
4
3
3
3
3
5
7
14
9
27
248
33
776
527
274
153
2,869
546
831
363
1,407
6,762
45
6
20
5
28
362
48
36
61
17
15
38
-
60
-
12
-
23
28
40
31
6
-
-
3
2
-
5
266
-
-
28
17
19
4
3
3
3
4
5
7
13
8
26
181
32
-
-
153
124
2,368
586
892
252
520
-
181
-
-
-
26
802
31
22
38
3
-
-
3
65
-
-
-
23
-
3
-
-
-
-
-
-
-
-
242
-
-
30
18
20
4
3
3
3
4
5
7
14
9
28
162
34
-
-
-
137
2,592
309
311
305
-
-
45
-
-
-
-
802
-
-
-
4
-
-
3
Three to
four years
-
-
-
-
-
-
28
1,851
-
70
Four to
five years
-
-
-
-
-
-
-
2,046
-
76
More than
five years
-
-
-
-
-
-
-
2,461
-
20
Total Non-
Current
2
7
-
-
-
3
358
9,547
345
291
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
18
11
11
1
2
2
1
2
3
2
9
7
2
-
18
-
-
-
151
2,836
-
-
-
-
-
-
-
-
-
-
802
-
-
-
4
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
138
3,104
-
-
-
-
-
-
-
-
-
-
802
-
-
-
4
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3,207
-
-
-
-
-
-
-
-
-
-
3,674
-
-
-
371
-
138
2
-
12
-
46
28
43
31
6
-
-
3
2
-
5
508
-
-
76
46
50
9
8
8
7
10
13
16
36
24
56
343
84
-
-
153
550
14,107
895
1,203
557
520
-
226
-
-
-
26
6,882
31
22
38
386
-
138
8
299
Annual Report Enel Américas 2020 21.1 Individualization of Lease Liabilities, continued
Company
LOCALIZA RENT A CAR
INTER EMPRENDIMENTOS IMOBILIARIOS L
GABRIELA DA SILVA BRAGA
MAIANA DE FÁTIMA BEZERRA PINHEIRO
SJ ADMINISTRAÇÃO DE IMÓVEIS
VALTER FURTADO ADVOGADOS ASSOCIADOS
CARLOS NILBERTO LIMA VENANCIO
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
FUNDAÇÃO AMPLA DE SEGURIDADE SOCIAL - BRASILETROS
UNIMÓVEIS
ELUÍSIO SOARES DA SILVA
FRANCISCO FELIPE DE SOUSA
F OLIVEIRA CORRETOR
FRANCISCO DE ASSIS ROCHA RODRIGUES
MADELINE CORDEIRO CAVALCANTE
MARIA OTACIANA NOGUEIRA CASTRO
MARIA DAS GRACAS TIMBO D MARTINS
FRANCISCO CANUTO LINS
LUIZA MARTINS CAVALCANTI
S.M. ALVES MOURA-ME
BERTRANS BERTOTTI TRANSPORTES DE CARGAS SECAS
CLAUDIO SEBASTIÃO DE LIMA
SOLI EMPREENDIMENTOS E CONSTRUÇÕES LTDA
EXPEDITO ARAGÃO PONTES
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
FUNDAÇÃO AMPLA DE SEGURIDADE SOCIAL - BRASILETROS
ELETROSUL CENTRAIS ELETRICAS S.A.
VINÍCIUS ANJOS DE SOUZA
MAURÍCIO MANHÃE DE LIMA
MOACYR JOSÉ DA CRUZ
PAULO ALBERTO SILVA DE ANDRADE
JOSÉ CLAUDIO MACHADO
OLIVER DA SILVA BARRETO
MAURO JOSÉ RODRIGUES FELGA
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
FUNDAÇÃO AMPLA DE SEGURIDADE SOCIAL - BRASILETROS
MARILENE DAFLON JAPOR TORRES
FUNDO DE INVESTIMENTO IMOBILIÁRIO PATRIMONIAL III
LIGIA RIBEIRO GARCIA DE REZENDE
LUIZ ANTONIO SIQUEIRA GONÇALVES
CONSÓRCIO GDA SERVIÇOS DE TRANSPOR
JOSUÉ COUTO DE OLIVEIRA
ALOYSIO DOS SANTOS ERTHAL
MIGUEL GUERREIRO MARTINS
NITERÓI EMPRESA DE LAZER E TURISMO S/A
LEONARDO CAMPOS
JOÃO LOPES MEZAVILLA JUNIOR
ALICE ALT BITTENCOURT
JOÃO COELHO DE ALENCAR
ISIDRO DA SILVA FERREIRA
JOSÉ MARTINS FILHO
AGNOS COMÉRCIO DE PARAF. LTDA
LUSIA GOMES JESUS
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
FUNDAÇÃO AMPLA DE SEGURIDADE SOCIAL - BRASILETROS
ITA EMPRESA DE TRANSPORTES LTDA
ITA EMPRESA DE TRANSPORTES LTDA
RAMES ABRAHÃO BASÍLIO
ANTÔNIO FRANCISCO DE MIRANDA
ANTÔNIO SERGIO MACHADO
SANT'ANA DINIZ & MOURA AGORPECUÁRIA LTDA.
NERCI BERNARDO DA COSTA
JOÃO FRANCISCO DOURADO
FLÁVIO DE OLIVEIRA BRAGA
EDIVALDO GODOI DA SILVA
ADAIR DEODORO SILVA
SELSSI GUEDES DOURADO
ANA MARIA IANNACONI BORGES
TEREZINHA DO CARMOS DE JESUS
FUNDAÇÃO AMPLA DE SEGURIDADE SOCIAL - BRASILETROS
SOCIEDAD DE HECHO ENTRE DEL TORO LEONARDO Y DEL TORO
DOMINGO
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
FUNDAÇÃO AMPLA DE SEGURIDADE SOCIAL - BRASILETROS
Country Currency
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
Argentina ARS
BRL
Brazil
BRL
Brazil
UF
Chile
Effective
Interest
Rate Maturity
7.41% Monthly
4.76% Monthly
2.42% Monthly
2.42% Monthly
9.67% Monthly
7.41% Monthly
10.01% Monthly
3.47% Monthly
10.93% Monthly
10.01% Monthly
10.01% Monthly
8.01% Monthly
6.93% Monthly
6.93% Monthly
8.31% Monthly
5.83% Monthly
7.75% Monthly
12.51% Monthly
6.48% Monthly
5.91% Monthly
4.44% Monthly
5.37% Monthly
5.83% Monthly
6.78% Monthly
4.66% Monthly
12.42% Monthly
6.50% Monthly
8.55% Monthly
5.30% Monthly
5.34% Monthly
10.01% Monthly
9.89% Monthly
9.67% Monthly
11.78% Monthly
3.47% Monthly
10.93% Monthly
4.76% Monthly
8.54% Monthly
10.32% Monthly
10.01% Monthly
8.97% Monthly
7.11% Monthly
7.30% Monthly
6.30% Monthly
12.94% Monthly
10.32% Monthly
9.44% Monthly
9.89% Monthly
9.44% Monthly
10.88% Monthly
8.55% Monthly
4.97% Monthly
4.66% Monthly
4.66% Monthly
5.73% Monthly
8.93% Monthly
5.81% Monthly
6.08% Monthly
9.10% Monthly
8.86% Monthly
9.34% Monthly
9.10% Monthly
11.25% Monthly
8.01% Monthly
7.30% Monthly
8.01% Monthly
9.84% Monthly
9.84% Monthly
9.84% Monthly
12.42% Monthly
0.62% Monthly
6.50% Monthly
7.67% Monthly
0.01% Monthly
Current
Less than
90 days
More than
90 days
Non-Current
One to two
12-31-2020
Two to
years
three years
Total
Current
-
15
Three to
four years
Four to
five years
More than
five years
6
Total Non-
Current
45
115
72
140
167
1,851
45
29
171
38
13
3
11
6
10
24
-
4
3
4
1
2
1
4
-
1
2
2
1
1
1
1
1
1
1
1
4
1
1
4
2
1
4
7
1
1
1
113
27
587
102
19
15
1
10
11
4
1
-
2
1
13
1
1
1
1
1
1
1
1
4
1
11
-
1
1
11
498
-
11
86
85
2
22
15
24
16
13
1
1
-
6
3
-
1
1
2
6
6
2
3
1
3
2
4
3
-
8
5
3
-
9
-
7
-
2
5
-
2
1
4
2
3
3
6
9
3
1
1
-
-
-
-
2
2
-
3
3
5
2
3
2
4
2
34
78
1
2
8
81
167
4
5
1
8
4
5
1
3
8
8
3
4
2
4
3
5
256
3
60
4
13
11
16
21
34
40
17
4
1
13
140
665
1,851
113
108
754
102
19
9
3
9
7
3
2
5
17
4
13
17
13
4
1
3
1
13
3
3
4
4
6
3
4
3
8
3
45
78
2
3
19
28
22
13
-
415
717
-
6
-
-
-
9
-
-
-
-
3
8
8
3
2
1
4
2
4
-
-
4
-
7
4
-
-
4
2
-
3
3
-
-
-
2
1
3
5
4
6
4
2
-
-
-
-
-
-
4
2
-
4
4
7
3
5
3
6
3
65
29
45
11
-
-
24
26
28
30
130
14
16
18
20
778
844
919
1,022
4,280
12
14
15
-
-
-
-
-
-
-
-
-
-
-
3
3
1
4
-
2
5
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1
-
3
-
5
-
5
2
-
-
-
-
-
-
-
2
1
-
-
-
8
3
5
3
7
4
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2
-
-
4
-
2
6
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1
2
-
-
-
-
-
-
4
-
5
-
16
6
12
13
11
22
11
37
17
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
81
-
415
6
6
-
-
-
-
-
-
-
11
72
11
19
18
26
2
19
30
28
2
4
-
-
6
-
7
4
-
-
4
2
-
3
5
-
-
-
5
1
35
10
29
6
94
36
65
10
6
-
-
-
-
-
-
6
-
9
8
23
9
15
10
21
10
29
45
12
-
-
-
-
-
-
-
2
-
-
-
-
-
3
8
9
3
-
1
4
-
-
-
-
-
2
-
-
-
-
-
-
-
-
-
-
-
2
-
-
-
2
-
3
5
4
-
4
2
-
-
-
-
-
-
-
4
3
-
5
4
8
3
5
3
6
3
-
-
-
1
-
Total
17,959
33,533
51,492
27,967
12,935
9,573
9,726
30,867
91,068
Foreign
Foreign
Foreign
96.800.570-7 COMPAÑIA DE LEASING TATTERSALL S A.
IN THOUSANDS OF U.S. DOLLARS – THUS$
Taxpayer
ID No.
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Company
ENEL X BRASIL
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Cien S.A.
Enel Cien S.A.
Enel Cien S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Generación Fortaleza
Country
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Taxpayer ID
No.
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
94.271.000-3 Enel Américas S.A.
EDESUR
Enel Green Power Volta Grande
Enel Green Power Volta Grande
Argentina
Brazil
Brazil
Chile
300300
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information IN THOUSANDS OF U.S. DOLLARS – THUS$
Taxpayer
Taxpayer ID
Country
No.
Company
Country Currency
Rate Maturity
Effective
Interest
Company
ENEL X BRASIL
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Cien S.A.
Enel Cien S.A.
Enel Cien S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Generación Fortaleza
ID No.
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
LOCALIZA RENT A CAR
INTER EMPRENDIMENTOS IMOBILIARIOS L
GABRIELA DA SILVA BRAGA
MAIANA DE FÁTIMA BEZERRA PINHEIRO
SJ ADMINISTRAÇÃO DE IMÓVEIS
VALTER FURTADO ADVOGADOS ASSOCIADOS
CARLOS NILBERTO LIMA VENANCIO
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
FUNDAÇÃO AMPLA DE SEGURIDADE SOCIAL - BRASILETROS
UNIMÓVEIS
ELUÍSIO SOARES DA SILVA
FRANCISCO FELIPE DE SOUSA
F OLIVEIRA CORRETOR
FRANCISCO DE ASSIS ROCHA RODRIGUES
MADELINE CORDEIRO CAVALCANTE
MARIA OTACIANA NOGUEIRA CASTRO
MARIA DAS GRACAS TIMBO D MARTINS
FRANCISCO CANUTO LINS
LUIZA MARTINS CAVALCANTI
S.M. ALVES MOURA-ME
BERTRANS BERTOTTI TRANSPORTES DE CARGAS SECAS
CLAUDIO SEBASTIÃO DE LIMA
SOLI EMPREENDIMENTOS E CONSTRUÇÕES LTDA
EXPEDITO ARAGÃO PONTES
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
FUNDAÇÃO AMPLA DE SEGURIDADE SOCIAL - BRASILETROS
ELETROSUL CENTRAIS ELETRICAS S.A.
VINÍCIUS ANJOS DE SOUZA
MAURÍCIO MANHÃE DE LIMA
MOACYR JOSÉ DA CRUZ
PAULO ALBERTO SILVA DE ANDRADE
JOSÉ CLAUDIO MACHADO
OLIVER DA SILVA BARRETO
MAURO JOSÉ RODRIGUES FELGA
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
FUNDAÇÃO AMPLA DE SEGURIDADE SOCIAL - BRASILETROS
MARILENE DAFLON JAPOR TORRES
FUNDO DE INVESTIMENTO IMOBILIÁRIO PATRIMONIAL III
LIGIA RIBEIRO GARCIA DE REZENDE
LUIZ ANTONIO SIQUEIRA GONÇALVES
CONSÓRCIO GDA SERVIÇOS DE TRANSPOR
JOSUÉ COUTO DE OLIVEIRA
ALOYSIO DOS SANTOS ERTHAL
MIGUEL GUERREIRO MARTINS
NITERÓI EMPRESA DE LAZER E TURISMO S/A
LEONARDO CAMPOS
JOÃO LOPES MEZAVILLA JUNIOR
ALICE ALT BITTENCOURT
JOÃO COELHO DE ALENCAR
ISIDRO DA SILVA FERREIRA
JOSÉ MARTINS FILHO
AGNOS COMÉRCIO DE PARAF. LTDA
LUSIA GOMES JESUS
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
FUNDAÇÃO AMPLA DE SEGURIDADE SOCIAL - BRASILETROS
ITA EMPRESA DE TRANSPORTES LTDA
ITA EMPRESA DE TRANSPORTES LTDA
RAMES ABRAHÃO BASÍLIO
ANTÔNIO FRANCISCO DE MIRANDA
ANTÔNIO SERGIO MACHADO
SANT'ANA DINIZ & MOURA AGORPECUÁRIA LTDA.
NERCI BERNARDO DA COSTA
JOÃO FRANCISCO DOURADO
FLÁVIO DE OLIVEIRA BRAGA
EDIVALDO GODOI DA SILVA
ADAIR DEODORO SILVA
SELSSI GUEDES DOURADO
ANA MARIA IANNACONI BORGES
TEREZINHA DO CARMOS DE JESUS
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Chile
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Chile
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
UF
7.41% Monthly
4.76% Monthly
2.42% Monthly
2.42% Monthly
9.67% Monthly
7.41% Monthly
10.01% Monthly
3.47% Monthly
10.93% Monthly
10.01% Monthly
10.01% Monthly
8.01% Monthly
6.93% Monthly
6.93% Monthly
8.31% Monthly
5.83% Monthly
7.75% Monthly
12.51% Monthly
6.48% Monthly
5.91% Monthly
4.44% Monthly
5.37% Monthly
5.83% Monthly
6.78% Monthly
4.66% Monthly
12.42% Monthly
6.50% Monthly
8.55% Monthly
5.30% Monthly
5.34% Monthly
10.01% Monthly
9.89% Monthly
9.67% Monthly
11.78% Monthly
3.47% Monthly
10.93% Monthly
4.76% Monthly
8.54% Monthly
10.32% Monthly
10.01% Monthly
8.97% Monthly
7.11% Monthly
7.30% Monthly
6.30% Monthly
12.94% Monthly
10.32% Monthly
9.44% Monthly
9.89% Monthly
9.44% Monthly
10.88% Monthly
8.55% Monthly
4.97% Monthly
4.66% Monthly
4.66% Monthly
5.73% Monthly
8.93% Monthly
5.81% Monthly
6.08% Monthly
9.10% Monthly
8.86% Monthly
9.34% Monthly
9.10% Monthly
11.25% Monthly
8.01% Monthly
7.30% Monthly
8.01% Monthly
9.84% Monthly
9.84% Monthly
9.84% Monthly
12.42% Monthly
0.62% Monthly
6.50% Monthly
7.67% Monthly
0.01% Monthly
EDESUR
Enel Green Power Volta Grande
Enel Green Power Volta Grande
Argentina
DOMINGO
Argentina ARS
FUNDAÇÃO AMPLA DE SEGURIDADE SOCIAL - BRASILETROS
SOCIEDAD DE HECHO ENTRE DEL TORO LEONARDO Y DEL TORO
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
FUNDAÇÃO AMPLA DE SEGURIDADE SOCIAL - BRASILETROS
94.271.000-3 Enel Américas S.A.
96.800.570-7 COMPAÑIA DE LEASING TATTERSALL S A.
Current
Less than
90 days
-
4
3
4
1
2
1
45
29
4
-
1
2
2
1
1
1
1
1
1
171
1
38
1
13
3
11
6
10
24
4
1
1
4
140
167
2
1,851
1
4
7
1
1
1
15
1
10
11
4
1
-
2
1
113
27
587
102
19
1
1
13
1
1
1
1
1
1
4
1
11
-
1
1
11
More than
90 days
-
11
1
1
-
6
3
-
86
1
1
2
6
6
2
3
1
3
2
4
85
2
22
3
-
8
5
15
24
16
13
3
-
9
-
498
7
-
2
5
-
2
1
4
2
3
3
6
9
3
1
1
-
-
81
167
-
-
2
2
-
3
3
5
2
3
2
4
2
34
78
1
2
8
Non-Current
One to two
years
-
6
-
-
-
9
-
-
72
-
-
3
8
8
3
2
1
4
2
4
-
-
28
4
-
7
4
22
-
-
4
2
-
13
-
415
3
717
3
-
-
-
2
1
3
5
4
6
12
4
2
-
-
-
65
-
-
-
4
2
-
4
4
7
3
5
3
6
3
29
45
-
11
-
Total
Current
-
15
4
5
1
8
4
45
115
5
1
3
8
8
3
4
2
4
3
5
256
3
60
4
13
11
16
21
34
40
17
4
1
13
140
665
9
1,851
3
9
7
3
2
5
17
4
13
17
13
4
1
3
1
113
108
754
102
19
3
3
13
4
4
6
3
4
3
8
3
45
78
2
3
19
12-31-2020
Two to
three years
-
-
-
-
-
2
-
-
-
-
-
3
8
9
3
-
1
4
-
-
-
-
-
2
-
-
-
24
-
-
-
-
-
14
-
-
-
778
2
-
-
-
2
-
3
5
4
-
14
4
2
-
-
-
-
-
-
-
4
3
-
5
4
8
3
5
3
6
3
-
-
-
1
-
Three to
four years
-
-
-
-
-
-
-
-
-
-
-
3
3
1
4
-
2
5
-
-
-
-
-
-
-
-
-
26
-
-
-
-
-
16
-
-
-
844
-
-
-
-
1
-
3
-
5
-
15
5
2
-
-
-
-
-
-
-
2
1
-
-
-
8
3
5
3
7
4
-
-
-
-
-
Four to
five years
-
-
-
-
-
-
-
-
-
-
-
2
-
-
4
-
2
6
-
-
-
-
-
-
-
-
-
28
-
-
-
-
-
18
-
-
-
919
-
-
-
-
-
-
4
-
5
-
16
6
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1
2
-
-
-
-
-
-
More than
five years
6
-
-
-
-
-
-
-
-
-
-
-
-
-
12
-
13
11
-
-
-
-
-
-
-
-
-
30
-
-
-
-
-
20
-
-
-
1,022
-
-
-
-
-
-
22
-
11
-
37
17
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total Non-
Current
6
6
-
-
-
11
-
-
72
-
-
11
19
18
26
2
19
30
2
4
-
-
28
6
-
7
4
130
-
-
4
2
-
81
-
415
3
4,280
5
-
-
-
5
1
35
10
29
6
94
36
6
-
-
-
65
-
-
-
10
6
-
9
8
23
9
15
10
21
10
29
45
-
12
-
Total
17,959
33,533
51,492
27,967
12,935
9,573
9,726
30,867
91,068
301
Annual Report Enel Américas 2020 21.1 Individualization of Lease Liabilities, continued
Country Currency
Rate Maturity
Effective
Interest
Current
Non-Current
Less than
90 days
More than
90 days
Total
Current
One to two
12-31-2019
Two to
years
three years
Three to
four years
Four to
five years
More than
five years
Total Non-
Current
Colombia COP
7.44% Monthly
118
356
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
PEN
Peru
PEN
Peru
PEN
Peru
US$
Peru
US$
Peru
US$
Peru
US$
Peru
US$
Peru
US$
Peru
US$
Peru
PEN
Peru
US$
Peru
US$
Peru
PEN
Peru
Peru
US$
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
7.44% Monthly
7.44% Monthly
7.44% Monthly
7.44% Monthly
7.44% Monthly
7.39% Monthly
7.71% Monthly
7.56% Monthly
7.44% Monthly
7.60% Monthly
7.99% Monthly
7.40% Monthly
7.80% Monthly
7.57% Monthly
7.57% Monthly
7.93% Monthly
7.87% Monthly
7.87% Monthly
7.56% Monthly
7.88% Monthly
7.72% Monthly
7.40% Monthly
7.59% Monthly
7.59% Monthly
7.10% Monthly
9.52% Monthly
12.09% Monthly
12.50% Monthly
6.24% Quarterly
5.54% Quarterly
4.37% Quarterly
5.19% Monthly
4.65% Monthly
4.35% Monthly
4.35% Monthly
5.05% Monthly
4.70% Monthly
5.68% Quarterly
5.58% Quarterly
3.70% Quarterly
3.63% Quarterly
7.57% Monthly
2.84% Quarterly
11.02% Monthly
11.02% Monthly
7.00% Monthly
8.00% Monthly
8.00% Monthly
7.00% Monthly
7.00% Monthly
7.00% Monthly
13.00% Monthly
13.00% Monthly
7.00% Monthly
10.55% Monthly
10.32% Monthly
10.10% Monthly
9.35% Monthly
4.01% Monthly
7.11% Monthly
9.35% Monthly
9.89% Monthly
4.01% Monthly
29
32
860
252
87
102
35
19
19
14
5
15
35
7
14
40
31
12
25
1
6
6
52
15
12
9
9
23
6
11
112
223
69
642
103
-
51
10
16
7
4
31
9
1
5
19
10
52
53
3
57
5
3
12
198
777
81
25
50
26
21
9
22
10
1,981
687
2,427
607
672
220
1,954
308
4,932
156
29
26
4
11
87
18,315
6,354
7,181
1,840
105
56
56
42
14
171
60
114
21
50
190
62
50
83
4
510
27
26
175
170
91
14
30
77
17
19
26
-
10
44
22
162
154
8
19
614
15
3
9
42
104
-
45
17
40
-
474
140
75
75
56
19
273
75
149
28
64
230
93
62
108
5
622
33
32
227
185
103
23
39
100
23
30
895
289
35
1
15
63
32
214
207
11
76
812
20
6
21
67
154
26
66
26
62
10
2,596
411
4,932
207
39
42
11
15
118
20,296
7,041
9,608
2,447
-
-
2
2
2
1
-
62
84
-
52
151
-
48
68
3
431
24
23
142
25
49
-
28
74
23
-
92
214
2,692
431
6,801
217
10
16
129
-
-
-
-
9,574
1,252
21
556
-
15
25
230
163
870
23
2
-
-
-
1,768
224
62
-
-
-
-
64
58
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
49
163
52
465
44
42
-
27
39
2,857
339
7,085
228
16
97
2,394
568
1,955
247
75
2
-
-
68
-
-
-
-
-
31
176
14
502
116
3,650
240
10
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
53
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
249
268
118
1,216
154
1,993
235
2,162
133
75
2,390
5,819
82
115
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2
2
2
1
-
111
84
-
52
543
-
114
68
3
68
65
142
973
88
-
28
74
26
-
92
214
1,398
5,549
886
17,536
1,024
10
42
226
-
-
-
-
11,968
1,252
1,124
21
-
15
25
865
163
945
25
2
-
-
-
14,094
604
402
-
-
-
-
64
89
IN THOUSANDS OF U.S. DOLLARS – THUS$
Taxpayer
ID No.
Company
Country
Taxpayer ID
No.
Foreign
Codensa
Colombia
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Generación Piura S.A.
Enel Generación Piura S.A.
Enel Generación Piura S.A.
Enel Generación Piura S.A.
Enel Generación Piura S.A.
Enel Generación Piura S.A.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Foreign
Foreign
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Foreign
Enel Distribución Sao Paulo
Foreign
Enel Distribución Sao Paulo
Foreign
Foreign
Foreign
Foreign
Foreign
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Company
INVERSIONES Y CONSTRUCCIONES 79 SAS (PAGADOR ALTERNO:
FIDUBOGOTÁ GE)
INVERSIONES Y CONSTRUCCIONES 79 SAS (PAGADOR ALTERNO:
FIDUBOGOTÁ GE)
ANA MARIA RESTREPO PEREA (33,33%)
MARIA VICTORIA RESTREPO DE MARTINEZ (33,33%)
LONDONO DE ARENAS MARIA DEL PILAR (25%)
MARTINEZ ISAACS ROBERTO EDUARDO (8,34%)
PATRIMONIOS AUTONOMOS FIDUCIARIA BOGOTA
CASTRO OCHOA LUIS ANTONIO
SITUANDO LTDA
JULIO ALBERTO FLECHAS VEGA
PAEZ RUIZ Y ASOCIADOS LTDA
ACCI S.A.S
SITUANDO LTDA
CONSTRUCCIONES E INVERSIONES AMC S.A.
CANALES ANDRADE Y CIA SAS
MERCURIO CENTRO COMERCIAL
PATRIMONIOS AUTONOMOS FIDUCIARIA BOGOTA
MUNOZ HERMANOS FYN Y COMPANIA SAS
MUNOZ HERMANOS FYN Y COMPANIA SAS
CALDWELL MANAGEMENT SAS
INTERCONEXIÓN ELÉCTRICA S.A. E.S.P.
MINISTERIO DEFENSA NAL EJERCITO NAC
NEARDENTAL S.A.S
AMERICAS BUSINESS PROCESS SERVICES S.A
AMERICAS BUSINESS PROCESS SERVICES S.A
TRANSPORTES ESPECIALES FSG
EQUIRENT S.A.
MAREAUTO COLOMBIA SAS
TRANSPORTES ESPECIALES ALIADOS S.A.S
BANCO INTERBANK
BANCO INTERBANK
BANCO CONTINENTAL
BUILDINGINMUEBLES PANAMERICANA S.A.
BUILDINGMZ-INMOBILIARIA & DESARROLLADORA S.A.
RENTAEQUIPOS LEASING PERU S.A.
RENTAEQUIPOS LEASING PERU S.A.
FM EDIFICACIONES
RENTAEQUIPOS LEASING PERU S.A.
BANCO DE CREDITO DEL PERU
BANCO DE CREDITO DEL PERU
SCOTIABANK PERU
BANCO DE CREDITO DEL PERU
RENTING SAC
BBVA CONTINENTAL
EQUIRENT S.A.
MAREAUTO COLOMBIA S.A.S
JAIRO ALBERTO BAQUERO PRADA
PATRIMONIOS AUTONOMOS FIDUCIARIA BOGOTA
CALDWELL MANAGEMENT SAS
GESTIÓN INMOBILIARIA MIC S.A.S
COMPAÑÍA NAVIERA DEL GUAVIO LTDA.
TRANSPORTES ESPECIALES FSG
AVIS MAREAUTO COLOMBIA S.A.S
AVIS MAREAUTO COLOMBIA S.A.S
NEARDENTAL S.A.S
CASTELLO BRANCO OFFICE PARK - FUNDO DE INVESTIMENTO
IMOBILIÁRIO (50%) / CSHG REAL ESTATE - FUNDO DE INVESTIMENTO
IMOBILIÁRIO (50%)
MICHEL ESPER SAAD JUNIOR / SELMA MICHEL SAAD / DORA SAAD
SIFONT - COMÉRCIO DE PRODUTOS ADESIVOS LTDA - PPE / DAISAN
CONSULTORIA E NEGÓCIOS IMOBILIÁRIOS LTDA
GABRIEL CHUCAIR / SANDRA REGINA MARQUES PEREIRA CHUCAIR /
EDUARDO CHUCAIR / MAURÍCIO CHUCAIR
JOAQUIM VICENTE MARTINS / MARIA FERNANDA DOS SANTOS
MARTINS
DINARTEK ADMINISTRAÇÃO E PARTICIPAÇÃO
LUIZ ROBERTO GIL CONSULTORIA
RECOLOR MERCANTIL LTDA
FADL IBRAHIM MADJOUB / WADAD ABDUL MANDJOUB
302302
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information IN THOUSANDS OF U.S. DOLLARS – THUS$
Taxpayer
ID No.
Company
Taxpayer ID
Country
No.
Company
Country Currency
Rate Maturity
Effective
Interest
Current
Non-Current
Less than
90 days
More than
90 days
Total
Current
One to two
years
12-31-2019
Two to
three years
Three to
four years
Four to
five years
More than
five years
Total Non-
Current
Foreign
Codensa
Colombia
Foreign
FIDUBOGOTÁ GE)
Colombia COP
7.44% Monthly
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Codensa
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Distribución Perú S.A.
Enel Generación Piura S.A.
Enel Generación Piura S.A.
Enel Generación Piura S.A.
Enel Generación Piura S.A.
Enel Generación Piura S.A.
Enel Generación Piura S.A.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Emgesa S.A. E.S.P.
Foreign
Foreign
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Foreign
Foreign
Foreign
Foreign
Foreign
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Colombia
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
INVERSIONES Y CONSTRUCCIONES 79 SAS (PAGADOR ALTERNO:
INVERSIONES Y CONSTRUCCIONES 79 SAS (PAGADOR ALTERNO:
FIDUBOGOTÁ GE)
ANA MARIA RESTREPO PEREA (33,33%)
MARIA VICTORIA RESTREPO DE MARTINEZ (33,33%)
LONDONO DE ARENAS MARIA DEL PILAR (25%)
MARTINEZ ISAACS ROBERTO EDUARDO (8,34%)
PATRIMONIOS AUTONOMOS FIDUCIARIA BOGOTA
CASTRO OCHOA LUIS ANTONIO
SITUANDO LTDA
JULIO ALBERTO FLECHAS VEGA
PAEZ RUIZ Y ASOCIADOS LTDA
ACCI S.A.S
SITUANDO LTDA
CONSTRUCCIONES E INVERSIONES AMC S.A.
CANALES ANDRADE Y CIA SAS
MERCURIO CENTRO COMERCIAL
PATRIMONIOS AUTONOMOS FIDUCIARIA BOGOTA
MUNOZ HERMANOS FYN Y COMPANIA SAS
MUNOZ HERMANOS FYN Y COMPANIA SAS
CALDWELL MANAGEMENT SAS
INTERCONEXIÓN ELÉCTRICA S.A. E.S.P.
MINISTERIO DEFENSA NAL EJERCITO NAC
NEARDENTAL S.A.S
AMERICAS BUSINESS PROCESS SERVICES S.A
AMERICAS BUSINESS PROCESS SERVICES S.A
TRANSPORTES ESPECIALES FSG
EQUIRENT S.A.
MAREAUTO COLOMBIA SAS
TRANSPORTES ESPECIALES ALIADOS S.A.S
BANCO INTERBANK
BANCO INTERBANK
BANCO CONTINENTAL
BUILDINGINMUEBLES PANAMERICANA S.A.
BUILDINGMZ-INMOBILIARIA & DESARROLLADORA S.A.
RENTAEQUIPOS LEASING PERU S.A.
RENTAEQUIPOS LEASING PERU S.A.
FM EDIFICACIONES
RENTAEQUIPOS LEASING PERU S.A.
BANCO DE CREDITO DEL PERU
BANCO DE CREDITO DEL PERU
SCOTIABANK PERU
BANCO DE CREDITO DEL PERU
RENTING SAC
BBVA CONTINENTAL
EQUIRENT S.A.
MAREAUTO COLOMBIA S.A.S
JAIRO ALBERTO BAQUERO PRADA
PATRIMONIOS AUTONOMOS FIDUCIARIA BOGOTA
CALDWELL MANAGEMENT SAS
GESTIÓN INMOBILIARIA MIC S.A.S
COMPAÑÍA NAVIERA DEL GUAVIO LTDA.
TRANSPORTES ESPECIALES FSG
AVIS MAREAUTO COLOMBIA S.A.S
AVIS MAREAUTO COLOMBIA S.A.S
NEARDENTAL S.A.S
CASTELLO BRANCO OFFICE PARK - FUNDO DE INVESTIMENTO
IMOBILIÁRIO (50%) / CSHG REAL ESTATE - FUNDO DE INVESTIMENTO
IMOBILIÁRIO (50%)
MICHEL ESPER SAAD JUNIOR / SELMA MICHEL SAAD / DORA SAAD
SIFONT - COMÉRCIO DE PRODUTOS ADESIVOS LTDA - PPE / DAISAN
GABRIEL CHUCAIR / SANDRA REGINA MARQUES PEREIRA CHUCAIR /
JOAQUIM VICENTE MARTINS / MARIA FERNANDA DOS SANTOS
MARTINS
DINARTEK ADMINISTRAÇÃO E PARTICIPAÇÃO
LUIZ ROBERTO GIL CONSULTORIA
RECOLOR MERCANTIL LTDA
FADL IBRAHIM MADJOUB / WADAD ABDUL MANDJOUB
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Colombia COP
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
PEN
PEN
PEN
US$
US$
US$
US$
US$
US$
US$
PEN
US$
US$
PEN
US$
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
7.44% Monthly
7.44% Monthly
7.44% Monthly
7.44% Monthly
7.44% Monthly
7.39% Monthly
7.71% Monthly
7.56% Monthly
7.44% Monthly
7.60% Monthly
7.99% Monthly
7.40% Monthly
7.80% Monthly
7.57% Monthly
7.57% Monthly
7.93% Monthly
7.87% Monthly
7.87% Monthly
7.56% Monthly
7.88% Monthly
7.72% Monthly
7.40% Monthly
7.59% Monthly
7.59% Monthly
7.10% Monthly
9.52% Monthly
12.09% Monthly
12.50% Monthly
6.24% Quarterly
5.54% Quarterly
4.37% Quarterly
5.19% Monthly
4.65% Monthly
4.35% Monthly
4.35% Monthly
5.05% Monthly
4.70% Monthly
5.68% Quarterly
5.58% Quarterly
3.70% Quarterly
3.63% Quarterly
7.57% Monthly
2.84% Quarterly
11.02% Monthly
11.02% Monthly
7.00% Monthly
8.00% Monthly
8.00% Monthly
7.00% Monthly
7.00% Monthly
7.00% Monthly
13.00% Monthly
13.00% Monthly
7.00% Monthly
10.55% Monthly
10.32% Monthly
10.10% Monthly
9.35% Monthly
4.01% Monthly
7.11% Monthly
9.35% Monthly
9.89% Monthly
4.01% Monthly
Foreign
Enel Distribución Sao Paulo
Foreign
CONSULTORIA E NEGÓCIOS IMOBILIÁRIOS LTDA
Foreign
Enel Distribución Sao Paulo
Foreign
EDUARDO CHUCAIR / MAURÍCIO CHUCAIR
118
35
19
19
14
5
102
15
35
7
14
40
31
12
25
1
112
6
6
52
15
12
9
9
23
6
11
223
69
642
103
-
51
10
16
7
4
31
1,981
687
2,427
607
9
1
5
19
10
52
53
3
57
198
5
3
12
777
81
25
50
26
21
9
22
10
356
105
56
56
42
14
171
60
114
21
50
190
62
50
83
4
510
27
26
175
170
91
14
30
77
17
19
672
220
1,954
308
4,932
156
29
26
4
11
87
18,315
6,354
7,181
1,840
26
-
10
44
22
162
154
8
19
614
15
3
9
1,216
154
42
104
-
45
17
40
-
474
140
75
75
56
19
273
75
149
28
64
230
93
62
108
5
622
33
32
227
185
103
23
39
100
23
30
895
289
2,596
411
4,932
207
39
42
11
15
118
20,296
7,041
9,608
2,447
35
1
15
63
32
214
207
11
76
812
20
6
21
1,993
235
67
154
26
66
26
62
10
-
-
2
2
2
1
-
62
84
-
52
151
-
48
68
3
431
24
23
142
25
49
-
28
74
23
-
92
214
2,692
431
6,801
217
10
-
-
16
129
-
-
9,574
1,252
21
556
-
15
25
230
163
2
-
870
23
-
-
1,768
224
62
-
-
64
-
58
-
-
-
-
-
-
-
-
49
-
-
-
163
-
52
-
-
465
44
42
-
27
39
-
-
-
3
-
-
-
2,857
339
7,085
228
-
-
-
16
97
-
-
2,394
-
-
568
-
-
-
249
-
-
-
75
2
-
-
1,955
247
68
-
-
-
-
31
-
-
-
-
-
-
-
-
-
-
-
-
176
-
14
-
-
502
-
-
-
29
-
-
-
-
-
-
-
-
-
116
3,650
240
-
-
-
10
-
-
-
-
-
-
-
-
-
-
268
-
-
-
-
-
-
-
2,162
133
75
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
53
-
-
-
-
-
-
-
-
32
-
-
-
-
-
-
-
-
-
-
-
252
-
-
-
-
-
-
-
-
-
-
-
-
-
-
118
-
-
-
-
-
-
-
2,390
-
82
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
860
-
-
-
-
-
-
-
-
-
-
-
87
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5,819
-
115
-
-
-
-
-
-
-
-
2
2
2
1
-
111
84
-
52
543
-
114
68
3
1,398
68
65
142
973
88
-
28
74
26
-
92
214
5,549
886
17,536
1,024
10
-
-
42
226
-
-
11,968
1,252
21
1,124
-
15
25
865
163
2
-
945
25
-
-
14,094
604
402
-
-
64
-
89
-
303
Annual Report Enel Américas 2020 21.1 Individualization of Lease Liabilities, continued
Country Currency
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
BRL
BRL
BRL
BRL
BRL
BRL
BRL
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Company
ROGERIO PEREIRA DA SILVA / SIMONE DA SILVA
CONSTRUTORA AVILA DE AZEVEDO EIRELI
FABIO HIROYUKI OGAWA / MÔNICA HITOMI KONDO
FRANCISCO PERINE
SERGIO PEREIRA LEITE
JOSÉ CARLOS RIBEIRO / ANA CLÁUDIA LAPORTE RIBEIRO
M.O. INCORPORAÇÕES & PARTICIPAÇÕES LTDA.
EMILIANA RIBEIRO / SUZANA APARECIDA RIBEIRO / VICTOR JESUS
RIBEIRO / JOSEPH AUGUSTO RIBEIRO
LOURIVAL ASSUNÇÃO DE ABREU
DHL LOGISTICS LTDA
JSL LOCAÇÕES LTDA
CSC COMPUTER SCIENCES BRASIL S.A.
DIRCE GONÇALVES GOMES
FRANCISCO FREXOSO SALAZAR
DARCIO ANTONIO LEARDINI / RITA DE CASSIA PONTIERI LEARDINI /
VINICIUS LEARDINI / PATRICIA LEARDINI SOUZA / MURILO LEARDINI
JOSÉ HENRIQUE DOS SANTOS SOUSA / JOSÉ ANTUNES GOMES DE
SOUSA
MARIA ANGELA RODRIGUES LODO MOTA
HONÓRIO PEREIRA DOMINGUES
EDNEIA DE SOUZA SOARES
MADALENA OLIVEIRA DA SILVA / RENAN OLIVEIRA SILVA / SULIVAN
OLIVEIRA SILVA
ADAQUIR PRISCO
NEWTON PEREIRA DA SILVA
DALMAS PARTICIPAÇÕES LTDA.
ACG PROJETOS & DECORAÇÕES LTDA
ADA MARIA VASONE / OLGA MARIA VASONE DE CASTRO CONDE /
PATRICIA MARIA VASONE SPINGOLA / ARMANDO VASONE FILHO
FUNDAÇÃO PADRE ANCHIETA - CENTRO PAULISTA DE RÁDIO TV
Brazil
EDUCATIVAS
Brazil
RUJO CONSTRUÇÕES E EMPREENDIMENTOS IMOBILIÁRIOS LTDA
Brazil
TIVIT TERCEIRIZAÇÃO DE PROCESSOS, SERVIÇOS E TECNOLOGIA S.A.
Brazil
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
Brazil
FUNDAÇÃO AMPLA DE SEGURIDADE SOCIAL - BRASILETROS
Brazil
ARVAL BRASIL LTDA.
Brazil
JSL S.A.
Brazil
JSL S.A.
Brazil
JSL S.A.
Brazil
JSL S.A.
MAESTRO LOCADORA DE VEÍCULOS S.A.
Brazil
VAMOS LOCAÇÃO DE CAMINHÕES, MÁQUINAS E EQUIPAMENTOS LTDA Brazil
Brazil
DHL LOGISTICS LTDA
Brazil
AGASUS S.A.
Peru
BBVA
Peru
RENTAEQUIPOS LEASING PERU S.A.
Peru
RENTAEQUIPOS LEASING PERU S.A.
Peru
RENTAEQUIPOS LEASING PERU S.A.
Peru
RENTAEQUIPOS LEASING PERU S.A.
Peru
RENTAEQUIPOS LEASING PERU S.A.
Peru
ELIAS MARCELO LAOS HUAMAN
Peru
FM EDIFICACIONES
Peru
RENTING S.A.C.
Peru
RENTAEQUIPOS LEASING PERU S.A.
Brazil
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
Brazil
FUNDAÇÃO AMPLA DE SEGURIDADE SOCIAL - BRASILETROS
Brazil
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
Brazil
FUNDAÇÃO AMPLA DE SEGURIDADE SOCIAL - BRASILETROS
Spain
EL CORTE INGLES
Brazil
COLUNA IMOBILIÁRIA LTDA
Brazil
FUNDAÇÃO AMPLA DE SEGURIDADE SOCIAL - BRASILETROS
Brazil
PAULO ANDRADE DE SOUZA PINTO FILHO
Brazil
BM LOGÍSTICA S.A.
Brazil
VINICOLA DO VALE DO SÃO FRANCISCO
Brazil
PMINAS BRASIL CONSTRUÇÃO CIVIL E SE
Brazil
INTER EMPRENDIMENTOS IMOBILIARIOS L
Brazil
VALDERLI LIMA CARDOSO
Brazil
GABRIELA DA SILVA BRAGA
Brazil
MAIANA DE FÁTIMA BEZERRA PINHEIRO
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
US$
US$
US$
US$
US$
US$
US$
US$
PEN
US$
BRL
BRL
BRL
BRL
EUR
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
Effective
Interest
Rate Maturity
4.01% Monthly
9.89% Monthly
9.34% Monthly
9.35% Monthly
9.34% Monthly
9.35% Monthly
9.89% Monthly
9.34% Monthly
9.89% Monthly
10.32% Monthly
8.97% Monthly
8.97% Monthly
11.25% Monthly
11.25% Monthly
11.25% Monthly
8.43% Monthly
11.25% Monthly
11.25% Monthly
8.43% Monthly
11.25% Monthly
11.25% Monthly
8.43% Monthly
11.25% Monthly
11.25% Monthly
8.43% Monthly
10.32% Monthly
11.25% Monthly
8.93% Monthly
9.35% Monthly
9.89% Monthly
4.65% Monthly
9.45% Monthly
9.45% Monthly
4.65% Monthly
9.45% Monthly
7.28% Monthly
7.28% Monthly
13.39% Monthly
6.57% Monthly
3.38% Quarterly
4.12% Monthly
4.12% Monthly
4.31% Monthly
4.11% Monthly
4.11% Monthly
2.23% Quarterly
4.83% Monthly
5.45% Monthly
4.51% Monthly
6.04% Monthly
6.30% Monthly
6.04% Monthly
6.30% Monthly
0.10% Monthly
9.35% Monthly
6.30% Monthly
6.08% Monthly
5.94% Monthly
13.11% Monthly
8.97% Monthly
7.11% Monthly
4.77% Monthly
5.57% Monthly
6.04% Monthly
Current
Non-Current
Less than
90 days
More than
90 days
Total
Current
One to two
12-31-2019
Two to
years
three years
Three to
four years
Four to
five years
More than
five years
Total Non-
Current
343
313
104
13
157
11
6
5
3
2
2
4
2
1
3
2
6
1
1
1
1
1
2
2
5
4
10
71
13
33
98
1,216
647
1,310
408
33
52
383
421
78
353
-
10
3
2
2
4
6
3
2
8
1
12
10
79
5
87
10
13
13
23
26
9
2
6
10
214
432
18
11
12
-
7
5
3
9
2
3
6
5
9
3
2
2
2
2
4
5
9
7
20
137
20
2,728
157
338
-
1,423
458
31
55
497
757
390
1,475
1,269
18
9
4
1
8
19
10
7
23
3
8
23
55
-
6
22
30
29
13
-
-
1
1
15
5
10
13
7
5
4
4
9
7
318
22
589
29
17
18
4
3
3
3
3
6
7
14
11
30
208
33
3,944
2,733
190
436
647
866
64
107
880
1,178
468
1,828
1,269
28
12
6
3
12
25
13
9
31
4
20
33
5
93
32
43
42
23
26
22
3
7
25
134
-
10
4
-
7
-
4
5
7
-
-
4
3
3
3
3
5
7
311
26
17
18
13
10
29
199
30
630
489
-
-
2,054
660
-
79
705
1,073
372
1,540
3,873
-
6
-
-
-
5
7
22
34
11
77
-
-
-
-
-
-
-
31
17
18
-
-
7
-
6
-
-
-
-
3
-
5
-
-
5
3
3
4
4
6
8
29
19
20
-
-
-
-
-
-
-
5
-
-
7
-
-
-
-
-
-
-
8
-
-
-
25
47
19
14
11
31
220
33
-
-
-
308
2,248
723
-
87
756
1,151
422
671
32
21
22
16
12
34
200
37
2,461
791
-
95
399
402
254
-
-
-
-
-
-
-
-
-
-
-
5
3
4
4
4
6
8
-
-
-
-
3
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
20
13
12
2
2
2
1
2
3
3
10
9
3
20
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
178
-
16
4
-
7
-
7
5
12
967
-
-
107
70
72
16
11
12
12
13
20
26
53
42
97
-
6
-
-
-
22
13
7
59
18
124
50
17
178
26
-
-
-
-
-
-
-
-
7
619
120
630
797
-
-
-
15,629
4,756
625
1,860
2,626
1,048
2,211
3,873
2,693
866
104
6,173
1,716
260
Country
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Taxpayer ID
No.
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
IN THOUSANDS OF U.S. DOLLARS – THUS$
Taxpayer
ID No.
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Company
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Foreign
Enel Distribución Sao Paulo
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Foreign
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Generación Perú S.A.
Enel Generación Perú S.A.
Enel Generación Perú S.A.
Enel Generación Perú S.A.
Enel Generación Perú S.A.
Enel Generación Perú S.A.
Enel Generación Perú S.A.
Enel Generación Perú S.A.
Enel Generación Perú S.A.
Enel Generación Perú S.A.
EGP Cachoeira Dourada S.A.
EGP Cachoeira Dourada S.A.
ENEL BRASIL S.A.
ENEL BRASIL S.A.
ENEL BRASIL S.A.
ENEL BRASIL S.A.
ENEL X BRASIL
ENEL X BRASIL
ENEL X BRASIL
ENEL X BRASIL
ENEL X BRASIL
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
304304
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information Foreign
Enel Distribución Sao Paulo
Foreign
PATRICIA MARIA VASONE SPINGOLA / ARMANDO VASONE FILHO
IN THOUSANDS OF U.S. DOLLARS – THUS$
Taxpayer
Taxpayer ID
Country
No.
Company
Country Currency
Rate Maturity
Effective
Interest
Foreign
Enel Distribución Sao Paulo
Foreign
VINICIUS LEARDINI / PATRICIA LEARDINI SOUZA / MURILO LEARDINI
Brazil
11.25% Monthly
DARCIO ANTONIO LEARDINI / RITA DE CASSIA PONTIERI LEARDINI /
JOSÉ HENRIQUE DOS SANTOS SOUSA / JOSÉ ANTUNES GOMES DE
ID No.
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Company
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
Enel Generación Perú S.A.
Enel Generación Perú S.A.
Enel Generación Perú S.A.
Enel Generación Perú S.A.
Enel Generación Perú S.A.
Enel Generación Perú S.A.
Enel Generación Perú S.A.
Enel Generación Perú S.A.
Enel Generación Perú S.A.
Enel Generación Perú S.A.
EGP Cachoeira Dourada S.A.
EGP Cachoeira Dourada S.A.
ENEL BRASIL S.A.
ENEL BRASIL S.A.
ENEL BRASIL S.A.
ENEL BRASIL S.A.
ENEL X BRASIL
ENEL X BRASIL
ENEL X BRASIL
ENEL X BRASIL
ENEL X BRASIL
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
ROGERIO PEREIRA DA SILVA / SIMONE DA SILVA
CONSTRUTORA AVILA DE AZEVEDO EIRELI
FABIO HIROYUKI OGAWA / MÔNICA HITOMI KONDO
FRANCISCO PERINE
SERGIO PEREIRA LEITE
JOSÉ CARLOS RIBEIRO / ANA CLÁUDIA LAPORTE RIBEIRO
M.O. INCORPORAÇÕES & PARTICIPAÇÕES LTDA.
EMILIANA RIBEIRO / SUZANA APARECIDA RIBEIRO / VICTOR JESUS
RIBEIRO / JOSEPH AUGUSTO RIBEIRO
LOURIVAL ASSUNÇÃO DE ABREU
DHL LOGISTICS LTDA
JSL LOCAÇÕES LTDA
CSC COMPUTER SCIENCES BRASIL S.A.
DIRCE GONÇALVES GOMES
FRANCISCO FREXOSO SALAZAR
SOUSA
MARIA ANGELA RODRIGUES LODO MOTA
HONÓRIO PEREIRA DOMINGUES
EDNEIA DE SOUZA SOARES
OLIVEIRA SILVA
ADAQUIR PRISCO
NEWTON PEREIRA DA SILVA
DALMAS PARTICIPAÇÕES LTDA.
ACG PROJETOS & DECORAÇÕES LTDA
MADALENA OLIVEIRA DA SILVA / RENAN OLIVEIRA SILVA / SULIVAN
ADA MARIA VASONE / OLGA MARIA VASONE DE CASTRO CONDE /
FUNDAÇÃO PADRE ANCHIETA - CENTRO PAULISTA DE RÁDIO TV
EDUCATIVAS
RUJO CONSTRUÇÕES E EMPREENDIMENTOS IMOBILIÁRIOS LTDA
TIVIT TERCEIRIZAÇÃO DE PROCESSOS, SERVIÇOS E TECNOLOGIA S.A.
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
FUNDAÇÃO AMPLA DE SEGURIDADE SOCIAL - BRASILETROS
ARVAL BRASIL LTDA.
JSL S.A.
JSL S.A.
JSL S.A.
JSL S.A.
DHL LOGISTICS LTDA
AGASUS S.A.
BBVA
RENTAEQUIPOS LEASING PERU S.A.
RENTAEQUIPOS LEASING PERU S.A.
RENTAEQUIPOS LEASING PERU S.A.
RENTAEQUIPOS LEASING PERU S.A.
RENTAEQUIPOS LEASING PERU S.A.
ELIAS MARCELO LAOS HUAMAN
FM EDIFICACIONES
RENTING S.A.C.
RENTAEQUIPOS LEASING PERU S.A.
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
FUNDAÇÃO AMPLA DE SEGURIDADE SOCIAL - BRASILETROS
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
FUNDAÇÃO AMPLA DE SEGURIDADE SOCIAL - BRASILETROS
EL CORTE INGLES
COLUNA IMOBILIÁRIA LTDA
FUNDAÇÃO AMPLA DE SEGURIDADE SOCIAL - BRASILETROS
PAULO ANDRADE DE SOUZA PINTO FILHO
BM LOGÍSTICA S.A.
VINICOLA DO VALE DO SÃO FRANCISCO
PMINAS BRASIL CONSTRUÇÃO CIVIL E SE
INTER EMPRENDIMENTOS IMOBILIARIOS L
VALDERLI LIMA CARDOSO
GABRIELA DA SILVA BRAGA
MAIANA DE FÁTIMA BEZERRA PINHEIRO
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Peru
Brazil
Brazil
Brazil
Brazil
Spain
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
US$
US$
US$
US$
US$
US$
US$
US$
PEN
US$
BRL
BRL
BRL
BRL
EUR
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
MAESTRO LOCADORA DE VEÍCULOS S.A.
VAMOS LOCAÇÃO DE CAMINHÕES, MÁQUINAS E EQUIPAMENTOS LTDA Brazil
4.01% Monthly
9.89% Monthly
9.34% Monthly
9.35% Monthly
9.34% Monthly
9.35% Monthly
9.89% Monthly
9.34% Monthly
9.89% Monthly
10.32% Monthly
8.97% Monthly
8.97% Monthly
11.25% Monthly
11.25% Monthly
8.43% Monthly
11.25% Monthly
11.25% Monthly
8.43% Monthly
11.25% Monthly
11.25% Monthly
8.43% Monthly
11.25% Monthly
11.25% Monthly
8.43% Monthly
10.32% Monthly
11.25% Monthly
8.93% Monthly
9.35% Monthly
9.89% Monthly
4.65% Monthly
9.45% Monthly
9.45% Monthly
4.65% Monthly
9.45% Monthly
7.28% Monthly
7.28% Monthly
13.39% Monthly
6.57% Monthly
3.38% Quarterly
4.12% Monthly
4.12% Monthly
4.31% Monthly
4.11% Monthly
4.11% Monthly
2.23% Quarterly
4.83% Monthly
5.45% Monthly
4.51% Monthly
6.04% Monthly
6.30% Monthly
6.04% Monthly
6.30% Monthly
0.10% Monthly
9.35% Monthly
6.30% Monthly
6.08% Monthly
5.94% Monthly
13.11% Monthly
8.97% Monthly
7.11% Monthly
4.77% Monthly
5.57% Monthly
6.04% Monthly
Less than
90 days
5
3
2
2
4
2
1
Current
More than
90 days
-
7
5
3
9
2
3
Total
Current
5
10
7
5
13
4
4
One to two
years
-
10
4
-
7
-
4
12-31-2019
Two to
three years
-
6
-
-
-
-
3
Non-Current
Three to
four years
-
-
-
-
-
-
-
Four to
five years
-
-
-
-
-
-
-
More than
five years
-
-
-
-
-
-
-
Total Non-
Current
-
16
4
-
7
-
7
3
2
104
13
157
11
6
6
1
1
1
1
1
2
2
5
4
10
71
13
1,216
33
98
647
1,310
408
33
52
383
421
78
353
-
10
3
2
2
4
6
3
2
8
1
12
10
79
5
87
10
13
13
23
26
9
2
6
10
6
5
214
9
432
18
11
12
3
2
2
2
2
4
5
9
7
20
137
20
2,728
157
338
-
1,423
458
31
55
497
757
390
1,475
1,269
18
9
4
1
8
19
10
7
23
3
8
23
55
-
6
22
30
29
-
-
13
1
1
15
9
7
318
22
589
29
17
18
4
3
3
3
3
6
7
14
11
30
208
33
3,944
190
436
647
2,733
866
64
107
880
1,178
468
1,828
1,269
28
12
6
3
12
25
13
9
31
4
20
33
134
5
93
32
43
42
23
26
22
3
7
25
5
7
311
-
-
26
17
18
4
3
3
3
3
5
7
13
10
29
199
30
630
-
489
-
2,054
660
-
79
705
1,073
372
1,540
3,873
-
6
-
-
-
22
5
7
34
-
11
-
77
-
-
31
-
17
-
-
18
-
-
7
-
5
343
-
-
29
19
20
5
3
3
4
4
6
8
14
11
31
220
33
-
-
308
-
2,248
723
-
87
756
1,151
422
671
-
-
-
-
-
-
-
5
-
25
-
7
-
47
-
-
19
-
-
-
-
8
-
-
-
-
-
313
-
-
32
21
22
5
3
4
4
4
6
8
16
12
34
200
37
-
-
-
-
2,461
791
-
95
399
402
254
-
-
-
-
-
-
-
-
3
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
20
13
12
2
2
2
1
2
3
3
10
9
3
-
20
-
-
-
-
2,693
866
-
104
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6,173
1,716
-
260
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
178
-
-
-
-
-
5
12
967
-
-
107
70
72
16
11
12
12
13
20
26
53
42
97
619
120
630
-
797
-
15,629
4,756
-
625
1,860
2,626
1,048
2,211
3,873
-
6
-
-
-
22
13
7
59
-
18
-
124
-
-
50
-
17
178
-
26
-
-
7
305
Annual Report Enel Américas 2020 21.1 Individualization of Lease Liabilities, continued
IN THOUSANDS OF U.S. DOLLARS – THUS$
Taxpayer
ID No.
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Company
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Cien S.A.
Enel Cien S.A.
Enel Cien S.A.
Enel Cien S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Generación Fortaleza
Enel Generación Fortaleza
Country
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Taxpayer ID
No.
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
94.271.000-3 Enel Américas S.A.
EDESUR
Enel Green Power Volta Grande
Enel Green Power Volta Grande
Argentina
Brazil
Brazil
Chile
306306
Company
SJ ADMINISTRAÇÃO DE IMÓVEIS
VALTER FURTADO ADVOGADOS ASSOCIADOS
CARLOS NILBERTO LIMA VENANCIO
EXPEDITO FILHO XIMENES CARNEIRO
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
FUNDAÇÃO AMPLA DE SEGURIDADE SOCIAL - BRASILETROS
UNIMÓVEIS
ELUÍSIO SOARES DA SILVA
FUNTELC - FUND. TELEDUCAÇÃO - CE
TELEVISAO VERDES MARES LTDA
LOK MOTORS
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
FRANCISCO FELIPE DE SOUSA
F OLIVEIRA CORRETOR
FRANCISCO DE ASSIS ROCHA RODRIGUES
MADELINE CORDEIRO CAVALCANTE
MARIA OTACIANA NOGUEIRA CASTRO
MARIA DAS GRACAS TIMBO D MARTINS
FRANCISCO CANUTO LINS
PRIME PLUS LOCACAO VEICULOS E TRANS
LUIZA MARTINS CAVALCANTI
S.M. ALVES MOURA-ME
BERTRANS BERTOTTI TRANSPORTES DE CARGAS SECAS
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
FUNDAÇÃO AMPLA DE SEGURIDADE SOCIAL - BRASILETROS
ELETROSUL CENTRAIS ELETRICAS S.A.
ELETROSUL CENTRAIS ELETRICAS S.A.
VINÍCIUS ANJOS DE SOUZA
MAURÍCIO MANHÃE DE LIMA
MOACYR JOSÉ DA CRUZ
LEIDIMAR BELIENY DE CASTRO ANDRADE
JOSÉ CLAUDIO MACHADO
OLIVER DA SILVA BARRETO
MOACYR JOSÉ DA CRUZ
MAURO JOSÉ RODRIGUES FELGA
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
FUNDAÇÃO AMPLA DE SEGURIDADE SOCIAL - BRASILETROS
MARILENE DAFLON JAPOR TORRES
FUNDO DE INVESTIMENTO IMOBILIÁRIO PATRIMONIAL III
LIGIA RIBEIRO GARCIA DE REZENDE
OSWALDO CARDOSO LIMA
LUIZ ANTONIO SIQUEIRA GONÇALVES
CONSÓRCIO GDA SERVIÇOS DE TRANSPOR
JOSUÉ COUTO DE OLIVEIRA
ALOYSIO DOS SANTOS ERTHAL
MIGUEL GUERREIRO MARTINS
LOACIR ANTONIO DE CARVALHO
ANTONIO EDUARDO SARKIS
NITERÓI EMPRESA DE LAZER E TURISMO S/A
LEONARDO CAMPOS
JOÃO LOPES MEZAVILLA JUNIOR
ALICE ALT BITTENCOURT
FUNDAÇÃO CERJ DE SEGURIDADE SOCIAL - BRASILETROS
JOÃO COELHO DE ALENCAR
ISIDRO DA SILVA FERREIRA
AGNOS COMÉRCIO DE PARAF. LTDA
LUSIA GOMES JESUS
MARY CELMA ALVES DE ASSIS
JOSÉ FERNANDES DE CASTRO
EULER ANTÔNIO DE ARAÚJO
ANA DA MOTA YESÃO GONÇALVES
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
FUNDAÇÃO AMPLA DE SEGURIDADE SOCIAL - BRASILETROS
ITA EMPRESA DE TRANSPORTES LTDA
ITA EMPRESA DE TRANSPORTES LTDA
RAMES ABRAHÃO BASÍLIO
ANTÔNIO FRANCISCO DE MIRANDA
HEBERT CHAVES DE SOUZA
ISABELLA FERNANDES/LETÍCIA FERNANDES
MARA LILIAM DE OLIVEIRA
SILVIO LUCIANO SAGGIN
VILMA ALVES PIM
ANTÔNIO SERGIO MACHADO
SANT'ANA DINIZ & MOURA AGORPECUÁRIA LTDA.
JOÃO FRANCISCO DOURADO
NERCI BERNARDO DA COSTA
FLÁVIO DE OLIVEIRA BRAGA
DANÚBIA DE FREITAS QUEIROZ
ADAIR DEODORO SILVA
EDIVALDO GODOI DA SILVA
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
FUNDAÇÃO AMPLA DE SEGURIDADE SOCIAL - BRASILETROS
SOCIEDAD DE HECHO ENTRE DEL TORO LEONARDO Y DEL TORO
DOMINGO
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
FUNDAÇÃO AMPLA DE SEGURIDADE SOCIAL - BRASILETROS
Foreign
Foreign
Foreign
96.800.570-7 COMPAÑIA DE LEASING TATTERSALL S A.
Country Currency
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
Argentina ARS
BRL
Brazil
BRL
Brazil
UF
Chile
Effective
Interest
Rate Maturity
4.01% Monthly
4.01% Monthly
7.11% Monthly
6.08% Monthly
6.08% Monthly
6.30% Monthly
9.34% Monthly
7.11% Monthly
6.08% Monthly
4.01% Monthly
8.97% Monthly
6.08% Monthly
6.08% Monthly
6.08% Monthly
6.08% Monthly
6.08% Monthly
6.08% Monthly
6.08% Monthly
6.08% Monthly
8.01% Monthly
8.36% Monthly
8.43% Monthly
12.71% Monthly
8.01% Monthly
9.56% Monthly
12.51% Monthly
8.97% Monthly
6.30% Monthly
6.30% Monthly
9.89% Monthly
6.08% Monthly
6.30% Monthly
5.81% Monthly
6.50% Monthly
10.55% Monthly
7.11% Monthly
5.34% Monthly
5.57% Monthly
9.89% Monthly
5.57% Monthly
6.08% Monthly
10.55% Monthly
6.04% Monthly
6.30% Monthly
9.89% Monthly
8.54% Monthly
10.32% Monthly
5.34% Monthly
7.11% Monthly
8.97% Monthly
7.11% Monthly
7.30% Monthly
6.30% Monthly
4.01% Monthly
6.08% Monthly
12.94% Monthly
10.32% Monthly
12.51% Monthly
9.89% Monthly
5.57% Monthly
12.51% Monthly
10.88% Monthly
9.34% Monthly
9.34% Monthly
4.01% Monthly
9.34% Monthly
9.35% Monthly
9.35% Monthly
6.08% Monthly
6.30% Monthly
8.93% Monthly
5.81% Monthly
6.08% Monthly
9.35% Monthly
9.35% Monthly
6.04% Monthly
9.35% Monthly
9.35% Monthly
9.35% Monthly
9.35% Monthly
9.34% Monthly
11.25% Monthly
11.25% Monthly
8.01% Monthly
5.34% Monthly
8.01% Monthly
7.30% Monthly
6.04% Monthly
6.30% Monthly
0.62% Monthly
6.50% Monthly
7.67% Monthly
0.01% Monthly
12-31-2019
Less than
90 days
Current
More than
90 days
Total
Current
One to two
Two to
years
three years
Three to
four years
Four to
five years
More than
five years
Total Non-
Current
Non-Current
250
153
403
10
10
40
8
24
265
1,399
184
4
5
3
7
168
198
2
1
21
9
71
11
5
29
37
8
9
4
3
2
5
5
2
2
1
4
2
3
48
70
2
22
5
4
10
13
30
7
2
3
19
11
22
194
821
17
31
4
2
9
3
1
1
3
2
8
2
3
9
6
1
4
2
3
1
1
4
3
4
3
2
4
6
1
2
2
4
2
3
1
1
-
1
3
2
11
510
179
68
33
17
89
26
28
13
-
-
4
9
2
2
7
1
9
8
2
6
7
1
2
1
3
8
2
5
98
8
18
8
6
15
28
91
-
3
-
33
10
74
550
18
6
217
11
7
-
2
2
2
5
-
8
2
4
3
7
-
3
5
4
1
1
1
3
1
3
3
1
3
4
-
3
3
5
3
4
2
3
7
7
2
5
9
4
5
7
16
678
377
4
3
28
10
139
44
22
118
34
37
17
12
45
4
11
12
3
4
2
7
4
8
56
168
10
40
13
10
25
41
121
7
5
3
73
18
98
815
11
4
27
9
401
3
3
8
2
4
7
16
12
13
19
22
4
9
6
4
2
2
7
4
7
6
3
7
5
5
9
5
7
3
4
7
3
8
10
1
77
18
11
68
159
1,835
45
15
90
353
2,656
62
46
30
47
-
-
5
-
-
2
2
-
-
-
-
-
-
-
-
-
-
-
3
8
2
4
1
5
-
3
6
-
4
-
-
3
-
8
-
3
2
7
-
-
3
5
5
5
2
1
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4
5
8
-
6
3
-
142
-
25
-
8
23
40
52
15
-
773
10
853
10
-
17
224
853
16
10
7
3
14
8
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4
9
2
4
1
5
-
2
4
-
-
-
5
-
-
-
3
-
-
4
4
-
-
-
1
2
2
-
-
4
6
5
7
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5
5
9
-
6
4
-
6
15
25
16
-
473
925
19
5
137
-
-
-
15
28
30
71
18
20
46
21
6
24
6
4
11
1
3
4
2
6
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1
-
-
-
5
-
7
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1
11
-
6
3
-
-
-
-
-
-
3
4
-
13
3
18
22
34
26
90
30
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
18
42
32
22
19
24
44
-
5
10
142
40
-
-
13
177
40
52
115
1,246
6,380
14
10
-
-
5
-
-
2
2
-
-
-
-
-
-
-
-
-
-
-
-
7
-
-
-
-
8
-
4
8
9
-
-
2
1
-
-
-
-
-
-
-
-
-
-
-
-
-
-
50
17
49
17
-
171
52
361
853
16
14
17
38
-
25
14
-
16
7
3
8
30
4
10
11
2
4
2
6
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3
-
-
-
-
3
-
-
-
4
6
6
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5
6
-
7
4
-
-
-
-
1
-
10
1,399
1,005
1,090
2,507
Total
18,896
62,748
81,644
42,709
26,241
13,673
7,927
18,075
108,625
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information IN THOUSANDS OF U.S. DOLLARS – THUS$
Taxpayer
Taxpayer ID
Country
No.
Company
Country Currency
Rate Maturity
Effective
Interest
Company
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Distribución Ceará S.A.
Enel Cien S.A.
Enel Cien S.A.
Enel Cien S.A.
Enel Cien S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Río S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Distribución Goias S.A.
Enel Generación Fortaleza
Enel Generación Fortaleza
ID No.
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Chile
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
SJ ADMINISTRAÇÃO DE IMÓVEIS
VALTER FURTADO ADVOGADOS ASSOCIADOS
CARLOS NILBERTO LIMA VENANCIO
EXPEDITO FILHO XIMENES CARNEIRO
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
FUNDAÇÃO AMPLA DE SEGURIDADE SOCIAL - BRASILETROS
UNIMÓVEIS
ELUÍSIO SOARES DA SILVA
FUNTELC - FUND. TELEDUCAÇÃO - CE
TELEVISAO VERDES MARES LTDA
LOK MOTORS
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
BERTRANS BERTOTTI TRANSPORTES DE CARGAS SECAS
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
FUNDAÇÃO AMPLA DE SEGURIDADE SOCIAL - BRASILETROS
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
FUNDAÇÃO AMPLA DE SEGURIDADE SOCIAL - BRASILETROS
MARILENE DAFLON JAPOR TORRES
FUNDO DE INVESTIMENTO IMOBILIÁRIO PATRIMONIAL III
FRANCISCO FELIPE DE SOUSA
F OLIVEIRA CORRETOR
FRANCISCO DE ASSIS ROCHA RODRIGUES
MADELINE CORDEIRO CAVALCANTE
MARIA OTACIANA NOGUEIRA CASTRO
MARIA DAS GRACAS TIMBO D MARTINS
FRANCISCO CANUTO LINS
PRIME PLUS LOCACAO VEICULOS E TRANS
LUIZA MARTINS CAVALCANTI
S.M. ALVES MOURA-ME
ELETROSUL CENTRAIS ELETRICAS S.A.
ELETROSUL CENTRAIS ELETRICAS S.A.
VINÍCIUS ANJOS DE SOUZA
MAURÍCIO MANHÃE DE LIMA
MOACYR JOSÉ DA CRUZ
LEIDIMAR BELIENY DE CASTRO ANDRADE
JOSÉ CLAUDIO MACHADO
OLIVER DA SILVA BARRETO
MOACYR JOSÉ DA CRUZ
MAURO JOSÉ RODRIGUES FELGA
LIGIA RIBEIRO GARCIA DE REZENDE
OSWALDO CARDOSO LIMA
LUIZ ANTONIO SIQUEIRA GONÇALVES
CONSÓRCIO GDA SERVIÇOS DE TRANSPOR
JOSUÉ COUTO DE OLIVEIRA
ALOYSIO DOS SANTOS ERTHAL
MIGUEL GUERREIRO MARTINS
LOACIR ANTONIO DE CARVALHO
ANTONIO EDUARDO SARKIS
LEONARDO CAMPOS
JOÃO LOPES MEZAVILLA JUNIOR
ALICE ALT BITTENCOURT
NITERÓI EMPRESA DE LAZER E TURISMO S/A
JOÃO COELHO DE ALENCAR
ISIDRO DA SILVA FERREIRA
AGNOS COMÉRCIO DE PARAF. LTDA
LUSIA GOMES JESUS
MARY CELMA ALVES DE ASSIS
JOSÉ FERNANDES DE CASTRO
EULER ANTÔNIO DE ARAÚJO
ANA DA MOTA YESÃO GONÇALVES
FUNDAÇÃO CERJ DE SEGURIDADE SOCIAL - BRASILETROS
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
FUNDAÇÃO AMPLA DE SEGURIDADE SOCIAL - BRASILETROS
ITA EMPRESA DE TRANSPORTES LTDA
ITA EMPRESA DE TRANSPORTES LTDA
RAMES ABRAHÃO BASÍLIO
ANTÔNIO FRANCISCO DE MIRANDA
HEBERT CHAVES DE SOUZA
ISABELLA FERNANDES/LETÍCIA FERNANDES
SANT'ANA DINIZ & MOURA AGORPECUÁRIA LTDA.
MARA LILIAM DE OLIVEIRA
SILVIO LUCIANO SAGGIN
VILMA ALVES PIM
ANTÔNIO SERGIO MACHADO
JOÃO FRANCISCO DOURADO
NERCI BERNARDO DA COSTA
FLÁVIO DE OLIVEIRA BRAGA
DANÚBIA DE FREITAS QUEIROZ
ADAIR DEODORO SILVA
EDIVALDO GODOI DA SILVA
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
FUNDAÇÃO AMPLA DE SEGURIDADE SOCIAL - BRASILETROS
SOCIEDAD DE HECHO ENTRE DEL TORO LEONARDO Y DEL TORO
FUNDAÇÃO COELCE DE SEGURIDADE SOCIAL - FAELCE
FUNDAÇÃO AMPLA DE SEGURIDADE SOCIAL - BRASILETROS
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Brazil
Chile
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
BRL
UF
4.01% Monthly
4.01% Monthly
7.11% Monthly
6.08% Monthly
6.08% Monthly
6.30% Monthly
9.34% Monthly
7.11% Monthly
6.08% Monthly
4.01% Monthly
8.97% Monthly
6.08% Monthly
6.08% Monthly
6.08% Monthly
6.08% Monthly
6.08% Monthly
6.08% Monthly
6.08% Monthly
6.08% Monthly
8.01% Monthly
8.36% Monthly
8.43% Monthly
12.71% Monthly
8.01% Monthly
9.56% Monthly
12.51% Monthly
8.97% Monthly
6.30% Monthly
6.30% Monthly
9.89% Monthly
6.08% Monthly
6.30% Monthly
5.81% Monthly
6.50% Monthly
10.55% Monthly
7.11% Monthly
5.34% Monthly
5.57% Monthly
9.89% Monthly
5.57% Monthly
6.08% Monthly
10.55% Monthly
6.04% Monthly
6.30% Monthly
9.89% Monthly
8.54% Monthly
10.32% Monthly
5.34% Monthly
7.11% Monthly
8.97% Monthly
7.11% Monthly
7.30% Monthly
6.30% Monthly
4.01% Monthly
6.08% Monthly
12.94% Monthly
10.32% Monthly
12.51% Monthly
9.89% Monthly
5.57% Monthly
12.51% Monthly
10.88% Monthly
9.34% Monthly
9.34% Monthly
4.01% Monthly
9.34% Monthly
9.35% Monthly
9.35% Monthly
6.08% Monthly
6.30% Monthly
8.93% Monthly
5.81% Monthly
6.08% Monthly
9.35% Monthly
9.35% Monthly
6.04% Monthly
9.35% Monthly
9.35% Monthly
9.35% Monthly
9.35% Monthly
9.34% Monthly
11.25% Monthly
11.25% Monthly
8.01% Monthly
5.34% Monthly
8.01% Monthly
7.30% Monthly
6.04% Monthly
6.30% Monthly
0.62% Monthly
6.50% Monthly
7.67% Monthly
0.01% Monthly
EDESUR
Enel Green Power Volta Grande
Enel Green Power Volta Grande
Argentina
DOMINGO
Argentina ARS
94.271.000-3 Enel Américas S.A.
96.800.570-7 COMPAÑIA DE LEASING TATTERSALL S A.
12-31-2019
Less than
90 days
4
5
3
7
168
198
2
1
21
9
71
11
5
29
8
9
4
3
37
2
5
5
2
2
1
4
48
2
3
70
2
22
5
4
10
13
30
7
2
3
40
8
24
265
4
1,399
2
9
3
184
1
1
3
2
8
2
3
9
6
19
11
1
4
2
3
1
1
4
22
194
821
17
31
3
4
3
2
4
6
1
30
2
2
4
2
3
1
1
11
-
1
3
2
Current
More than
90 days
-
-
4
9
510
179
2
2
7
1
68
33
17
89
26
28
13
9
8
2
6
7
1
2
1
3
8
2
5
98
8
18
8
6
15
28
91
-
3
-
33
10
74
550
7
-
2
18
6
217
2
2
5
-
8
2
4
3
7
-
11
3
5
4
1
1
1
3
68
159
1,835
45
15
1
3
3
1
3
4
-
47
3
3
5
3
4
2
3
7
7
2
5
9
Non-Current
Total
Current
4
5
7
16
678
377
4
3
28
10
139
44
22
118
34
37
17
12
45
4
11
12
3
4
2
7
56
4
8
168
10
40
13
10
25
41
121
7
5
3
73
18
98
815
11
1,399
4
27
9
401
3
3
8
2
16
4
7
12
13
19
22
4
9
6
4
2
2
7
90
353
2,656
62
46
4
7
6
3
7
10
1
77
5
5
9
5
7
3
4
18
7
3
8
11
One to two
years
-
-
5
-
-
250
2
2
-
-
-
-
-
-
-
-
-
-
-
3
8
10
2
4
1
5
-
3
6
142
-
25
-
8
23
40
52
-
4
-
-
15
-
773
10
853
3
-
8
-
3
2
7
-
-
3
5
5
10
-
17
5
2
1
-
-
-
-
-
224
853
-
-
-
-
-
-
-
-
-
16
4
5
8
-
6
3
-
10
7
3
14
8
Two to
three years
-
-
-
-
-
153
-
-
-
-
-
-
-
-
-
-
-
-
-
4
9
10
2
4
1
5
-
2
4
-
-
15
-
5
25
-
-
-
3
-
-
16
-
473
4
925
4
-
-
-
1
2
2
-
-
4
6
5
7
-
19
5
-
-
-
-
-
-
-
137
-
-
-
-
-
-
-
-
-
-
-
5
5
9
-
6
4
-
6
-
-
15
-
Three to
four years
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4
10
11
2
4
2
6
-
-
-
-
-
-
-
-
28
-
-
-
-
-
-
18
-
-
-
1,005
3
-
-
-
-
3
-
-
-
4
6
6
-
-
21
6
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5
6
10
-
7
4
-
-
-
-
1
-
Four to
five years
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
4
11
1
3
4
2
6
-
-
-
-
-
-
-
-
30
-
-
-
-
-
-
20
-
-
-
1,090
-
-
-
-
-
1
-
-
-
5
-
7
-
-
24
6
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1
11
-
6
3
-
-
-
-
-
-
More than
five years
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3
4
-
13
3
18
22
-
-
-
-
-
-
-
-
71
-
-
-
-
-
-
46
-
-
-
2,507
-
-
-
-
-
-
-
-
-
34
-
26
-
-
90
30
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total Non-
Current
-
-
5
-
-
403
2
2
-
-
-
-
-
-
-
-
-
-
-
18
42
32
22
19
24
44
-
5
10
142
-
40
-
13
177
40
52
-
7
-
-
115
-
1,246
14
6,380
10
-
8
-
4
8
9
-
-
50
17
49
17
-
171
52
2
1
-
-
-
-
-
361
853
-
-
-
-
-
-
-
-
-
16
14
17
38
-
25
14
-
16
7
3
30
8
Total
18,896
62,748
81,644
42,709
26,241
13,673
7,927
18,075
108,625
307
Annual Report Enel Américas 2020 21.2 Undiscounted debt cash flows
Undiscounted debt cash flows are detailed as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Country
Argentina
Peru
Peru
Colombia
Brazil
Brazil
Chile
Total
Currency
ARS
US$
PEN
COP
BRL
BRL
UF
IN THOUSANDS OF U.S. DOLLARS – THUS$
Country
Argentina
Peru
Peru
Colombia
Brazil
Chile
Total
Currency
ARS
US$
PEN
COP
BRL
UF
Nominal Interest Rate
0.62%
3.29%
4.69%
8.00%
7.75%
9.31%
0.01%
Current
Maturity
One to
three months
25
7,031
2,787
1,836
7,332
29
10
Three to
twelve months
75
13,852
8,399
3,984
15,333
86
10
Total Current
12-31-2020
100
20,883
11,186
5,820
22,665
115
20
Non-Current
Maturity
One to
two years
22
6,804
11,328
2,644
14,310
56
-
Two to
three years
Three to
four years
29
2,634
2,383
2,254
11,040
56
-
14
2,541
264
2,016
8,874
56
Four to
five years
-
2,494
88
1,836
8,194
56
More than
five years
-
-
11,431
14,460
7,278
1,794
-
Total Non-
Current
12-31-2020
65
25,904
14,063
23,210
49,696
2,018
-
-
-
19,050
41,739
60,789
35,164
18,396
13,765
12,668
34,963
114,956
Nominal Interest Rate
0.62%
3.97%
5.10%
8.26%
8.01%
0.01%
Current
Maturity
One to
three months
4
5,688
1,947
1,819
12,973
3
Three to
twelve months
10
29,899
14,777
4,866
24,711
8
Total Current
12-31-2019
14
35,587
16,724
6,685
37,684
11
One to
two years
Two to
three years
Four to
five years
More than
five years
8
16,035
11,068
3,215
23,324
8
-
3,178
10,927
1,384
18,660
-
Non-Current
Maturity
Three to
four years
-
13
4,057
1,056
14,356
-
-
-
-
264
550
11,592
-
-
88
1,084
17,770
-
Total Non-
Current
12-31-2019
8
19,226
26,404
7,289
85,702
8
22,434
74,271
96,705
53,658
34,149
19,482
12,406
18,942
138,637
NOTE 22. Risk management policy
The Group companies follow the guidelines of the Risk Management Control System (SCGR) defined at the Holding level (Enel
S.p.A.), which establishes rules for managing risks through the respective standards, procedures, systems, etc., applicable to
the different levels of the Group companies in the ongoing business risk identification, analysis, evaluation, treatment, and
communication processes. These are approved by the Enel S.p.A. Board of Directors, which includes a Risk and Controls
Committee responsible for supporting the Enel Américas Board’s evaluation and decisions regarding internal control and risk
management system, as well as those related to the approval of periodic financial statements.
To comply with this, each Company has its own specific Control Management and Risk Management policy, which is reviewed and
approved at the beginning of each year by the Enel Américas Board of Directors, observing and applying all local requirements
in terms of the risk culture.
The Company seeks protection against all risks that could affect the achievement of the business objectives. In January 2020,
a new risk taxonomy has been approved for the Enel Group, which considers 6 macro-categories and 37 sub-categories.
The Enel Group risk management system considers three lines of action (defense) to obtain effective and efficient risk
management and controls. Each of these three “lines” plays a different role within the organization's broader governance
structure (Business and Internal Control areas acting as the first line, Risk Control as the second line, and Internal Audit as the
third line of defense). Each line of defense has the obligation to report to and keep senior management and the Directors up-
to-date on risk management. In this sense, the first and second lines of defense report to the Senior Management, and the
second and third lines report to the Enel Américas Board of Directors.
308308
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information 21.2 Undiscounted debt cash flows
Undiscounted debt cash flows are detailed as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Currency
Nominal Interest Rate
three months
twelve months
IN THOUSANDS OF U.S. DOLLARS – THUS$
Country
Argentina
Colombia
Peru
Peru
Brazil
Brazil
Chile
Total
Country
Argentina
Colombia
Peru
Peru
Brazil
Chile
Total
ARS
US$
PEN
COP
BRL
BRL
UF
ARS
US$
PEN
COP
BRL
UF
Current
Maturity
One to
Three to
Total Current
12-31-2020
100
20,883
11,186
5,820
22,665
115
20
75
13,852
8,399
3,984
15,333
86
10
Current
Maturity
One to
Three to
Total Current
12-31-2019
14
35,587
16,724
6,685
37,684
11
10
29,899
14,777
4,866
24,711
8
25
7,031
2,787
1,836
7,332
29
10
4
5,688
1,947
1,819
12,973
3
0.62%
3.29%
4.69%
8.00%
7.75%
9.31%
0.01%
0.62%
3.97%
5.10%
8.26%
8.01%
0.01%
Currency
Nominal Interest Rate
three months
twelve months
Maturity
One to
two years
22
6,804
11,328
2,644
14,310
56
Non-Current
Two to
three years
29
2,634
2,383
2,254
11,040
56
Three to
four years
14
2,541
264
2,016
8,874
56
Four to
five years
-
2,494
88
1,836
8,194
56
-
-
-
-
More than
five years
-
11,431
-
14,460
7,278
1,794
-
Total Non-
Current
12-31-2020
65
25,904
14,063
23,210
49,696
2,018
-
19,050
41,739
60,789
35,164
18,396
13,765
12,668
34,963
114,956
One to
two years
8
16,035
11,068
3,215
23,324
8
Non-Current
Two to
three years
Maturity
Three to
four years
-
-
3,178
10,927
1,384
18,660
13
4,057
1,056
14,356
-
-
Four to
five years
More than
five years
-
-
264
550
11,592
-
-
-
88
1,084
17,770
-
Total Non-
Current
12-31-2019
8
19,226
26,404
7,289
85,702
8
22,434
74,271
96,705
53,658
34,149
19,482
12,406
18,942
138,637
Within each of the Group's companies, the risk management is decentralized. Each manager responsible for the operating
process in which the risk arises is also responsible for treating the risk and adopting risk control and mitigating measures.
22.1 Interest rate risk
Changes in interest rates affect the fair value of assets and liabilities bearing fixed interest rates, as well as, the expected future
cash flows of assets and liabilities subject to floating interest rates.
The objective of managing interest rate risk exposure is to achieve a balance in the debt structure to minimize the cost of debt
with reduced volatility in profit or loss.
Depending on the Group’s estimates and the objectives of the debt structure, hedging transactions are performed by
entering into derivatives contracts that mitigate interest rate risk. Derivative instruments currently used to comply with the
risk management policy are interest rate swaps to set floating rate to a fixed rate.
The financial debt structure of the Group detailed by the mostly strongly hedged fixed and floating interest rates on total net
debt, net of hedging derivative instruments, is as follows:
309
Annual Report Enel Américas 2020
Gross position:
Fixed interest rate debt
12-31-2020
%
38%
12-31-2019
%
39%
Risk control through specific processes and indicators allows companies to limit possible adverse financial impacts and at the
same time, optimize the debt structure with an adequate degree of flexibility. In this sense, the volatility that characterized the
financial markets during the first phase of the pandemic, in many cases went back to pre-COVID-19 levels and was offset by
effective risk mitigation actions using derivative financial instruments.
22.2 Exchange rate risk
Exchange rate risks involve basically the following transactions:
-
-
-
-
Debt taken on by the Group’s companies that is denominated in a currency other than the currency in which its cash
flows are indexed.
Payments to be made in a currency other than that in which its cash flows are indexed for the acquisition of project-
related materials and for corporate insurance policies.
Income in Group companies directly linked to changes in currencies other than the currency of its cash flows.
Cash flows from foreign subsidiaries to the Chilean parent company which are exposed to exchange rate fluctuations
In order to mitigate foreign currency risk, the Group’s foreign currency risk management policy is based on cash flows and
includes maintaining a balance between U.S. dollar flows and the levels of assets and liabilities denominated in this currency.
The objective is to minimize the exposure to variability in cash flows that are attributable to foreign exchange risk.
The hedging instruments currently being used to comply with the policy are currency swaps and forward exchange contracts.
In addition, the policy works to refinance debt in the functional currency of each of the Group’s companies.
During the last quarter of 2020, exchange rate risk management continued in the context of complying with the previously
mentioned risk management policy, without difficulty to access the derivatives market. It should be noted that the volatility
that characterized the financial markets during the first phase of the pandemic, in many cases went back to pre-COVID-19
levels and was offset by risk mitigation actions through derivative financial instruments.
22.3 Commodities risk
The Group has a risk exposure to price fluctuations in certain commodities, basically due to:
-
-
Purchases of fuel used to generate electricity.
Energy purchase/sale transactions that take place in local markets.
In order to reduce the risk in situations of extreme drought, the Group has designed a commercial policy that defines the
levels of sales commitments in line with the capacity of its generating power plants in a dry year. It also includes risk mitigation
terms in certain contracts with unregulated customers and with regulated customers subject to long-term tender processes,
establishing indexation polynomials that allow for reducing commodities exposure risk.
Considering the operating conditions faced by the power generation market, with drought and highly volatile commodity
prices on international markets, the Company is constantly evaluating the use of hedging to minimize the impacts that these
price fluctuations have on its results.
As of December 31, 2020, there are no current transactions for the purpose of hedging the contracting portfolio.
310310
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information As of December 31, 2019, 5.28 GWh of energy purchases had been settled, in order to cover the contracting portfolio.
Thanks to the mitigation strategies implemented, the Group was able to minimize the effects of basic product price volatility
on the results for the fourth quarter of 2020.
22.4 Liquidity risk
The Group maintains a liquidity risk management policy that consists of entering into long-term committed banking facilities
and temporary financial investments for amounts that cover the projected needs over a period of time that is determined
based on the situation and expectations for debt and capital markets.
The projected needs mentioned above include maturities of financial debt net of financial derivatives. For further details
regarding the features and conditions of financial obligations and financial derivatives (see Notes 20 and 23).
As of December 31, 2020, theGroup presents liquidity in the amount of ThUS$1,506,993. As of December 31, 2019, the Group
presents liquidity of ThUS$1,938,997 in cash and other cash equivalents and ThUS$706,000 in unconditionally available long-
term lines of credit.
22.5 Credit risk
The Group closely monitors its credit risk.
Trade receivables:
The credit risk for receivables from the Group’s commercial activity has historically been very low, due to the short-term
period of collections from customers, resulting in non-significant cumulative receivables amounts. This situation applies to
the electricity generating and distribution lines of business.
In our electricity generating business, some countries’ regulations allow suspending the energy service to customers with
outstanding payments, and most contracts have termination clauses for payment default. The Company monitors its credit
risk on an ongoing basis and measures quantitatively its maximum exposure to payment default risk, which, as stated above,
is very low.
In our electricity distribution companies, the suspension of energy service to customers in payment default is permitted in all
cases, in accordance with current regulations in each country. This facilitates our credit risk management, which is also low
in this line of business. However, the suspension of energy service in the event of payment defaults by vulnerable customers
was suspended during the health emergency period in the countries where Enel Américas operates.
In Argentina, according to Decree 311/2020 of March 24, 2020, subsequently extended, the measure will be in force until
March 2021. In Brazil, according to Resolution 878 of March 24, 2020, however, to date they have resumed cutting activities,
with the exception of Rio de Janeiro, which will maintain the measure until July 2021. In Colombia, according to Decree 417
and 457, of March 17, 2020, and in Peru, according to Decree 35-20 of March 16, 2020, however to date, both countries have
resumed suspension activities as normal.
Regarding the impact of COVID-19, the results of specific internal analysis did not reveal significant statistical correlations
between the main economic indicators (GDP, unemployment rate, etc.) and solvency. However, impairment losses have increased
in 2020 as a result of an increase in expected credit losses from counterparties (see notes 3.g.3 and 10.c).
311
Annual Report Enel Américas 2020 Financial assets:
Cash surpluses are invested in the highest-rated local and foreign financial entities (with risk rating equivalent to investment
grade where possible) with thresholds established for each entity.
Banks that have received investment grade ratings from the three major international rating agencies (Moody’s, S&P, and Fitch)
are selected for making investments.
Investments may be backed with treasury bonds from the countries in which the company operates and/or with commercial
papers issued by the highest rated banks; the latter are preferable as they offer higher returns (always in line with current
investment policies).
It is noted that the downturn in the macroeconomic scenario due to COVID-19 had no significant impact on the counterparties’
credit quality.
22.6 Risk measurement
The Group measures the Value at Risk (VaR) of its debt positions and financial derivatives in order to monitor the risk assumed
by the Company, thereby reducing volatility in the statement of income.
The portfolio of positions included for purposes of calculating the present Value at Risk include:
-
-
Financial debt.
Hedge derivatives for debt.
The VaR determined represents the potential variation in value of the portfolio of positions described above in a quarter with
a 95% confidence level. To determine the VaR, we take into account the volatility of the risk variables affecting the value of the
portfolio of positions, including:
-
-
-
U.S. dollar LIBOR interest rate.
The different currencies with which our companies operate and the customary local indices used in the banking industry.
The exchange rates of the various currencies used in the calculation.
The calculation of VaR is based on generating possible future scenarios (at one quarter) of market values for the risk variables
based on scenarios based on actual observations for the same period (one quarter) during five years.
The quarter 95% confidence VaR number is calculated as the 5% percentile most adverse of the quarterly possible fluctuations.
Taking into consideration the assumptions previously described, the quarter VaR of the previously discussed positions was
ThUS$407,000.
This value represents the potential increase of the Debt and Derivatives’ Portfolio, thus these VaR are inherently related, among
other factors, to the Portfolio’s value at each quarter end.
312312
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
NOTE 23. Financial instruments
23.1 Financial instruments classified by type and
category
a) The detail of financial assets, classified by type and category, as of December 31, 2020 and 2019, is as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
12-31-2020
Trade and other accounts receivable
Derivative instruments
Other financial assets
Total Current
Equity instruments
Trade and other accounts receivable
Derivative instruments
Other financial assets
Total Non-Current
Financial assets
at fair value
through profit
or loss
-
37,420
119,704
157,124
-
-
148
2,493,609
2,493,757
Financial assets
measured at
amortized cost
3,281,885
-
24,110
3,305,995
-
578,556
-
267,351
845,907
Total
2,650,881
4,151,902
Financial assets
at fair value
through other
comprehensive
income
-
-
-
-
Hedging financial
derivatives
-
49,045
-
49,045
268
-
-
-
268
268
-
-
29,487
-
29,487
78,532
IN THOUSANDS OF U.S. DOLLARS – THUS$
12-31-2019
Trade and other accounts receivable
Derivative instruments
Other financial assets
Total Current
Equity instruments
Trade and other accounts receivable
Derivative instruments
Other financial assets
Total Non-Current
Financial assets
at fair value
through profit
or loss
-
232
59,146
59,378
-
-
17,514
2,652,134
2,669,648
Financial assets
measured at
amortized cost
3,520,826
-
42,729
3,563,555
-
588,804
-
345,738
934,542
Total
2,729,026
4,498,097
Financial assets
at fair value
through other
comprehensive
income
-
-
-
-
Hedging financial
derivatives
-
18,276
-
18,276
320
-
-
-
320
320
-
-
34,105
-
34,105
52,381
313
Annual Report Enel Américas 2020 b) The detail of financial liabilities, classified by type and category, as of December 31, 2020 and 2019, is as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Interest-bearing loans
Trade and other accounts payable
Derivative instruments
Other financial liabilities
Total Current
Interest-bearing loans
Trade and other accounts payable
Derivative instruments
Other financial liabilities
Total Non-Current
12-31-2020
Financial liabilities
at fair value
through profit or
loss
Financial liabilities
measured at
amortized cost
Hedging financial
derivatives
-
-
6,202
3,240
9,442
-
-
-
-
-
1,815,160
4,649,782
-
51,495
6,516,437
3,837,697
2,205,194
-
91,070
6,133,961
-
-
528
-
528
-
-
9
-
9
Total
9,442
12,650,398
537
IN THOUSANDS OF U.S. DOLLARS – THUS$
Interest-bearing loans
Trade and other accounts payable
Derivative instruments
Total Current
Interest-bearing loans
Trade and other accounts payable
Derivative instruments
Total Non-Current
12-31-2019
Financial liabilities
at fair value
through profit or
loss
Financial liabilities
measured at
amortized cost
Hedging financial
derivatives
-
-
2,047
2,047
-
-
1,036
1,036
1,478,831
4,218,250
-
5,697,081
4,889,422
2,334,556
-
7,223,978
-
-
9,173
9,173
-
-
-
-
Total
3,083
12,921,059
9,173
23.2 Derivative instruments
The risk management policy of the Group uses primarily interest rate and foreign exchange rate derivatives to hedge its
exposure to interest rate and foreign currency risks.
The Company classifies its hedges as follows:
Cash flow hedges: Those that hedge the cash flows of the underlying hedged item.
Fair value hedges: Those that hedge the fair value of the underlying hedged item.
Non-hedge derivatives: Financial derivatives that do not meet the requirements established by IFRS to be designated
as hedging instruments are recognized at fair value through profit or loss (financial assets held for trading).
•
•
•
314314
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information a) Assets and liabilities for hedge derivative instruments
As of December 31, 2020, and 2019, financial derivative qualifying as hedging instruments resulted in recognition of the
following assets and liabilities in the statement of financial position:
IN THOUSANDS OF U.S. DOLLARS – THUS$
12-31-2020
12-31-2019
Asset
Asset
Liability
Liability
Asset
Asset
Liability
Liability
Current Non-Current
Current Non-Current
Current Non-Current
Current Non-Current
Interest rate hedge:
Cash flow hedge
Fair value hedge
Exchange rate hedge:
Cash flow hedge
Fair value hedge
306
-
306
86,159
51,661
34,498
18,416
-
18,416
11,219
11,219
-
-
-
-
6,730
6,716
14
Total
86,465
29,635
6,730
-
-
-
9
9
-
9
-
-
-
18,508
18,508
-
12,400
12,400
-
39,219
21,705
17,514
317
317
-
9,183
9,174
9
-
-
-
1,036
-
1,036
18,508
51,619
9,500
1,036
- General Information Related to Hedging Derivative Instruments
Hedging derivative instruments and their corresponding hedged instruments are shown in the following table:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Type of Hedge Instrument
Description of hedged risk
Description of hedged item
SWAP
SWAP
SWAP
FORWARD
FORWARD
FORWARD
Interest rate
Exchange rate
Exchange rate
Exchange rate
Exchange rate
Exchange rate
Bank loans
Bank loans
Unsecured obligations (bonds)
Operational Income
Bank loans
Unsecured obligations (bonds)
Fair Value of
Hedged Item
12-31-2020
Fair Value of
Hedged Item
12-31-2019
53,221
56,494
3,682
(2,725)
(802)
(509)
8,670
48,930
(17)
2,008
-
-
As of December 31, 2020, and 2019, the Group has not recognized significant gains or losses for ineffective cash flow hedges.
For fair value hedges, the gain or losses on the hedging derivative instrument and on the underlying hedged item recognized
for the years ended December 31, 2020, 2019 and 2018, is detailed in the following table:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Hedging derivative instrument
Underlying hedged item
Total
2020
2019
2018
Gains
21,235
-
21,235
Losses
-
429
429
Gains
1,618
381
1,999
Losses
-
-
-
Gains
-
1,218
1,218
Losses
21,128
-
21,128
315
Annual Report Enel Américas 2020 b) Financial derivative instruments assets and liabilities at fair value through profit
or loss
As of December 31, 2020, and 2019, financial derivative transactions recognized at fair value through profit or loss, resulted
in the recognition of the following assets and liabilities in the statement of financial position:
IN THOUSANDS OF U.S. DOLLARS – THUS$
12-31-2020
12-31-2019
Assets
Current
Assets
Non-
Current
Liabilities
Current
Liabilities
Non-
Current
Assets
Current
Assets
Non-
Current
Liabilities
Current
Liabilities
Non-
Current
Non-hedging derivative
instrument (1)
1,321
-
3,240
-
1,523
-
1,720
-
(1) Correspond to forward contracts entered into by the Group mainly to hedge foreign exchange risk related to dividends received or to be received from its
foreign subsidiaries. Although, the hedge relationship has economic substance, they do not comply with all the hedging documentation requirements set forth
by IFRS 9 Financial Instruments to qualify for hedge accounting.
c) Other information on derivatives:
The following table sets forth the fair value of hedging and non-hedging derivatives entered into by the Group as well as the
remaining contractual maturities as of December 31, 2020 and 2019:
IN THOUSANDS OF U.S. DOLLARS – THUS$
12-31-2020
Notional amount
1 - 2 years
2 - 3 years
3 - 4 years
4 - 5 years
Financial Derivatives
Fair value
Interest rate hedge:
Cash flow hedge
Fair value hedge
Exchange rate hedge:
Cash flow hedge
Fair value hedge
Derivatives not
designated for hedge
accounting
Less than 1
year
-
-
-
833,438
771,860
61,578
18,722
-
18,722
90,639
56,155
34,484
(1,919)
50,601
-
-
-
-
-
-
87,972
87,972
76,972
76,972
-
-
-
-
Total
107,442
884,039
87,972
76,972
IN THOUSANDS OF U.S. DOLLARS – THUS$
Financial Derivatives
Fair value
Interest rate hedge:
Cash flow hedge
Exchange rate hedge:
Cash flow hedge
Fair value hedge
Derivatives not
designated for hedge
accounting
Less than 1
year
-
-
385,662
385,662
-
12,083
12,083
47,508
31,039
16,469
-
-
315,082
235,691
79,391
(198)
42,015
-
-
-
49,619
49,619
-
-
Total
59,393
427,677
315,082
49,619
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
More than
five years
153,944
153,944
-
-
-
-
-
Total
153,944
153,944
-
998,382
936,804
61,578
50,601
153,944
1,202,927
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total
-
-
750,363
670,972
79,391
42,015
792,378
12-31-2019
Notional amount
1 - 2 years
2 - 3 years
3 - 4 years
4 - 5 years
More than
five years
The contractual maturities of hedging and non-hedging derivatives do not represent the Group’s total risk exposure, as the
amounts presented in the above tables have been drawn up based on undiscounted contractual cash inflows and outflows
for their settlement.
316316
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
23.3 Fair value hierarchies
Financial instruments recognized at fair value in the consolidated statement of financial position are classified based on the
hierarchies described in Note 3.h.
The following table presents financial assets and liabilities measured at fair value as of December 31, 2020 and 2019:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Financial Instruments Measured at Fair Value
12-31-2020
Level 1
Level 2
Level 3
Fair Value Measured at End of Reporting Period Using:
Financial Assets :
Financial derivatives designated as cash flow hedge
Financial derivatives designated as fair value hedge
Financial derivatives not designated for hedge accounting
Financial assets at fair value through other comprehensive
income
Financial assets at fair value through profit or loss
Total
Financial Liabilities:
Financial derivatives designated as cash flow hedge
Financial derivatives designated as fair value hedge
Financial derivatives not designated for hedge accounting
Total
IN THOUSANDS OF U.S. DOLLARS – THUS$
62,878
53,222
1,321
268
2,611,992
2,729,681
6,725
14
3,240
9,979
-
-
-
-
143,843
143,843
-
-
-
-
62,878
53,222
1,321
268
2,468,149
2,585,838
6,725
14
3,240
9,979
-
-
-
-
-
-
-
-
-
-
Financial Instruments Measured at Fair Value
12-31-2019
Level 1
Level 2
Level 3
Fair Value Measured at End of Reporting Period Using:
Financial Assets :
Financial derivatives designated as cash flow hedge
Financial derivatives designated as fair value hedge
Financial derivatives not designated for hedge accounting
Financial assets at fair value through other comprehensive
income
Financial assets at fair value through profit or loss
Total
Financial Liabilities:
Financial derivatives designated as cash flow hedge
Financial derivatives designated as fair value hedge
Financial derivatives not designated for hedge accounting
Total
52,613
17,514
1,522
320
2,709,757
2,781,726
9,491
1,045
1,720
12,256
-
-
-
-
57,693
57,693
-
-
-
-
52,613
17,514
1,522
320
2,652,064
2,724,033
9,491
1,045
1,720
12,256
-
-
-
-
-
-
-
-
-
-
317
Annual Report Enel Américas 2020 NOTA 24. Current and non-current payables
The detail of Trade and Other Current Payables as of December 31, 2020 and 2019 is as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Trade and Other Payables
Trade payables
Energy suppliers
Fuel and gas suppliers
Payables for goods and services
Payables for assets acquisitions
Subtotal
Other payables
Dividends payable to third parties
Payables to CAMMESA (1) (3)
Penalties and complaints (2) (3)
Research and development obligations
Taxes payables other than income tax
Accounts payables to employees
PIS/COFINS on VAT (payable to consumers) (4)
Regulatory Liabilities Brazilian Subsidiaries (5)
Agreement Enel Distribución Sao Paulo with Eletrobras (6)
Other payables
Current
Non-Current
12-31-2020
12-31-2019
12-31-2020
12-31-2019
1,323,617
24,621
1,071,248
49,332
1,133,816
26,936
960,395
17,051
2,468,818
2,138,198
145,875
337,317
18,817
154,595
40,916
154,269
211,611
418,680
68,501
74,177
255,632
131,866
31,325
124,753
196,309
158,143
169,405
432,625
85,219
196,570
100,517
-
3,155
10,990
114,662
-
27,475
56,013
40,925
672
1,136
1,474,165
186,946
134,925
24,556
156,230
-
4,410
10,868
171,508
-
51,430
93,464
102,762
1,441
997
1,420,320
218,182
253,108
22,785
Subtotal
1,624,758
1,781,847
1,946,813
2,164,489
Total Trade and Other Payables
4,093,576
3,920,045
2,061,475
2,335,997
Note 22.4 for the description of the liquidity risk management policy.
(1) As of December 31, 2020, the balance includes ThUS$320,918 from our subsidiary Edesur related to the payables for energy
purchases from CAMMESA (ThUS$115,067 as of December 31, 2019). In addition, it included a total amount of ThUS$ 43,874
(ThUS$68,229 as of December 31, 2019) related to the agreements signed with CAMMESA for (i) financing the functional
operational needs of the power generating plant of our subsidiary Enel Generación Costanera, (ii) financing the maintenance
needs of the turbosteam generators in our subsidiary Dock Sud, and (iii) financing the Extraordinary Investment Plan our
subsidiary Edesur.
(2) Correspond mainly to fines and complaints for the current and previous years, that our subsidiary Edesur S.A. has received
from the regulating entity due to commercial service quality, quality of the technical product and public road safety. These fines
have not been paid, since some are suspended by the Agreement Declaration signed in 2007 with the Argentine government.
The value of these fines is updated in line with the changes in Distribution Added Value due to the tariff adjustments. As of
December 31, 2020, ThUS$ 38,007 (ThUS$ 78,308 as of December 31, 2019) is included as a result of the application of ENRE
Resolution No. 1/2016.
(3) On June 14, 2019, the Extraordinary Shareholders’ Meeting of Edesur ratified the agreement reached with the Government
Secretariat of Energy (acting on behalf of the Argentine National State) in relation to the Regularization of Obligations. This
agreement ended the outstanding reciprocal claims that arose in the 2006-2016 transition period. In this agreement, Edesur
agreed to pay off remaining debts that arose in the above-mentioned transition period and committed to make investments
in addition to those established in the Comprehensive Tariff Review for a total amount of ThUS$74,638 (approximately ARS
6,280 million). These expenses will be made over a maximum period of 5 years, and they are designed to contribute to the
improvement, reliability and security of the service.
318318
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information In turn, the Argentine National State agreed to assume Edesur’s obligations arising from debts related to loan agreements,
energy purchases and corporate debts generated in the years 2017 and 2018, and it also committed to forgive sanctions
payable to the Public Administration.
(4) See Note 9, discussing the recoverable PIS/COFINS Taxes.
(5) See Note 10(i).
(6) This corresponds to an agreement between Enel Distribución Sao Paulo and Eletrobrás ending a lawsuit between both
parties dating from 1986. These amounts were duly provisioned (see Note 25).
The detail of trade payables, both up to date and past due as of December 31, 2020 and 2019 are presented in Appendix 3.
NOTE 25. Provisions
a) The detail of provisions as of December 31, 2020 and 2019, is as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Provisions
Provisions for legal proceedings (*)
Decommissioning or restoration (**)
Provision for environmental issues
Other provisions
Current
Non-Current
12-31-2020
12-31-2019
12-31-2020
12-31-2019
192,411
22,635
600
4,779
250,030
32,325
632
3,065
748,640
69,959
7,072
8,229
872,521
96,984
609
6,213
Total
220,425
286,052
833,900
976,327
(*) As of December 31, 2020, Emgesa has established decommissioning provisions for the electromechanical equipment of
the Quimbo power plant and the water plant of the Termozipa power plant; the Quimbo power plant equipment is expected
to be dismantled by 2066, while the water plant is expected to be dismantled in 2021.
The expected timing and amount of any cash outflows related to the above provisions is uncertain and depends on the final
resolution of the related matters.
b) Changes in provisions as of December 31, 2020 and 2019, are as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Provisions
Changes in Provisions
Balance as of January 1, 2020
Increase (decrease) in existing provisions
Provision used
Effects update
Foreign currency translation
Transfer to P&L
Total Changes in Provisions
Legal
Proceedings
Decommissioning
or Restoration
Environmental
Issues and Other
Provisions
1,122,551
199,922
(120,184)
84,576
(243,627)
(102,187)
(181,500)
129,309
(26,906)
(6,654)
3,514
(6,529)
(140)
10,519
8,860
(748)
1,623
441
(15)
Total
1,262,379
181,876
(127,586)
89,713
(249,715)
(102,342)
(36,715)
10,161
(208,054)
Balance as of December 31, 2020
941,051
92,594
20,680
1,054,325
319
Annual Report Enel Américas 2020 IN THOUSANDS OF U.S. DOLLARS – THUS$
Provisions
Changes in Provisions
Balance as of January 1, 2019
Increase (decrease) in existing provisions (1)
Provision used
Effects update
Foreign currency translation
Transfer to P&L
Total Changes in Provisions
Legal
Proceedings
Decommissioning
or Restoration
Environmental
Issues and Other
Provisions
1,691,736
(308,689)
(155,974)
113,879
(114,476)
(103,925)
(569,185)
87,720
46,020
(10,196)
5,933
(168)
-
41,589
7,383
12,631
(8,178)
154
(1,067)
(404)
3,136
Total
1,786,839
(250,038)
(174,348)
119,966
(115,711)
(104,329)
(524,460)
Balance as of December 31, 2019
1,122,551
129,309
10,519
1,262,379
(1) It includes reclassification made to Trade and other payables originating in an agreement between Enel Distribución Sao Paulo and Eletrobrás ending a
lawsuit between both parties dating from 1986 (see Note 24).
NOTE 26. Post-employment benefit obligations
26.1 General information
The Company and certain of its subsidiaries in Brazil, Colombia, Peru and Argentina granted various post-employment benefits
for all or certain of their active or retired employees. These benefits are calculated and recognized in the financial statements
according to the policy described in Note 3.m.1, and include primarily the following:
a) Defined benefit plans:
•
•
Complementary pension: The beneficiary is entitled to receive a monthly amount that supplements the pension obtained
from the respective social security system.
Health Plan: Pursuant to collective bargaining agreements, the companies provide a health plan to their employees.
This benefit is granted to employees in the Brazilian (Enel Distribución Goiás, Enel Distribución Rio and Enel Distribución
Ceará) and Colombian (Emgesa and Codensa) companies.
b) Other benefits
•
•
Five-year benefit: A benefit certain employees receive after 5 years and which begins to accrue from the second year
onwards. This benefit is provided to Emgesa and Codensa employees.
Employee severance indemnities: The beneficiary receives a certain number of contractual salaries upon retirement.
Such benefit is subject to a vesting minimum service requirement period of 5 years. This benefit is provided to Enel
Américas employees.
•
Unemployment: A benefit paid regardless of whether the employee is fired or leaves voluntarily. This benefit is accrued
on a daily basis and is paid at the time of contract termination (although the law allows for partial withdrawals for housing
and education). This benefit is provided to Emgesa and Codensa employees.
•
Seniority bonuses in Peru: There is an agreement to give employees (“subject to the collective bargaining agreement”)
an extraordinary bonus for years of service upon completion of the equivalent of five years of actual work based on the
following:
320320
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information For completing 5, 10 and 15 years
For completing 20 years
For completing 25, 30, 35 & 40 years
–
–
–
1 basic monthly remuneration
1 ½ basic monthly remuneration
2 ½ basic monthly remunerations
•
Education and Energy Plans: According to the collective bargaining Agreement, the Colombian companies Emgesa and
Codensa grant education and electricity discount rates to their employees.
c) Defined contribution benefits
The Group makes contributions to a retirement benefit plan where the beneficiary receives additional pension supplements
upon his/her retirement, disability or death.
26.2 Details, changes and presentation in financial
statements
a) The post-employment obligations associated with defined benefits plans and
the related plan assets as of December 31, 2020 and 2019:
General ledger accounts
IN THOUSANDS OF U.S. DOLLARS – THUS$
Post-employment obligations
(-) Plan assets (*)
Total
Amount not recognized due to limit on Plan Assets Ceiling (**)
Minimum funding required (IFRIC 14) (***)
12-31-2020
12-31-2019
3,706,545
(2,097,081)
4,876,960
(3,090,862)
1,609,464
1,786,098
14,753
-
49,780
484
Total Post-Employment Obligations, Net (i)
1,624,217
1,836,362
Reconciliation with general ledger accounts:
IN THOUSANDS OF U.S. DOLLARS – THUS$
(i) Post-Employment Obligations, Net
Long-term post-employment obligations
Pension plans
Health plans
Other plans
12-31-2020
12-31-2019
1,624,217
1,489,472
106,242
28,503
1,836,362
1,683,668
123,534
29,160
Total Post-Employment Obligations, Net
1,624,217
1,836,362
(*) Plan assets to fund defined benefit plans only in our Brazilian subsidiaries (Enel Distribución Rio S.A., Enel Distribución Ceará
S.A., Enel Distribución Sao Paulo S.A. and Enel Distribución Goiás).
(**) In Enel Distribución Ceará S.A., certain pension plans currently have an actuarial surplus amounting to ThUS$14,753 as
of December 31, 2020 (ThUS$49,780 as of December 31, 2019), which actuarial surplus was not recognized as an asset in
accordance with IFRIC 14 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction, because
the Complementary Social Security (SPC) regulations - CGPC Resolution No. 26/2008 states that the surplus can only be used
by the sponsor if the contingency reserve on the balance sheet of Faelce (an institution providing pension funds exclusively
to employees and retired employees of Enel Distribución Ceará S.A.) is at the maximum percentage (25% of reserves). This
ensures the financial stability of the plan based on the volatility of these obligations. If the surplus exceeds this limit, it may be
used by the sponsor to reduce future contributions or be reimbursed to the sponsor.
321
Annual Report Enel Américas 2020 (***) In Enel Distribución Rio S.A. has been recognized in accordance with the provisions of IFRIC 14 - The Limit on a Defined
Benefit Asset, Minimum Funding Requirements and their Interaction an additional liability as of December 31, 2019 has been
registered ThUS$ 484. This corresponds to actuarial debt contracts that the company signed with Brasiletros (an institution
providing pension funds exclusively to employees and retired employees of Enel Distribución Rio S.A.). This was done to equalize
deficits on certain pension plans, since the sponsor assumes responsibility for these plans, in accordance with current legislation.
b) The following amounts were recognized in the consolidated statement of
comprehensive income for the years ended December 31, 2020, 2019 and 2018:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Expense Recognized in Comprehensive Income
Current service cost for defined benefits plan
Interest cost for defined benefits plan
Interest income from the plan assets
Past Service Costs
Defined benefit plan obligation reductions
Interest cost on asset ceiling components
Total expenses recognized in Profit or Loss
(Gains) losses from remeasurement of defined benefit plans
2020
6,278
276,103
(174,136)
(18,949)
(69,859)
2,936
22,373
476,805
2019
11,255
357,751
(251,095)
(8,643)
-
2,016
111,284
576,143
2018
6,383
269,331
(190,283)
(850)
-
4,373
88,954
177,527
Total expense recognized in Comprehensive Income
499,178
687,427
266,481
c) The rollforward of net actuarial liabilities as of December 31, 2020 and 2019,
are as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Balance as of January 1, 2019
Net interest cost
Service cost
Benefits paid
Contributions paid
Actuarial (gains) losses from changes in financial assumptions
Actuarial (gains) losses from changes in experience adjustments
Return on plan assets, excluding interest
Changes in the asset limit
Minimum finding required (IFRIC 14)
Past service credit defined benefit plan obligations
Transfer of employees
Foreign currency translation differences
Balance as of December 31, 2019
Net interest cost
Service cost
Benefits paid
Contributions paid
Actuarial (gains) losses from changes in financial assumptions
Actuarial (gains) losses from changes in experience adjustments
Return on plan assets, excluding interest
Changes in the asset limit
Minimum finding required (IFRIC 14)
Past service credit defined benefit plan obligations (*)
Transfer of employees
Foreign currency translation differences
Transfer to Financial Debt (*)
Defined benefit plan obligation reductions (*)
Balance as of December 31, 2020
(*) Voluntary Pension migration to the new defined Contributions Plan.
322322
Net Actuarial Liability
1,343,507
108,672
11,255
(12,668)
(121,088)
678,722
144,140
(268,916)
27,679
(5,483)
(8,643)
(153)
(60,662)
1,836,362
104,903
6,278
(10,602)
(133,195)
33,096
568,564
(97,592)
(26,886)
(377)
(18,949)
226
(390,993)
(176,759)
(69,859)
1,624,217
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
On April 13, 2020, our subsidiary Enel Distribución Sao Paulo approved the regulatory reform to the complementary retirement
and pensions plan (hereinafter “PSAP”), which was effective from May 1, 2020, for the purpose of closing access to new plan
participants. Additionally, and together with the National Superintendence of Complementary Pensions (“PREVIC”), it approved
of a voluntary migration process to a new Defined Contribution Plan (hereinafter, “CD II plan”), exclusively for the employees
belonging to the PSAP. The migration consisted of the transfer of participants from a defined benefit plan (PSAP) to a defined
contribution plan (CD II plan), which also generates a programmed withdrawal option (as opposed to life annuities as in the
PSAP). This voluntary migration process ended on December 31, 2020.
At the end of the process, 21.4% of the PSAP plan participants agreed to voluntarily transfer their savings to the CD II plan.
This migration generated a reduction in the net actuarial liability in the amount of ThUS$265,169, which is explained as follows:
•
ThUS$176,759 corresponding to the portion of the obligation transferred to the CD II plan, in the same ratio as the
mathematical reserves of the participants that opted for the migration. This transfer was formalized through a new
exclusively financial debt contract and was reclassified to Other financial liabilities (current and non-current).
•
ThUS$88,965 corresponding to (i) the net effect of the liquidation produced as a result of the migration, in the amount of
ThUS$69,859; and (ii) ThUS$19,106 related to past service costs. With the partial migration, all future legal or constructive
obligations, in relation to all or part of the benefits offered by the defined benefits plan, in proportion to the migrated
participants. This effect was recognized as lower personnel expenses in the consolidated statement of income.
The Company will analyze the next steps in the restructuring plan with the final results of the plan, to be authorized by the
competent regulatory authority.
d) The balance and changes in post-employment defined benefit obligations as of
December 31, 2020 and 2019 are as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Balance as of January 1, 2019
Current service cost
Interest cost
Contributions from plan participants
Foreign currency translation
Contributions paid
Defined benefit plan obligations from business combinations
Transfer of employees
Actuarial (gains) losses from changes in financial assumptions
Actuarial (gains) losses from changes in experience adjustments
Balance as of December 31, 2019
Current service cost
Interest cost
Contributions from plan participants
Foreign currency translation
Contributions paid
Past service credit defined benefit plan obligations
Transfer of employees
Actuarial (gains) losses from changes in financial assumptions
Actuarial (gains) losses from changes in experience adjustments
Defined benefit plan obligation reductions
Balance as of December 31, 2020
Actuarial Value of Post-
employment Obligations
4,235,466
11,255
357,751
2,295
(171,481)
(372,392)
(8,643)
(153)
678,722
144,140
4,876,960
6,278
276,103
778
(1,075,063)
(294,910)
(18,949)
226
33,096
568,564
(666,538)
3,706,545
As of December 31, 2020, the post-employment benefit obligations are allocated as follows: 0.08% is from defined benefit plans
in the Chilean holding company (0.06% as of December 31, 2019), 96.02% is from defined benefit plans in Brazilian companies
(96.86% as of December 31, 2019), 3.35% is from defined benefit plans in Colombian companies (2.66% as of December 31,
2019), 0.38% is from defined benefit plans in Argentine companies (0.29% as of December 31, 2019), and the remaining 0.17%
is from defined benefit plans in Peruvian companies (0.13% as of December 31, 2019).
323
Annual Report Enel Américas 2020 Changes in the fair value of the benefit plan assets are as follows:
In thousands of U.S. dollars – ThUS$
Fair Value of Plan Assets
Balance as of January 1, 2019
Interest income
Return on plan assets, excluding interest
Foreign currency translation differences
Employer contributions
Benefits paid
Contributions paid
Balance as of December 31, 2019
Interest income
Return on plan assets, excluding interest
Foreign currency translation differences
Employer contributions
Benefits paid
Contributions paid
Transfer to Financial Debt
Defined benefit plan obligation reductions
Balance as of December 31, 2020
(2,919,501)
(251,095)
(268,916)
112,309
(121,088)
(2,295)
359,724
(3,090,862)
(174,136)
(97,592)
695,254
(133,195)
(778)
284,308
(176,759)
596,679
(2,097,081)
e) The main categories of benefit plan assets are as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Category of Plan Assets
Equity instruments (variable income)
Fixed-income assets
Real estate investments
Other
Total
12-31-2020
12-31-2019
206.176
1.774.894
62.392
53.619
9.83%
84.64%
2.98%
2.56%
321.268
2.557.928
121.194
90.472
10.39%
82.76%
3.92%
2.93%
2.097.081
100%
3.090.862
100%
The plans for retirement benefits and pension funds held by our Brazilian subsidiaries, Enel Distribución Rio S.A., Enel Distribución
Ceará, Enel Distribución Goias and Enel Distribución Sao Paulo, maintain investments as determined by the resolutions of
the National Monetary Council, ranked in fixed income, equities and real estate. Fixed income investments are predominantly
invested in federal securities. Regarding equities, i) Faelce (an institution providing pension funds exclusively to employees
and retired employees of Enel Distribución Ceará) holds common shares of Enel Distribución Ceará, ii) Brasiletros (a similar
institution for employees of Enel Distribución Rio), Eletra (an institution pension fund exclusively for employees and retired
staff of Enel Distribución Goias) and Funcesp, (the private pension entity responsible for the administration of the benefit plans
sponsored by Enel Distribuición Sao Paulo) hold shares in investment funds with a portfolio traded on Bovespa (the São Paulo
Stock Exchange). Finally, with regards to real estate, the foundations Faelce and Brasiletros have properties that are currently
leased to Enel Distribución Rio and Enel Distribución Ceará, while in Eletra the real estate investments are exclusively for the
own use of the foundation.
The following table sets forth the assets affected by the plans and invested in shares, leases and real estate owned by the Group.
IN THOUSANDS OF U.S. DOLLARS – THUS$
Real Estate
Total
324324
12-31-2020
12-31-2019
20.522
28.776
20.522
28.776
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information f) Reconciliation of asset ceiling:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Balance as of January 1, 2019
Interest on assets not recognized
Other changes in assets not recognized due to asset limit
Foreign currency translation differences
Balance as of December 31, 2019
Interest on assets not recognized
Other changes in assets not recognized due to asset limit
Foreign currency translation differences
Balance as of December 31, 2020
26.3 Other disclousures:
• Actuarial assumptions:
Reconciliation
of Asset Ceiling
21,463
2,016
27,679
(1,378)
49,780
2,936
(26,886)
(11,077)
14,753
As of December 31, 2020 and 2019, the following assumptions were used in the actuarial calculation of defined benefit plans:
Chile
Brazil
Colombia
Argentina
Peru
12-31-2020
12-31-2019
12-31-2020
12-31-2019
12-31-2020
12-31-2019
12-31-2020
12-31-2019
12-31-2020
12-31-2019
Discount rates used
2,55%
3,40%
4,88% - 7,95% 6,13% - 7,38%
5,74%
5,81 %- 5,85%
3,80%
3,80%
4,52% - 5,04%
5,04%
4,85%
4,90%
CB-H-2014 y
RV-M-2014
CB-H-2014 y
RV-M-2014
AT 2000
AT 2000
RV 2008
RV 2008
CB-H-2014 y
RV-M-2014
CB-H-2014 y
RV-M-2014
SPP-S-2017
CB-H-2014 y
RV-M-2014
7,25%
8,02%
5,19%
5,63%
0,46%
0,45%
1,26%
1,28%
5,20%
5,02%
49,36% -
54,46%
37,68% -
42,25%
49,42%
3,50%
4,30%
42,30%
4,00%
4,00%
Expected rate of salary
increases
Mortality tables
Turnover rate
• Sensitivity:
As of December 31, 2020, the sensitivity of the value of the actuarial liability for post-employment benefits to variations of 100
basis points in the discount rate assumes a decrease of ThUS$319,395 (ThUS$436,798 as of December 31, 2019) if the rate
rises and an increase of ThUS$ 379,682 (ThUS$521,892 as of December 31, 2019) if the rate falls.
• Defined contribution:
The contributions made to the defined contribution plans are recorded in the item “employee expenses” in the consolidated
statement of comprehensive income. The amounts recorded for this concept for the years ended December 31, 2020, 2019
and 2018 were ThUS$10,689, ThUS$13,419, and ThUS$11,736, respectively.
• Future disbursements:
According to the available estimate, the disbursements foreseen (net of assets) to cover the defined benefits plans for 2020
amount to ThUS$111,573.
325
Annual Report Enel Américas 2020 • Length of commitments:
The Group’s obligations have a weighted average length of 9.72 years, and the outflows of benefits for the next 10 years and
more is expected to be as follows:
Years
1
2
3
4
5
6 a 10
ThUS$
295.800
282.531
277.690
272.007
264.229
1.229.740
• Multi-employer plans Enel Distribución Sao Paulo:
FUNCESP is the entity in charge of the benefit plans sponsored by Enel Distribución Sao Paulo. Through negotiations with
representative trade unions, the Company reformulated the plan in 1997, considering as its main characteristic a mixed model
made up by 70% of the actual wage contributed as defined benefit and 30% of the actual wage contributed as established
contribution. The purpose of this reformulation was to consider the actuarial technical deficit and to reduce the risk of future
deficits.
The cost of the defined benefit plan is evenly divided between the Company and the employees according to the rates mentioned
above. Rates of costs vary between 1.45% and 4.22%, according to the range of wages and they are annually reassessed by an
independent actuary. The cost of the defined contribution is based on the percentage freely chosen by the participant (from
1% to 100% over 30% of the actual wage contributed), with a contribution of the Company of up to the limit of 5% over the
30% basis of the contribution remuneration (the contributions paid by the company were ThUS$113,203 and ThUS$87,632
for the years ended December 31, 2020 and 2019, respectively).
The Settled Proportional Supplementary Benefit - BSPS guarantees the plan participating employees that adhered to the model
implemented in the Company’s privatization. This benefit will ensure the proportional value corresponding to the previous
service period to the adherence date to the new mixed plan. This benefit will be paid from the date in which the participant
completes the minimum times required under the regulation of the new plan.
NOTE 27. Equity
27.1 Equity attributable to the shareholders of Enel
Américas.
27.1.1 Subscribed and paid capital and number of shares
The issued capital of the Company for the year ended December 31, 2020 is ThUS$9,763,078, divided into 76,086,311,036
authorized, subscribed and paid shares. The issued capital as of December 31, 2019 was ThUS$9,783,875, divided into
76,086,311,036 authorized, subscribed and paid shares. All of the shares issued by the Company are subscribed and paid,
and they are listed for trade on the Bolsa de Comercio de Santiago de Chile, the Bolsa Electrónica de Chile, and the New York
Stock Exchange (NYSE).
As of December 31, 2020, and 2019, the Group did not engage in any transaction of any kind with potential dilutive effects
leading to diluted earnings per share that could differ from basic earnings per share
326326
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
At an Extraordinary Shareholders’ Meeting of Company held on April 30, 2019, shareholders approved a capital increase for
an amount of US$3,000,000 by issuing 18,729,788,686 ordinary shares, no-par value, of the same series. The purpose of this
capital increase was to enable the Company’s subsidiary Enel Brasil to repay a loan provided by Enel Finance International
N.V., which replaced bank debt incurred by Enel Brasil for the acquisition of the Brazilian company Eletropaulo Metropolitana
Eletricidade de Sao Paulo S.A. (currently Enel Distribución Sao Paulo), and to restructure the liabilities of the Enel Distribución
Sao Paulo’s pension funds.
All new ordinary shares were offered preferably to shareholders on a pro rata basis based on the shares they own as of record
in the Enel Américas shareholders registry, over two subscription periods. On June 26, 2019, the Company’s Board of Directors
agreed that the subscription price of the 18,729,788,686 new shares, both in the first and second preemptive right subscription
periods, would be US$ 0.162108214203236 per share.
During the first preemptive rights offering period held between June 27 and July 26, 2019, a total of 18,224,843,129 shares
were subscribed and paid, representing 97.3% of the total of the new shares authorized for issuance under the capital increase
mentioned above, for a total amount of ThUS$ 2,954,397.
During the subsequent rights offering period held between August 6 and August 29, 2019, a total of 408,826,391 shares were
subscribed and paid, representing 80.96% of the total shares not subscribed in the first preemptive rights offer period and
offered in the subsequent period, for a total amount of ThUS$ 66,274.
On September 12, 2019, the Company’s Board of Directors agreed not to place the remaining 96,119,166 shares and charged
them to the capital increase which approximately amounted to 0.51% of the total shares which were pending subscription
and payment after the end of the subsequent rights offering period. Therefore, and in accordance with the agreement of
the Board, once the one-year period beginning April 30, 2019 has elapsed, the Company’s capital will be fully reduced to the
amount actually paid at the expiration of the offerings indicated above.
As a result, during the capital increase process, a total of 18,633,669,520 shares were subscribed and paid for a total amount
of ThUS$ 3,020,671.
At the extraordinary shareholders’ meeting held on December 18, 2020, the Company approved the following:
(i)
The subtraction from the capital raised in the share issuance the placement expenses in the amount of ThUS$20,797
(see Note 27.5.c.8), related to the capital increase process performed in 2019; and
(ii)
The proposed merger by incorporation of EGP Américas SpA (“EGP Américas”) into Enel Américas (the “Merger”). By
virtue of this Merger, Enel Américas would acquire all of EGP Américas’ assets and liabilities and succeed into all of EGP
Américas’ rights and obligations, allowing the Company to control and consolidate the ownership of the business and
the non-conventional renewable energy generation assets developed and held by Enel Green Power S.p.A. in Central
and South America (except Chile).
In order to complete the Merger, the Board approved a capital increase for Enel Américas in the amount of US$6,036,419,845,
through the issuance of 31,195,387,525 new ordinary, nominative shares, of a single series and no par value. These will be fully
subscribed and paid for in exchange for the incorporation of the EGP Américas equity, as an absorbed company, once the
Merger becomes effective. For this purpose, 0.41 Enel Américas shares will be delivered for each share in EGP Américas held
by EGP Américas’ sole shareholder, not considering fractions of shares.
The Merger is subject to compliance with certain conditions precedent agreed upon by the Board, which are detailed in the
Merger Terms and Conditions which, at that date of these financial statements, are pending finalization (see Note 40).
327
Annual Report Enel Américas 2020 27.1.2 Dividends
The following table sets forth the dividends paid in the last four years:
Dividend No.
96
97
98
99
100
101
102
Type of
Dividend
Interim
Final
Interim
Final
Interim
Final
Interim
Agreement
Date
11-29-2017
04-26-2018
11-26-2018
04-30-2019
11-25-2019
04-30-2020
11-26-2020
Payment
Date
01-26-2018
05-25-2018
01-25-2019
05-17-2019
01-24-2020
05-29-2020
01-29-2021
Total ThUS$
57,583
296,939
76,900
403,652
123,254
683,789
72,992
Dolar per
Share
0.00100
0.00517
0.00134
0.00703
0.00162
0.00899
0.00096
Charged to
2017
2017
2018
2018
2019
2019
2020
27.2 Foreign currency translation reserves
The following table sets forth foreign currency translation differences attributable to the shareholders of the Company for the
years ended December 31, 2020, 2019 and 2018:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Reserves for Accumulated Currency Translation Differences (*)
Empresa Distribuidora Sur S.A.
Compañía Distribuidora y Comercializadora de Energía S.A.
Enel Distribución Perú S.A.
Dock Sud S.A.
Enel Brasil S.A.
Enel Generación Costanera S.A.
Emgesa S.A. E.S.P.
Enel Generación El Chocón S.A.
Enel Perú S.A.
Enel Generación Perú S.A.
Enel Generación Piura S.A.
Other
Total
(*) See Note 2.9.
2020
(715,165)
87,339
(7,279)
(122,728)
(2,924,373)
(124,781)
(74,309)
(377,364)
190,007
(168,547)
(4,854)
(66,242)
2019
(548,877)
111,815
50,466
(93,738)
2018
(378,929)
115,658
38,887
(63,680)
(1,430,604)
(1,133,980)
(88,477)
(38,296)
(318,303)
190,030
(94,082)
7,583
(30,672)
(42,260)
(33,476)
(239,155)
191,047
(110,613)
4,926
(14,534)
(4,308,296)
(2,283,155)
(1,666,109)
27.3 Capital Management
The Company’s objective is to maintain an adequate level of capitalization in order to be able to secure its access to the financial
markets, so as to fulfill its medium- and long-term goals while maximizing the return to its shareholders and maintaining a
robust financial position.
27.4 Restrictions on subsidiaries transferring funds
to the parent (equity note)
The company has certain subsidiaries that must comply with certain financial ratios or covenants, which require a minimum
level of equity or contain other characteristics that restrict the transfer of assets to the parent company. As of December 31,
2020, the company’s participation in the net restricted assets of its subsidiaries Enel Distribución Río, Enel Distribución Ceará,
Enel Distribución Perú amount to ThUS$432,412, ThUS$55,226, ThUS$325,800, respectively.
328328
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information 27.5 Other reserves
Other reserves for the years ended December 31, 2020, 2019 and 2018, are as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Foreign currency translation difference (a)
Cash flow hedges (b)
Financial assets at fair value through other comprehensive income
Other miscellaneous reserves (c)
01-01-2020
(2,283,155)
(1,334)
(687)
(3,006,823)
2020 changes
(2,025,141)
(8,049)
(5)
252,277
12-31-2020
(4,308,296)
(9,383)
(692)
(2,754,546)
Total
(5,291,999)
(1,780,918)
(7,072,917)
IN THOUSANDS OF U.S. DOLLARS – THUS$
Foreign currency translation difference (a)
Cash flow hedges (b)
Financial assets at fair value through other comprehensive income
Other miscellaneous reserves (c)
01-01-2019
(1,666,109)
(5,094)
(397)
(3,209,283)
2019 changes
(617,046)
3,760
(290)
202,460
12-31-2019
(2,283,155)
(1,334)
(687)
(3,006,823)
Total
(4,880,883)
(411,116)
(5,291,999)
IN THOUSANDS OF U.S. DOLLARS – THUS$
Foreign currency translation difference (a)
Cash flow hedges (b)
Financial assets at fair value through other comprehensive income
Other miscellaneous reserves (c)
01-01-2018
(453,995)
(3,472)
(175)
(3,408,922)
2018 changes
(1,212,114)
(1,622)
(222)
199,639
12-31-2018
(1,666,109)
(5,094)
(397)
(3,209,283)
Total
(3,866,564)
(1,014,319)
(4,880,883)
a) Reserves for foreign currency translation differences: These reserves arise
primarily from exchange differences relating to:
-
-
Translation of the financial statements of our subsidiaries with functional currencies other than the US dollar (see Note
2.9); and
Translation of goodwill arising from the acquisition of companies with functional currencies other than the US dollar
(see Note 3.c).
b) Cash flow hedge reserves: These reserves represent the cumulative effective
portion of gains and losses on cash flow hedges (see Note 3.g.5).
c) Other miscellaneous reserves.
The main items and their effects are the following:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Other Miscellaneous Reserves
Reserve for capital increase in 2013 (1)
Company restructuring reserve ("Division") (2)
Reserve for subsidiaries transactions (3)
Reserve for transition to IFRS (4)
Reserve for Merger of Enel Américas, Endesa Américas and Chilectra Américas (5)
Reserve for Tender Offer of Endesa Américas and withdrawal rights (6)
Argentine hyperinflation (7)
Reserve for Capital Increase year 2019 (8)
Other miscellaneous reserves (9)
2020
(1,345,368)
716,712
(456,349)
(1,490,605)
(730,748)
(57,101)
675,139
-
(66,226)
2019
(1,345,368)
716,712
(456,349)
(1,490,605)
(730,748)
(57,101)
446,196
(20,797)
(68,763)
2018
(1,345,368)
716,712
(439,290)
(1,490,605)
(730,748)
(57,101)
205,130
-
(68,013)
Total
(2,754,546)
(3,006,823)
(3,209,283)
329
Annual Report Enel Américas 2020 1)
2)
Reserve originated from the capital increase that the Company made during the first quarter of 2013.
Reserve for corporate reorganization (Spin-Offs of companies) completed on March 1, 2016. Corresponds to the effects
from the reorganization of Enersis Américas and the separation of the Chilean business into a new entity, Enel Chile S.A.
3)
Reserve from transactions with our subsidiaries. It corresponds to the effect of purchases of equity interests in subsidiaries
that were accounted for as transactions between entities under common control.
4)
Reserve for transition to IFRS. In accordance with Official Bulletin No. 456 from the SVS (Superintendencia de Valores y
Seguros de Chile), included in this line item is the price-level restatement of paid-in capital from the date of transition
to IFRS, January 1, 2004 to December 31, 2008.
5)
Reserve for Merger of Endesa Américas and Chilectra Américas with and into the Company, completed on December 1,
2016. This represents the recognition of the difference between the capital increase in the Company and the carrying
amount of the non-controlling interests that became part of the equity attributable to the owners of Enel Américas after
completion of the Merger. The difference between the fair market value of the consideration received or paid and the
amount by which the non-controlling interests is adjusted is being recognized in equity attributable to the owners of
Enel Américas.
6)
Reserve for Tender Offer of Endesa Américas and withdrawal rights. This represents the recognition of the difference
between the carrying amount and the price paid for the non-controlling interests acquired in the Tender Offer on
Endesa Américas, which resulted in a charge to other reserves for ThUS$56,578. It also, includes ThUS$523 related to
the recognition of the difference between the carrying amount and the price paid for the shares of those shareholders
who exercised their withdrawal rights.
7)
Corresponds to the effect that our subsidiaries in Argentina have recognized through the application of IAS 29 on equity
accounts.
8)
Reserve for Capital Increase in 2019. As of December 31, 2019, the Company has recorded a charge of ThUS$20,797,
which corresponds to expenses for the issuance and placement of shares, determined according to the accounting
criteria described in Note 3.t). In December 2020, this reserve was reclassified and the Company’s capital was reduced
(see Note 27.1.1).
9)
Other miscellaneous reserves from transactions made in prior years.
27.6 Non-controlling Interests.
The detail of non-controlling interests as of December 31, 2020, 2019 and 2018, is as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
%
Equity
Profit (Loss)
Non-controlling interests
12-31-2020
12-31-2020
12-31-2019
0.27%
25.95%
0.00%
51.59%
51.52%
16.85%
16.40%
33.12%
27.91%
24.38%
34.31%
42.86%
29.76%
3.50%
0.04%
49.00%
1,883
170,552
-
513,182
779,121
123,704
133,466
20,888
198,054
43,751
97,986
71,077
64,709
4,905
462
383
3,681
2,510
214,442
-
494,477
747,014
121,098
152,227
22,604
223,785
40,738
97,763
77,378
76,533
5,463
971
-
2,896
2020
28
13,387
-
117,923
178,980
13,131
20,705
6,076
(20,297)
4,248
18,141
1,130
1,271
373
10
-
949
2019
192
26,753
26,366
129,624
193,449
21,651
20,091
6,318
50,352
14,125
28,142
18,723
18,486
778
(19)
-
647
2018
128
26,409
907
106,363
178,045
17,601
25,177
6,836
25,609
22,248
31,031
12,027
11,921
613
313
-
449
2,227,804
2,279,899
356,055
555,678
465,677
Companies
Enel Distribución Río S.A.
Enel Distribución Ceará S.A.
Enel Distribución Sao Paulo
Compañía Distribuidora y Comercializadora
de Energía S.A.
Emgesa S.A. E.S.P.
Enel Distribución Perú S.A.
Enel Generacion Perú S.A.
Chinango S.A.C.
Empresa Distribuidora Sur S.A.
Enel Generacion Costanera S.A.
Enel Generacion El Chocón S.A.
Inversora Dock Sud S.A.
Central Dock Sud S.A.
Enel Generacion Piura S.A.
Enel Distribución Goias
Luz de Angra Energia S.A.
Other
Total
330330
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information NOTE 28. Revenue and other operating income
The detail of revenue presented in the statement of comprehensive income for the years ended December 31, 2020, 2019
and 2018, is as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Revenues
Energy sales
Generation
Regulated customers
Unregulated customers
Spot market sales
Other customers
Distribution
Residential
Business
Industrial
Other customers
Other sales
Gas sales
Other fuel sales
Sales of goods and services
Revenue from other services
Tolls and transmission
Metering equipment leases
Services and Business Advisories provided (Public lighting, connections and
electrical advisories)
Other services
Total revenue
IN THOUSANDS OF U.S. DOLLARS – THUS$
Other Income
Revenue from construction contracts
Regulatory agreement revenue (1)
Other
2020
2019
2018
9,655,212
11,282,254
10,409,176
2,144,039
397,653
883,045
852,363
10,978
7,511,173
4,334,457
1,760,922
685,246
730,548
36,968
24,145
6,861
5,962
1,546,796
1,280,994
126
177,818
87,858
2,091,002
450,145
1,045,965
577,579
17,313
9,191,252
5,038,300
2,302,100
872,531
978,321
58,752
39,815
9,037
9,900
1,712,370
1,433,538
118
191,392
87,322
2,122,966
650,064
989,311
464,030
19,561
8,286,210
4,212,029
2,107,183
860,401
1,106,597
48,968
36,305
8,322
4,341
1,466,617
1,187,546
130
212,023
66,918
11,238,976
13,053,376
11,924,761
2020
807,671
17,842
128,185
2019
770,356
261,185
229,195
2018
833,313
-
231,615
Total other income
953,698
1,260,736
1,064,928
(1) 2020: see Note 35.6 (ii) Framework Agreement
2019: see Note 24. (3).
Includes inflation adjustment for the application of IAS 29 in Argentina (hyperinflationary economies), for US $57,752.
331
Annual Report Enel Américas 2020
NOTE 29. Raw materials and consumables used
The detail of raw materials and consumables used presented in profit or loss for the years ended December 31, 2020, 2019
and 2018, is as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Raw Materials and Consumables Used
Energy purchases
Fuel consumption
Gas
Oil
Coal
Transportation costs
Costs from construction contracts
Other variable supplies and services
2020
(5,337,887)
(137,850)
(113,992)
(3,587)
(20,271)
(1,016,486)
(807,671)
(256,021)
2019
(6,096,863)
(277,117)
(246,044)
(13,101)
(17,972)
(1,110,921)
(770,356)
(285,766)
2018
(5,654,358)
(226,843)
(184,654)
(37,065)
(5,124)
(944,304)
(833,313)
(289,582)
Total Raw Materials and Consumables Used
(7,555,915)
(8,541,023)
(7,948,400)
NOTE 30. Employee benefits expense
The detail of employee expenses for the years ended December 31, 2020, 2019 and 2018, are as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Employee Benefits Expenses
Wages and salaries
Post-employment benefit expense
Social security and other contributions
Other employee expenses
2020
(390,791)
71,841
(219,754)
(26,342)
2019
(482,009)
(16,031)
(286,459)
(25,254)
2018
(476,809)
(17,269)
(266,566)
(79,849)
Total Employee Benefits Expenses
(565,046)
(809,753)
(840,493)
NOTE 31. Depreciation, amortization and
impairment losses of property, plant and
equipment and financial assets UNDER-IFRS 9
a) The detail of depreciation and amortization for the years ended December 31, 2020, 2019 and 2018, is as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
2020
(481,634)
(376,465)
2019
(498,867)
(449,463)
2018
(511,326)
(351,114)
(858,099)
(948,330)
(862,440)
Depreciation
Amortization
Total
332332
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information b) The detail of the items related to impairment for the years ended December 31, 2020, 2019 and 2018, is as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Information on Impairment Losses by Reportable
Segment
Assets or disposal groups held for sale (See Note 5)
Property, plants and equipment (see note 18)
Total impairment (losses) reversals recognized
in profit
Generation
Distribution
2020
-
-
2019
-
(1,307)
2018
-
66,987
2020
-
-
2019
3,433
-
2018
(5,234)
-
2020
-
-
Other
2019
-
-
2018
-
-
2020
-
-
Total
2019
3,433
(1,307)
2018
(5,234)
66,987
-
(1,307)
66,987
-
3,433
(5,234)
-
-
-
-
2,126
61,753
Trade and other receivables (see note 10)
Other assets
Impairment profit and reversals from impairment
losses in accordance with IFRS 9
Total impairment reversal (losses)
(349)
(585)
(934)
(934)
645
-
(4,462)
(536)
(211,289)
(30,251)
(159,909)
(119,325)
(110,209)
(6,495)
645
(662)
(4,998)
61,989
(241,540)
(241,540)
(279,234)
(275,801)
(116,704)
(121,938)
102
-
102
102
14
(550)
(536)
(536)
-
(799)
(211,536)
(30,836)
(159,250)
(119,875)
(114,671)
(7,830)
(799)
(799)
(242,372)
(242,372)
(279,125)
(276,999)
(122,501)
(60,748)
NOTE 32. Other expense, by nature
Other miscellaneous operating expenses for the years ended December 31, 2020, 2019 and 2018, are as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Other expenses
Professional, outsourced and other services
Administrative expenses
Repairs and maintenance
Indemnities and fines
Taxes and charges
Insurance premiums
Leases and rental costs
Public relations and advertising
Other supplies and services
Travel expenses
Environmental expenses
2020
(473,655)
(99,813)
(232,305)
(8,886)
(24,470)
(39,525)
(10,641)
(9,175)
(161,673)
(2,892)
(2,243)
2019
(518,101)
(106,433)
(253,036)
(11,535)
(25,673)
(38,755)
(10,341)
(11,811)
(155,940)
(16,324)
(2,760)
2018
(473,787)
(91,376)
(203,381)
(11,966)
(20,548)
(37,793)
(27,885)
(12,737)
(126,511)
(12,790)
(2,311)
Total
(1,065,278)
(1,150,709)
(1,021,085)
Research expenses are recognized directly in income for the year. The amount of these expenses for the years ended December
31, 2020, 2019 and 2018, amounted to ThUS$54, ThUS$86 and ThUS$856, respectively.
NOTE 33. Financial results
Finance income and costs for the years ended December 31, 2020, 2019 and 2018, are as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Finance Income
Cash and cash equivalents
Proceeds from expected yield of plan assets (Brazil) (1)
Financial income from concessions IFRIC 12 (Brazil) (2)
Interest charged to customers in energy bills and invoices
Other financial income (3)
2020
59,510
15
99,071
66,080
96,801
2019
64,794
27
73,345
76,122
235,373
2018
93,774
42
73,911
58,604
131,750
Total financial income
321,477
449,661
358,081
333
Annual Report Enel Américas 2020
IN THOUSANDS OF U.S. DOLLARS – THUS$
Finance Costs
Finance Costs
Bank loans
Bonds payable
Lease obligations
Valuation of financial derivatives
Financial restatement of provisions (4)
Capitalized finance expenses
Post-employment benefit obligations (1)
Formalization of debt and other associated expenses
Financial expenses - related parties (5)
Other financial costs (6)
2020
2019
2018
(768,453)
(1,088,631)
(1,071,759)
(70,023)
(208,630)
(9,396)
(10,207)
(89,713)
7,561
(104,918)
(7,134)
(2,662)
(273,331)
(134,024)
(281,359)
(11,712)
(18,610)
(119,966)
15,703
(108,699)
(11,323)
(127,977)
(290,664)
(162,192)
(312,204)
(8,170)
(14,094)
(147,194)
19,329
(83,463)
(17,883)
(43,874)
(302,014)
Gains (losses) from indexed assets and liabilities (*)
76,698
124,477
270,380
Foreign currency exchange differences (**)
57,171
136,960
110,635
Total financial costs
Total financial results
(1)
See Note 26.2.c).
(634,584)
(827,194)
(690,744)
(313,107)
(377,533)
(332,663)
(2)
For the years ended December 31, 2020, 2019 and 2018, this item corresponds to the financial update of non-amortized
assets at their new replacement value at the end of the concession in the distribution companies Enel Distribución Río
S.A., Enel Distribución Ceará S.A., Enel Distribución Goias S.A. and Enel Distribución Sao Paulo S.A.
(3)
For the year ended December 31, 2020, the Company records finance income generated by a financial restatement of
PIS/COFINS taxes receivable of Enel Generación Fortaleza of ThUS$ 546 (ThUS$ 14,330 and ThUS$ 0 at December 31,
2019 and 2018, respectively), finance income from regulatory assets related to the Brazilian subsidiaries of ThUS$ 32,715
(ThUS$ 48,228 and ThUS$ 28,579 at December 31, 2019 and 2018, respectively), finance income from VOSA accounts
receivable of Argentine generation subsidiaries of ThUS$ 12,387 (ThUS$ 80,738 and ThUS$ 12,894 as of December 31,
2019 and 2018, respectively), income from revaluation of investments due to change in ownership of Central Térmica
Manuel Belgrano and Central Térmica San Martín for ThUS$ 24,893 (see Note 14) and other income for ThUS$ 26,260
(ThUS$ 92,077 and ThUS$ 90,277 as of December 31, 2019 and 2018, respectively).
(4)
For the year ended December 31, 2020, the Company includes ThUS$13,754 (ThUS$ 56,225 and ThUS$ 61,454 as of
December 31, 2019 and 2018, respectively) of our subsidiary Edesur, corresponding to the finance cost generated by the
update of the penalty for service quality due to the application of ENRE Resolution No. 1/2016 (See Note 24). Additionally,
our Brazilian subsidiaries have recognized ThUS$ 70,622 and ThUS$ 54,002 and ThUS$ 61,087 during the periods ended
December 31, 2020, 2019 and 2018, respectively, for accounting update of legal claims.
(5)
For the year ended December 31, 2020, interest for debt with Enel Finance International NV for ThUS $ 2,662 (ThUS $
127,977 and ThUS $ 43,874 as of December 31, 2019 and 2018, respectively) is included, related to the refinancing for
the purchase Enel Distribución Sao Paulo (see note 11.d).
(6)
For the year ended December 31, 2020, it includes interest from the debt with CAMMESA for ThUS$ 88,415 (ThUS$ 91,864
and ThUS$ 111,680 as of December 31, 2019 and 2018, respectively), banking expenses for ThUS$ 32,533 (ThUS$ 53,458
and ThUS$ as of December 31, 2019 and 2018, respectively), finance costs for the sale of portfolio corresponding to the
assignment of accounts receivable in our subsidiaries in Peru, Colombia and Brazil amounting to ThUS$ 0 (ThUS$ 5,950
and ThUS$ 23,471 as of December 30, 2019 and 2018, respectively), and others for ThUS$ 152,383 (ThUS$ 139,392 and
ThUS$ 110,675 as of December 31, 2019 and 2018, respectively).
334334
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information (*)
The effects on financial results by adjustment units and (**) exchange differences are as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Gains (losses) from Indexed Assets and Liabilities (*)
Inventories
Investments accounted for using the equity method
Intangible assets other than goodwill
Goodwill
Property, plant and equipment
Deferred tax assets
Deferred tax liabilities
Total Equity
Revenues
Raw materials and consumables used
Financial results
Other Expenses
Corporate tax
2020
27,150
48
11,601
6,530
485,353
14,665
(89,669)
(355,914)
(150,056)
126,134
2,818
(3,317)
1,355
2019
25,670
79
8,867
8,858
646,811
20,861
(119,471)
(382,962)
(346,360)
241,081
(1,559)
95
22,507
2018
2,099
128
5,218
8,494
621,219
-
-
(318,132)
(282,564)
207,965
20,434
(264)
5,783
Hyperinflation Gain (1)
76,698
124,477
270,380
Gain from inflation-adjusted units
76,698
124,477
270,380
IN THOUSANDS OF U.S. DOLLARS – THUS$
Foreign Currency Exchange Differences (**)
Cash and cash equivalents
Other financial assets
Other non-financial assets
Trade and other receivables
Current tax assets (liabilities)
Other financial liabilities (financial debt and derivative instruments)
Trade and other payables
Other non-financial liabilities
Total
2020
8,277
130,570
27,195
57,226
-
(30,988)
(46,073)
(89,036)
2019
3,553
57,818
379
210,587
-
(43,692)
(45,142)
(46,543)
2018
28,247
143,279
5,356
193,532
2,473
(144,669)
(76,575)
(41,008)
57,171
136,960
110,635
1) Corresponds to the financial effect derived from the application of IAS 29 "Financial Reporting in Hyperinflationary Economies". (See Note 2.9).
NOTE 34. Information by segment
34.1 Basis of segmentation
The Group’s activities operate under a matrix management structure with dual and cross management responsibilities (based on
business and geographical areas of responsibility), and its subsidiaries are engaged in either the Generation and Transmission
Business or the Distribution Business.
The Group adopted a “bottom-up” approach to determine its reportable segments. The Generation and Transmission and
the Distribution reportable segments have been defined based on IFRS 8.9 and on the criteria described in IFRS 8.12, taking
into account the aggregation of the operating segments having similar economic drivers that are common in all countries.
Generation and Transmission Business: The Generation and Transmission Reportable Segment is comprised of a group of
electricity companies that own electricity generating plants, whose energy is transmitted and distributed to end customers.
The following four operating segments have been aggregated into one combined set of information for the Generation and
Transmission Reportable Segment:
335
Annual Report Enel Américas 2020
Generation and Transmission Reportable Segment:
•
•
•
•
Generation and Transmission Business in Argentina
Generation and Transmission Business in Brazil
Generation and Transmission Business in Colombia
Generation and Transmission Business in Peru
The Generation and Transmission Business is conducted: in Argentina through Enel Trading Argentina (formerly Cemsa), Central
Dock Sud, Enel Generación Costanera, and Enel Generación El Chocón; in Brazil through EGP Cachoeira Dourada, Enel CIEN,
EGP Proyecto I, Fortaleza, Enel Tecnología de Redes, Central Geradora Fotovolcaica Sao Francisco Ltda y Enel Trading Brasil
S.A., in Colombia through Emgesa; and in Peru through Enel Generación Perú and Enel Generación Piura and Chinango.
Distribution Business: The Distribution Reportable Segment is comprised of a group of electricity companies operating under
a public utility concession, with service obligations and regulated tariffs for supplying regulated customers in four different
countries.
The following four operating segments have been aggregated into one combined set of information for the Distribution
Reportable Segment:
Distribution Reportable Segment:
•
•
•
•
Distribution Business in Argentina
Distribution Business in Brazil
Distribution Business in Colombia
Distribution Business in Peru
The Distribution Business is conducted: in Argentina through Edesur; in Brazil through Enel Distribución Río S.A., Enel Distribución
Ceará S.A., Enel Distribución Goias and Enel Distribución Sao Paulo (formerly Eletropaulo); in Colombia through Codensa; and
in Peru through Enel Distribución Perú.
Each of the operating segments generates separate financial information, which is aggregated into one combined set of
information for the Generation and Transmission Business, and another set of combined information for the Distribution Business
at the reportable segment level. In addition, in order to assist the decision maker process, the Planning & Control Department
at the parent company level prepares internal reports containing combined information at the reportable segment level about
the main key performance indicators (KPIs), such as: EBITDA, Gross Margin, Total Capex, Total Opex, Net income, Total Energy
Generation and Transmission, among others. The presentation of information under this business/country approach has been
made taking into consideration that the KPIs are similar and comparable in all countries, in each of the following aspects:
a)
the nature of the activities: generation and transmission, on one hand, and distribution on the other;
b)
the nature of the production processes: The Generation and Transmission Business deals with the generation of electricity
and its transmission to dispatch centers, while the Distribution Business does not generate electricity, but distributes
electricity to end customers;
c)
the type or class of customer for their products and services: The Generation and Transmission Business provides
services mainly to unregulated customers, while the Distribution Business provides energy to regulated customers;
d)
l the methods used to distribute their products or provide their services: generators generally sell the energy through
energy auctions, while distributors provide energy in their concession area; and
e)
the nature of the regulatory environment (public utilities): the regulatory frameworks differs in the Generation and
Transmission Business and Distribution Business.
336336
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information The Company’s chief operating decision maker (“CODM”) in conjunction with the country managers reviews on a monthly basis
these internal reports and uses the KPI information to make decisions on the allocation of resources and the assessment of
the performance of the operating segments for each reportable segment.
The information disclosed in the following tables is based on the financial information of the companies forming each segment.
The accounting policies used to determine the segment information are the same as those used in the preparation of the
Group’s consolidated financial statements.
34.2 Generation and transmission, distribution and
others
IN THOUSANDS OF U.S. DOLLARS – THUS$
Line of business
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Other current financial assets
Other current non-financial assets
Trade and other current receivables
Current accounts receivable from related parties
Inventories
Current tax assets
Non-current assets or disposal groups held-for-sale or
held for distribution to owners
NON-CURRENT ASSETS
Other non-current financial assets
Other non-current non-financial assets
Trade and other non-current receivables
Non-current accounts receivable from related parties
Investments accounted for using the equity method
Intangible assets other than goodwill
Goodwill
Property, plant and equipment
Investment properties
Right-of-use asset
Deferred tax assets
Generation
Distribution
12-31-2020
1,752,168
678,856
77,146
70,693
699,288
110,101
86,375
29,709
12-31-2019
1,401,368
593,058
62,287
68,906
446,026
129,961
68,525
32,605
12-31-2020
4,321,551
748,245
151,746
430,800
2,524,640
19,689
384,790
61,641
12-31-2019
4,513,289
649,538
49,098
374,419
3,044,634
26,237
327,751
30,286
Holdings, Eliminations and
Other
12-31-2020
105,537
79,892
1,387
59,293
11,007
(82,840)
268
36,530
12-31-2019
666,597
696,401
8,998
42,837
13,797
(139,829)
(37)
44,430
Total
12-31-2020
6,179,256
1,506,993
230,279
560,786
3,234,935
46,950
471,433
127,880
12-31-2019
6,581,254
1,938,997
120,383
486,162
3,504,457
16,369
396,239
107,321
-
-
-
11,326
-
-
-
11,326
5,023,349
293,011
44,772
280,119
43,945
111,027
136,560
5,481,408
345,968
67,688
311,858
54,002
104,875
67,708
14,821,340
2,497,735
2,284,187
297,872
32
1,596
4,370,876
16,610,174
2,703,694
2,663,918
275,915
68
1,710
5,441,246
-
-
-
-
3,953,188
4,351,508
-
127,537
33,190
-
147,005
30,796
4,396,560
7,942
94,180
870,360
4,399,515
10,254
108,112
1,005,742
909,613
117
3,897
533
(43,945)
(110,350)
17,390
945,512
4,924
-
703
90,832
1,103,548
149
4,284
184
(53,223)
(104,607)
18,925
1,173,043
12,415
-
682
51,696
20,754,302
2,790,863
2,332,856
578,524
32
2,273
4,524,826
945,512
8,354,672
7,942
222,420
994,382
23,195,130
3,049,811
2,735,890
587,957
847
1,978
5,527,879
1,173,043
8,763,438
10,254
255,799
1,088,234
TOTAL ASSETS
6,775,517
6,882,776
19,142,891
21,123,463
1,015,150
1,770,145
26,933,558
29,776,384
The Holding, Eliminations and Other column corresponds to transactions between companies in different lines of business
and country, primarily purchases and sales of energy and services.
IN THOUSANDS OF U.S. DOLLARS – THUS$
Line of business
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Other current financial liabilities
Current lease liability
Trade and other current payables
Current accounts payable to related parties
Other current provisions
Current tax liabilities
Other current non-financial liabilities
Liabilities associated with groups of assets or disposal
groups held for sale or distribution to owners
NON-CURRENT LIABILITIES
Other non-current financial liabilities
Non-current lease liability
Trade and other non-current payables
Non-current accounts payable to related parties
Other long-term provisions
Deferred tax liabilities
Non-current provisions for employee benefits
Other non-current non-financial liabilities
EQUITY
Equity attributable to shareholders of Enel Américas
Share and paid-in capital
Retained earnings (losses)
Issuance premiums
Treasury shares in portfolio
Other reserves
Generation
Distribution
12-31-2020
1,652,616
317,285
21,478
881,993
155,817
79,356
150,727
45,960
12-31-2019
1,222,704
198,424
42,441
580,450
122,443
80,023
144,418
54,505
12-31-2020
5,178,351
1,020,125
29,753
3,081,693
651,021
141,067
69,379
185,313
12-31-2019
5,027,059
847,463
38,758
3,102,559
518,068
205,464
70,073
240,883
Holdings, Eliminations and
Other
12-31-2020
446,255
487,720
264
129,890
(209,716)
2
2,764
35,331
12-31-2019
486,169
362,520
445
237,036
(146,000)
565
6,236
25,367
Total
12-31-2020
7,277,222
1,825,130
51,495
4,093,576
597,122
220,425
222,870
266,604
12-31-2019
6,735,932
1,408,407
81,644
3,920,045
494,511
286,052
220,727
320,755
-
-
-
3,791
-
-
-
3,791
1,280,831
727,682
11,591
979
19,252
84,179
335,101
32,753
69,294
3,842,070
3,842,070
1,821,697
1,122,697
37,138
(54)
860,592
1,690,280
1,051,275
20,506
4,178
15,258
101,159
382,097
33,720
82,087
3,969,792
3,969,792
1,968,025
1,190,915
38,888
7,759,713
2,518,301
78,882
2,049,498
444,950
749,514
282,397
1,588,504
47,667
6,204,827
6,204,827
2,902,092
(82,505)
55,685
8,548,777
3,134,569
87,742
2,320,943
34,662
874,836
267,181
1,799,663
29,181
7,547,627
7,547,627
3,558,565
318,239
58,011
-
-
-
771,964
3,329,555
3,612,812
282,129
591,723
597
10,998
(319,811)
207
(4,545)
2,960
555,209
595,989
377
10,876
(49,920)
332
(5,424)
2,979
-
-
9,322,673
3,837,706
91,070
2,061,475
144,391
833,900
612,953
1,624,217
116,961
10,794,266
4,781,833
108,625
2,335,997
-
976,327
643,854
1,836,362
111,268
286,766
286,766
5,039,289
4,375,506
(92,823)
54
(9,035,260)
728,767
728,767
4,257,285
3,965,257
(96,899)
-
10,333,663
8,105,859
9,763,078
5,415,698
12,246,186
9,966,287
9,783,875
5,474,411
-
-
-
-
(7,396,876)
(7,072,917)
(5,291,999)
Non-controlling interests
-
-
-
-
-
-
2,227,804
2,279,899
Total Liabilities and Equity
6,775,517
6,882,776
19,142,891
21,123,463
1,015,150
1,770,145
26,933,558
29,776,384
The Holding, Eliminations and Other column corresponds to transactions between companies in different lines of business
and country, primarily purchases and sales of energy and services.
337
Annual Report Enel Américas 2020 IN THOUSANDS OF U.S. DOLLARS – THUS$
Country
STATEMENTS OF COMPREHENSIVE
INCOME (LOSS)
REVENUE
Revenues
Energy sales
Other sales
Other services rendered
Other income
RAW MATERIALS AND CONSUMABLES
USED
Energy purchases
Fuel consumption
Transportation expenses
Other miscellaneous supplies and
services
CONTRIBUTION MARGIN
Other work performed by the entity
and capitalized
Employee benefits expense
Other expenses
Chile ( Holdings and Other)
2020
165
2019
902
2018
1,335
-
-
-
-
-
-
-
-
-
-
-
-
165
902
1,335
2020
1,030,361
995,970
958,852
2,431
34,687
34,391
Argentina
2019
1,782,532
1,481,493
1,435,040
2,771
43,682
301,039
2018
1,516,392
1,488,830
1,443,845
191
44,794
27,562
2020
7,580,444
6,696,125
5,944,342
698
751,085
884,319
Brazil
2019
8,608,890
7,685,111
6,805,945
3,755
875,411
923,779
2018
7,489,756
6,520,243
5,865,566
2,225
652,452
969,513
Colombia
Peru
Eliminations
Totales
2020
2019
2018
2020
2019
2018
2,337,750
2,538,922
2,671,192
1,243,993
1,382,940
1,311,262
2,311,045
1,564,664
23,990
722,391
26,705
2,513,971
1,734,645
28,737
750,589
24,951
2,642,886
1,868,279
1,235,836
1,187,354
1,372,801
1,306,624
1,272,802
1,231,486
23,232
751,375
28,306
9,849
38,633
8,157
23,489
42,688
10,139
23,320
17,996
38,460
2020
(39)
2019
(74)
2018
(248)
2020
2019
2018
12,192,674
14,314,112
12,989,689
-
-
-
-
- 11,238,976
13,053,376
11,924,761
-
-
-
9,655,212
11,282,254
10,409,176
36,968
1,546,796
953,698
58,752
1,712,370
1,260,736
48,968
1,466,617
1,064,928
(39)
(74)
(248)
(99)
-
-
-
(99)
66
-
-
-
-
-
-
-
-
-
(551,514)
(490,953)
(1,180)
(24,348)
(903,365)
(715,723)
(100,579)
(25,949)
(769,333)
(656,647)
(21,095)
(37,414)
(5,450,908)
(3,896,510)
(41,363)
(675,394)
(5,906,736)
(4,311,902)
(58,506)
(739,219)
(5,366,693)
(3,855,878)
(18,151)
(631,737)
(930,528)
(1,054,749)
(1,208,848)
(622,866)
(500,924)
(39,785)
(247,325)
(596,652)
(49,225)
(261,082)
(721,047)
(53,414)
(268,498)
(449,500)
(55,522)
(69,419)
(676,173)
(473,129)
(68,807)
(84,128)
(603,957)
(422,384)
(134,183)
(5,488)
543
-
-
(543)
431
(7,555,915)
(8,541,023)
(7,948,400)
1,598
(5,337,887)
(6,096,863)
(5,654,358)
-
(137,850)
(277,117)
(1,167)
(1,016,486)
(1,110,921)
(226,843)
(944,304)
-
(35,033)
(61,114)
(54,177)
(837,641)
(797,109)
(860,927)
(142,494)
(147,790)
(165,889)
(48,425)
(50,109)
(41,902)
-
-
(1,063,692)
(1,056,122)
(1,122,895)
902
1,335
478,847
879,167
747,059
2,129,536
2,702,154
2,123,063
1,407,222
1,484,173
1,462,344
621,127
706,767
707,305
(39)
(74)
183
4,636,759
5,773,089
5,041,289
-
-
-
(5,957)
(21,054)
(7,695)
(23,211)
(6,732)
(27,113)
31,296
(154,984)
(169,255)
48,095
(200,284)
(175,437)
54,308
(265,521)
(139,867)
76,744
(234,994)
(632,746)
89,871
(434,266)
(713,637)
83,214
(402,618)
(603,682)
28,877
(107,827)
(148,088)
32,179
(102,834)
(146,478)
29,408
(99,856)
(161,656)
10,234
(61,284)
(94,174)
11,420
(64,674)
(92,020)
11,067
(65,766)
(88,585)
-
-
147,151
(565,046)
181,565
(809,753)
177,997
(840,493)
(182)
(1,065,278)
(1,150,709)
(1,021,085)
GROSS OPERATING RESULT
(26,945)
(30,004)
(32,510)
185,904
551,541
395,979
1,338,540
1,644,122
1,199,977
1,180,184
1,267,040
1,230,240
475,903
561,493
564,021
1
3,153,586
3,994,192
3,357,708
Depreciation and amortization
expense
Impairment (losses) reversals
recognized in profit or loss
Gains (losses) for impairment in
accordance with IFRS 9
-
-
-
-
-
-
-
(160,424)
(143,179)
(173,774)
(393,848)
(488,163)
(375,937)
(181,986)
(195,488)
(193,432)
(121,841)
(121,500)
(119,297)
-
(858,099)
(948,330)
(862,440)
-
-
-
66,987
-
-
-
-
3,433
(5,234)
-
(1,307)
-
-
-
2,126
61,753
-
(44,434)
(42,541)
(56,654)
(167,469)
(225,557)
(55,843)
(16,442)
(6,609)
(9,440)
(14,027)
(4,418)
(564)
-
(242,372)
(279,125)
(122,501)
OPERATING INCOME
(26,945)
(30,004)
(32,510)
(18,954)
365,821
232,538
777,223
930,402
768,197
981,756
1,068,376
1,022,134
340,035
434,268
444,160
-
-
1
2,053,115
2,768,863
2,434,520
FINANCIAL RESULT
Financial income
Cash and cash equivalents
Other financial income
Financial costs
Bank borrowings
Secured and unsecured obligations
Other
Income from indexation units
Foreign exchange profits (losses)
(21,872)
25,063
4,066
20,997
(62,972)
(9,190)
(24,809)
(28,973)
(31,514)
37,675
16,018
21,657
(50,740)
(11,379)
(25,225)
(14,136)
(19,825)
47,281
7,245
40,036
(61,869)
(8,084)
(25,736)
(28,049)
-
-
-
16,037
(18,449)
(5,237)
65,733
85,954
40,218
45,736
(148,439)
(3,334)
(1)
(145,104)
76,698
51,520
160,817
122,200
90,691
31,509
(189,401)
(4,019)
257,912
107,807
75,692
32,115
(226,859)
(177)
-
-
(185,382)
124,477
103,541
(226,682)
270,380
106,584
(292,686)
211,101
4,727
206,374
(414,707)
(45,544)
(67,717)
(301,446)
(374,162)
291,262
25,405
265,857
(679,377)
(106,312)
(112,770)
(460,295)
(430,868)
215,449
33,259
182,190
(614,811)
(131,557)
(124,722)
(358,532)
-
-
-
(89,080)
13,953
(31,506)
(119,660)
(140,101)
(159,753)
(26,007)
(30,553)
(18,583)
(313,107)
(377,533)
(332,663)
13,848
7,743
6,105
(132,205)
(8,732)
(91,178)
(32,295)
11,548
8,573
2,975
(151,500)
(10,896)
(116,309)
(24,295)
19,748
12,533
7,215
(177,537)
(19,659)
(133,916)
(23,962)
6,508
2,756
3,752
(31,127)
(3,223)
(24,925)
(2,979)
8,632
4,845
3,787
(39,268)
(1,418)
(27,055)
(10,795)
8,583
4,451
4,132
(31,469)
(2,715)
(27,830)
(924)
-
(1,303)
-
(149)
-
-
(1,964)
(1,388)
-
83
81,385
(20,997)
(20,997)
20,997
-
-
-
37,980
(21,656)
(21,656)
21,655
38,454
(40,787)
(40,787)
40,786
20,997
21,655
40,786
4,303
81,385
37,981
38,455
Share of profit (loss) of associates
and joint ventures accounted for
using the equity method
Other gains (losses)
Gain (loss) from other investments
Gain (loss) from the sale of assets
475
(227)
441
-
-
-
-
-
-
-
-
-
2,658
61
54
7
810
1,080
1,041
39
2,011
74
51
23
-
870
-
870
-
2,144
1
2,143
-
386
-
386
124
-
-
124
-
308
6
302
190
-
-
190
-
-
3,616
10,664
3,616
10,664
-
-
Profit (loss) before taxes
(48,342)
(61,745)
(51,894)
49,498
528,528
492,535
485,407
558,384
337,715
862,220
928,583
862,571
317,644
414,379
425,608
81,385
37,980
38,455
1,747,812
2,406,109
2,104,990
Income tax expense (income)
(3,840)
9,598
(7,137)
(36,154)
(132,137)
(203,661)
(147,963)
313,730
217,748
(286,707)
(302,350)
(310,823)
(91,896)
(125,187)
(134,059)
-
-
-
(566,560)
(236,346)
(437,932)
Profit (loss) from continuing operations
PROFIT (LOSS)
(52,182)
(52,182)
(52,147)
(52,147)
(59,031)
(59,031)
13,344
13,344
396,391
396,391
288,874
288,874
337,444
337,444
872,114
872,114
555,463
555,463
575,513
575,513
626,233
626,233
551,748
551,748
225,748
225,748
289,192
289,192
291,549
291,549
81,385
81,385
37,980
37,980
38,455
38,455
1,181,252
2,169,763
1,667,058
1,181,252
2,169,763
1,667,058
Profit (loss) attributable to
Profit (loss) attributable to owners
of the parent
Profit (loss) attributable to non-
controlling interests
IN THOUSANDS OF U.S. DOLLARS – THUS$
Country
STATEMENT OF CASH FLOWS
Net cash flows from (used in)
operating activities
Net cash flows from (used in)
investing activities
Net cash flows from (used in)
financing activities
(52,182)
(52,147)
(59,031)
13,344
396,391
288,874
337,444
872,114
555,463
575,513
626,233
551,748
225,748
289,192
291,549
81,385
37,980
38,455
1,181,252
2,169,763
1,667,058
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
825,197
1,614,085
1,201,381
-
356,055
555,678
465,677
Chile ( Holdings and Other)
2020
2019
2018
2020
Argentina
2019
2018
2020
Brazil
2019
2018
2020
Colombia
2019
Peru
2019
Eliminations
2018
2020
2018
2020
2019
2018
2020
2018
Totales
2019
(52,803)
(49,135)
(34,496)
272,134
241,095
157,539
922,297
999,122
299,827
939,651
865,922
1,030,940
342,021
454,719
390,044
2,210
15,788
711
2,425,510
2,527,511
1,844,565
175,657
(2,220,047)
348,295
(169,918)
(175,679)
(98,752)
(755,047)
(855,965)
(2,434,755)
(464,647)
(386,559)
(378,451)
(176,299)
(208,685)
(89,786)
(145,362)
2,247,137
(415,740)
(1,535,616)
(1,599,798)
(3,069,189)
(719,042)
2,475,888
(52,458)
(59,659)
(47,566)
(23,844)
(55,832)
(66,875)
2,389,830
(303,393)
(705,497)
(601,744)
(192,090)
(215,929)
(259,879)
143,481
(2,262,925)
415,161
(1,186,535)
(822,904)
1,867,066
-
-
-
-
-
-
-
-
-
-
-
39
-
-
-
-
-
-
-
-
-
-
-
-
-
74
-
-
-
-
-
-
-
-
-
-
-
-
-
31
31
-
(1,088,631)
(1,071,759)
321,477
59,510
261,967
(768,453)
(70,023)
(208,630)
(489,800)
76,698
57,171
449,661
145,532
304,129
(134,024)
(281,359)
(673,248)
124,477
136,960
358,081
133,180
224,901
(162,192)
(312,204)
(597,363)
270,380
110,635
3,133
4,671
54
4,617
583
14,196
1,048
13,148
2,452
681
51
630
-
-
-
-
-
-
-
The Holding, Eliminations and Other column corresponds to transactions between companies in different lines of business
and country, primarily purchases and sales of energy and services.
338338
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
IN THOUSANDS OF U.S. DOLLARS – THUS$
STATEMENTS OF COMPREHENSIVE
Country
INCOME (LOSS)
REVENUE
Revenues
Energy sales
Other sales
RAW MATERIALS AND CONSUMABLES
USED
Energy purchases
Fuel consumption
Transportation expenses
Other miscellaneous supplies and
services
Other work performed by the entity
and capitalized
Employee benefits expense
Other expenses
Depreciation and amortization
expense
Impairment (losses) reversals
recognized in profit or loss
Gains (losses) for impairment in
accordance with IFRS 9
-
-
-
-
(99)
-
-
-
(99)
66
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Chile ( Holdings and Other)
Argentina
Brazil
2020
165
2019
902
2018
1,335
2020
2019
2018
2020
2019
2018
1,030,361
1,782,532
1,516,392
7,580,444
8,608,890
7,489,756
-
-
-
-
995,970
958,852
2,431
34,687
34,391
1,481,493
1,435,040
2,771
43,682
301,039
1,488,830
1,443,845
6,696,125
5,944,342
7,685,111
6,805,945
6,520,243
5,865,566
191
44,794
27,562
698
751,085
884,319
3,755
875,411
923,779
2,225
652,452
969,513
Other services rendered
Other income
165
902
1,335
Colombia
2019
2,538,922
2,513,971
1,734,645
28,737
750,589
24,951
2020
2,337,750
2,311,045
1,564,664
23,990
722,391
26,705
2018
2,671,192
2,642,886
1,868,279
23,232
751,375
28,306
2020
1,243,993
1,235,836
1,187,354
9,849
38,633
8,157
Peru
2019
1,382,940
1,372,801
1,306,624
23,489
42,688
10,139
2018
1,311,262
1,272,802
1,231,486
23,320
17,996
38,460
Eliminations
2020
(39)
2019
(74)
-
-
-
-
-
-
-
-
(39)
(74)
2018
(248)
2020
12,192,674
- 11,238,976
9,655,212
-
36,968
-
1,546,796
-
953,698
(248)
Totales
2019
14,314,112
13,053,376
11,282,254
58,752
1,712,370
1,260,736
2018
12,989,689
11,924,761
10,409,176
48,968
1,466,617
1,064,928
CONTRIBUTION MARGIN
902
1,335
478,847
879,167
747,059
2,129,536
2,702,154
2,123,063
1,407,222
1,484,173
1,462,344
621,127
706,767
707,305
(39)
(74)
183
4,636,759
5,773,089
5,041,289
-
-
-
-
(551,514)
(490,953)
(1,180)
(24,348)
(903,365)
(769,333)
(5,450,908)
(5,906,736)
(5,366,693)
(715,723)
(100,579)
(25,949)
(656,647)
(3,896,510)
(4,311,902)
(3,855,878)
(21,095)
(37,414)
(41,363)
(675,394)
(58,506)
(739,219)
(18,151)
(631,737)
(930,528)
(500,924)
(39,785)
(247,325)
(1,054,749)
(596,652)
(49,225)
(261,082)
(1,208,848)
(721,047)
(53,414)
(268,498)
(622,866)
(449,500)
(55,522)
(69,419)
(676,173)
(473,129)
(68,807)
(84,128)
(603,957)
(422,384)
(134,183)
(5,488)
-
(35,033)
(61,114)
(54,177)
(837,641)
(797,109)
(860,927)
(142,494)
(147,790)
(165,889)
(48,425)
(50,109)
(41,902)
-
-
-
-
-
-
543
-
(543)
431
1,598
-
(1,167)
(7,555,915)
(5,337,887)
(137,850)
(1,016,486)
(8,541,023)
(6,096,863)
(277,117)
(1,110,921)
(7,948,400)
(5,654,358)
(226,843)
(944,304)
-
-
(1,063,692)
(1,056,122)
(1,122,895)
-
-
-
(5,957)
(21,054)
(7,695)
(23,211)
(6,732)
(27,113)
31,296
(154,984)
(169,255)
48,095
(200,284)
(175,437)
54,308
(265,521)
(139,867)
76,744
(234,994)
(632,746)
89,871
(434,266)
(713,637)
83,214
(402,618)
(603,682)
28,877
(107,827)
(148,088)
32,179
(102,834)
(146,478)
29,408
(99,856)
(161,656)
10,234
(61,284)
(94,174)
11,420
(64,674)
(92,020)
11,067
(65,766)
(88,585)
GROSS OPERATING RESULT
(26,945)
(30,004)
(32,510)
185,904
551,541
395,979
1,338,540
1,644,122
1,199,977
1,180,184
1,267,040
1,230,240
475,903
561,493
564,021
-
(160,424)
(143,179)
(173,774)
(393,848)
(488,163)
(375,937)
(181,986)
(195,488)
(193,432)
(121,841)
(121,500)
(119,297)
-
-
-
66,987
-
-
-
-
3,433
(5,234)
-
(1,307)
-
-
(44,434)
(42,541)
(56,654)
(167,469)
(225,557)
(55,843)
(16,442)
(6,609)
(9,440)
(14,027)
(4,418)
(564)
-
-
39
-
-
-
-
-
-
74
-
-
-
-
-
-
(182)
147,151
(565,046)
(1,065,278)
181,565
(809,753)
(1,150,709)
177,997
(840,493)
(1,021,085)
1
3,153,586
3,994,192
3,357,708
-
(858,099)
(948,330)
(862,440)
-
-
2,126
61,753
-
(242,372)
(279,125)
(122,501)
OPERATING INCOME
(26,945)
(30,004)
(32,510)
(18,954)
365,821
232,538
777,223
930,402
768,197
981,756
1,068,376
1,022,134
340,035
434,268
444,160
-
-
1
2,053,115
2,768,863
2,434,520
(21,872)
(31,514)
(19,825)
257,912
(292,686)
(374,162)
(430,868)
FINANCIAL RESULT
Financial income
Cash and cash equivalents
Other financial income
Financial costs
Bank borrowings
Secured and unsecured obligations
Other
25,063
4,066
20,997
(62,972)
(9,190)
(24,809)
(28,973)
37,675
16,018
21,657
(50,740)
(11,379)
(25,225)
(14,136)
47,281
7,245
40,036
(61,869)
(8,084)
(25,736)
(28,049)
Income from indexation units
-
-
-
Foreign exchange profits (losses)
16,037
(18,449)
(5,237)
65,733
85,954
40,218
45,736
(148,439)
(3,334)
(1)
(145,104)
76,698
51,520
160,817
122,200
90,691
31,509
(189,401)
(4,019)
(185,382)
124,477
103,541
-
107,807
75,692
32,115
(226,859)
(177)
-
(226,682)
270,380
106,584
211,101
4,727
206,374
(414,707)
(45,544)
(67,717)
291,262
25,405
265,857
(679,377)
(106,312)
(112,770)
215,449
33,259
182,190
(614,811)
(131,557)
(124,722)
(301,446)
(460,295)
(358,532)
-
-
-
(89,080)
13,953
(31,506)
(119,660)
13,848
7,743
6,105
(132,205)
(8,732)
(91,178)
(32,295)
(140,101)
11,548
8,573
2,975
(151,500)
(10,896)
(116,309)
(24,295)
(159,753)
19,748
12,533
7,215
(177,537)
(19,659)
(133,916)
(23,962)
(26,007)
6,508
2,756
3,752
(31,127)
(3,223)
(24,925)
(2,979)
(30,553)
8,632
4,845
3,787
(39,268)
(1,418)
(27,055)
(10,795)
(18,583)
8,583
4,451
4,132
(31,469)
(2,715)
(27,830)
(924)
81,385
(20,997)
37,980
(21,656)
38,454
(40,787)
-
-
-
(20,997)
20,997
(21,656)
21,655
(40,787)
40,786
-
-
-
-
-
-
20,997
21,655
40,786
-
(1,303)
-
(149)
-
-
(1,964)
(1,388)
-
83
-
-
-
-
4,303
81,385
37,981
38,455
(313,107)
321,477
59,510
261,967
(768,453)
(70,023)
(208,630)
(489,800)
76,698
57,171
(377,533)
449,661
145,532
304,129
(1,088,631)
(134,024)
(281,359)
(673,248)
124,477
136,960
(332,663)
358,081
133,180
224,901
(1,071,759)
(162,192)
(312,204)
(597,363)
270,380
110,635
Share of profit (loss) of associates
and joint ventures accounted for
using the equity method
Other gains (losses)
Gain (loss) from other investments
Gain (loss) from the sale of assets
Profit (loss) attributable to owners
of the parent
Profit (loss) attributable to non-
controlling interests
Net cash flows from (used in)
operating activities
Net cash flows from (used in)
investing activities
Net cash flows from (used in)
financing activities
475
(227)
441
2,658
-
-
-
-
-
-
-
-
-
61
54
7
810
1,080
1,041
39
2,011
74
51
23
870
-
-
870
-
2,144
1
2,143
386
-
-
386
-
124
-
124
-
308
6
302
-
190
-
190
-
-
3,616
10,664
-
-
3,616
10,664
-
31
-
31
-
-
-
-
-
-
-
-
-
-
-
-
3,133
4,671
54
4,617
583
14,196
1,048
13,148
2,452
681
51
630
Profit (loss) before taxes
(48,342)
(61,745)
(51,894)
49,498
528,528
492,535
485,407
558,384
337,715
862,220
928,583
862,571
317,644
414,379
425,608
81,385
37,980
38,455
1,747,812
2,406,109
2,104,990
Income tax expense (income)
(3,840)
9,598
(7,137)
(36,154)
(132,137)
(203,661)
(147,963)
313,730
217,748
(286,707)
(302,350)
(310,823)
(91,896)
(125,187)
(134,059)
-
-
-
(566,560)
(236,346)
(437,932)
Profit (loss) from continuing operations
PROFIT (LOSS)
(52,182)
(52,182)
(52,147)
(52,147)
(59,031)
(59,031)
13,344
13,344
396,391
396,391
288,874
288,874
337,444
337,444
872,114
872,114
555,463
555,463
575,513
575,513
626,233
626,233
551,748
551,748
225,748
225,748
289,192
289,192
291,549
291,549
81,385
81,385
37,980
37,980
38,455
38,455
1,181,252
1,181,252
2,169,763
2,169,763
1,667,058
1,667,058
Profit (loss) attributable to
(52,182)
(52,147)
(59,031)
13,344
396,391
288,874
337,444
872,114
555,463
575,513
626,233
551,748
225,748
289,192
291,549
81,385
37,980
38,455
1,181,252
2,169,763
1,667,058
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
825,197
1,614,085
1,201,381
-
356,055
555,678
465,677
IN THOUSANDS OF U.S. DOLLARS – THUS$
Country
Chile ( Holdings and Other)
STATEMENT OF CASH FLOWS
2020
2019
2018
2020
2018
2020
2018
Argentina
2019
Brazil
2019
2020
Colombia
2019
2018
2020
Peru
2019
2018
2020
2019
2018
2020
Eliminations
Totales
2019
2018
(52,803)
(49,135)
(34,496)
272,134
241,095
157,539
922,297
999,122
299,827
939,651
865,922
1,030,940
342,021
454,719
390,044
2,210
15,788
711
2,425,510
2,527,511
1,844,565
175,657
(2,220,047)
348,295
(169,918)
(175,679)
(98,752)
(755,047)
(855,965)
(2,434,755)
(464,647)
(386,559)
(378,451)
(176,299)
(208,685)
(89,786)
(145,362)
2,247,137
(415,740)
(1,535,616)
(1,599,798)
(3,069,189)
(719,042)
2,475,888
(52,458)
(59,659)
(47,566)
(23,844)
(55,832)
(66,875)
2,389,830
(303,393)
(705,497)
(601,744)
(192,090)
(215,929)
(259,879)
143,481
(2,262,925)
415,161
(1,186,535)
(822,904)
1,867,066
The Holding, Eliminations and Other column corresponds to transactions between companies in different lines of business
and country, primarily purchases and sales of energy and services.
339
Annual Report Enel Américas 2020
34.3 Segment information by country
IN THOUSANDS OF U.S. DOLLARS – THUS$
Country
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Other current financial assets
Other current non-financial assets
Trade and other current receivables
Current accounts receivable from related parties
Inventories
Current tax assets
Non-current assets or disposal groups held-for-sale
or held for distribution to owners
Chile ( Holdings and Other)
Argentina
Brazil
Colombia
Peru
Eliminations
Totales
12-31-2020
12-31-2019
12-31-2020
12-31-2019
249.106
8.050
116
16.730
1.587
213.077
709.462
634.221
1.637
3.811
839
59.808
-
9.546
-
9.146
603.494
139.448
65.382
42.123
310.882
148
42.883
2.628
626.439
130.856
-
47.708
386.317
12.368
31.075
18.115
12-31-2020
4.138.518
12-31-2019
4.304.036
741.381
160.734
411.573
699.524
115.002
376.857
2.407.709
2.691.586
38.761
272.754
105.606
109.394
236.485
75.188
-
-
-
-
-
-
-
11.326
-
-
11.326
NON-CURRENT ASSETS
10.473.781
10.105.798
2.468.259
2.622.717
11.374.761
13.482.703
4.397.892
4.371.244
2.382.886
2.561.433
(10.343.277)
(9.948.765)
20.754.302
23.195.130
Other non-current financial assets
Other non-current non-financial assets
Trade and other non-current receivables
Non-current accounts receivable from related parties
Investments accounted for using the equity method
-
-
2.980
77
225.000
10.245.701
3.125
126
375.000
9.726.059
Intangible assets other than goodwill
Goodwill
Property, plant and equipment
Investment properties
Right-of-use asset
Deferred tax assets
-
-
-
-
24
(1)
-
-
-
-
19
1.469
25.461
898
268.536
32
315.981
61.159
4.523
3.209
3.354
308.730
68
357.963
30.519
4.665
1.762.799
1.888.301
-
124
28.746
-
18
25.890
2.765.194
2.272.857
276.346
-
-
3.046.431
2.690.639
236.555
17.039
-
4.256.831
5.306.273
494.129
304.256
7.942
43.099
954.107
638.031
401.190
10.254
75.419
1.060.872
TOTAL ASSETS
10.722.887
10.815.260
3.071.753
3.249.156
15.513.279
17.786.739
5.248.364
4.931.261
2.929.146
3.113.276
(10.551.871)
(10.119.308)
26.933.558
29.776.384
The Eliminations column corresponds to transactions between companies in different lines of business and country,
primarily purchases and sales of energy and services.
IN THOUSANDS OF U.S. DOLLARS – THUS$
Country
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Other current financial liabilities
Current lease liability
Trade and other current payables
Current accounts payable to related parties
Other current provisions
Current tax liabilities
Other current non-financial liabilities
Liabilities associated with groups of assets or
disposal groups held for sale or distribution to owners
NON-CURRENT LIABILITIES
Other non-current financial liabilities
Non-current lease liability
Trade and other non-current payables
Non-current accounts payable to related parties
Other long-term provisions
Deferred tax liabilities
Non-current provisions for employee benefits
Other non-current non-financial liabilities
EQUITY
Equity attributable to shareholders of Enel Américas
Share and paid-in capital
Retained earnings (losses)
Issuance premiums
Treasury shares in portfolio
Other reserves
Chile ( Holdings and Other)
Argentina
Brazil
Colombia
Peru
Eliminations
Totales
12-31-2020
12-31-2019
12-31-2020
12-31-2019
595.828
339.842
19
46.970
208.628
-
-
369
508.799
362.520
11
62.072
83.446
561
-
189
689.017
746.901
6.088
78
527.729
31.787
45.167
44.383
33.785
7.282
7
438.227
119.403
44.825
92.080
45.077
12-31-2020
4.192.739
797.217
15.702
12-31-2019
3.918.889
813.061
26.422
2.758.445
2.569.032
337.202
77.844
33.986
172.343
134.906
144.977
6.741
223.750
-
-
-
-
-
-
-
3.791
-
-
-
-
-
3.791
597.203
591.722
598.977
595.990
-
-
-
-
2.521
2.960
-
8
-
-
-
-
2.979
-
9.529.856
9.529.856
9.763.079
3.008.390
-
-
9.707.484
9.707.484
9.783.875
3.186.021
-
-
509.899
40.785
45
86.559
-
19.760
286.936
13.920
61.894
1.872.837
1.872.837
953.561
-121.454
-
-
616.239
40.649
7
152.240
16.228
23.710
311.503
14.178
57.724
1.886.016
1.886.016
936.444
238.459
-
-
(3.241.613)
(3.262.412)
1.040.730
711.113
6.168.982
1.539.623
35.901
1.962.061
369.498
714.757
40.030
1.476.884
30.228
5.151.558
5.151.558
3.695.565
197.561
575.327
(21.375)
704.480
7.528.770
2.330.394
58.800
2.171.886
387.076
848.183
26.428
1.683.453
22.550
6.339.080
6.339.080
4.123.929
597.534
742.877
-
874.740
Non-controlling interests
-
-
-
-
-
-
-
-
-
-
2.227.804
2.279.899
Total Liabilities and Equity
10.722.887
10.815.260
3.071.753
3.249.156
15.513.279
17.786.739
5.248.364
4.931.261
2.929.146
3.113.276
(10.551.871)
(10.119.308)
26.933.558
29.776.384
340340
12-31-2020
12-31-2019
12-31-2020
12-31-2019
12-31-2020
12-31-2019
12-31-2020
12-31-2019
546.260
234.857
-
62.864
182.959
2.496
53.015
10.069
551.843
287.634
232
44.845
164.630
4.223
45.527
4.752
(208.594)
(170.543)
728
(209.322)
953
(171.496)
850.472
383.257
4.047
27.496
331.070
1.790
102.781
31
153
33.029
33.565
127
135.881
5.601
560.017
186.762
3.512
12.941
260.132
2.072
83.152
120
171
21.844
42.546
141
125.795
5.835
55
23.092
16.760
-
-
-
-
-
-
-
-
-
-
-
-
(225.000)
(10.559.536)
(391.260)
(10.082.185)
70.955
65.292
-
441.259
524.512
4.158.620
4.162.924
2.128.997
2.311.023
-
19.639
11.277
11.988
-
-
159.534
253
-
168.355
3
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
168
-
-
-
-
-
-
-
-
-
-
-
-
-
-
6
-
-
-
-
6.179.256
1.506.993
230.279
560.786
3.234.935
46.950
471.433
127.880
2.790.863
2.332.856
578.524
32
2.273
4.524.826
945.512
8.354.672
7.942
222.420
994.382
7.277.222
1.825.130
51.495
4.093.576
597.122
220.425
222.870
266.604
9.322.673
3.837.706
91.070
2.061.475
144.391
833.900
612.953
1.624.217
116.961
6.581.254
1.938.997
120.383
486.162
3.504.457
16.369
396.239
107.321
3.049.811
2.735.890
587.957
847
1.978
5.527.879
1.173.043
8.763.438
10.254
255.799
1.088.234
6.735.932
1.408.407
81.644
3.920.045
494.511
286.052
220.727
320.755
10.794.266
4.781.833
108.625
2.335.997
-
976.327
643.854
1.836.362
111.268
12-31-2019
12-31-2020
12-31-2019
12-31-2020
12-31-2019
12-31-2020
12-31-2019
(33.920)
202.635
61.365
(95.285)
155.032
47.603
(225.107)
(403.298)
-
(225.107)
(403.304)
12-31-2020
1.206.026
454.167
4.792
492.040
72.213
40.176
110.724
31.914
1.537.229
1.251.199
15.639
1.136
-
78.504
63.683
124.248
2.820
2.505.109
2.505.109
195.415
972.249
88.781
-
-
876.231
169.543
6.002
460.442
62.468
38.297
108.167
27.521
1.648.410
1.404.406
6.191
997
-
49.659
51.332
129.507
6.318
2.406.620
2.406.620
203.580
854.096
92.490
-
-
627.532
227.816
30.904
207.027
42.577
57.238
33.777
28.193
734.467
414.377
39.485
11.719
-
20.879
219.783
6.205
22.019
1.567.147
1.567.147
1.483.352
272.808
1.612
-
482.477
56.001
49.202
235.240
46.685
57.392
13.739
24.218
805.168
410.394
43.619
10.868
54.775
254.591
6.245
24.676
1.825.631
1.618.125
434.988
1.758
-
1.248.664
1.256.454
(190.625)
(229.240)
(2.362.755)
(7.072.917)
(5.291.999)
1.825.631
(10.292.844)
(9.918.645)
10.333.663
12.246.186
(10.292.844)
(6.327.894)
1.086.144
(665.720)
21.375
(4.406.749)
(9.918.645)
(6.882.078)
163.313
(837.125)
-
8.105.859
9.763.078
5.415.698
9.966.287
9.783.875
5.474.411
-
-
-
-
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information Chile ( Holdings and Other)
Argentina
Brazil
Colombia
Peru
Eliminations
Totales
12-31-2020
12-31-2019
12-31-2020
12-31-2019
12-31-2020
12-31-2019
12-31-2020
12-31-2019
12-31-2020
12-31-2019
12-31-2020
12-31-2019
850.472
383.257
4.047
27.496
331.070
1.790
102.781
31
560.017
186.762
3.512
12.941
260.132
2.072
83.152
120
546.260
234.857
-
62.864
182.959
2.496
53.015
10.069
551.843
287.634
232
44.845
164.630
4.223
45.527
4.752
-
-
-
-
-
11.326
-
-
(208.594)
(170.543)
-
-
-
-
-
-
728
(209.322)
953
(171.496)
-
-
-
-
-
-
6.179.256
1.506.993
230.279
560.786
3.234.935
46.950
471.433
127.880
6.581.254
1.938.997
120.383
486.162
3.504.457
16.369
396.239
107.321
-
11.326
NON-CURRENT ASSETS
10.473.781
10.105.798
2.468.259
2.622.717
11.374.761
13.482.703
4.397.892
4.371.244
2.382.886
2.561.433
(10.343.277)
(9.948.765)
20.754.302
23.195.130
Other non-current financial assets
Other non-current non-financial assets
Trade and other non-current receivables
Non-current accounts receivable from related parties
Investments accounted for using the equity method
2.980
77
225.000
10.245.701
3.125
126
375.000
9.726.059
Intangible assets other than goodwill
Goodwill
Property, plant and equipment
Investment properties
Right-of-use asset
Deferred tax assets
3.209
3.354
308.730
68
357.963
30.519
4.665
2.765.194
2.272.857
276.346
-
-
3.046.431
2.690.639
236.555
17.039
-
4.256.831
5.306.273
494.129
304.256
7.942
43.099
954.107
638.031
401.190
10.254
75.419
1.060.872
1.762.799
1.888.301
-
124
28.746
-
18
25.890
19
1.469
153
33.029
33.565
171
21.844
42.546
-
-
127
135.881
5.601
141
125.795
5.835
55
23.092
-
-
-
-
16.760
-
-
-
-
-
-
-
168
-
(225.000)
(10.559.536)
(391.260)
(10.082.185)
70.955
65.292
-
-
-
-
441.259
524.512
4.158.620
4.162.924
2.128.997
2.311.023
-
19.639
11.277
-
11.988
-
-
-
159.534
253
168.355
3
-
-
-
-
-
-
-
-
2.790.863
2.332.856
578.524
32
2.273
4.524.826
945.512
8.354.672
7.942
222.420
994.382
3.049.811
2.735.890
587.957
847
1.978
5.527.879
1.173.043
8.763.438
10.254
255.799
1.088.234
TOTAL ASSETS
10.722.887
10.815.260
3.071.753
3.249.156
15.513.279
17.786.739
5.248.364
4.931.261
2.929.146
3.113.276
(10.551.871)
(10.119.308)
26.933.558
29.776.384
Chile ( Holdings and Other)
Argentina
Brazil
Colombia
Peru
Eliminations
Totales
12-31-2020
1.206.026
454.167
4.792
492.040
72.213
40.176
110.724
31.914
12-31-2019
12-31-2020
12-31-2019
12-31-2020
12-31-2019
12-31-2020
12-31-2019
876.231
169.543
6.002
460.442
62.468
38.297
108.167
27.521
627.532
227.816
30.904
207.027
42.577
57.238
33.777
28.193
482.477
56.001
49.202
235.240
46.685
57.392
13.739
24.218
(33.920)
202.635
-
-
61.365
(95.285)
-
-
-
-
-
155.032
47.603
-
-
-
7.277.222
1.825.130
51.495
4.093.576
597.122
220.425
222.870
266.604
6.735.932
1.408.407
81.644
3.920.045
494.511
286.052
220.727
320.755
disposal groups held for sale or distribution to owners
-
-
-
-
-
-
-
3.791
-
-
-
-
-
3.791
34.3 Segment information by country
IN THOUSANDS OF U.S. DOLLARS – THUS$
Country
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Other current financial assets
Other current non-financial assets
Trade and other current receivables
Current accounts receivable from related parties
Inventories
Current tax assets
Non-current assets or disposal groups held-for-sale
or held for distribution to owners
249.106
8.050
116
16.730
1.587
213.077
709.462
634.221
1.637
3.811
839
59.808
-
9.546
-
9.146
-
-
-
-
-
-
24
(1)
-
-
-
-
-
-
603.494
139.448
65.382
42.123
310.882
148
42.883
2.628
25.461
898
268.536
32
315.981
61.159
4.523
12-31-2020
4.138.518
12-31-2019
4.304.036
626.439
130.856
-
47.708
386.317
12.368
31.075
18.115
741.381
160.734
411.573
38.761
272.754
105.606
699.524
115.002
376.857
109.394
236.485
75.188
2.407.709
2.691.586
The Eliminations column corresponds to transactions between companies in different lines of business and country,
primarily purchases and sales of energy and services.
IN THOUSANDS OF U.S. DOLLARS – THUS$
Country
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Other current financial liabilities
Current lease liability
Trade and other current payables
Current accounts payable to related parties
Other current provisions
Current tax liabilities
Other current non-financial liabilities
Liabilities associated with groups of assets or
NON-CURRENT LIABILITIES
Other non-current financial liabilities
Non-current lease liability
Trade and other non-current payables
Non-current accounts payable to related parties
Other long-term provisions
Deferred tax liabilities
Non-current provisions for employee benefits
Other non-current non-financial liabilities
EQUITY
Equity attributable to shareholders of Enel Américas
Share and paid-in capital
Retained earnings (losses)
Issuance premiums
Treasury shares in portfolio
Other reserves
Non-controlling interests
12-31-2020
12-31-2019
12-31-2020
12-31-2019
689.017
746.901
595.828
339.842
19
46.970
208.628
-
-
369
508.799
362.520
11
62.072
83.446
561
-
189
597.203
591.722
598.977
595.990
-
-
-
-
-
2.521
2.960
9.529.856
9.529.856
9.763.079
3.008.390
-
-
-
2.979
9.707.484
9.707.484
9.783.875
3.186.021
8
-
-
-
-
-
-
-
-
6.088
78
527.729
31.787
45.167
44.383
33.785
509.899
40.785
45
86.559
19.760
286.936
13.920
61.894
-
7.282
7
438.227
119.403
44.825
92.080
45.077
616.239
40.649
7
152.240
16.228
23.710
311.503
14.178
57.724
1.872.837
1.872.837
953.561
-121.454
1.886.016
1.886.016
936.444
238.459
-
-
-
-
-
-
12-31-2020
4.192.739
797.217
15.702
12-31-2019
3.918.889
813.061
26.422
2.758.445
2.569.032
337.202
77.844
33.986
172.343
134.906
144.977
6.741
223.750
6.168.982
1.539.623
35.901
1.962.061
369.498
714.757
40.030
1.476.884
30.228
5.151.558
5.151.558
3.695.565
197.561
575.327
(21.375)
704.480
7.528.770
2.330.394
58.800
2.171.886
387.076
848.183
26.428
1.683.453
22.550
6.339.080
6.339.080
4.123.929
597.534
742.877
874.740
-
-
1.537.229
1.251.199
15.639
1.136
-
78.504
63.683
124.248
2.820
2.505.109
2.505.109
195.415
972.249
88.781
1.648.410
1.404.406
6.191
997
-
49.659
51.332
129.507
6.318
2.406.620
2.406.620
203.580
854.096
92.490
-
-
734.467
414.377
39.485
11.719
-
20.879
219.783
6.205
22.019
1.567.147
1.567.147
1.483.352
272.808
1.612
-
805.168
410.394
43.619
10.868
(225.107)
(403.298)
-
-
-
-
-
6
-
(225.107)
(403.304)
54.775
254.591
6.245
24.676
-
-
-
-
-
-
-
-
9.322.673
3.837.706
91.070
2.061.475
144.391
833.900
612.953
1.624.217
116.961
10.794.266
4.781.833
108.625
2.335.997
-
976.327
643.854
1.836.362
111.268
1.825.631
(10.292.844)
(9.918.645)
10.333.663
12.246.186
(10.292.844)
(6.327.894)
1.086.144
(665.720)
21.375
(4.406.749)
(9.918.645)
(6.882.078)
163.313
(837.125)
-
8.105.859
9.763.078
5.415.698
9.966.287
9.783.875
5.474.411
-
-
-
-
(2.362.755)
(7.072.917)
(5.291.999)
(3.241.613)
(3.262.412)
1.040.730
711.113
1.248.664
1.256.454
(190.625)
(229.240)
1.825.631
1.618.125
434.988
1.758
-
Total Liabilities and Equity
10.722.887
10.815.260
3.071.753
3.249.156
15.513.279
17.786.739
5.248.364
4.931.261
2.929.146
3.113.276
(10.551.871)
(10.119.308)
26.933.558
29.776.384
-
-
-
-
-
-
-
2.227.804
2.279.899
341
Annual Report Enel Américas 2020 Distribution
Holdings, Eliminations and Other
2018
2020
(785,844)
12,192,674
14,314,112
12,989,689
-
-
-
2018
10,739,115
9,748,895
8,286,321
4,158
1,458,416
990,220
(7,456,629)
(5,637,926)
(811,849)
(1,006,854)
3,282,486
168,530
(694,262)
(816,247)
1,940,507
(567,471)
(5,234)
(116,704)
1,251,098
(216,603)
223,121
27,301
195,820
(690,462)
(101,105)
(135,140)
(454,217)
260,137
(9,399)
2019
12,116,249
10,905,824
9,217,909
9,805
1,678,110
1,210,425
(8,175,432)
(6,323,836)
(903,489)
(948,107)
3,940,817
171,479
(671,025)
(937,650)
2,503,621
(683,668)
3,433
(279,234)
1,544,152
(261,637)
285,720
26,372
259,348
(745,402)
(92,211)
(175,496)
(477,695)
206,845
(8,800)
12,909
20
6
12,903
2020
(777,969)
(777,486)
(736,505)
(544)
(40,437)
(483)
772,503
729,245
49,041
(5,783)
(5,466)
59
(21,490)
(59,709)
(86,606)
(3,634)
-
102
(90,138)
(37,040)
4,737
11,944
(7,207)
(20,407)
(9,402)
(24,808)
13,803
846
(22,216)
475
4
4
-
2019
(859,193)
(859,867)
(821,024)
1
(38,844)
674
852,860
805,346
(1)
52,849
(5,334)
(6,333)
63
(24,502)
(76,533)
(107,305)
(2,704)
-
(536)
(110,545)
(120,684)
10,273
19,923
(9,650)
(164,251)
(29,210)
(25,225)
(109,816)
1,391
31,903
-
(786,029)
(692,024)
(94,005)
185
788,784
741,482
54,656
(7,354)
2,940
-
-
(23,373)
(64,807)
(85,240)
750
-
(799)
(85,289)
(186,280)
18,131
21,626
(3,495)
(178,114)
(42,866)
(78,085)
(57,163)
1,428
(27,725)
Total
2019
13,053,376
11,282,254
58,752
1,712,370
1,260,736
(8,541,023)
(6,096,863)
(277,117)
(1,110,921)
(1,056,122)
5,773,089
181,565
(809,753)
(1,150,709)
3,994,192
(948,330)
2,126
(279,125)
2,768,863
(377,533)
449,661
145,532
304,129
(134,024)
(281,359)
(673,248)
124,477
136,960
583
14,196
1,048
13,148
11,238,976
9,655,212
36,968
1,546,796
953,698
(7,555,915)
(5,337,887)
(137,850)
(1,016,486)
(1,063,692)
4,636,759
147,151
(565,046)
(1,065,278)
3,153,586
(858,099)
-
(242,372)
2,053,115
(313,107)
321,477
59,510
261,967
(768,453)
(70,023)
(208,630)
(489,800)
76,698
57,171
3,133
4,671
54
4,617
2018
11,924,761
10,409,176
48,968
1,466,617
1,064,928
(7,948,400)
(5,654,358)
(226,843)
(944,304)
(1,122,895)
5,041,289
177,997
(840,493)
(1,021,085)
3,357,708
(862,440)
61,753
(122,501)
2,434,520
(332,663)
358,081
133,180
224,901
(162,192)
(312,204)
(597,363)
270,380
110,635
2,452
681
51
630
(1,088,631)
(1,071,759)
The Eliminations column corresponds to transactions between companies in different lines of business and country,
primarily purchases and sales of energy and services.
IN THOUSANDS OF U.S. DOLLARS – THUS$
Line of business
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
REVENUE
Revenues
Energy sales
Other sales
Other services rendered
Other income
RAW MATERIALS AND CONSUMABLES USED
Energy purchases
Fuel consumption
Transportation expenses
Other miscellaneous supplies and services
CONTRIBUTION MARGIN
Other work performed by the entity and capitalized
Employee benefits expense
Other expenses
GROSS OPERATING RESULT
Depreciation and amortization expense
Impairment (losses) reversals recognized in profit or loss
Gains (losses) for impairment in accordance with IFRS 9
OPERATING INCOME
FINANCIAL RESULT
Financial income
Cash and cash equivalents
Other financial income
Financial costs
Bank borrowings
Secured and unsecured obligations
Other
Income from indexation units
Foreign exchange profits (losses)
2020
3,000,829
2,977,178
2,880,510
32,291
64,377
23,651
(1,375,163)
(918,086)
(137,850)
(226,531)
(92,696)
1,625,666
3,946
(101,339)
(145,700)
1,382,573
(240,241)
-
(934)
1,141,398
(56,160)
93,720
32,879
60,841
(149,750)
(3,945)
(70,317)
(75,488)
(85,734)
85,604
Generation
2019
3,057,056
3,007,419
2,885,369
48,946
73,104
49,637
(1,218,451)
(578,373)
(277,116)
(260,281)
(102,681)
1,838,605
10,023
(114,226)
(136,526)
1,597,876
(261,958)
(1,307)
645
1,335,256
4,788
153,668
99,237
54,431
(178,978)
(12,603)
(80,638)
(85,737)
(83,759)
113,857
2018
3,036,418
2,961,895
2,814,879
44,810
102,206
74,523
(1,280,555)
(757,914)
(226,843)
(187,111)
(108,687)
1,755,863
9,467
(122,858)
(140,031)
1,502,441
(295,719)
66,987
(4,998)
1,268,711
70,220
116,829
84,253
32,576
(203,183)
(18,221)
(98,979)
(85,983)
8,815
147,759
2020
9,969,814
9,039,284
7,511,207
5,221
1,522,856
930,530
(6,953,255)
(5,149,046)
-
(838,996)
(965,213)
3,016,559
143,146
(442,217)
(859,869)
1,857,619
(614,224)
-
(241,540)
1,001,855
(219,907)
223,020
14,687
208,333
(598,296)
(56,676)
(113,505)
(428,115)
161,586
(6,217)
Share of profit (loss) of associates and joint ventures accounted for
using the equity method
Other gains (losses)
Gain (loss) from other investments
Gain (loss) from the sale of assets
2,630
3,764
50
3,714
790
1,287
1,042
245
2,171
135
51
84
28
903
-
903
(160)
546
-
546
(227)
441
-
-
-
-
-
-
Profit (loss) before taxes
1,091,632
1,342,121
1,341,237
782,879
1,295,444
1,034,881
(126,699)
(231,456)
(271,128)
1,747,812
2,406,109
2,104,990
Income tax expense (income)
(326,573)
(419,338)
(449,235)
(278,107)
160,650
(24,007)
38,120
22,342
35,310
(566,560)
(236,346)
(437,932)
Profit (loss) from continuing operations
PROFIT (LOSS)
765,059
765,059
922,783
922,783
892,002
892,002
504,772
504,772
1,456,094
1,456,094
1,010,874
1,010,874
(88,579)
(88,579)
(209,114)
(209,114)
(235,818)
(235,818)
1,181,252
1,181,252
2,169,763
2,169,763
1,667,058
1,667,058
Profit (loss) attributable to
Profit (loss) attributable to owners of the parent
Profit (loss) attributable to non-controlling interests
765,059
922,783
892,002
504,772
1,456,094
1,010,874
(88,579)
(209,114)
(235,818)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,181,252
825,197
356,055
2,169,763
1,614,085
555,678
1,667,058
1,201,381
465,677
IN THOUSANDS OF U.S. DOLLARS – THUS$
Line of business
STATEMENT OF CASH FLOWS
Net cash flows from (used in) operating activities
Net cash flows from (used in) investing activities
Net cash flows from (used in) financing activities
2020
1,109,985
(164,687)
(797,743)
Generation
2019
1,052,312
(84,523)
(1,039,947)
2018
1,197,918
(103,167)
(865,538)
2020
1,448,867
(1,364,627)
40,508
Distribution
Holdings, Eliminations and Other
2019
1,603,242
(1,471,137)
(64,693)
2018
771,791
(1,022,549)
367,923
2020
(133,342)
(6,302)
(429,300)
2019
(128,043)
(44,138)
281,736
2018
(125,144)
(1,943,473)
2,364,681
2020
2,425,510
(1,535,616)
(1,186,535)
Total
2019
2,527,511
(1,599,798)
(822,904)
2018
1,844,565
(3,069,189)
1,867,066
The Eliminations column corresponds to transactions between companies in different lines of business and country,
primarily purchases and sales of energy and services.
342342
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information The Eliminations column corresponds to transactions between companies in different lines of business and country,
primarily purchases and sales of energy and services.
RAW MATERIALS AND CONSUMABLES USED
(1,375,163)
(1,218,451)
(1,280,555)
IN THOUSANDS OF U.S. DOLLARS – THUS$
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Line of business
REVENUE
Revenues
Energy sales
Other sales
Other services rendered
Other income
Energy purchases
Fuel consumption
Transportation expenses
Other miscellaneous supplies and services
CONTRIBUTION MARGIN
Other work performed by the entity and capitalized
Employee benefits expense
Other expenses
GROSS OPERATING RESULT
Depreciation and amortization expense
Impairment (losses) reversals recognized in profit or loss
Gains (losses) for impairment in accordance with IFRS 9
OPERATING INCOME
FINANCIAL RESULT
Financial income
Cash and cash equivalents
Other financial income
Financial costs
Bank borrowings
Secured and unsecured obligations
Other
Income from indexation units
Foreign exchange profits (losses)
using the equity method
Other gains (losses)
Gain (loss) from other investments
Gain (loss) from the sale of assets
Share of profit (loss) of associates and joint ventures accounted for
1,625,666
1,838,605
1,755,863
3,016,559
2020
3,000,829
2,977,178
2,880,510
32,291
64,377
23,651
(918,086)
(137,850)
(226,531)
(92,696)
3,946
(101,339)
(145,700)
1,382,573
(240,241)
-
(934)
1,141,398
(56,160)
93,720
32,879
60,841
(149,750)
(3,945)
(70,317)
(75,488)
(85,734)
85,604
2,630
3,764
50
3,714
Generation
2019
3,057,056
3,007,419
2,885,369
48,946
73,104
49,637
(578,373)
(277,116)
(260,281)
(102,681)
10,023
(114,226)
(136,526)
1,597,876
(261,958)
(1,307)
645
4,788
153,668
99,237
54,431
(178,978)
(12,603)
(80,638)
(85,737)
(83,759)
113,857
790
1,287
1,042
245
2018
3,036,418
2,961,895
2,814,879
44,810
102,206
74,523
(757,914)
(226,843)
(187,111)
(108,687)
9,467
(122,858)
(140,031)
1,502,441
(295,719)
66,987
(4,998)
70,220
116,829
84,253
32,576
(203,183)
(18,221)
(98,979)
(85,983)
8,815
147,759
2,171
135
51
84
2020
9,969,814
9,039,284
7,511,207
5,221
1,522,856
930,530
(6,953,255)
(5,149,046)
-
(838,996)
(965,213)
143,146
(442,217)
(859,869)
1,857,619
(614,224)
-
(241,540)
1,001,855
(219,907)
223,020
14,687
208,333
(598,296)
(56,676)
(113,505)
(428,115)
161,586
(6,217)
28
903
-
903
1,335,256
1,268,711
Distribution
2019
12,116,249
10,905,824
9,217,909
9,805
1,678,110
1,210,425
(8,175,432)
(6,323,836)
2018
10,739,115
9,748,895
8,286,321
4,158
1,458,416
990,220
(7,456,629)
(5,637,926)
Holdings, Eliminations and Other
2020
(777,969)
(777,486)
(736,505)
(544)
(40,437)
(483)
772,503
729,245
-
-
-
2019
(859,193)
(859,867)
(821,024)
1
(38,844)
674
852,860
805,346
(1)
52,849
(5,334)
(6,333)
63
(24,502)
(76,533)
(107,305)
(2,704)
2018
(785,844)
(786,029)
(692,024)
-
(94,005)
185
788,784
741,482
-
54,656
(7,354)
2,940
-
(23,373)
(64,807)
(85,240)
750
2020
12,192,674
11,238,976
9,655,212
36,968
1,546,796
953,698
(7,555,915)
(5,337,887)
(137,850)
(1,016,486)
(1,063,692)
4,636,759
147,151
(565,046)
(1,065,278)
3,153,586
(858,099)
49,041
(5,783)
(5,466)
59
(21,490)
(59,709)
(86,606)
(3,634)
-
-
-
-
102
(90,138)
(37,040)
4,737
11,944
(7,207)
(20,407)
(9,402)
(24,808)
13,803
846
(22,216)
(536)
(110,545)
(120,684)
10,273
19,923
(9,650)
(164,251)
(29,210)
(25,225)
(109,816)
1,391
31,903
(799)
(85,289)
(186,280)
18,131
21,626
(3,495)
(178,114)
(42,866)
(78,085)
(57,163)
1,428
(27,725)
(242,372)
2,053,115
(313,107)
321,477
59,510
261,967
(768,453)
(70,023)
(208,630)
(489,800)
76,698
57,171
Total
2019
14,314,112
13,053,376
11,282,254
58,752
1,712,370
1,260,736
(8,541,023)
(6,096,863)
(277,117)
(1,110,921)
(1,056,122)
5,773,089
181,565
(809,753)
(1,150,709)
3,994,192
(948,330)
2,126
(279,125)
2,768,863
(377,533)
449,661
145,532
304,129
(1,088,631)
(134,024)
(281,359)
(673,248)
124,477
136,960
2018
12,989,689
11,924,761
10,409,176
48,968
1,466,617
1,064,928
(7,948,400)
(5,654,358)
(226,843)
(944,304)
(1,122,895)
5,041,289
177,997
(840,493)
(1,021,085)
3,357,708
(862,440)
61,753
(122,501)
2,434,520
(332,663)
358,081
133,180
224,901
(1,071,759)
(162,192)
(312,204)
(597,363)
270,380
110,635
(160)
546
-
546
475
4
4
-
(227)
441
-
-
-
-
-
-
3,133
4,671
54
4,617
583
14,196
1,048
13,148
2,452
681
51
630
(811,849)
(1,006,854)
3,282,486
168,530
(694,262)
(816,247)
1,940,507
(567,471)
(5,234)
(116,704)
1,251,098
(216,603)
223,121
27,301
195,820
(690,462)
(101,105)
(135,140)
(454,217)
260,137
(9,399)
(903,489)
(948,107)
3,940,817
171,479
(671,025)
(937,650)
2,503,621
(683,668)
3,433
(279,234)
1,544,152
(261,637)
285,720
26,372
259,348
(745,402)
(92,211)
(175,496)
(477,695)
206,845
(8,800)
20
12,909
6
12,903
Profit (loss) before taxes
1,091,632
1,342,121
1,341,237
782,879
1,295,444
1,034,881
(126,699)
(231,456)
(271,128)
1,747,812
2,406,109
2,104,990
Income tax expense (income)
(326,573)
(419,338)
(449,235)
(278,107)
160,650
(24,007)
38,120
22,342
35,310
(566,560)
(236,346)
(437,932)
Profit (loss) from continuing operations
PROFIT (LOSS)
765,059
765,059
922,783
922,783
892,002
892,002
504,772
504,772
1,456,094
1,456,094
1,010,874
1,010,874
(88,579)
(88,579)
(209,114)
(209,114)
(235,818)
(235,818)
1,181,252
1,181,252
2,169,763
2,169,763
1,667,058
1,667,058
Profit (loss) attributable to
Profit (loss) attributable to owners of the parent
Profit (loss) attributable to non-controlling interests
765,059
922,783
892,002
504,772
1,456,094
1,010,874
(88,579)
(209,114)
(235,818)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,181,252
825,197
356,055
2,169,763
1,614,085
555,678
1,667,058
1,201,381
465,677
IN THOUSANDS OF U.S. DOLLARS – THUS$
Line of business
STATEMENT OF CASH FLOWS
Net cash flows from (used in) operating activities
Net cash flows from (used in) investing activities
Net cash flows from (used in) financing activities
2020
1,109,985
(164,687)
(797,743)
Generation
2019
1,052,312
(84,523)
(1,039,947)
2018
1,197,918
(103,167)
(865,538)
2020
1,448,867
(1,364,627)
40,508
Distribution
2019
1,603,242
(1,471,137)
(64,693)
2018
771,791
(1,022,549)
367,923
The Eliminations column corresponds to transactions between companies in different lines of business and country,
primarily purchases and sales of energy and services.
Holdings, Eliminations and Other
2020
(133,342)
(6,302)
(429,300)
2019
(128,043)
(44,138)
281,736
2018
(125,144)
(1,943,473)
2,364,681
2020
2,425,510
(1,535,616)
(1,186,535)
Total
2019
2,527,511
(1,599,798)
(822,904)
2018
1,844,565
(3,069,189)
1,867,066
343
Annual Report Enel Américas 2020 34.4 Generation and Transmission, and Distribution
by Country
a) Generation and transmission
IN THOUSANDS OF U.S. DOLLARS – THUS$
Line of business
Country
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Other current financial assets
Other current non-financial assets
Trade and other current receivables
Current accounts receivable from related parties
Inventories
Current tax assets
NON-CURRENT ASSETS
Other non-current financial assets
Other non-current non-financial assets
Trade and other non-current receivables
Non-current accounts receivable from related parties
Investments accounted for using the equity method
Intangible assets other than goodwill
Property, plant and equipment
Right-of-use asset
Deferred tax assets
Generation and transmission
Generation and transmission
Argentina
12-31-2020
297,094
80,741
41,991
12,401
111,216
18,509
29,608
2,628
715,591
25,454
839
268,076
18,411
1,145
11,092
371,322
12-31-2019
329,778
91,497
-
28,264
161,872
16,139
13,944
18,062
838,459
3,200
3,265
308,084
34,662
572
154
462,759
-
-
19,252
25,763
Brazil
12-31-2020
725,298
167,713
31,382
25,705
444,478
38,033
320
17,667
12-31-2019
489,030
179,541
58,849
30,114
113,029
96,370
391
10,736
693,610
267,351
12,463
8,020
-
55,520
69,410
266,974
184
13,688
791,639
342,599
37,866
25
1,758
45,123
8,655
350,378
202
5,033
TOTAL ASSETS
1,012,685
1,168,237
1,418,908
1,280,669
2,774,428
2,775,487
1,569,496
1,761,327
-
(102,944)
6,775,517
6,882,776
The Eliminations column corresponds to transactions between companies in different lines of business and country,
primarily purchases and sales of energy and services.
IN THOUSANDS OF U.S. DOLLARS – THUS$
Line of business
Country
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Other current financial liabilities
Current lease liability
Trade and other current payables
Current accounts payable to related parties
Other current provisions
Current tax liabilities
Other current non-financial liabilities
NON-CURRENT LIABILITIES
Other non-current financial liabilities
Non-current lease liability
Trade and other non-current payables
Non-current accounts payable to related parties
Other long-term provisions
Deferred tax liabilities
Non-current provisions for employee benefits
Other non-current non-financial liabilities
EQUITY
Equity attributable to shareholders of Enel Américas
Share and paid-in capital
Retained earnings (losses)
Issuance premiums
Treasury shares in portfolio
Other reserves
Generation and transmission
Generation and transmission
Argentina
12-31-2020
161,117
6,088
12-31-2019
338,950
7,282
-
60,088
29,041
1,380
41,620
22,900
144,807
40,785
-
-
-
62
52,504
3,190
48,266
706,761
706,761
561,138
11,406
-
-
-
109,347
118,028
-
73,629
30,664
221,136
40,650
-
3,034
16,228
-
101,043
3,172
57,009
608,151
608,151
569,466
4,884
-
-
134,217
33,801
Brazil
12-31-2020
665,046
21,768
138
578,444
49,014
(3)
7,071
8,614
179,215
127,378
83
215
19,252
1,730
29,787
12-31-2019
344,845
81,967
132
229,009
17,809
-
6,076
9,852
205,761
176,594
120
505
11,331
2,053
13,171
-
770
-
1,987
574,647
574,647
215,930
237,270
-
(54)
121,501
730,063
730,063
268,415
335,962
-
-
125,686
Total Liabilities and Equity
1,012,685
1,168,237
1,418,908
1,280,669
2,774,428
2,775,487
1,569,496
1,761,327
-
(102,944)
6,775,517
6,882,776
344344
Colombia
Peru
Eliminations
Total
12-31-2020
12-31-2019
12-31-2020
12-31-2019
12-31-2020
12-31-2019
12-31-2020
12-31-2019
(102,134)
1,752,168
1,401,368
2,373,206
2,471,721
3,953,188
4,351,508
2,420,482
2,524,074
1,193,666
1,328,046
(810)
5,023,349
5,481,408
353,946
239,549
3,773
9,254
70,578
926
29,866
251,413
86,361
3,206
2,858
78,136
55,821
25,031
-
-
151
8,378
4,023
-
2,475
30,113
2,136
-
169
9,797
3,749
-
2,579
32,433
3,626
-
375,830
190,853
-
23,333
73,008
52,641
26,581
9,414
55
23,092
-
25,534
51,887
25,945
941,686
125,217
250
433,281
235,659
232
7,670
92,989
63,765
29,159
3,807
16,760
-
-
18,392
56,601
26,466
1,066,650
143,177
-
570,719
263,242
1,793
153,466
45,183
29,096
70,498
7,441
697,178
542,592
515
764
-
61,967
63,683
27,657
387,805
98,742
1,476
142,993
41,035
31,215
63,076
9,268
943,881
816,492
2,041
639
-
44,831
51,223
28,655
-
-
26,187
19,547
89,995
32,579
48,883
31,538
7,005
16,927
10,993
-
-
20,420
189,127
1,906
20,258
10,433
40,833
99,101
36,214
48,808
1,637
4,721
17,539
18,345
-
-
54,275
216,660
1,893
23,091
1,506,531
1,506,531
1,443,801
1,443,801
1,054,131
1,054,131
191,473
665,670
33,096
199,473
565,626
34,479
853,156
208,351
4,042
1,187,777
1,187,777
930,671
284,443
4,409
-
-
-
-
616,292
644,223
(11,418)
(31,746)
-
-
-
-
8
(8)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(102,134)
(810)
(90,643)
(12,301)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
678,856
77,146
70,693
699,288
110,101
86,375
29,709
293,011
44,772
280,119
43,945
111,027
136,560
127,537
33,190
593,058
62,287
68,906
446,026
129,961
68,525
32,605
345,968
67,688
311,858
54,002
104,875
67,708
147,005
30,796
317,285
21,478
881,993
155,817
79,356
150,727
45,960
727,682
11,591
979
19,252
84,179
335,101
32,753
69,294
198,424
42,441
580,450
122,443
80,023
144,418
54,505
1,051,275
20,506
4,178
15,258
101,159
382,097
33,720
82,087
3,842,070
3,842,070
1,821,697
1,122,697
37,138
(54)
860,592
3,969,792
3,969,792
1,968,025
1,190,915
38,888
-
771,964
Colombia
Peru
Eliminations
Total
12-31-2020
12-31-2019
12-31-2020
12-31-2019
12-31-2020
12-31-2019
12-31-2020
12-31-2019
255,734
241,747
(90,643)
1,652,616
1,222,704
259,631
331,803
(12,301)
1,280,831
1,690,280
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information IN THOUSANDS OF U.S. DOLLARS – THUS$
Line of business
Country
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Other current financial assets
Other current non-financial assets
Trade and other current receivables
Current accounts receivable from related parties
Inventories
Current tax assets
NON-CURRENT ASSETS
Other non-current financial assets
Other non-current non-financial assets
Trade and other non-current receivables
Non-current accounts receivable from related parties
Investments accounted for using the equity method
Intangible assets other than goodwill
Property, plant and equipment
Right-of-use asset
Deferred tax assets
IN THOUSANDS OF U.S. DOLLARS – THUS$
Line of business
Country
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Other current financial liabilities
Current lease liability
Trade and other current payables
Current accounts payable to related parties
Other current provisions
Current tax liabilities
Other current non-financial liabilities
NON-CURRENT LIABILITIES
Other non-current financial liabilities
Non-current lease liability
Trade and other non-current payables
Non-current accounts payable to related parties
Other long-term provisions
Deferred tax liabilities
Non-current provisions for employee benefits
Other non-current non-financial liabilities
EQUITY
Equity attributable to shareholders of Enel Américas
Share and paid-in capital
Retained earnings (losses)
Issuance premiums
Treasury shares in portfolio
Other reserves
Generation and transmission
Argentina
Brazil
12-31-2020
12-31-2019
12-31-2020
12-31-2019
725,298
489,030
297,094
80,741
41,991
12,401
111,216
18,509
29,608
2,628
715,591
25,454
839
268,076
18,411
1,145
11,092
371,322
329,778
91,497
-
28,264
161,872
16,139
13,944
18,062
3,200
3,265
308,084
34,662
572
154
462,759
-
-
19,252
25,763
167,713
31,382
25,705
444,478
38,033
320
17,667
267,351
12,463
8,020
-
55,520
69,410
266,974
184
13,688
179,541
58,849
30,114
113,029
96,370
391
10,736
791,639
342,599
37,866
25
1,758
45,123
8,655
350,378
202
5,033
838,459
693,610
Generation and transmission
Argentina
Brazil
12-31-2020
12-31-2019
12-31-2020
12-31-2019
338,950
665,046
161,117
6,088
-
60,088
29,041
1,380
41,620
22,900
144,807
40,785
-
-
-
62
52,504
3,190
48,266
706,761
706,761
561,138
11,406
-
-
7,282
-
109,347
118,028
-
73,629
30,664
221,136
40,650
3,034
16,228
-
-
101,043
3,172
57,009
608,151
608,151
569,466
4,884
-
-
21,768
138
578,444
49,014
(3)
7,071
8,614
179,215
127,378
83
215
19,252
1,730
29,787
-
770
574,647
574,647
215,930
237,270
-
(54)
344,845
81,967
132
229,009
17,809
-
6,076
9,852
205,761
176,594
120
505
11,331
2,053
13,171
-
1,987
730,063
730,063
268,415
335,962
-
-
134,217
33,801
121,501
125,686
Generation and transmission
Eliminations
12-31-2020
Colombia
12-31-2020
353,946
239,549
3,773
9,254
70,578
926
29,866
12-31-2019
251,413
86,361
3,206
2,858
78,136
55,821
25,031
-
-
Peru
12-31-2020
375,830
190,853
-
23,333
73,008
52,641
26,581
9,414
12-31-2019
433,281
235,659
232
7,670
92,989
63,765
29,159
3,807
2,420,482
151
8,378
4,023
2,524,074
169
9,797
3,749
1,193,666
55
23,092
-
1,328,046
-
16,760
-
-
-
2,475
30,113
2,373,206
2,136
2,579
32,433
2,471,721
3,626
-
-
25,534
51,887
25,945
941,686
125,217
250
18,392
56,601
26,466
1,066,650
143,177
-
12-31-2019
(102,134)
-
-
-
-
(102,134)
-
-
(810)
-
-
-
(810)
-
-
-
-
-
Total
12-31-2020
1,752,168
678,856
77,146
70,693
699,288
110,101
86,375
29,709
5,023,349
293,011
44,772
280,119
43,945
111,027
136,560
3,953,188
127,537
33,190
12-31-2019
1,401,368
593,058
62,287
68,906
446,026
129,961
68,525
32,605
5,481,408
345,968
67,688
311,858
54,002
104,875
67,708
4,351,508
147,005
30,796
-
-
-
-
8
(8)
-
-
-
-
-
-
-
-
-
-
-
-
TOTAL ASSETS
1,012,685
1,168,237
1,418,908
1,280,669
2,774,428
2,775,487
1,569,496
1,761,327
-
(102,944)
6,775,517
6,882,776
The Eliminations column corresponds to transactions between companies in different lines of business and country,
primarily purchases and sales of energy and services.
Generation and transmission
Eliminations
12-31-2020
Colombia
12-31-2020
570,719
263,242
1,793
153,466
45,183
29,096
70,498
7,441
12-31-2019
387,805
98,742
1,476
142,993
41,035
31,215
63,076
9,268
Peru
12-31-2020
255,734
26,187
19,547
89,995
32,579
48,883
31,538
7,005
12-31-2019
241,747
10,433
40,833
99,101
36,214
48,808
1,637
4,721
697,178
542,592
515
764
943,881
816,492
2,041
639
-
-
61,967
63,683
27,657
44,831
51,223
28,655
-
-
259,631
16,927
10,993
331,803
17,539
18,345
-
-
20,420
189,127
1,906
20,258
-
-
54,275
216,660
1,893
23,091
1,506,531
1,506,531
191,473
665,670
33,096
1,443,801
1,443,801
199,473
565,626
34,479
1,054,131
1,054,131
853,156
208,351
4,042
1,187,777
1,187,777
930,671
284,443
4,409
-
-
-
-
616,292
644,223
(11,418)
(31,746)
12-31-2019
(90,643)
-
-
-
(90,643)
-
-
-
(12,301)
-
-
-
(12,301)
-
-
-
-
-
-
-
-
-
-
-
Total
12-31-2020
1,652,616
317,285
21,478
881,993
155,817
79,356
150,727
45,960
1,280,831
727,682
11,591
979
19,252
84,179
335,101
32,753
69,294
3,842,070
3,842,070
1,821,697
1,122,697
37,138
(54)
860,592
12-31-2019
1,222,704
198,424
42,441
580,450
122,443
80,023
144,418
54,505
1,690,280
1,051,275
20,506
4,178
15,258
101,159
382,097
33,720
82,087
3,969,792
3,969,792
1,968,025
1,190,915
38,888
-
771,964
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total Liabilities and Equity
1,012,685
1,168,237
1,418,908
1,280,669
2,774,428
2,775,487
1,569,496
1,761,327
-
(102,944)
6,775,517
6,882,776
345
Annual Report Enel Américas 2020 Line of business
Country
STATEMENTS OF
COMPREHENSIVE INCOME (LOSS)
REVENUE
Revenues
Energy sales
Other sales
Other services rendered
Other income
RAW MATERIALS AND
CONSUMABLES USED
Energy purchases
Fuel consumption
Transportation expenses
Other miscellaneous supplies and
services
CONTRIBUTION MARGIN
Other work performed by the
entity and capitalized
Employee benefits expense
Other expenses
Depreciation and amortization
expense
Impairment (losses) reversals
recognized in profit or loss
Gains (losses) for impairment in
accordance with IFRS 9
OPERATING INCOME
FINANCIAL RESULT
Financial income
Cash and cash equivalents
Other financial income
Financial costs
Bank borrowings
Secured and unsecured
obligations
Other
Income from indexation units
Foreign exchange profits (losses)
Share of profit (loss) of associates
and joint ventures accounted for
using the equity method
Other gains (losses)
Gain (loss) from other investments
Gain (loss) from the sale of assets
The Eliminations column corresponds to transactions between companies in different lines of business and country,
primarily purchases and sales of energy and services.
IN THOUSANDS OF U.S. DOLLARS – THUS$
Generation and transmission
Argentina
2019
436,376
415,055
413,343
-
1,712
21,321
2020
230,575
224,081
220,869
1,281
1,931
6,494
2018
2020
327,613
1,105,875
1,102,091
1,040,995
314,689
313,502
21
1,166
12,924
Brazil
2019
777,501
761,534
691,904
Colombia
2018
2020
2019
2018
853,595
1,159,133
1,246,988
1,259,471
841,722
759,653
1,150,185
1,128,070
1,240,405
1,213,754
1,242,506
1,220,266
-
-
-
61,096
3,784
69,630
15,967
82,069
11,873
21,978
137
8,948
26,479
172
6,583
22,095
145
16,965
(19,110)
(129,661)
(40,070)
(969)
(1,180)
(6,542)
(10,419)
211,465
375
(30,398)
(41,328)
(877)
(100,579)
(8,959)
(19,246)
306,715
4,785
(38,147)
(28,259)
(1,343)
(21,095)
(6,937)
(10,695)
287,543
5,011
(45,672)
(28,977)
(781,186)
(710,206)
(41,363)
(23,874)
(418,618)
(328,984)
(58,505)
(28,107)
(574,420)
(525,539)
(18,151)
(30,474)
(5,743)
(3,022)
(256)
324,689
358,883
279,175
215
(12,934)
(14,876)
653
(16,422)
(22,191)
553
(16,364)
(19,683)
(412,529)
(465,768)
(478,264)
(162,338)
(204,404)
(188,230)
(179,897)
(39,785)
(126,696)
(66,151)
746,604
2,438
(31,049)
(44,547)
(209,204)
(49,225)
(138,544)
(68,795)
781,220
3,008
(31,806)
(42,102)
(191,690)
(53,414)
(143,045)
(90,115)
781,207
2,468
(30,726)
(45,800)
GROSS OPERATING RESULT
140,114
245,094
217,905
297,094
320,923
243,681
673,446
710,320
707,149
321,539
333,697
2020
2019
505,246
596,240
2020
2019
(49)
2018
(244)
2020
2019
2018
3,000,829
3,057,056
3,036,418
Generation and transmission
Eliminations
Total
Peru
590,425
566,368
22,467
1,590
5,815
(39,851)
(68,807)
(84,128)
1,577
(27,851)
(44,023)
2018
595,983
562,978
521,458
22,694
18,826
33,005
(40,938)
(134,183)
(5,488)
(7,621)
407,753
1,435
(30,096)
(45,395)
500,821
490,576
9,032
1,213
4,425
(27,014)
(55,522)
(69,419)
918
(26,958)
(44,949)
271,919
(10,383)
342,908
(11,618)
391,836
12
(10)
3,755
207,899
254,455
269,211
5,087
4,787
2,331
2,456
(4,854)
(411)
(1,547)
(2,896)
(6,146)
7,373
4,137
3,236
(12,089)
(94)
(1,965)
(10,030)
8,420
6,888
3,768
3,120
(5,002)
(219)
(2,857)
(1,926)
-
-
-
-
-
-
-
2,977,178
2,880,510
3,007,419
2,885,369
32,291
64,377
23,651
48,946
73,104
49,637
2,961,895
2,814,879
44,810
102,206
74,523
(49)
(244)
429
1,596
-
(1,167)
(1,375,163)
(1,218,451)
(1,280,555)
(918,086)
(137,850)
(226,531)
(578,373)
(277,116)
(260,281)
(757,914)
(226,843)
(187,111)
-
(92,696)
(102,681)
(108,687)
185
1,625,666
1,838,605
1,755,863
-
-
(176)
9
3,946
(101,339)
(145,700)
10,023
(114,226)
(136,526)
9,467
(122,858)
(140,031)
1,382,573
1,597,876
1,502,441
(934)
645
(4,998)
1,141,398
1,335,256
1,268,711
(56,160)
93,720
32,879
60,841
4,788
153,668
99,237
54,431
70,220
116,829
84,253
32,576
(149,750)
(178,978)
(203,183)
(3,945)
(12,603)
(18,221)
(70,317)
(75,488)
(85,734)
85,604
2,630
3,764
50
3,714
(80,638)
(85,737)
(83,759)
(98,979)
(85,983)
8,815
790
1,287
1,042
245
2,171
135
51
84
(2,705)
28,573
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
11
-
-
-
-
-
-
543
-
-
(543)
-
(49)
49
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
9
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5,154
(1,430)
6,534
(2,705)
28,573
113,857
147,759
(86,575)
(89,645)
(121,545)
(23,371)
(32,785)
(32,681)
(66,263)
(73,761)
(73,252)
(64,032)
(65,767)
(68,241)
(240,241)
(261,958)
(295,719)
-
-
66,987
-
-
-
-
-
-
(1,307)
-
-
(1,307)
66,987
273,188
288,170
(96)
53,443
6,766
72,368
27,765
44,603
(29,397)
(2,955)
(40)
155,409
73,292
98,572
82,760
15,812
(47,784)
(62)
(7,671)
155,676
116,452
69,536
65,748
3,788
-
-
-
(26,442)
(85,734)
49,529
(47,722)
(83,759)
106,263
(52,414)
8,815
90,558
(535)
5,214
11,100
(1,009)
12,109
(13,088)
(25,611)
(52,457)
(39,278)
(43)
(579)
-
32
19,427
41,484
7,644
33,840
(31,209)
(9,925)
(2,415)
(18,869)
(260)
210,740
18,757
32,044
7,712
24,332
(35,648)
(11,321)
(201)
(24,126)
-
-
-
33,392
9,152
22,361
(315)
606,868
(70,522)
5,465
3,792
1,673
(76,221)
-
(55,682)
(20,539)
-
234
663
637,222
(81,785)
6,239
4,696
1,543
(87,896)
(2,522)
(822)
633,075
(101,982)
8,361
7,025
1,336
(110,076)
(6,638)
(76,258)
(9,116)
-
(128)
(95,921)
(7,517)
-
(267)
2,630
50
50
-
790
1,042
1,042
-
2,171
74
51
23
-
-
-
-
-
-
-
-
-
-
-
-
-
103
-
103
-
235
-
235
-
24
-
24
3,611
-
-
3,611
-
10
-
10
-
37
-
37
Profit (loss) before taxes
62,889
230,533
274,373
278,402
307,597
229,497
536,449
555,672
531,117
216,597
248,319
277,668
(2,705)
-
28,582
1,091,632
1,342,121
1,341,237
Income tax expense (income)
(15,129)
(48,085)
(99,141)
(66,505)
(116,746)
(78,870)
(188,883)
(180,207)
(185,554)
(56,056)
(74,300)
(85,670)
-
-
(326,573)
(419,338)
(449,235)
Profit (loss) from continuing
operations
PROFIT (LOSS)
47,760
47,760
182,448
182,448
175,232
175,232
211,897
211,897
190,851
190,851
150,627
150,627
347,566
347,566
375,465
375,465
345,563
345,563
160,541
160,541
174,019
174,019
191,998
191,998
(2,705)
(2,705)
28,582
28,582
765,059
765,059
922,783
922,783
892,002
892,002
Profit (loss) attributable to
47,760
182,448
175,232
211,897
190,851
150,627
347,566
375,465
345,563
160,541
174,019
191,998
(2,705)
28,582
765,059
922,783
892,002
IN THOUSANDS OF U.S. DOLLARS – THUS$
Line of business
Country
STATEMENT OF CASH FLOWS
2020
Argentina
2019
2018
2020
Brazil
2019
2018
2020
Colombia
2019
2018
Peru
2019
2020
2018
2020
2019
2018
2020
2018
Total
2019
Generation and transmission
Generation and transmission
Eliminations
Net cash flows from (used in)
operating activities
Net cash flows from (used in)
investing activities
Net cash flows from (used in)
financing activities
125,114
128,806
110,238
193,848
206,616
206,457
549,006
509,622
626,538
242,006
207,268
254,685
-
1,109,985
1,052,312
1,197,918
(59,107)
6,478
(16,483)
(9,470)
34,463
(67,384)
(54,430)
(85,078)
(109,801)
(41,680)
(40,386)
90,501
(164,687)
(84,523)
(103,167)
(54,520)
(115,161)
(23,726)
(162,012)
(221,809)
(90,783)
(353,785)
(545,075)
(494,832)
(227,426)
(157,902)
(256,197)
(797,743)
(1,039,947)
(865,538)
The Eliminations column corresponds to transactions between companies in different lines of business and country,
primarily purchases and sales of energy and services.
346346
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information Generation and transmission
Eliminations
Total
(19,110)
(129,661)
(40,070)
(412,529)
(465,768)
(478,264)
(162,338)
(204,404)
(188,230)
Peru
2020
2019
505,246
596,240
500,821
490,576
9,032
1,213
4,425
590,425
566,368
22,467
1,590
5,815
2018
595,983
562,978
521,458
22,694
18,826
33,005
GROSS OPERATING RESULT
140,114
245,094
217,905
297,094
320,923
243,681
673,446
710,320
707,149
918
(26,958)
(44,949)
271,919
1,577
(27,851)
(44,023)
321,539
333,697
(27,014)
(55,522)
(69,419)
(39,851)
(68,807)
(84,128)
(10,383)
342,908
(11,618)
391,836
(40,938)
(134,183)
(5,488)
(7,621)
407,753
1,435
(30,096)
(45,395)
(86,575)
(89,645)
(121,545)
(23,371)
(32,785)
(32,681)
(66,263)
(73,761)
(73,252)
(64,032)
(65,767)
(68,241)
-
-
66,987
-
-
-
-
-
-
(1,307)
-
12
(10)
3,755
207,899
254,455
269,211
5,087
4,787
2,331
2,456
(4,854)
(411)
(1,547)
(2,896)
(6,146)
7,373
4,137
3,236
(12,089)
(94)
(1,965)
(10,030)
8,420
6,888
3,768
3,120
(5,002)
(219)
(2,857)
(1,926)
-
-
-
The Eliminations column corresponds to transactions between companies in different lines of business and country,
primarily purchases and sales of energy and services.
IN THOUSANDS OF U.S. DOLLARS – THUS$
COMPREHENSIVE INCOME (LOSS)
2018
2020
327,613
1,105,875
Argentina
2019
436,376
415,055
413,343
-
1,712
21,321
(877)
(100,579)
(8,959)
(19,246)
306,715
4,785
(38,147)
(28,259)
2020
230,575
224,081
220,869
1,281
1,931
6,494
(969)
(1,180)
(6,542)
(10,419)
211,465
375
(30,398)
(41,328)
Generation and transmission
Colombia
2018
2020
2019
2018
853,595
1,159,133
1,246,988
1,259,471
841,722
759,653
1,150,185
1,128,070
1,240,405
1,213,754
1,242,506
1,220,266
-
-
-
Brazil
2019
777,501
761,534
691,904
69,630
15,967
(418,618)
(328,984)
(58,505)
(28,107)
1,102,091
1,040,995
61,096
3,784
(781,186)
(710,206)
(41,363)
(23,874)
82,069
11,873
(574,420)
(525,539)
(18,151)
(30,474)
(5,743)
(3,022)
(256)
324,689
358,883
279,175
215
(12,934)
(14,876)
653
(16,422)
(22,191)
553
(16,364)
(19,683)
21,978
137
8,948
26,479
172
6,583
(179,897)
(39,785)
(126,696)
(66,151)
746,604
2,438
(31,049)
(44,547)
(209,204)
(49,225)
(138,544)
(68,795)
781,220
3,008
(31,806)
(42,102)
22,095
145
16,965
(191,690)
(53,414)
(143,045)
(90,115)
781,207
2,468
(30,726)
(45,800)
(96)
53,443
6,766
72,368
27,765
44,603
(29,397)
(2,955)
(40)
155,409
73,292
98,572
82,760
15,812
(47,784)
(62)
(52,457)
(39,278)
(43)
(579)
-
-
-
(26,442)
(85,734)
49,529
(47,722)
(83,759)
106,263
(52,414)
8,815
90,558
273,188
288,170
-
32
19,427
41,484
7,644
33,840
(31,209)
(9,925)
(2,415)
(18,869)
(260)
210,740
18,757
32,044
7,712
24,332
(35,648)
(11,321)
(201)
(24,126)
(535)
5,214
11,100
(1,009)
12,109
(13,088)
(25,611)
-
-
-
33,392
9,152
22,361
(315)
606,868
(70,522)
5,465
3,792
1,673
(76,221)
-
(55,682)
(20,539)
-
234
663
637,222
(81,785)
6,239
4,696
1,543
(87,896)
(2,522)
(822)
633,075
(101,982)
8,361
7,025
1,336
(110,076)
(6,638)
(76,258)
(9,116)
-
(128)
(95,921)
(7,517)
-
(267)
314,689
313,502
21
1,166
12,924
(1,343)
(21,095)
(6,937)
(10,695)
287,543
5,011
(45,672)
(28,977)
(7,671)
155,676
116,452
69,536
65,748
3,788
Line of business
Country
STATEMENTS OF
REVENUE
Revenues
Energy sales
Other sales
Other services rendered
Other income
RAW MATERIALS AND
CONSUMABLES USED
Energy purchases
Fuel consumption
Transportation expenses
Other miscellaneous supplies and
services
CONTRIBUTION MARGIN
Other work performed by the
entity and capitalized
Employee benefits expense
Other expenses
Depreciation and amortization
expense
Impairment (losses) reversals
recognized in profit or loss
Gains (losses) for impairment in
accordance with IFRS 9
OPERATING INCOME
FINANCIAL RESULT
Financial income
Cash and cash equivalents
Other financial income
Financial costs
Bank borrowings
Secured and unsecured
obligations
Other
Income from indexation units
Foreign exchange profits (losses)
Share of profit (loss) of associates
and joint ventures accounted for
using the equity method
Other gains (losses)
Gain (loss) from other investments
Gain (loss) from the sale of assets
Profit (loss) from continuing
operations
PROFIT (LOSS)
Net cash flows from (used in)
operating activities
Net cash flows from (used in)
investing activities
Net cash flows from (used in)
financing activities
2,630
50
50
-
790
1,042
1,042
-
2,171
74
51
23
-
-
-
-
-
-
-
-
-
-
-
-
103
-
-
103
235
-
-
235
-
24
-
24
-
3,611
-
3,611
-
10
-
10
-
37
-
37
-
-
-
-
5,154
(1,430)
6,534
(2,705)
2020
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(2,705)
-
-
-
-
-
-
-
-
Profit (loss) before taxes
62,889
230,533
274,373
278,402
307,597
229,497
536,449
555,672
531,117
216,597
248,319
277,668
(2,705)
-
28,582
1,091,632
1,342,121
1,341,237
Income tax expense (income)
(15,129)
(48,085)
(99,141)
(66,505)
(116,746)
(78,870)
(188,883)
(180,207)
(185,554)
(56,056)
(74,300)
(85,670)
-
47,760
47,760
182,448
182,448
175,232
175,232
211,897
211,897
190,851
190,851
150,627
150,627
347,566
347,566
375,465
375,465
345,563
345,563
160,541
160,541
174,019
174,019
191,998
191,998
(2,705)
(2,705)
Profit (loss) attributable to
47,760
182,448
175,232
211,897
190,851
150,627
347,566
375,465
345,563
160,541
174,019
191,998
(2,705)
-
-
-
-
-
(326,573)
(419,338)
(449,235)
28,582
28,582
765,059
765,059
922,783
922,783
892,002
892,002
28,582
765,059
922,783
892,002
IN THOUSANDS OF U.S. DOLLARS – THUS$
Line of business
Country
STATEMENT OF CASH FLOWS
2020
2018
2020
2018
2020
2018
Argentina
2019
Generation and transmission
Brazil
2019
Colombia
2019
2020
Peru
2019
Generation and transmission
Eliminations
2018
2020
2019
2018
2020
Total
2019
2018
125,114
128,806
110,238
193,848
206,616
206,457
549,006
509,622
626,538
242,006
207,268
254,685
(59,107)
6,478
(16,483)
(9,470)
34,463
(67,384)
(54,430)
(85,078)
(109,801)
(41,680)
(40,386)
90,501
(54,520)
(115,161)
(23,726)
(162,012)
(221,809)
(90,783)
(353,785)
(545,075)
(494,832)
(227,426)
(157,902)
(256,197)
11
-
-
-
-
-
-
1,109,985
1,052,312
1,197,918
-
-
(164,687)
(84,523)
(103,167)
(797,743)
(1,039,947)
(865,538)
The Eliminations column corresponds to transactions between companies in different lines of business and country,
primarily purchases and sales of energy and services.
347
2019
(49)
2018
(244)
2020
2019
2018
3,000,829
3,057,056
3,036,418
-
-
-
-
-
-
-
-
(49)
(244)
2,977,178
2,880,510
3,007,419
2,885,369
32,291
64,377
23,651
48,946
73,104
49,637
2,961,895
2,814,879
44,810
102,206
74,523
-
543
-
(543)
-
(49)
-
-
49
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
429
1,596
-
(1,167)
(1,375,163)
(1,218,451)
(1,280,555)
(918,086)
(137,850)
(226,531)
(578,373)
(277,116)
(260,281)
(757,914)
(226,843)
(187,111)
-
(92,696)
(102,681)
(108,687)
185
1,625,666
1,838,605
1,755,863
-
-
(176)
9
-
-
-
9
28,573
-
-
-
-
-
-
-
-
28,573
3,946
(101,339)
(145,700)
10,023
(114,226)
(136,526)
9,467
(122,858)
(140,031)
1,382,573
1,597,876
1,502,441
(240,241)
(261,958)
(295,719)
-
(1,307)
66,987
(934)
645
(4,998)
1,141,398
1,335,256
1,268,711
(56,160)
93,720
32,879
60,841
4,788
153,668
99,237
54,431
70,220
116,829
84,253
32,576
(149,750)
(178,978)
(203,183)
(3,945)
(12,603)
(18,221)
(70,317)
(75,488)
(85,734)
85,604
(80,638)
(85,737)
(83,759)
(98,979)
(85,983)
8,815
113,857
147,759
-
-
-
-
2,630
3,764
50
3,714
790
1,287
1,042
245
2,171
135
51
84
Annual Report Enel Américas 2020 b) Distribution
IN THOUSANDS OF U.S. DOLLARS – THUS$
Line of business
Country
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Other current financial assets
Other current non-financial assets
Trade and other current receivables
Current accounts receivable from related parties
Inventories
Current tax assets
Non-current assets or disposal groups held-for-sale or held for
distribution to owners
NON-CURRENT ASSETS
Other non-current financial assets
Other non-current non-financial assets
Trade and other non-current receivables
Non-current accounts receivable from related parties
Investments accounted for using the equity method
Intangible assets other than goodwill
Property, plant and equipment
Investment properties
Right-of-use asset
Deferred tax assets
Distribution
Argentina
Brazil
12-31-2020
274.170
8.016
23.383
29.464
199.667
364
13.276
-
-
1.442.359
6
60
460
32
133
50.067
1.391.477
-
124
-
12-31-2019
284.127
24.452
-
18.982
222.959
602
17.132
-
-
1.456.918
9
84
646
68
186
30.365
1.425.542
-
18
-
12-31-2020
3.356.268
557.280
128.089
374.088
1.954.523
8.480
272.167
61.641
12-31-2019
3.711.977
475.746
48.792
341.073
2.568.600
11.350
236.130
30.286
-
-
-
11.326
-
11.326
10.141.977
2.497.727
2.259.476
267.871
12.004.828
2.703.683
2.651.786
236.472
-
-
4.174.705
32.860
7.942
42.236
859.160
-
-
5.281.728
40.609
10.254
74.554
1.005.742
TOTAL ASSETS
1.716.529
1.741.045
13.498.245
15.716.805
2.473.490
2.206.698
1.454.675
1.458.950
(48)
(35)
19.142.891
21.123.463
The Eliminations column corresponds to transactions between companies in different lines of business and country,
primarily purchases and sales of energy and services.
IN THOUSANDS OF U.S. DOLLARS – THUS$
Line of business
Country
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Other current financial liabilities
Current lease liability
Trade and other current payables
Current accounts payable to related parties
Other current provisions
Current tax liabilities
Other current non-financial liabilities
Distribution
Argentina
Brazil
12-31-2020
591.523
12-31-2019
509.222
-
78
467.412
69.660
43.785
-
10.588
-
7
328.700
109.013
44.825
12.264
14.413
12-31-2020
3.697.032
775.450
15.396
2.159.212
513.115
77.846
26.914
129.099
12-31-2019
3.699.914
731.093
25.856
2.321.877
286.621
144.973
665
188.829
Liabilities associated with groups of assets or disposal groups held for
sale or distribution to owners
-
-
-
-
-
3.791
-
-
-
3.791
Colombia
Peru
Eliminations
Total
12-31-2020
12-31-2019
12-31-2020
12-31-2019
12-31-2020
12-31-2019
12-31-2020
12-31-2019
499.983
363.837
(48)
(35)
4.321.551
4.513.289
Distribution
-
-
191.178
41.228
9.057
109.912
4.550
26.431
153.383
51.717
4.292
71.574
9.432
16.368
53
(101)
141.721
274
18.191
260.485
6.396
72.916
97.623
306
10.072
181.485
4.904
58.121
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2
24.651
29.541
-
1.463
103.745
-
17.503
11.200
2
12.048
38.797
-
1.524
93.220
-
-
1.785.402
1.688.908
42.359
1.186.821
35.933
1.244.456
8.362
34.317
25.178
1.973.507
1.842.861
1.263.497
1.305.567
14.821.340
16.610.174
Colombia
Peru
Eliminations
Total
12-31-2020
12-31-2019
12-31-2020
12-31-2019
12-31-2020
12-31-2019
12-31-2020
12-31-2019
545.688
249.069
(48)
(35)
Distribution
(50)
(35)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
16
(51)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
2.524.640
3.044.634
748.245
151.746
430.800
19.689
384.790
61.641
649.538
49.098
374.419
26.237
327.751
30.286
2.497.735
2.284.187
297.872
32
1.596
4.370.876
4.396.560
7.942
94.180
870.360
2.703.694
2.663.918
275.915
68
1.710
5.441.246
4.399.515
10.254
108.112
1.005.742
5.178.351
1.020.125
29.753
3.081.693
651.021
141.067
69.379
185.313
7.759.713
2.518.301
78.882
444.950
749.514
282.397
1.588.504
47.667
6.204.827
6.204.827
2.902.092
(82.505)
55.685
3.329.555
5.027.059
847.463
38.758
3.102.559
518.068
205.464
70.073
240.883
8.548.777
3.134.569
87.742
34.662
874.836
267.181
1.799.663
29.181
7.547.627
7.547.627
3.558.565
318.239
58.011
3.612.812
2.049.498
2.320.943
640.775
190.925
2.999
338.490
32.604
11.080
40.226
24.451
840.051
708.607
15.124
372
-
-
16.537
96.591
2.820
992.664
992.664
3.941
346.671
55.685
586.367
70.801
4.526
316.584
79.684
7.082
45.041
18.179
53.750
11.280
116.577
35.692
8.356
2.239
21.175
704.526
587.914
4.150
358
-
4.828
107
100.851
6.318
956.484
956.484
4.106
282.082
58.011
612.285
471.377
397.449
28.492
729
-
459
38.188
4.299
1.761
734.229
734.229
147.019
520.910
-
66.300
272.270
45.569
8.369
135.398
42.785
8.584
12.103
19.462
467.924
392.855
25.274
-
-
500
43.357
4.352
1.586
718.756
718.756
160.377
486.057
-
72.322
Other non-current financial liabilities
Non-current lease liability
Trade and other non-current payables
Non-current accounts payable to related parties
Other long-term provisions
Deferred tax liabilities
Non-current provisions for employee benefits
Other non-current non-financial liabilities
EQUITY
Equity attributable to shareholders of Enel Américas
Share and paid-in capital
Retained earnings (losses)
Issuance premiums
Other reserves
6.033.093
1.412.245
35.221
1.961.838
394.384
712.820
10.243
1.476.884
29.458
3.768.120
3.768.120
2.222.793
(882.158)
6.946.561
2.153.800
58.311
2.171.380
-
845.798
13.257
1.683.454
20.561
5.070.330
5.070.330
2.849.227
(673.567)
-
45
86.559
50.566
19.698
233.966
10.730
13.628
709.814
709.814
528.339
(67.928)
-
7
149.205
34.662
23.710
210.460
11.006
716
802.057
802.057
544.855
223.667
-
-
-
-
249.403
33.535
2.427.485
2.894.670
NON-CURRENT LIABILITIES
415.192
429.766
Total Liabilities and Equity
1.716.529
1.741.045
13.498.245
15.716.805
2.473.490
2.206.698
1.454.675
1.458.950
(48)
(35)
19.142.891
21.123.463
348348
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information IN THOUSANDS OF U.S. DOLLARS – THUS$
b) Distribution
Line of business
Country
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Other current financial assets
Other current non-financial assets
Trade and other current receivables
Current accounts receivable from related parties
Inventories
Current tax assets
Non-current assets or disposal groups held-for-sale or held for
distribution to owners
NON-CURRENT ASSETS
Other non-current financial assets
Other non-current non-financial assets
Trade and other non-current receivables
Non-current accounts receivable from related parties
Investments accounted for using the equity method
Intangible assets other than goodwill
Property, plant and equipment
Investment properties
Right-of-use asset
Deferred tax assets
IN THOUSANDS OF U.S. DOLLARS – THUS$
Line of business
Country
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Other current financial liabilities
Current lease liability
Trade and other current payables
Current accounts payable to related parties
Other current provisions
Current tax liabilities
Other current non-financial liabilities
NON-CURRENT LIABILITIES
Other non-current financial liabilities
Non-current lease liability
Trade and other non-current payables
Non-current accounts payable to related parties
Other long-term provisions
Deferred tax liabilities
Non-current provisions for employee benefits
Other non-current non-financial liabilities
EQUITY
Equity attributable to shareholders of Enel Américas
Share and paid-in capital
Retained earnings (losses)
Issuance premiums
Other reserves
Distribution
Argentina
Brazil
12-31-2020
12-31-2019
12-31-2020
12-31-2019
3.356.268
3.711.977
274.170
8.016
23.383
29.464
199.667
364
13.276
284.127
24.452
-
18.982
222.959
602
17.132
1.954.523
2.568.600
557.280
128.089
374.088
8.480
272.167
61.641
475.746
48.792
341.073
11.350
236.130
30.286
1.442.359
1.456.918
10.141.977
12.004.828
-
-
6
60
460
32
133
124
-
-
-
-
9
84
646
68
186
-
18
-
50.067
1.391.477
30.365
1.425.542
2.497.727
2.259.476
267.871
2.703.683
2.651.786
236.472
-
-
-
-
4.174.705
5.281.728
32.860
7.942
42.236
859.160
40.609
10.254
74.554
1.005.742
Distribution
Argentina
Brazil
12-31-2020
12-31-2019
12-31-2020
12-31-2019
591.523
509.222
3.697.032
3.699.914
415.192
429.766
-
78
467.412
69.660
43.785
-
10.588
-
-
45
86.559
50.566
19.698
233.966
10.730
13.628
709.814
709.814
528.339
(67.928)
-
7
328.700
109.013
44.825
12.264
14.413
775.450
15.396
2.159.212
513.115
77.846
26.914
129.099
731.093
25.856
2.321.877
286.621
144.973
665
188.829
-
-
7
149.205
34.662
23.710
210.460
11.006
716
802.057
802.057
544.855
223.667
6.033.093
1.412.245
35.221
1.961.838
394.384
712.820
10.243
1.476.884
29.458
3.768.120
3.768.120
2.222.793
(882.158)
6.946.561
2.153.800
58.311
2.171.380
-
845.798
13.257
1.683.454
20.561
5.070.330
5.070.330
2.849.227
(673.567)
-
-
-
-
249.403
33.535
2.427.485
2.894.670
Colombia
Peru
Eliminations
Total
Distribution
12-31-2020
499.983
141.721
274
18.191
260.485
6.396
72.916
12-31-2019
363.837
97.623
306
10.072
181.485
4.904
58.121
-
-
-
-
-
11.326
1.973.507
2
24.651
29.541
1.842.861
2
12.048
38.797
-
-
1.463
103.745
1.785.402
-
17.503
11.200
1.524
93.220
1.688.908
-
8.362
-
12-31-2020
191.178
41.228
12-31-2019
153.383
51.717
-
-
9.057
109.912
4.550
26.431
-
-
4.292
71.574
9.432
16.368
-
-
1.263.497
1.305.567
-
-
-
-
-
-
-
-
-
-
42.359
1.186.821
35.933
1.244.456
-
34.317
-
-
25.178
-
12-31-2020
(48)
12-31-2019
(35)
-
-
-
53
(101)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
16
(51)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
12-31-2020
4.321.551
748.245
151.746
430.800
2.524.640
19.689
384.790
61.641
12-31-2019
4.513.289
649.538
49.098
374.419
3.044.634
26.237
327.751
30.286
-
11.326
14.821.340
2.497.735
2.284.187
297.872
32
1.596
4.370.876
4.396.560
7.942
94.180
870.360
16.610.174
2.703.694
2.663.918
275.915
68
1.710
5.441.246
4.399.515
10.254
108.112
1.005.742
TOTAL ASSETS
1.716.529
1.741.045
13.498.245
15.716.805
2.473.490
2.206.698
1.454.675
1.458.950
(48)
(35)
19.142.891
21.123.463
The Eliminations column corresponds to transactions between companies in different lines of business and country,
primarily purchases and sales of energy and services.
Colombia
Peru
Eliminations
Total
Distribution
Liabilities associated with groups of assets or disposal groups held for
sale or distribution to owners
-
-
-
3.791
-
-
12-31-2020
640.775
190.925
2.999
338.490
32.604
11.080
40.226
24.451
12-31-2019
545.688
70.801
4.526
316.584
79.684
7.082
45.041
18.179
12-31-2020
249.069
53.750
11.280
116.577
35.692
8.356
2.239
21.175
12-31-2019
272.270
45.569
8.369
135.398
42.785
8.584
12.103
19.462
840.051
708.607
15.124
372
-
16.537
-
96.591
2.820
992.664
992.664
3.941
346.671
55.685
586.367
704.526
587.914
4.150
358
471.377
397.449
28.492
729
-
-
4.828
107
100.851
6.318
956.484
956.484
4.106
282.082
58.011
612.285
459
38.188
4.299
1.761
734.229
734.229
147.019
520.910
-
66.300
467.924
392.855
25.274
-
-
500
43.357
4.352
1.586
718.756
718.756
160.377
486.057
-
72.322
12-31-2020
(48)
12-31-2019
(35)
-
-
2
(50)
-
-
-
(35)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
12-31-2020
5.178.351
1.020.125
29.753
3.081.693
651.021
141.067
69.379
185.313
12-31-2019
5.027.059
847.463
38.758
3.102.559
518.068
205.464
70.073
240.883
-
3.791
7.759.713
2.518.301
78.882
2.049.498
444.950
749.514
282.397
1.588.504
47.667
6.204.827
6.204.827
2.902.092
(82.505)
55.685
3.329.555
8.548.777
3.134.569
87.742
2.320.943
34.662
874.836
267.181
1.799.663
29.181
7.547.627
7.547.627
3.558.565
318.239
58.011
3.612.812
Total Liabilities and Equity
1.716.529
1.741.045
13.498.245
15.716.805
2.473.490
2.206.698
1.454.675
1.458.950
(48)
(35)
19.142.891
21.123.463
349
Annual Report Enel Américas 2020 The Eliminations column corresponds to transactions between companies in different lines of business and country,
primarily purchases and sales of energy and services.
IN THOUSANDS OF U.S. DOLLARS – THUS$
Line of business
Country
STATEMENTS OF COMPREHENSIVE
INCOME (LOSS)
REVENUE
Revenues
Energy sales
Other sales
Other services rendered
Other income
RAW MATERIALS AND
CONSUMABLES USED
Energy purchases
Transportation expenses
Other miscellaneous supplies and
services
CONTRIBUTION MARGIN
Other work performed by the entity
and capitalized
Employee benefits expense
Other expenses
Argentina
Distribution
Brazil
Colombia
2020
2019
2018
2020
2019
2018
2020
2019
2018
801,228
1,346,888
1,189,950
6,734,986
8,153,719
6,922,417
1,546,964
1,665,317
1,713,801
772,583
737,983
1,695
32,905
28,645
1,066,437
1,174,151
5,855,047
7,246,928
5,965,107
1,529,090
1,646,864
1,702,390
1,021,696
1,130,353
5,168,342
6,441,861
5,396,919
760,540
850,524
2,771
41,970
280,451
170
43,628
15,799
698
686,007
879,939
3,755
801,312
906,791
2,225
565,963
957,310
2,011
766,539
17,874
2,257
794,083
18,453
902,771
1,137
798,482
11,411
(530,338)
(773,693)
(729,223)
(4,937,646)
(5,820,384)
(5,084,253)
(886,155)
(962,174)
(1,032,452)
(489,984)
(17,806)
(714,844)
(16,990)
(655,312)
(3,451,265)
(4,310,694)
(3,621,322)
(30,477)
(658,797)
(720,945)
(609,880)
(646,721)
(162,393)
(717,608)
(165,554)
(784,872)
(171,492)
2020
2019
2018
886,663
950,349
912,950
2020
(27)
2019
(24)
2018
2020
2019
2018
(3)
9,969,814
12,116,249
10,739,115
Distribution
Eliminations
Total
Peru
945,595
903,828
1,022
40,745
4,754
882,564
844,342
817
37,405
4,099
907,247
856,278
626
50,343
5,703
(599,116)
(561,076)
(619,181)
(580,690)
(610,701)
(576,420)
-
-
-
(27)
(24)
9,039,284
10,905,824
7,511,207
9,217,909
5,221
1,522,856
930,530
9,805
1,678,110
1,210,425
9,748,895
8,286,321
4,158
1,458,416
990,220
(6,953,255)
(8,175,432)
(7,456,629)
(5,149,046)
(6,323,836)
(5,637,926)
(838,996)
(903,489)
(811,849)
(22,548)
270,890
(41,859)
573,195
(43,434)
(827,584)
(788,745)
(853,051)
(77,041)
(79,012)
(76,088)
460,727
1,797,340
2,333,335
1,838,164
660,809
703,143
681,349
(38,040)
287,547
(38,491)
(34,281)
(965,213)
(948,107)
(1,006,854)
331,168
302,249
(27)
(24)
3,016,559
3,940,817
3,282,486
30,921
(123,792)
(128,108)
43,311
(162,137)
(147,303)
49,297
(219,849)
(110,973)
76,469
(207,724)
(579,070)
89,154
(401,264)
(638,654)
82,661
(369,620)
(545,006)
26,439
(76,778)
29,171
(71,028)
(103,675)
(104,774)
26,940
(69,130)
(116,190)
9,317
(33,923)
(49,043)
9,843
(36,596)
(46,943)
9,632
(35,663)
(44,081)
-
-
27
-
-
24
143,146
(442,217)
(859,869)
171,479
(671,025)
(937,650)
168,530
(694,262)
(816,247)
GROSS OPERATING RESULT
49,911
307,066
179,202
1,087,015
1,382,571
1,006,199
506,795
556,512
522,969
213,898
257,472
232,137
-
1,857,619
2,503,621
1,940,507
Depreciation and amortization
expense
Impairment (losses) reversals
recognized in profit or loss
Gains (losses) for impairment in
accordance with IFRS 9
(73,850)
(53,534)
(52,229)
(366,439)
(451,835)
(343,158)
(115,540)
(121,669)
(120,115)
(58,395)
(56,630)
(51,969)
(614,224)
(683,668)
(567,471)
-
-
-
-
-
-
-
3,433
(5,234)
-
-
-
-
3,433
(5,234)
(44,338)
(42,501)
(48,983)
(167,035)
(225,053)
(54,784)
(16,127)
(7,272)
(8,618)
(14,040)
(4,408)
(4,319)
(241,540)
(279,234)
(116,704)
OPERATING INCOME
(68,277)
211,031
77,990
553,541
705,683
608,257
375,128
431,004
389,002
141,463
196,434
175,849
-
1,001,855
1,544,152
1,251,098
FINANCIAL RESULT
Financial income
Cash and cash equivalents
Other financial income
Financial costs
Bank borrowings
Secured and unsecured obligations
Other
Income from indexation units
Foreign exchange profits (losses)
Share of profit (loss) of associates and
joint ventures accounted for using
the equity method
Other gains (losses)
Gain (loss) from other investments
Gain (loss) from the sale of assets
127,247
(168,300)
(234,772)
(263,904)
(49,171)
(58,397)
22,606
10,657
4,422
6,235
(148,619)
(379)
(1)
(148,239)
161,586
(1,018)
54,470
22,964
1,908
21,056
(168,782)
(3,957)
-
(164,825)
206,845
(6,557)
33,729
5,917
27,812
(174,402)
(133)
-
(174,269)
260,137
7,783
200,021
5,954
194,067
(366,558)
(44,964)
(54,629)
(266,965)
252,649
19,928
232,721
(484,231)
(78,675)
(110,355)
(295,201)
173,459
15,225
158,234
(421,956)
(86,228)
(72,172)
(263,556)
-
-
-
(1,763)
(3,190)
(15,407)
8,571
3,894
4,677
(56,225)
(8,732)
(35,496)
(11,997)
-
(1,517)
5,668
3,859
1,809
(64,047)
(8,375)
(40,051)
(15,621)
(57,795)
11,463
5,498
5,965
(67,561)
(13,022)
(37,995)
(16,544)
-
(18)
-
(1,697)
28
7
-
7
20
39
-
39
(160)
-
-
-
-
870
-
870
-
2,143
-
2,143
-
386
-
386
-
21
-
21
-
73
6
67
-
166
-
166
Profit (loss) before taxes
(45,636)
265,560
205,077
386,111
473,054
344,739
325,978
372,680
331,373
116,426
184,150
153,692
-
782,879
1,295,444
1,034,881
Income tax expense (income)
(22,866)
(76,548)
(101,101)
(118,872)
414,913
251,360
(97,881)
(122,066)
(125,242)
(38,488)
(55,649)
(49,024)
-
(278,107)
160,650
(24,007)
Profit (loss) from continuing
operations
PROFIT (LOSS)
(68,502)
(68,502)
189,012
189,012
103,976
103,976
267,239
267,239
887,967
887,967
596,099
596,099
228,097
228,097
250,614
250,614
206,131
206,131
77,938
77,938
128,501
128,501
104,668
104,668
504,772
1,456,094
1,010,874
504,772
1,456,094
1,010,874
Profit (loss) attributable to
(68,502)
189,012
103,976
267,239
887,967
596,099
228,097
250,614
206,131
77,938
128,501
104,668
504,772
1,456,094
1,010,874
IN THOUSANDS OF U.S. DOLLARS – THUS$
Line of business
Country
Argentina
STATEMENT OF CASH FLOWS
2020
2019
2018
2020
Distribution
Brazil
2019
2018
2020
2019
2018
2020
2018
2020
2019
2018
2020
2018
Colombia
Peru
2019
Distribution
Eliminations
Total
2019
Net cash flows from (used in)
operating activities
Net cash flows from (used in)
investing activities
Net cash flows from (used in)
financing activities
159,556
116,487
47,301
797,144
877,694
154,589
391,312
357,362
404,403
100,855
251,699
165,498
-
1,448,867
1,603,242
771,791
(115,347)
(184,578)
(82,268)
(740,848)
(818,838)
(533,164)
(381,939)
(303,833)
(296,082)
(126,493)
(163,888)
(111,035)
-
(1,364,627)
(1,471,137)
(1,022,549)
(54,133)
75,332
(118)
56,395
84,704
551,548
22,061
(158,135)
(79,475)
16,185
(66,594)
(104,032)
-
40,508
(64,693)
367,923
The Eliminations column corresponds to transactions between companies in different lines of business and country,
primarily purchases and sales of energy and services.
350350
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(3)
-
-
-
-
(3)
-
-
3
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(25,042)
(22,938)
(22,151)
(219,907)
(261,637)
(216,603)
3,771
417
3,354
(26,894)
(2,601)
(23,379)
(914)
-
(1,919)
4,439
677
3,762
(28,342)
(1,204)
(25,090)
(2,048)
-
965
4,470
661
3,809
(26,543)
(1,722)
(24,973)
152
-
(78)
-
5
-
5
-
-
10,654
10,654
-
(6)
-
(6)
223,020
14,687
208,333
(598,296)
(56,676)
(113,505)
(428,115)
161,586
(6,217)
285,720
26,372
259,348
(745,402)
(92,211)
(175,496)
(477,695)
206,845
(8,800)
223,121
27,301
195,820
(690,462)
(101,105)
(135,140)
(454,217)
260,137
(9,399)
28
903
-
903
12,909
20
6
12,903
(160)
546
-
546
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information Argentina
Colombia
Peru
Distribution
Brazil
Distribution
Eliminations
Total
2020
2019
2018
886,663
950,349
912,950
2020
(27)
2019
(24)
2018
2020
2019
2018
(3)
9,969,814
12,116,249
10,739,115
(38,491)
(34,281)
331,168
302,249
(27)
(24)
-
-
-
-
-
-
-
-
(22,548)
270,890
(41,859)
573,195
(43,434)
(827,584)
(788,745)
(853,051)
(77,041)
(79,012)
(76,088)
460,727
1,797,340
2,333,335
1,838,164
660,809
703,143
681,349
(38,040)
287,547
882,564
844,342
817
37,405
4,099
945,595
903,828
1,022
40,745
4,754
907,247
856,278
626
50,343
5,703
-
-
-
-
-
-
-
-
(27)
(24)
(530,338)
(773,693)
(729,223)
(4,937,646)
(5,820,384)
(5,084,253)
(886,155)
(962,174)
(1,032,452)
(489,984)
(17,806)
(714,844)
(16,990)
(655,312)
(3,451,265)
(4,310,694)
(3,621,322)
(30,477)
(658,797)
(720,945)
(609,880)
(646,721)
(162,393)
(717,608)
(165,554)
(784,872)
(171,492)
(599,116)
(561,076)
(619,181)
(580,690)
(610,701)
(576,420)
-
-
-
The Eliminations column corresponds to transactions between companies in different lines of business and country,
primarily purchases and sales of energy and services.
2020
2019
2018
2020
2019
2018
2020
2019
2018
801,228
1,346,888
1,189,950
6,734,986
8,153,719
6,922,417
1,546,964
1,665,317
1,713,801
772,583
737,983
1,695
32,905
28,645
1,066,437
1,174,151
5,855,047
7,246,928
5,965,107
1,529,090
1,646,864
1,702,390
1,021,696
1,130,353
5,168,342
6,441,861
5,396,919
760,540
850,524
2,771
41,970
280,451
170
43,628
15,799
698
686,007
879,939
3,755
801,312
906,791
2,225
565,963
957,310
2,011
766,539
17,874
2,257
794,083
18,453
902,771
1,137
798,482
11,411
IN THOUSANDS OF U.S. DOLLARS – THUS$
STATEMENTS OF COMPREHENSIVE
Line of business
Country
INCOME (LOSS)
REVENUE
Revenues
Energy sales
Other sales
Other services rendered
Other income
RAW MATERIALS AND
CONSUMABLES USED
Energy purchases
Transportation expenses
Other miscellaneous supplies and
services
CONTRIBUTION MARGIN
Other work performed by the entity
and capitalized
Employee benefits expense
Other expenses
Depreciation and amortization
expense
Impairment (losses) reversals
recognized in profit or loss
Gains (losses) for impairment in
accordance with IFRS 9
FINANCIAL RESULT
Financial income
Cash and cash equivalents
Other financial income
Financial costs
Bank borrowings
Secured and unsecured obligations
Other
Income from indexation units
Foreign exchange profits (losses)
Share of profit (loss) of associates and
joint ventures accounted for using
the equity method
Other gains (losses)
Gain (loss) from other investments
Gain (loss) from the sale of assets
Profit (loss) from continuing
operations
PROFIT (LOSS)
IN THOUSANDS OF U.S. DOLLARS – THUS$
Line of business
Country
Net cash flows from (used in)
operating activities
Net cash flows from (used in)
investing activities
Net cash flows from (used in)
financing activities
30,921
(123,792)
(128,108)
43,311
(162,137)
(147,303)
49,297
(219,849)
(110,973)
76,469
(207,724)
(579,070)
89,154
(401,264)
(638,654)
82,661
(369,620)
(545,006)
26,439
(76,778)
29,171
(71,028)
(103,675)
(104,774)
26,940
(69,130)
(116,190)
9,317
(33,923)
(49,043)
9,843
(36,596)
(46,943)
9,632
(35,663)
(44,081)
-
-
27
-
-
24
GROSS OPERATING RESULT
49,911
307,066
179,202
1,087,015
1,382,571
1,006,199
506,795
556,512
522,969
213,898
257,472
232,137
(73,850)
(53,534)
(52,229)
(366,439)
(451,835)
(343,158)
(115,540)
(121,669)
(120,115)
(58,395)
(56,630)
(51,969)
-
-
-
-
-
-
-
3,433
(5,234)
-
-
-
(44,338)
(42,501)
(48,983)
(167,035)
(225,053)
(54,784)
(16,127)
(7,272)
(8,618)
(14,040)
(4,408)
(4,319)
OPERATING INCOME
(68,277)
211,031
77,990
553,541
705,683
608,257
375,128
431,004
389,002
141,463
196,434
175,849
127,247
(168,300)
(234,772)
(263,904)
(49,171)
(58,397)
(25,042)
(22,938)
(22,151)
3,771
417
3,354
(26,894)
(2,601)
(23,379)
(914)
-
(1,919)
4,439
677
3,762
(28,342)
(1,204)
(25,090)
(2,048)
-
965
4,470
661
3,809
(26,543)
(1,722)
(24,973)
152
-
(78)
-
5
-
5
-
10,654
-
10,654
-
(6)
-
(6)
22,606
10,657
4,422
6,235
(148,619)
(379)
(1)
(148,239)
161,586
(1,018)
54,470
22,964
1,908
21,056
(168,782)
(3,957)
-
(164,825)
206,845
(6,557)
33,729
5,917
27,812
(174,402)
(133)
-
(174,269)
260,137
7,783
200,021
5,954
194,067
(366,558)
(44,964)
(54,629)
(266,965)
252,649
19,928
232,721
(484,231)
(78,675)
(110,355)
(295,201)
173,459
15,225
158,234
(421,956)
(86,228)
(72,172)
(263,556)
-
-
-
(1,763)
(3,190)
(15,407)
8,571
3,894
4,677
(56,225)
(8,732)
(35,496)
(11,997)
-
(1,517)
5,668
3,859
1,809
(64,047)
(8,375)
(40,051)
(15,621)
(57,795)
11,463
5,498
5,965
(67,561)
(13,022)
(37,995)
(16,544)
-
(18)
-
(1,697)
28
7
-
7
20
39
-
39
(160)
-
-
-
870
-
-
870
2,143
-
-
2,143
386
-
-
386
-
21
-
21
-
73
6
67
166
-
-
166
Profit (loss) before taxes
(45,636)
265,560
205,077
386,111
473,054
344,739
325,978
372,680
331,373
116,426
184,150
153,692
Income tax expense (income)
(22,866)
(76,548)
(101,101)
(118,872)
414,913
251,360
(97,881)
(122,066)
(125,242)
(38,488)
(55,649)
(49,024)
(68,502)
(68,502)
189,012
189,012
103,976
103,976
267,239
267,239
887,967
887,967
596,099
596,099
228,097
228,097
250,614
250,614
206,131
206,131
77,938
77,938
128,501
128,501
104,668
104,668
Profit (loss) attributable to
(68,502)
189,012
103,976
267,239
887,967
596,099
228,097
250,614
206,131
77,938
128,501
104,668
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(3)
-
-
-
-
(3)
-
-
3
9,039,284
10,905,824
7,511,207
9,217,909
5,221
1,522,856
930,530
9,805
1,678,110
1,210,425
9,748,895
8,286,321
4,158
1,458,416
990,220
(6,953,255)
(8,175,432)
(7,456,629)
(5,149,046)
(6,323,836)
(5,637,926)
(838,996)
(903,489)
(811,849)
(965,213)
(948,107)
(1,006,854)
3,016,559
3,940,817
3,282,486
143,146
(442,217)
(859,869)
171,479
(671,025)
(937,650)
168,530
(694,262)
(816,247)
-
1,857,619
2,503,621
1,940,507
-
-
-
(614,224)
(683,668)
(567,471)
-
3,433
(5,234)
(241,540)
(279,234)
(116,704)
-
1,001,855
1,544,152
1,251,098
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(219,907)
(261,637)
(216,603)
223,020
14,687
208,333
(598,296)
(56,676)
(113,505)
(428,115)
161,586
(6,217)
285,720
26,372
259,348
(745,402)
(92,211)
(175,496)
(477,695)
206,845
(8,800)
223,121
27,301
195,820
(690,462)
(101,105)
(135,140)
(454,217)
260,137
(9,399)
28
903
-
903
20
12,909
6
12,903
(160)
546
-
546
-
782,879
1,295,444
1,034,881
-
(278,107)
160,650
(24,007)
-
-
-
504,772
1,456,094
1,010,874
504,772
1,456,094
1,010,874
504,772
1,456,094
1,010,874
STATEMENT OF CASH FLOWS
2020
2019
2018
2020
2018
2020
2019
2018
Argentina
Colombia
2020
Peru
2019
Distribution
Brazil
2019
Distribution
Eliminations
2018
2020
2019
2018
2020
Total
2019
2018
159,556
116,487
47,301
797,144
877,694
154,589
391,312
357,362
404,403
100,855
251,699
165,498
(115,347)
(184,578)
(82,268)
(740,848)
(818,838)
(533,164)
(381,939)
(303,833)
(296,082)
(126,493)
(163,888)
(111,035)
(54,133)
75,332
(118)
56,395
84,704
551,548
22,061
(158,135)
(79,475)
16,185
(66,594)
(104,032)
-
-
-
-
-
-
-
1,448,867
1,603,242
771,791
-
(1,364,627)
(1,471,137)
(1,022,549)
-
40,508
(64,693)
367,923
The Eliminations column corresponds to transactions between companies in different lines of business and country,
primarily purchases and sales of energy and services.
351
Annual Report Enel Américas 2020 NOTE 35. Guarantees with third parties,
contingent assets and, liabilities, and other
commitments
35.1 Direct guarantees
IN THOUSANDS OF U.S. DOLLARS – THUS$
Debtor
Assets Committed
Outstanding balance as of
Guarantees released
Creditor of Guarantee
Company
Relationship
Type of Guarantee
Type
Currency
Mitsubishi Corporation
Enel Generación Costanera S.A.
BNDES
Enel Distribución Rio S.A.
Various Creditors
Enel Distribución Ceará S.A.
Banco Bradesco
Fundação Cesp
Various Creditors
Various Creditors
Enel Distribución Goiás S.A.
Enel Distribuicao Sao Paulo S.A.
Enel Generación Piura S.A.
Enel Distribución Perú S.A.
Banco Continental SA
Enel Generación Perú S.A.
Creditor
Creditor
Creditor
Creditor
Creditor
Creditor
Creditor
Creditor
Pledge
Combined cycle
Pledge on collection and others
Collection accounts
Pledge on collection and others
Collection accounts
Pledge on collection and others
Collection accounts
Pledge on collection and others
Collection accounts
Mortgage
Mortgage
Mortgage
Fixed assets
Fixed assets
Fixed assets
ThUS$
ThUS$
ThUS$
ThUS$
ThUS$
ThUS$
ThUS$
ThUS$
Carrying
Amount
39,285
3,966
10,969
19,911
21,775
23,408
32,315
9,569
As of December 31, 2020, and 2019, the carrying amount of property, plant and equipment pledged as security for liabilities
amounted to ThUS$ 104,577 and ThUS$ 114,699, respectively (see Note 17.c.ii).
As of December 31, 2020, the Company had future energy purchase commitments amounting to ThUS$ 71,322,737
(ThUS$ 96,201,541 as of December 31, 2019).
35.2 Indirect guarantees
IN THOUSANDS OF U.S. DOLLARS – THUS$
Currency
12-31-2020
12-31-2019
2019
Assets
2020
Assets
2021
Assets
ThUS$
ThUS$
ThUS$
ThUS$
ThUS$
ThUS$
ThUS$
ThUS$
46,802
3,845
74,198
43,802
16,933
24,065
7,129
47,844
13,205
98,388
77,054
56,835
33,187
5,180
816,798
934,752
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Bono H
Bono M
Contract Name
BNP PARIBAS 4131
ITAÚ 4131
BNP PARIBAS 4131 II
Type
Joint &
Several
Joint &
Several
Guarantor DEBÊNTURES 9ª EMISSÃO (AMPL19)
Guarantor
Guarantor CITIBANK 4131 II
Guarantor
Guarantor
Guarantor CITIBANK 4131
Guarantor
Guarantor
Guarantor NP 3ª Emissão
Guarantor
Guarantor
Guarantor DEBÊNTURES - 23ª EMISSÃO - 1ª serie
Guarantor DEBÊNTURES - 23ª EMISSÃO - 2ª série
Guarantor
Guarantor CITI 4131 FORTALEZA
Fine
Fine
SCOTIABANK 4131 CELG II
BNP PARIBAS 4131 II
BNDES FINAME GIRO
SCOTIABANK 4131 CELG
FINEP - 1º Protocolo
FINEP - 2º Protocolo
BNP PARIBAS 4131
Ending Date
October 2028
December 2029
December 2020
February 2022
March 2021
July 2021
December 2022
January 2021
May 2023
August 2022
November 2020
November 2020
March 2021
September 2021
September 2023
jun-20
April 2020
February 2020
April 2024
Debtor
Name
Relationship
Type of
Guarantee
Balance pending as of
Currency
12-31-2020
12-31-2019
Divided companies of the orignal debtor, Endesa Chile (joint debor Endesa
Enel Generación Chile S.A.
Américas and post merger Enel Américas) *
Joint co-debtor
Divided companies of the orignal debtor, Endesa Chile (joint debor Endesa
Creditor of Guarantee
Bondholders Enel Generación Chile Bonds Program (formerly Endesa Chile)
Enel Generación Chile S.A.
Américas and post merger Enel Américas) *
Joint co-debtor
US$
70.897
67.285
Bondholders Enel Generación Chile Bonds Program (formerly Endesa Chile)
DEBENTURES
BNP PARIBAS
CITIBANK
ITAÚ
BNP PARIBAS
CITIBANK
BNDES
SCOTIABANK
ITAÚ BBA INTERNATIONAL PLC
SCOTIABANK
BNP PARIBAS- CREDIT AGREEMENT
DEBENTURES
DEBENTURES
BNP PARIBAS- CREDIT AGREEMENT
CITIBANK
FINEP
FINEP
Enel Distribución Rio S.A.
Enel Distribución Rio S.A.
Enel Distribución Rio S.A.
Enel Distribución Rio S.A.
Enel Distribución Rio S.A.
Enel Distribución Goiás S.A.
Enel Distribución Goiás S.A.
Enel Distribución Goiás S.A.
Enel Distribución Goiás S.A.
Enel Distribución Goiás S.A.
Enel Distribución Goiás S.A.
Enel Brasil
Enel Brasil
Enel Brasil
Enel Brasil
Enel Brasil
Enel Brasil
Enel Brasil
Enel Brasil
Enel Brasil
Enel Brasil
Enel Brasil
Enel Brasil
Enel Brasil
Enel Distribuicao Sao Paulo S.A.
Enel Distribución Sao Paulo
Enel Distribución Goias (ex-CELG)
Enel Brasil
Enel Generación Fortaleza
Enel Brasil
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
n.a
n.a
-
-
-
-
-
-
-
-
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
Guarantor
Guarantor
Guarantor
Guarantor
Guarantor
Guarantor
Guarantor
Guarantor
Guarantor
Guarantor
Guarantor
Guarantor
Guarantor
Guarantor
Guarantor
Fine
Fine
Total
335.240
-
79.612
96.461
77.194
39.230
18.170
48.870
33.108
136.305
270.297
-
-
-
-
-
-
-
341.010
149.148
102.642
96.891
77.203
-
145.929
25.054
48.870
217.443
48.056
-
177.479
352.037
50.597
60.908
253
15.756
1.205.384
1.976.561
(*) Upon the demerger of the original issuer, between Endesa Chile (currently Enel Generación Chile S.A.) and Endesa Américas, and in accordance with the
bond indenture, all entities arising from the demerger are liable for the debt, regardless that the payment oligation remains in Enel Generación Chile S.A. After
the merger carried out in 2016, the Company became liable for the obligations of Endesa Américas.
352352
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
Creditor of Guarantee
Company
Relationship
Type of Guarantee
Type
Currency
Currency
12-31-2020
12-31-2019
2019
Assets
2020
Assets
2021
Assets
Debtor
Assets Committed
Outstanding balance as of
Guarantees released
46,802
3,845
74,198
43,802
47,844
13,205
98,388
77,054
816,798
934,752
16,933
24,065
7,129
56,835
33,187
5,180
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
35.1 Direct guarantees
IN THOUSANDS OF U.S. DOLLARS – THUS$
Mitsubishi Corporation
Enel Generación Costanera S.A.
Pledge
Combined cycle
BNDES
Enel Distribución Rio S.A.
Pledge on collection and others
Collection accounts
Various Creditors
Enel Distribución Ceará S.A.
Pledge on collection and others
Collection accounts
Enel Distribución Goiás S.A.
Pledge on collection and others
Collection accounts
Enel Distribuicao Sao Paulo S.A.
Pledge on collection and others
Collection accounts
Banco Bradesco
Fundação Cesp
Various Creditors
Various Creditors
Enel Generación Piura S.A.
Enel Distribución Perú S.A.
Banco Continental SA
Enel Generación Perú S.A.
Mortgage
Mortgage
Mortgage
Fixed assets
Fixed assets
Fixed assets
Creditor
Creditor
Creditor
Creditor
Creditor
Creditor
Creditor
Creditor
ThUS$
ThUS$
ThUS$
ThUS$
ThUS$
ThUS$
ThUS$
ThUS$
Carrying
Amount
39,285
3,966
10,969
19,911
21,775
23,408
32,315
9,569
As of December 31, 2020, and 2019, the carrying amount of property, plant and equipment pledged as security for liabilities
amounted to ThUS$ 104,577 and ThUS$ 114,699, respectively (see Note 17.c.ii).
As of December 31, 2020, the Company had future energy purchase commitments amounting to ThUS$ 71,322,737
(ThUS$ 96,201,541 as of December 31, 2019).
35.2 Indirect guarantees
Guarantor DEBÊNTURES 9ª EMISSÃO (AMPL19)
IN THOUSANDS OF U.S. DOLLARS – THUS$
Contract Name
Type
Joint &
Several
Joint &
Several
Bono H
Bono M
Guarantor
BNP PARIBAS 4131
Guarantor CITIBANK 4131 II
Guarantor
ITAÚ 4131
Guarantor
BNP PARIBAS 4131 II
Guarantor CITIBANK 4131
Guarantor
BNDES FINAME GIRO
Guarantor
SCOTIABANK 4131 CELG
Guarantor NP 3ª Emissão
Guarantor
SCOTIABANK 4131 CELG II
Guarantor
BNP PARIBAS 4131 II
Guarantor DEBÊNTURES - 23ª EMISSÃO - 1ª serie
Guarantor DEBÊNTURES - 23ª EMISSÃO - 2ª série
Guarantor
BNP PARIBAS 4131
Guarantor CITI 4131 FORTALEZA
Fine
Fine
FINEP - 1º Protocolo
FINEP - 2º Protocolo
Ending Date
October 2028
December 2029
December 2020
February 2022
March 2021
July 2021
December 2022
January 2021
May 2023
August 2022
November 2020
November 2020
March 2021
September 2021
September 2023
jun-20
April 2020
February 2020
April 2024
Bondholders Enel Generación Chile Bonds Program (formerly Endesa Chile)
Creditor of Guarantee
DEBENTURES
BNP PARIBAS
CITIBANK
ITAÚ
BNP PARIBAS
CITIBANK
BNDES
SCOTIABANK
SCOTIABANK
DEBENTURES
DEBENTURES
CITIBANK
FINEP
FINEP
ITAÚ BBA INTERNATIONAL PLC
BNP PARIBAS- CREDIT AGREEMENT
BNP PARIBAS- CREDIT AGREEMENT
Bondholders Enel Generación Chile Bonds Program (formerly Endesa Chile)
Enel Generación Chile S.A.
Enel Generación Chile S.A.
Enel Distribución Rio S.A.
Enel Distribución Rio S.A.
Enel Distribución Rio S.A.
Enel Distribución Rio S.A.
Enel Distribución Rio S.A.
Enel Distribución Goiás S.A.
Enel Distribución Goiás S.A.
Enel Distribución Goiás S.A.
Enel Distribución Goiás S.A.
Enel Distribución Goiás S.A.
Enel Distribución Goiás S.A.
Enel Distribuicao Sao Paulo S.A.
Enel Distribución Sao Paulo
Enel Distribución Goias (ex-CELG)
Enel Generación Fortaleza
Enel Distribución Sao Paulo
Enel Distribución Sao Paulo
ThUS$
ThUS$
ThUS$
ThUS$
ThUS$
ThUS$
ThUS$
ThUS$
Debtor
Name
Relationship
Divided companies of the orignal debtor, Endesa Chile (joint debor Endesa
Américas and post merger Enel Américas) *
Divided companies of the orignal debtor, Endesa Chile (joint debor Endesa
Américas and post merger Enel Américas) *
Enel Brasil
Enel Brasil
Enel Brasil
Enel Brasil
Enel Brasil
Enel Brasil
Enel Brasil
Enel Brasil
Enel Brasil
Enel Brasil
Enel Brasil
Enel Brasil
Enel Brasil
Enel Brasil
Enel Brasil
n.a
n.a
Type of
Guarantee
Balance pending as of
Currency
12-31-2020
12-31-2019
Joint co-debtor
US$
70.897
67.285
Joint co-debtor
Guarantor
Guarantor
Guarantor
Guarantor
Guarantor
Guarantor
Guarantor
Guarantor
Guarantor
Guarantor
Guarantor
Guarantor
Guarantor
Guarantor
Guarantor
Fine
Fine
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
US$
335.240
-
79.612
96.461
77.194
39.230
-
18.170
48.870
-
-
33.108
136.305
270.297
-
-
-
-
341.010
149.148
102.642
96.891
77.203
-
145.929
25.054
48.870
217.443
48.056
-
177.479
352.037
50.597
60.908
253
15.756
Total
1.205.384
1.976.561
353
Annual Report Enel Américas 2020 35.3 Litigation and Arbitration Proceedings
As of the date of these consolidated financial statements, the most relevant litigation and arbitration proceedings of Enel
Américas and its subsidiaries are the following:
a) Pending lawsuits, Enel Américas
The Chilean Tax Authority (SII) carried out a regular audit for the 2012 business year (Tax Year 2013). On September 4, 2015, it
provided notice of a tax assessment for the additional tax due, based on article 74 of the Income Tax Act, justifying its position
on the ground that a modification of the Taxable Profits Fund (Fondo Utilidad Tributaria or FUT) allegedly entailed a modification
of the base for the additional tax. The company responded that the SII had accepted the income rectification and the income
tax return it had filed, thereby accepting the declared tax amounts. On December 23, 2015, Enel Américas (formerly named
Enersis S.A.) filed a tax claim before the Tax and Customs Courts (TTA), claiming that the tax obligation had been fully complied
with, since the additional tax had been paid provisionally on a monthly basis, and the tax obligation had been fully settled and
resolved when the income rectification was made on May 8, 2014, which included the rectification of the FUT amount. An
unfavorable ruling was rendered and the company filed an appeal in January 2018. The case was pleaded before the Court of
Appeals on September 12, 2018 and the decision on the appeal was unfavorable, with the dissenting vote of one judge. On
November 15, 2018, the company filed another appeal, which was declared admissible by the Court of Appeals and is pending in
the Supreme Court. In January 2019, the General Treasury of the Republic notified Enel Américas of a tax payment due. On March
1, 2019, the company requested the ruling of the Court of Appeals on the suspension of tax collection presented on November
8, 2018. On March 11, 2019, the Court of Appeals decided to suspend the collection of taxes for the maximum legal term of six
months. On March 15, 2019, the case entered the Supreme Court for its substantive admissibility examination. On March 19,
2019, the company’s cassation appeal was accepted. In September 2019, the extension of the tax collection suspension was
requested. On October 25, 2019, the Supreme Court agreed to renew the suspension of the tax collection. During the interim
period while the Supreme Court had not yet issued a judgment on the suspension of tax collection, the General Treasury of
the Republic seized funds in a current account of Enel Américas. The Treasury cannot dispose of such funds by order of the
Supreme Court. In December 2019, a renewal of the tax collection suspension was requested. On January 3, 2020, the Court
granted the company's request. On March 30, 2020, a renewal of the fund transfer suspension was requested. On April 7, 2020,
the Court granted the company's request. On June 15, 2020, a renewal of the tax collection suspension was requested. On June
22, 2020, the Court granted the company's request. On September 4, 2020, the renewal of the tax collection suspension was
requested. On September 9, 2020, the Court granted the company's request. On November 27, 2020, the Company requested
a renewal of the tax collection suspension. On December 2, 2020, the Court granted the company's request.. The amount
under dispute is ThCh$ 7,744,293, or approximately ThUS$ 10,900.
b) Subsidiary pending lawsuits:
Colombia:
1.
José Rodrigo Alvarez and approximately 1,400 other individuals — all of them residents of the municipality of Garzón —
filed a class-action lawsuit, currently pending in the Fourth Civil Court of the Circuit of Bogotá, against Emgesa S.A. ESP.
It is claimed that, as a consequence of the construction of El Quimbo hydroelectric project, their income from artisanal
and business activities was reduced by an average of 30% even though the socioeconomic study of the project had
taken this into account. The amount of the claim is ThUS$ 9,021, equivalent to ThCOP 30,870,677. The case has been
in the evidentiary stage since 2016 and no expert opinion has been issued due to the counterparty’s lack of activity. On
May 8, 2019, the court granted approximately US$200 for expert expenses, without the plaintiff having paid the expenses
to date. The company is waiting for a decision on the withdrawal of the request for the expert’s opinion and the final
arguments to continue.
2.
A lawsuit for nullity and restoration of the right was filed by Emgesa against the Colombian Directorate of National Taxes
and Customs (DIAN) before the Administrative Court of Huila. Emgesa (formerly Central Betania) enjoyed a tax benefit on
corporate income tax, known as the "Páez Law", which established a tax exemption for companies located in a specific area
that suffered a catastrophe. The Colombian tax authorities (DIAN) challenged the method used by Emgesa to determine
354354
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information the taxable base of the income tax using this benefit. Basically, DIAN’s position is that certain Emgesa revenues, such as
adjustments for inflation and non-operating income, do not qualify for this tax exemption because they are not related to
the electricity generation activity. However, Emgesa believes that, in accordance with the Law, this special benefit applies
to the company as an entity and not just to certain company revenues. On July 27, 2017, the Huila Administrative Court
issued a ruling accepting the arguments of DIAN, considering that there is no benefit on these revenues, considering that
they do not come from the development of the company's corporate purpose. The ruling did not provide a substantive
legal basis and did not rule on various defenses presented by the company. Similarly, the Court confirmed the sanction
of inaccuracy without analyzing the difference in criteria or defining the punishable act. Therefore, on August 10, 2017,
Emgesa filed an appeal reiterating that the benefit falls on the company and the law does not discriminate its application
when it comes to non-operating income. New rulings of the Council of State that support the position of the company
were considered. It was insisted that there is a difference in criteria and therefore the sanction of inaccuracy should be
lifted. On September 22, 2017, the proceeding was assigned in the Council of State where the second instance review
took place. On November 24, 2017, Emgesa’s lawyers presented the closing arguments and in January 2018 the file entered
the magistrate's office for the final decision. On October 15, 2020, the State Council issued a second and final judgment
unfavorable to Emgesa, which concluded that the exemption from the Paez Law only benefited operating income. The
judgment ordered Emgesa to pay COP $63,766 million (ThUS$ 18,634) for the higher tax assessed, a penalty, indexation
of the penalty and interest on arrears. This amount was paid on November 26, 2020.
3.
Comepez S.A. and other fish farm and artisanal fishermen companies filed a class action lawsuit No.
41001233300020140052400 against Emgesa S.A. ESP, the Colombian Ministry of Environment and Development and
the Colombian Ministry of Mines and Energy, which is currently under review by the Huila Administrative Court. Fishermen
are seeking the protection of collective rights and a healthy environment, public health, food security and safety and
the prevention of technically foreseeable disasters. Furthermore, the plaintiffs are seeking the issuance of an order
compelling the entities to immediately take the necessary corrective and preventive measures to halt the imminent
danger of massive fish mortality in the Betania reservoir fish farming projects, relating to the filling of the reservoir and
the operation of the El Quimbo hydroelectric project. This lawsuit does not have a specified monetary amount because
of its nature as an action regarding the protection of collective rights. The matter has been pending decision since
June 18, 2018. During the evidentiary stage, the environmental authorities ANLA and CAM jointly presented a report in
which they stated that the company had complied with the obligations imposed by the Administrative Court within the
injunctive measures, even though the matter has no quantified claims. The final arguments were presented by Emgesa
on June 15, 2018, and the matter was submitted for consideration on June 18, 2018. The company expects that a first
judgment will be issued before the end of the first quarter of 2021. On January 12, 2021, the first instance judgment by
the Court of Huila (formally noticed to the Company on February 1, 2021) became known, which, although recognized
that the oxygenation system implemented by Emgesa mitigated the risks associated with the protection of fauna in
the Betania basin, imposed a number of obligations on the environmental authorities involved, as well as on Emgesa
itself. In particular, the latter is required to implement a decontamination project aimed at ensuring that the water in the
basin does not generate risks for the river's flora and fauna, which will be subject to verification by ANLA, as well as to
permanently ensure the operation of the oxygenation system already implemented, adapting it to the parameters required
by ANLA. The Company will file an appeal on the decision once the Court has defined certain requests for clarification
and integration of the judgment." The first instance judgment only ordered the Company to conduct a decontamination
project but there was no economic recognition for the plaintiff. Should the judgment be confirmed such project will be
assumed by the business line and there will be no payments.
4.
In a class-action lawsuit filed by several residential complexes — including La Sabana Medical Center — against Codensa
S.A. in the First Administrative Court of the Bogotá Capital District under No. 1-001-33-34-001-2014-00056-00, the
plaintiffs demand the refund of an alleged tariff cost excess that they were charged due to a failure to apply a tariff benefit
to which the plaintiffs argue they are entitled as Voltage Level One users and infrastructure owners, as established in
Resolution No. 082 of 2002, modified by Resolution No. 097 of 2008. Codensa responded to the complaint by rejecting
it in its entirety. A conciliation hearing was held between the parties, without success. An evidence order was issued on
May 15, 2018 and the joinder of new plaintiffs was denied. The proceedings are in the evidentiary stage, and the estimated
value of this lawsuit is approximately COP337,000 million (ThUS$ 98,480). A judgment has not yet been issued because
there is no certainty of the plaintiffs' claim.
355
Annual Report Enel Américas 2020 5.
Henry Andrew Barbosa filed a class-action lawsuit against Codensa and the Special Public Services Administrative Unit
(UAESP) under File No. 2009-0069 of the Bogotá Capital District before the Tenth Administrative Judge of the Bogotá
Capital District. Subsequently, Codensa filed an action for nullification and restoration of rights against the UAESP, under
File No. 2018-00718, which is currently pending before the Administrative Court of Cundinamarca. In the class action,
the judge ordered Codensa and the UAESP to reassess the 1997 Public Lighting Agreement signed between them, since
it was determined that there were 8,661 fewer streetlights than Codensa had taken into account in its billing. In 2014,
the parties agreed to the reassessment and carried out a transaction for the periods 1998 to 2004, resulting in a debt
of COP14,433 million (ThUS$4,218) owed by Codensa to the UAESP. By an order of June 1, 2017, the Court refused to
consider the above-mentioned 2014 agreement and instead ordered the UAESP to carry out a unilateral assessment.
In compliance with the order, the UAEPS issued Resolution No. 000730 of December 18, 2017, where it determined that
Codensa should pay COP113,082 million (ThUS$33,046). The nullification and restoration of rights action filed against the
UAESP was in the notification stage and the UAESP was in the process of answering the demand. On August 21, 2019,
the Administrative Court of Cundinamarca at the initial hearing determined that no further evidence was needed and
ruled against Codensa, subtracting any value from the reassessment agreed by the parties in 2014. An appeal was filed
and submitted to the Council of State. The UAESP had begun the collection process, but the collection was suspended
with the admission of the nullification action. Codensa paid COP24,400 million (ThUS$7,130), which it considers its
obligation to pay under the 2014 reassessment agreements. In total, the nullification action has an approximate value of
COP88,698 million (ThUS$ 25,920).
6.
On December 4, 2017, Grupo Energía de Bogotá (GEB) notified Enel Américas of its intention to submit to arbitration the
dispute between the parties regarding the distribution of the profits of the 2016 fiscal year for Emgesa and Codensa
in accordance with the provisions of the Investment Framework Agreement (AMI). GEB claims that Enel Américas is
acting contrary to its own previous conduct by voting for a 70% distribution of profits, under the allegedly incorrect
interpretation that this proportion corresponds to “all available profits in accordance with good commercial practice.”
Furthermore, GEB claims that Enel Américas’ conduct violates the provisions of Clause 3.8 of the AMI, which regulates the
form of distribution of profits by obliging the parties to vote in favor of the distribution of all (100%) profits that may be
distributed during each fiscal year. The claims seek a declaration of Enel Américas’ breach of the AMI and the consequent
distribution of 100% of the profits of the 2016 fiscal year for each company. The amounts claimed not received by GEB as
a consequence of the partial distribution of profits were COP63,619 million (ThUS$18,591) for Codensa and COP82,820
million (ThUS$24,202) for Emgesa. GEB decided to withdraw the claims to make amendments and to include new issues.
On October 8, 2018, GEB filed a new arbitration claim with the Arbitration Center of the Chamber of Commerce of Bogotá
for the alleged breach of the AMI in relation to the failure by Emgesa and Codensa to make full distributions of dividends
in 2016, 2017, and 2018 and a breach of other provisions of the shareholders’ agreements and requesting compensation
for damages. The new claims amount to ThCOP1,876,417,133 (ThUS$ 548,339), plus interest. The arbitration is in the
closing arguments phase and a hearing was scheduled to receive final arguments on February 10, 2021.
7.
Thirty-seven applications for arbitration proceedings were filed by Grupo Energía Bogotá against Codensa (17) and
Emgesa (20), seeking the nullification of the Minutes of the Board of Directors and the Shareholders’ General Meeting.
These applications present, among others, the following arguments: i) Conflicts of Interest with economically-affiliated
companies; ii) Impossibility of ratifying authorizations to contract; iii) Improper waiving of conflicts of interest; iv) Violation
of the AMI in terms of distribution of profits; and v) insufficient information for decision making. The applications are
similar in that they indicate that the decisions are flawed because they contravene fundamental principles, they are null
and void due to their unlawful object and reason, they breach AMI provisions regarding the distribution of profits and
certain minutes were approved while the arbitration was pending. The amount is undetermined. However, the case involves
decisions made about transactions with companies with a high-impact economic link to the business. On July 5, 2018,
the selection of arbitrators took place given that there was no agreement regarding the appointment of arbitrators or
the consolidation of the arbitrations with the arbitration against Enel Américas. These arbitration proceedings are in their
initial phase. By order dated June 21, 2019, the Court of Arbitration consolidated the proceedings into a single arbitration
because the claims are similar, they can be carried out in the same proceeding, are between the same parties, and use the
same evidence. Accordingly, only one arbitration will be conducted with respect to Emgesa which caused GEB to revise
its claim. With respect to Codensa, a similar decision was issued on October 25, 2019, ordering the consolidation of 17
arbitration proceedings into a single proceeding. In the Emgesa arbitration, the response to the claim was submitted;
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798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information however, the parties mutually agreed to suspend the proceeding until December 28, 2020. In the Codensa arbitration, the
response to the claim was submitted; however, the parties by mutual agreement requested suspension of the proceeding
until December 28, 2020. Subsequently, there was an additional extension of this suspension.
Peru:
8.
The Peruvian National Customs and Tax Authority (SUNAT) challenged Enel Generación Perú S.A.A. (formerly known
as Edegel), through Notices of Assessments and Penalties, about the deduction as an expense of the depreciation
corresponding to part of the highest book value assigned to the assets in the appraisal carried out as a result of their
voluntary revaluation in 1996. The rejected value of the appraisal relates to financial interest paid during the construction
stage of the power generation plants. SUNAT’s position is that Enel Generación Perú has neither reliably demonstrated
that it was necessary to obtain financing in order to build the generation plants that were revalued, nor that such
financing had actually been incurred. Enel Generación Perú’s position is that SUNAT cannot demand such proof, since
the appraisal is intended to assign to the asset the market value appropriate to it at the time the appraisal is conducted,
and not its historical value. In this case, the appraisal methodology took into consideration the fact that power plants
of such magnitude are built with financing. If SUNAT did not agree with the valuation, it should have presented its own
appraisal, which it did not do.
For the year 1999: In February 2012, the Tax Court (“TF”) resolved the lawsuit regarding the 1999 tax year in favor of Enel
Generación Perú with regard to two plants and against it with respect to four plants, reasoning that only the first two
were proven to have been financed. Enel Generación Perú paid the taxes reassessed by SUNAT in June 2012, amounting
to ThPEN37,710 (ThUS$10,423), which will have to be refunded if a favorable outcome is obtained in the complaint filed
with the judicial courts (“PJ”) against the TF’s decision, filed in May 2012 against SUNAT and the TF.
In March 2018, Enel Generación Perú received the Court of Appeals’ decision declaring the PJ’s decision null and void
and ordering the rendering of a determination on the claim. The file was referred to the PJ in June 2018. The judgment
was notified to Enel Generación Perú in January 2020, whereby the PJ declared all claims groundless. In the same month,
Enel Generación Perú filed an appeal.
In July 2020, Enel Generación Perú was notified of the resolution granting the appeal. In September 2020, the case was
heard in the Court of Appeals and pleadings were filed. In October 2020, Enel Generación Perú was notified of the judgment
issued by the Court of Appeals, which partially confirmed the first instance judgment, declaring the main claim groundless
(partial nullity of the TF resolution, as it refused to include “interest during construction” in the calculation of the “new
similar value”), as well as the second main claim (SUNAT is ordered to consider such interest in the calculation model) and
their respective supplementary claims. Likewise, the Court of Appeals voided the judgment and ordered the file to be sent
back to the PJ for a ruling on the subordinate claim (reimbursement of late interest for undue delay). This position placed
Enel Generación Perú in an unusual situation since, on the one hand, it had to challenge the judgment before the Supreme
Court through a cassation appeal and, on the other hand, the PJ would have to rule on the subordinate claim.
In November 2020, Enel Generación Perú filed a cassation appeal against the aforementioned judgment issued by the
Court of Appeals. In that same month, Enel Generación Perú was notified of the Court of Appeal’s resolution, whereby
the Court of Appeals deemed the cassation appeal to have been filed; however, Enel Generación Perú will not escalate
the appeal to the Supreme Court until the PJ rules on the subordinate claim.
For the years 2000 and 2001: The reasoning adopted for the 1999 tax year was applied to the 2000 and 2001 periods
and Enel Generación Perú paid ThPEN18,786 (ThUS$5,193).
Judicial case: In March 2018, the PJ rendered a decision declaring the lawsuit groundless, and ruled in favor of Enel
Generación Perú S.A.A. with respect to the non-application of interest on the advances from March to December 2001.
During the same month, Enel Generación Perú S.A.A. appealed the unfavorable portion of the judgment. In December
2018, the oral report was submitted and several briefs were submitted. In December 2018, the PJ issued a ruling to void
the trial court decision, ordering that the trial court issue a new decision considering the arguments set out in its ruling.
In March 2019, the PJ returned the case file to the trial court. In May 2020, Enel Generación Perú S.A.A. learned that the
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trial court had issued a judgment declaring that the claim of Enel Generación Perú S.A.A. was partially admissible, but
only with respect to the claim related to the collection of late interest for failure to make payments on account for the
periods from March to December 2001. The other claims were declared groundless. In August 2020, Enel Generación
Perú S.A.A. appealed the trial court's decision. In December 2020, Enel Generación Perú S.A.A. was notified of the trial
court’s resolution, which ordered a stay of execution for the appeal and the file was submitted to the PJ.
Administrative case: In August 2017, Enel Generación Perú S.A.A. was notified of the Compliance Order, which was issued
taking into consideration the TF’s ruling for the 1999 fiscal year, by means of which SUNAT reassessed the tax due for the
period 2000-2001. According to SUNAT, Enel Generación Perú S.A.A.’s updated tax due amounted to PEN 220 million,
because of the annual corporate tax for 2000, a related fine, and payments on account for the 2001 fiscal year. Also, the
discounted credits in the company’s favor amounted to PEN 22 million for the 2001 corporate tax. In September 2017,
Enel Generación Perú S.A.A. was served with a decision in which SUNAT corrected the Compliance Order of August
2017, stating that it had applied an incorrect restatement factor to the assessed tax, which resulted in the tax assessed
by SUNAT amounting to PEN 190 million, rather than PEN 220 million. In September 2017, Enel Generación Perú S.A.A.
appealed the above-mentioned Compliance Order. Enel Generación Perú S.A.A. presented written arguments in July
2018. In October, the oral report was made, and arguments were presented.
Forthcoming legal actions:
For the year 1999: Enel Generación Perú S.A.A is awaiting the trial court’s issuance of a judgment on Enel Generación
Perú´s lawsuit.
For the years 2000-2001: Enel Generación Perú is awaiting the TF’s issuance of the corresponding resolution and for
the trial court to issue a ruling on Enel Generación Perú’s lawsuit.
The total amount involved in these lawsuits is estimated at ThPEN75,821 (ThUS$20,958).
9.
SUNAT disallowed recognition by Enel Distribución PerúS.A.A. (formerly known as Edelnor) of the commercial energy
losses recognized by the company between 2006 and 2011, equivalent to approximately 2% of the total purchased and
self-generated energy. SUNAT challenged the cost of sale of that energy determined by Enel Distribución Perú S.A.A., on
the basis of an energy theft crime that was not established by the courts of law. SUNAT’s position is that the infeasibility
of a legal action can only be demonstrated through a police report and a resolution issued by the Attorney General (Public
Prosecutor’s Office) declaring, on a definitive or provisional basis, the filing of the criminal action for energy theft. The TF
has rendered some decisions stating that such a resolution is necessary. Enel Distribución Perú’s position is that since
the law does not establish a specific mechanism on how the unfeasibility of a legal action will be demonstrated, it is
possible to present any available, appropriate and reasonable evidence for this situation (free review of evidence). Enel
Distribución Perú chose to demonstrate that it was futile to prosecute these crimes through legal actions, presenting
reports produced by specialized engineers, reports issued by the General Directorate of Electricity (DGE) of the Ministry
of Energy and the Mines and by the Energy and Mining Investment Supervisor Authority (OSINERGMIN), the Peruvian
electricity regulatory authority, demonstrating that there was no sense to go to the courts and prosecute a crime that
would be futile because the perpetrators of the crime, the exact occurrence of theft, the specific place where it occurs
and the amount stolen at each opportunity could not be identified. The TF has allowed this type of proof in case of theft
in the distribution of water (an industry similar to the distribution of electricity) and has not indicated that a resolution
issued by the Attorney General (Public Prosecutor’s Office) is the only admissible evidence demonstrating the futility of
pursuing legal action in this case.
The proceedings have progressed as follows:
For the year 2006: The TF ruled against Enel Distribución Perú in the appeal, although it agreed with Enel Distribución Perú’s
position based on the disputed issue. Therefore, the TF upheld the defense after concluding that Enel Distribución Perú did
not demonstrate the amount of commercial losses attributable to theft. This finding stems from the fact that commercial
energy loss is not exclusively composed of stolen energy, but also of energy lost due to other reasons, such as measurement
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errors, billing errors and errors in estimating physical losses. Due to the immediate enforceability of the TF judgment, Enel
Distribución Perú paid the tax due in full to SUNAT amounting to a total of PEN14,517 million (US$4,013 million). Following a
decision partially in favor of Enel Distribución Perú, in January 2017, both SUNAT and Enel Distribución Perú filed cassation
appeals with the Supreme Court of Justice. In January 2018, Enel Distribución Perú was served with the decision dismissing
its cassation appeal and upholding SUNAT’s extraordinary appeal. In November 2019, Enel Distribución Perú was served
with the judgment of the Supreme Court stating that the cassation appeal filed by SUNAT should be declared founded,
and, consequently, nullified the second instance judgment, and ordered that a new decision had to be issued. In August
2020, Enel Distribución Perú was served with the judgment of the Court, which declared the subordinate claim admissible
and, consequently, ordered the return of the administrative file to SUNAT, in order for SUNAT to determine, based on the
existing evidence, the percentage of extraordinary losses due to electricity theft. In the same month, the TF and SUNAT
filed appeals against the judgment, which were submitted to the Supreme Court in September 2020.
For the years 2007 and 2008: Considering the result obtained in connection with the 2006 tax year, Enel Distribución Perú
initiated a new defense strategy: (i) theoretically, commercial energy losses may be composed of errors of measurement,
billing and estimate of physical losses; (ii) since such losses are determined by “subtraction” (the energy that entered the
system “minus” the energy supplied to customers and “minus” the physical loss of energy), commercial energy loss may
actually be composed of such errors only in cases of under-measurement or under-invoicing or underestimation of
physical losses; (iii) if there are no such errors, the amount shown as commercial energy loss is composed only of losses
from theft, (iv) during the inspection, SUNAT reviewed both the billing and the physical loss report and neither challenged
nor investigated them; therefore, in this respect, SUNAT cannot raise billing errors or errors in estimating physical losses
as part of the commercial energy loss and (v) with respect to measurement errors, the margins for this type of errors are
minimal as a business’s electrical energy distribution is regulated.
For the year 2007: Enel Distribución Perú presented evidence that a small amount of loss was attributable to under-
measurement. At that time, commercial energy losses consisted mainly of theft (95%) and, to a lesser extent (5%),
measurement errors. Enel Distribución Perú presented an oral report and its arguments.
For the year 2008: Enel Distribución Perú presented evidence that demonstrated an excess of measurement. Therefore,
commercial energy losses were only theft. In December 2019, Enel Distribución Perú was notified of the TF’s ruling which
rendered a partially favorable decision. In its decision, the TF (i) revoked and left without effect the position of the SUNAT
related to the 2008 income tax; (ii) revoked the tax and fine assessments related to advance payments for the period
March to December 2008; (iii) confirmed the tax and fine assessments related to the advance payments for the periods
January and February 2008.
In August 2020, Enel Distribución Perú was notified that a Contentious Administrative Lawsuit against the decision of
the TF had been filed by SUNAT. In September 2020, Enel Distribución Perú answered the lawsuit.
For the year 2009: SUNAT objected to the deduction of commercial energy losses, for the same reasons as in previous
years. In November 2013, Enel Distribución Perú filed a claim in which, in addition to reiterating the reasons why the
commercial loss of energy is deductible, provided evidence that demonstrated that the loss of commercial energy
consisted mainly of theft (93%) and, to a lesser extent (7%), of measurement errors. In June 2014, SUNAT requested
information on the details of the “standard energy loss” calculation. In July 2014, Enel Distribución Perú responded to the
points requested by SUNAT. In August 2014, SUNAT served Enel Distribución Perú with the decision ruling on the latter’s
claim. In that decision, SUNAT set aside the objection related to the standard loss of commercial energy, confirming the
excess attributable to such amount. In September 2014, Enel Distribución Perú paid the debt it owed to SUNAT amounting
to ThPEN5,274 (ThUS$1,458), which amount includes default interest on account payments and fines, and filed an appeal
with the TF. In July 2019 Enel Distribución Perú was notified of the TF’s ruling which rendered an unfavorable decision
against the company. In October 2018, Enel Distribución Perú filed a lawsuit against the TF ruling before the PJ, which
was admitted by the court the same month. In December 2019, the PJ received the response to the claim from SUNAT
and the TF, declared the process ready to proceed, set out the controversial points and admitted the evidence. In the
same month, Enel Distribución Perú requested that a date was set for the oral report and requested a hearing. In July
2020, the oral report was scheduled for April 21, 2021.
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For the year 2010: SUNAT only objected to the deduction of commercial energy losses corresponding to the excess
of the standard commercial energy loss. In July 2015, Enel Distribución Perú paid the debt owed to SUNAT amounting
to ThPEN5,084 (ThUS$1,405) including taxes, interest on late payments and fines. A claim was filed with SUNAT. In April
2016, Enel Distribución Perú was notified of SUNAT’s decision, which maintained the objections, and an appeal was
filed that same month. In January 2020, Enel Distribución Perú was notified of the TF’s resolution confirming SUNAT's
position: not allowing for the deduction of the excess of the standard energy loss. In June 2020, Enel Distribución Perú
filed a Contentious Administrative Lawsuit against the TF’s resolution. In September 2020, the TF and SUNAT answered
the claim.
For the year 2011: SUNAT also objected to the deduction of commercial energy losses corresponding to the excess of
the standard commercial energy loss. In July 2016, Enel Distribución Perú paid the debt owed to SUNAT amounting to
ThPEN3,126 (ThUS$864), which amount includes default interest on account payments and fines. In September 2016,
Enel Distribución Perú was served with tax assessments and fines. In October 2016, Enel Distribución Perú filed a claim
against the taxes and fines. In June 2017, Enel Distribución Perú received SUNAT’s decision which maintained the objections
raised. In July 2017, Enel Distribución Perú filed an appeal. In February 2020, Enel Distribución Perú was notified of the
TF’s decision that confirmed the position of SUNAT, which would not permit the deduction of the excess of the standard
energy loss.
In June 2020, Enel Distribución Perú filed a Contentious Administrative Lawsuit against the TF resolution and was notified
that the Contentious Administrative Lawsuit was accepted, and that SUNAT and the Tax Court had 10 business days to
respond. In July 2020, the claim was deemed to have been answered. In August 2020, the proceedings were declared
settled, the disputed points were resolved, and the evidence was admitted. In October 2020, the Court scheduled the
oral report for June 18, 2021.
For the year 2014: SUNAT also objected to the deduction of commercial energy losses in excess of the standard commercial
energy loss. It should be noted that Enel Distribución Perú paid the income tax associated with this expense, with the
presentation of the original annual affidavit, which amounted to ThPEN 3,582 (ThUS$ 990). ). In January 2020, Enel
Distribución Perú filed a claim against the tax assessment. In March 2020, Enel Distribución Perú submitted evidence
and its brief, attaching additional supporting documentation. In December 2020, Enel Distribución Perú was notified of
the SUNAT resolution which, among others, reaffirmed the objection related to the excess of the standard commercial
energy loss.
Forthcoming legal actions:
For the year 2006: Enel Distribución Perú is waiting for the PJ’s Supreme Court to analyze the cassation appeals presented.
For the year 2007: Enel Distribución Perú is waiting for the TF to issue a resolution.
For the year 2008: Enel Distribución Perú is waiting for the case to be declared ready to proceed, the controversial points
to be defined and the evidence to be admitted.
For the year 2009: Enel Distribución Perú is waiting for oral report.
For the year 2010: Enel Distribución Perú is waiting for the case to be declared ready to proceed, the controversial points
to be defined and the evidence to be admitted.
For the year 2011: Enel Distribución Perú is waiting for the oral report.
For the year 2014: Enel Distribución Perú will file an appeal against SUNAT’s resolution.
The total amount involved in these lawsuits is estimated at PEN 83,360 million (ThUS$ 23,041).
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798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
10.
In 1997, Enel Generación Perú, Perené and Simsa entered into a joint venture agreement for the development of the Chimay
and Yanango power plants, agreeing to a payment of US$13 million for Enel Generación Perú. In 1998, Enel Generación
Perú signed a contract with its parent company, Generandes (now Enel Perú, after the merger with Generandes), for Enel
Perú to provide supervision services for the construction of the power plants, agreeing to a payment of US$13 million
for Enel Perú. In turn, Enel Perú entered into contracts with its shareholders, Entergy Perú and Conosur, transferring its
commitments with Enel Generación Perú and agreeing to a payment of US$3 million for each party. SUNAT challenged
this transaction the following reasons: (i) in the case of Enel Generación Perú, for using the VAT as a tax credit that was
surcharged by Enel Perú, and (ii) in the case of Enel Perú, for treating the expense as deductible from the company’s
income tax and for using the VAT as a tax credit that was surcharged by its shareholders. SUNAT’s position is that the
transactions are not valid because Enel Perú and its shareholders are holding companies that have no personnel to provide
such services. The supervision services were provided directly by Enel Generación Perú through its own personnel. The
TF has supported SUNAT’s position in resolutions Nos. 15281-8-2014 and 11180-5-2017 issued for the Enel Generación
Perú and Enel Perú cases, respectively. Taking this into consideration, Enel Perú expects that the PJ will issue a new
decision, indicating that there are no costs and no revenues. According to this expected new determination, there
would be a payment due in excess of Enel Perú’s income tax paid, and this excess would be offset with VAT, eliminating
the contingency for this case.
The proceedings have progressed as follows:
After an adverse decision in the administrative process, Enel Perú paid SUNAT the tax owed of ThPEN 87,055 (ThUS$
24,063) and filed a lawsuit against SUNAT and the TF. In September 2019, Enel Perú was notified of the ruling that declared
the claim unfounded, except in a petition. In that same month, Enel Peru filed an appeal against the aforementioned
ruling. In August 2020, Enel Perú was notified of the judgment of the appeals court that declared the judgment of the
court void and ordered it to issue a new ruling.
The total amount involved for this lawsuit is ThPEN 87,055 (ThUS$ 24,063), which has been duly paid. The judicial file is
pending again in the court for it to issue a new ruling.
11. On July 5, 2016, Electroperú filed a request for arbitration against Enel Generación Perú due to disagreements regarding
the interpretation of certain technical aspects (committed power, start date of the contract’s second stage, determination
of the Base Gas Price) of an electric power supply contract entered into in 2003. The total amount of this arbitration is
estimated at approximately PEN136.66 million (US$41.2 million). At the same time, the dispute stems from claims by Enel
Generación Perú against Electroperú for approximately US$18.5 million. Electroperú filed its claim on June 4, 2017 and
Enel Generación Perú filed its answer to the claim and its counterclaim on August 4, 2017. On August 10, 2017, the arbitral
panel notified Enel Generación Perú of the settlement of the arbitration expenses. On September 18, 2017, Electroperú
filed its counter-argument to the answer to the claim and counterclaim that had been filed by Enel Generación Perú.
On October 3, 2017, Electroperú filed its response to the counterclaim that had been filed by Enel Generación Perú. On
November 2, 2017, Enel Generación Perú filed its answer to the response that had been filed by Electroperú. On November
17, 2017, Enel Generación Perú acknowledged proper service of the response to the counterclaim filed by Electroperú.
On January 2, 2018, Enel Generación Perú filed its counter-response to the arguments made by Electroperú. Arbitration
hearings were held on July 23, 24 and 25, 2018. On August 24, 2018, the parties filed their closing arguments. On August
20, 2019, the final arbitration award was rendered in which the majority of the arbitral panel decided: (i) in the first claim
of Electroperú, Enel Generación Perú was ordered to pay Electroperú ThUS$41,289, plus interest; (ii) in the second claim
of Electroperú, Enel Generación Perú was ordered to pay Electroperú PEN49,229, plus interest; (iii) Enel Generación
Perú’s counterclaim was deemed unfounded; and (iv) Enel Generación Perú must fully assume the costs of the arbitration
proceeding and must reimburse Electroperú the amount of ThUS$589. On September 11, 2019, Enel Generación Perú
submitted an appeal to the arbitral panel requesting (i) the exclusion of the arbitral award for Electroperú’s claims not
contained in Electroperú’s arbitration demand and (ii) an interpretation of the arbitral award to remedy errors in motivation
and assessment of the evidence. On October 9, 2019, the arbitral panel issued its decision on the appeal, rejecting it in
its entirety. On November 6, 2019, Enel Generación Perú filed an appeal for annulment of the arbitration award before the
Courts. On September 22, 2020, Enel Generación Perú was notified of the judicial resolution admitting for processing the
aforementioned appeal for annulment. As of December 31, 2020, the decision by the Judiciary regarding Enel Generación
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Perú’s request for suspending the effects of the arbitration award is pending issuance. Likewise, Electroperú has not yet
answered the claim for annulment of the arbitration award. Additionally, on September 1, 2020, Enel Generación Perú
was notified of a judicial resolution that (i) admits for processing a demand for enforcement of the referred arbitration
award filed by Electroperú and (ii) orders Enel Generación Perú to comply with the payment obligation contained in the
award. On September 7, 2020, Enel Generación Perú submitted a written opposition to the aforementioned resolution
to enforce the arbitration award.. As of December 31, 2020, the Judiciary has not yet formally notified Electroperú of the
writ of opposition filed by Enel Generación Perú on September 7, 2020.
Brazil:
Enel Distribución Ceará (Companhia Energética do Ceará S.A. or “Coelce”)
12.
The Public Prosecutor’s Office has filed a public civil action against Enel Distribución Ceará, Enel Generación Fortaleza and
ANEEL (the Brazilian Electricity Regulatory Agency) alleging that a) the electric power purchase agreement (PPA) signed
between Enel Distribución Ceará and Enel Generación Fortaleza (companies of the same economic group) was illegal, the
price of the contracted energy being very high, with excessive costs in the final consumers’ tariff and b) the tariff review
conducted by ANEEL since 2002 was wrong, since it took into consideration inaccurate data in the process. It is seeking
the exclusion of these components from the tariff and the return of the sums unduly collected by the concessionaire.
The PPA’s legality was confirmed at the judicial courts of first and second instances, but the tariff review process (item
b) was held to be erroneous at these rulings. On December 8, 2020, a special appeal filed by Enel Distribución Ceará
was summarily dismissed. Enel Distribución Ceará filed motions for clarification of the decision, and to date they remain
unresolved. The amount involved in this lawsuit cannot be estimated.
13.
In 2001, the Public Prosecutor’s Office for Labor Matters filed a public civil action against Enel Distribución Ceará alleging
that the company was hiring third parties for the provision of final services (“outsourcing”), which was contrary to Brazilian
law (Ruling 331 of the Brazilian Superior Labor Court), which allegedly only allows the provision of non-essential services
by third parties. The Superior Labor Court issued a ruling declaring the outsourcing illegal. An appeal filed by Enel
Distribución Ceará is currently pending trial by the Collective Bargaining Section (the reviewing section of the Superior
Labor Court). Enel Distribución Ceará submitted a complaint to the Federal Supreme Court due to procedural irregularities
(under the plenary reservation clause of the Federal Constitution), which was accepted by the court as a precautionary
measure. The Federal Supreme Court ordered suspension of the ruling that prohibited the outsourcing of activities by
Enel Distribución Ceará. The injunction is valid until the final resolution of the claim. The amount involved in this lawsuit
cannot be estimated.
14. Several rural electricity cooperatives have filed lawsuits to review the lease fee for the energy supply network in the
rural area of the State of Ceará allegedly owned by them. Although Enel Distribución Ceará regularly pays the network
lease fee to 13 rural electricity companies, a discussion on the ownership of these assets is pending decision, since they
allegedly have already been directly replaced by Enel Distribución Ceará throughout the more than 30 years of these
lease contracts.
•
Cooperativa de Eletrificação Rural do Vale do Acaraú (COPERVA) versus Companhia Energética do Ceará (Coelce):
There is no preliminary injunction and there is still no first instance decision from the Ceará state court.
•
Cooperativa de Eletrificação Rural do Vale do Acaraú (COPERVA) versus Companhia Energética do Ceará (Coelce):
The Court of Justice (court of second instance) ruled in favor of Enel Distribución Ceará, rejecting the request
for lease review, and a special appeal was filed by COPERVA and is currently pending before the Superior Court
of Justice (court of third instance). On November 5, 2018, the Superior Court of Justice rendered a single-judge
decision on a special appeal filed by COPERVA and vacated the ruling on the clarification attachments requested.
In summary, the ruling judge held that the decision by the Court of Justice failed to provide satisfactory clarification
on the facts claimed in COPERVA’s clarification attachment petitions and declared a retrial to hear this appeal. Enel
Distribución Ceará filed an appeal against this decision on December 3, 2018 with the Superior Court of Justice in
order that an en-banc decision be rendered (since the ruling had been issued by a single judge), which is pending
a decision. As of December 31, 2020, the amount involved in the two lawsuits was BRL 312.2 million (ThUS$60,110).
362362
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information •
Cooperativa de Energia, Telefonia e Desenvolvimento Rural (COERCE) versus Companhia Energética do Ceará
(Coelce): There is no preliminary injunction and there is still no first instance decision from the Ceará state court.
As of December 31, 2020, the amount involved in this lawsuit was BRL187.3 million (ThUS$36,058).
•
Cooperativa de Energia, Telefonia e Desenvolvimento Rural (COPERCA): versus Companhia Energética do Ceará
(Coelce): On June 13, 2019, the judge in the Ceará state court issued a decision ordering the transfer of the claim
to the Federal Courts, considering ANEEL’s interest in the claim, which transfer occurred on November 28, 2019.
As of December 31, 2020, the amount involved in this lawsuit was BRL162.7 million (ThUS$31,321).
15.
Fiação Nordeste do Brasil S/A (FINOBRASA), which has now been succeeded by Vicunha, filed a lawsuit against Enel
Distribución Ceará claiming that the adjustment of electricity tariffs made through Decrees Nos. 38 and 45 (DNAEE)
in February 1986 are illegal. It is seeking the declaration of illegality of the adjustments and an order that its effects be
reflected in all subsequent adjustments and the return of amounts inappropriately collected. The Court of Justice (court
of second instance) rendered a decision declaring the adjustment made in 1986 illegal, but it has rejected its reflection
in the subsequent adjustments (cascade effect). A special appeal filed by FINOBRASA is currently pending before the
Superior Court of Justice (court of third instance). As of December 31, 2020, the amount involved in the lawsuit was BRL
116.2 million (ThUS$22,363).
16.
Enel Distribución Ceará must apply the “pro rata” rule to calculate the amount of the tax on movement of goods and
services (“ICMS”) deductible with respect to the total ICMS included in energy purchases. The rule stipulates that the
percentage represented by the income taxed by ICMS over the total income (whether or not subject to ICMS) is deductible.
For the purposes of its inclusion in the pro rata denominator, Enel Distribución Ceará’s position is that the untaxed
income is the result of applying the energy’s final selling price (the price after deducting the State of Ceará subsidy for
low-income consumers) and the Brazilian Tax Authority maintains that the untaxed income is the price of the normal
tariff (without deducting the State of Ceará subsidy for low-income consumers). Due to the differences that arose in
the interpretation of these laws, Enel Distribución Ceará has a total of 10 lawsuits covering the years 2005 to 2014. The
company continues its defense in the administrative and judicial proceedings. As of December 31, 2019, the total amount
involved in these lawsuits was estimated at BRL 246 million (ThUS$47,360).
17.
The State of Ceará issued assessments to Enel Distribución Ceará for the periods 2003, and from 2004 to 2014, since
it considered that the ICMS for the acquisition of property, plant and equipment had been incorrectly deducted. Enel
Distribución Ceará has filed its administrative defenses in all administrative and judicial proceedings and is awaiting
final decisions. As of December 31, 2020, the total amount involved in this lawsuit was estimated at BRL 207 million
(ThUS$39,852).
Enel Distribución Goiás S.A. (formerly CELG Distribuição S.A.)
18. Several municipalities have filed lawsuits against Enel Distribución Goiás claiming that an agreement made with the State
of Goiás and the Goiana Association of Municipalities (AGM) which provides for the direct transfer to Enel Distribución
Goiás of ICMS amounts owed to the municipalities by the State of Goiás is illegal. The amounts transferred were used
to pay late electric bills. Enel Distribución Goiás responded that despite the potential illegality of the agreement, the
amounts were effectively due and it would not be possible to return them to the municipalities. The Court of Justice of
Goiás is divided and there is still no decision, which will only be rendered by the Superior Court of Justice (the court of
third instance).
-
Municipality of Aparecida de Goiânia versus CELG Distribuição S.A. As of December 31, 2020, the amount involved
in the claim was ThBRL 628.7 (ThUS$ 121.03).
-
Municipality of Quirinópolis versus CELG Distribuição S.A. As of December 31, 2020, the amount involved in the
claim was ThBRL 336.1 (ThUS$ 64.70).
-
Municipality of Anápolis versus CELG Distribuição S.A. As of December 31, 2020, the amount involved in the claim
was ThBRL 322.7 (ThUS$62.12).
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Annual Report Enel Américas 2020 -
Municipality of Bela Vista de Goiás versus CELG Distribuição S.A. As of December 31, 2020, the amount involved
in the claim was ThBRL 106 (ThUS$ 20.41).
-
Municipality of Caiapônia versus CELG Distribuição S.A. As of December 31, 2020, the amount involved in the claim
was BRL 112.2 million (ThUS$ 21.62).
-
Municipality of Cezarina versus CELG Distribuição S.A. As of December 31, 2020, the amount involved in the claim
was ThBRL 141 (ThUS$ 27.15).
19.
Enel Brasil S.A. and Enel Distribución Goiás have filed a security order against the tax authority of the State of Goiás so
that the process for restitution of the amounts paid by Enel Distribución Goiás in relation to the claims guaranteed by
Laws No. 17,555 (reimbursement for FUNAC) and 19,473 (reimbursement for ICMS – IVA Tax Credits) continues normally.
The judge previously rejected a request for an injunction. Enel Brasil and Enel Distribución Goiás have filed an appeal
against the decision, which was accepted by the Court of Justice of the State of Goiás, suspending the application of the
new law and upholding the validity of Laws No. 17,555 (FUNAC) and 19,473 (Tax Credits). The injunction was subsequently
revoked by the Court, as the Court did not recognize the urgency that justified an injunctive measure. Enel Brasil S.A.
and Enel Distribución Goiás have filed an appeal against the decision, arguing that the right to the guaranty is legal and
contractual, and the actions of the State of Goiás with the goal of suspending the integral application of the laws are
clearly illegal. There is no first instance decision. The amount involved in the lawsuit is indeterminate.
20. Enel Brasil S.A and Enel Distribución Goiás have filed an ordinary action against the State of Goiás requesting that Law
No. 20,468 and all its effects be suspended. In summary, Law No. 20,468 has completely revoked Law No. 19,473 (Tax
Credits), which grants Enel Distribución Goiás, as an alternative to cash payment, the right to offset payments made by
the company for litigation whose events arose before 2015 by means of ICMS (IVA) tax credits. The judge rejected the
injunction request. Enel Brasil S.A. and Enel Distribución Goiás have filed an appeal against the decision, arguing that the
repeal of Law No. 19,473 (Tax Credits) is unconstitutional, since the tax incentive provided in the Law was established in
full conformity with applicable legislation and was characterized as an acquired right, which is inviolable in accordance
with Article XXXVI of the Brazilian Constitution.
In addition to characterizing the acquired right, article 178 of the Brazilian Tax Code establishes the impossibility of
revocation of a tax incentive granted by certain conditions, an understanding confirmed by repeated statements of the
Federal Supreme Court (Súmula STF 544). There has not been a decision in the first instance. The amount involved in
the lawsuit is indeterminate.
21. A union representing 513 employees of CELG (now Enel Distribución Goiás) filed a lawsuit for recognition of work (other
than work contracted for) by electricians. In the lawsuit, the union affirmed that the electricians were carrying out the work
of qualified professional electricians. The judge ruled against CELG and CELG has filed an appeal against that decision.
The Regional Labor Court issued a decision, rejecting CELG’s appeal. CELG appealed to the Superior Labor Court, which
also rejected the appeal. The judgment is in the enforcement stage, with a large divergence in the amounts discussed.
Enel has paid BRL 37.6 million (ThUS$ 7,246). As of December 31, 2020, the estimated amount involved in the lawsuit was
BRL 329.6 million (ThUS$65,079). The amount of the ultimate payment obligation is still uncertain given the divergence
in the discussed calculations.
22. The Public Prosecutor’s Office for Labor Matters filed a public civil action against Enel Distribución Goiás alleging that the
company was hiring third parties for the provision of final services (“outsourcing”), contrary to Brazilian law (Ruling 331
of the Brazilian Superior Labor Court). In the court of first instance, the labor judge declared the sub-contracting legal.
The Regional Labor Court, accepted the appeal filed by the Public Prosecutor’s Office for Labor Matters, reversed the
decision of the labor judge in the court of first instance and has declared the sub-contracting illegal. Enel Distribución
Goiás filed an appeal to the Brazilian Superior Labor Court, which upheld the Regional Labor Court decision. The decision
was suspended by the Federal Supreme Court until judgment of the constitutional complaint discussing the matter in
the Federal Supreme Court. The amount involved in the lawsuit is indeterminate.
364364
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
23. A union representing 1,715 employees filed a lawsuit against Enel Distribución Goiás questioning the legal nature of "food aid".
The legal issue is the inclusion of this benefit in the compensation of the employees who received it before the company's
adhesion to the PAT (Food Program for Workers) in 2008. A judgment was issued ordering the Company to pay the difference
(integration of food aid to compensation of employees prior to May 7, 2008). Enel Distribución Goiás's appeal was rejected
by the Regional Labor Court of the 18th Region (Goiás). Enel Distribución Goiás has appealed to the Superior Labor Court,
which was preliminarily rejected. Enel Distribución Goiás has filed clarification request against the decision, which is awaiting
a resolution. As of December 31, 2020, the estimated amount involved in the lawsuit was BRL 216.9 million (ThUS$41,769).
24. Enel Distribución Goiás was audited by the Brazilian Tax Authority due to its position on the exclusion of ICMS amounts
from the Social Contributions base (PIS/COFINS). The company excluded the ICMS before a final decision was made, and
consequently the Brazilian Tax Authority issued four assessments against Enel Distribución Goiás, arguing that exclusion
was not permitted. In an unrelated case with precedential value, the decision by the Superior Court acknowledged that
ICMS should not be part of the PIS and COFINS tax base. A judgment on an appeal to this decision filed by the Brazilian
Tax Authority is still pending. In the specific case of Enel Distribución Goiás, the final decision by the court on the right
of Enel Distribución Goiás not to include the ICMS in the Social Contributions base is pending. The company obtained a
firm and definitive decision in annulment action for the cancellation of two records collected in fiscal execution. Because
of that the Brazilian Tax Authority canceled a large part of the assessment, which was reduced from BRL 398,447 to
BRL 12,799. The court of first judicial instance issued a ruling favorable to the company on the remaining value and a
judgment is awaited from the court of second judicial instance. The other assessments remain suspended. The total
amount involved in this lawsuit (including the reduction) was BRL 237 million (ThUS$ 45,628).
25.
In March 2017, the Federal Supreme Court of Brazil resolved a matter of general applicability, related to the calculation of
PIS and COFINS taxes. The Federal Supreme Court confirmed the theory that the ICMS tax should not be part of the base
for calculation of PIS and COFINS taxes; however, the Brazilian federal government filed an appeal, in order to determine
the temporary effects and make some clarifications.
Enel Brasil’s subsidiaries in Brazil that were affected by the Federal Supreme Court decision filed legal actions to this
effect in the respective Federal Regional Courts. During 2019, Enel Distribución Sao Paulo and Enel Distribución Ceará
were notified of the final judgments issued by their respective Federal Regional Courts, recognizing their right to deduct
the ICMS applied to their own operations from the base for calculation of PIS and COFINS taxes (for the periods between
December 2003 and onwards for Enel Distribución Sao Paulo and May 2001 onwards for Enel Distribución Ceará).
Considering various internal analyses and the advice of legal advisors, as well as the best available estimates, Enel
Distribución Sao Paulo and Enel Distribución Ceará recognized assets amounting to BRL 6,889,081,808 (ThUS$1,326,297)
and BRL 1,309,965,386 (ThUS$252,197), respectively, as of December 31, 2020. As the overpayment of PIS and COFINS
taxes was passed on to end customers at the time, simultaneously with the recognition of these taxes to be recovered,
Enel Brasil’s subsidiaries have recognized a liability of a regulatory nature for the same amounts indicated above, net of
any costs incurred or to be incurred by the companies in these legal proceedings. These liabilities represent the obligation
to refund to the end customers the taxes that are recovered.
The Enel Américas Group will adopt tax credit recovery procedures in accordance with legal requirements. The transfer to
end customers will depend on the effective use of the tax credit by the companies and will be carried out in accordance
with the regulations of the Brazilian Electricity Regulatory Agency (ANEEL).
The legal actions filed by Enel Distribución Sao Paulo’s subsidiaries, Enel Distribución Rio and Enel Distribución Goias,
are pending resolution and awaiting the final judgment of the respective Regional Courts.
It should be noted that the "Programa de Integração Social" (Program of Social Integration or “PIS”) and the "Contribuição
para o Financiamento da Seguridade Social" (Contribution for the Financing of Social Security or “COFINS”) are federal
contributions paid by companies in Brazil intended to finance employee programs, public health, social assistance and
social security, levied on the companies' gross income. The "imposto sobre circulação de mercadorias e serviços" (ICMS),
is a State value-added tax (VAT) in Brazil, levied on the sale of telecommunications and transportation goods and services.
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Annual Report Enel Américas 2020
Enel Distribución Río (formerly Ampla Energia e Serviços S.A.)
26. Companhia Brasileira de Antibióticos (CIBRAN) has filed several lawsuits against Enel Distribución Río seeking compensation
for energy supply failures in the years 1987 to 1994 and 1995 to 1999.
•
CIBRAN versus Ampla Energia e Serviços S.A. (1995-1999). The Court of Justice of the State of Río de Janeiro (the
court of second instance) ruled in Enel Distribución Río’s favor, dismissing the claim for compensation. On June 19,
2020, a decision was issued that rejected the "agravo" (grievance) in the special appeal filed by CIBRAN, against
which CIBRAN has filed a new appeal. All CIBRAN's appeals were rejected and the decision in favor of Enel has
become final. This lawsuit will be excluded from the report.
•
CIBRAN versus Ampla Energia e Serviços S.A. (1987-1994). The court of first instance ruled against Enel Distribución
Río, which Enel Distribución Río appealed. On November 6, 2019, the Court of Justice of the State of Río de Janeiro
issued a ruling upholding Enel Distribución Río’s appeal and rejecting all CIBRAN’s requests. CIBRAN opposed the
ruling and a petition for clarification of the decision is currently pending. As of December 31, 2020, the amount
involved in this lawsuit was BRL 553 million (ThUS$106,460).
27.
Indústria de Papel e Embalagens S.A. (CIBRAPEL) filed a lawsuit against Enel Distribución Río seeking compensation
due to energy supply failures. A final decision was rendered against Enel Distribución Río. The expert opinion fixed the
compensation at BRL21.5 million, but the amount has been challenged by Enel Distribución Río, and the appeal is pending
resolution. As of December 31, 2020, the amount involved in the lawsuit was BRL 234 million (ThUS$ 45,062).
28. The Niterói Workers Union filed a labor claim against Enel Distribución Río demanding the payment of a 26.05% wage
differential from February 1989, by virtue of the Economic Plan instituted by Decree Law No. 2,335/87. Enel Distribución
Río lost all of the preceding court instances, and an extraordinary appeal filed by Enel Distribución Río is currently pending
before the Federal Supreme Court. In parallel, 796 former employees filed 432 lawsuits for enforcement of the judgment
against Enel. On December 31, 2020, the amount involved in the lawsuit was BRL 118 million (ThUS$22,711).
29. The Brazilian Tax Authority served a notice of infringement in 2003 against Enel Distribución Río to collect alleged
COFINS tax deficiencies for the period from December 2001 until March 2002. After adverse rulings in the courts of first
and second instance, Enel Distribución Río filed an extraordinary appeal with the Federal Supreme Court and received
an unfavorable decision. Enel Distribución Río submitted a new appeal to the Federal Supreme Court. The appeal was
decided against the company. Furthermore, in the view of the Court's judges, the appeal filed was intended to cause
a delay in the end of the litigation and, therefore, they applied a penalty of 5% on the value of the tax deficiency. The
company filed an appeal to void the fine applied and is awaiting a ruling. The debt and fine amount to BRL 171.1 million
(ThUS$32,941) and BRL 8.6 million (ThUS$1,656), respectively.
30.
In 2005, the Brazilian Tax Authority notified Enel Distribución Río on the non-applicability of the special tax treatment
that had reduced to zero the withholding tax rate on interest paid abroad on the Fixed Rate Notes (FRN) issued by the
company in 1998. Enel Distribución Río is still litigating this issue in the judicial court of the first instance. As of December
31, 2020, the total amount of this dispute is estimated at BRL 1,314 million (ThUS$ 252,973).
31.
The State of Río de Janeiro levied a tax assessment against Enel Distribución Río for the periods from 1996 to 1999 and
from 2007 to 2017, since it believed that the ICMS recorded on the acquisition of property, plant and equipment had
been incorrectly deducted. Enel Distribución Río filed its administrative and judicial defenses in all proceedings, and the
company awaits final decisions for the judicial proceeding. The total amount of this litigation is estimated at BRL 131
million (ThUS$ 25,221).
Enel Distribución Sao Paulo (formerly known as Eletropaulo)
32. Eletropaulo filed an action seeking the annulment of ANEEL’s administrative decision No. 48500-006159/2012-75, which
determined the retroactive exclusion of the tariffs applied by Eletropaulo before the date of its third periodic review,
with the refund of sums associated with a possibly non-existent network and rejected a subsidiary request (made by
Eletropaulo) for inclusion of other existing service assets (network), but not recorded in the company’s remuneration base.
366366
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information There is no first instance decision and the lawsuit is in its initial phase. As of December 31, 2020, the amount involved in
the lawsuit was BRL 1,093.5 million (ThUS$210,531).
33. The São Paulo electric power industry workers’ union filed 5 class-actions seeking the payment of hazard allowance for
all employees (except management positions) of Eletropaulo located in the Barueri office until the decommissioning of
the generating unit that was in the attic (below the heliport), during the period from February 2012 to February 2016, the
time of the decommissioning of the generator unit and its installation outside the building. On July 11, 2019, a decision
favorable to Eletropaulo was issued. The union filed an appeal with the court, which was dismissed on August 13, 2020.
As of December 31, 2020, the amount involved in the lawsuit was BRL 129.7 million (ThUS$24.971).
34. The Federal Public Prosecutor’s Office (MPF) has filed a public civil action against Eletropaulo and ANEEL seeking to
block the inclusion in consumers’ tariffs of amounts contracted with affiliated parties (AES Tietê, at that time) and the
reimbursement of double the amounts already collected. The court ruled in Eletropaulo’s favor, rejecting the actions, but
the Federal Regional Court (TRF) admitted the MPF’s appeal and overturned the decision. An Eletropaulo appeal against
the TRF’s decision is currently pending in the Superior Court of Justice. The amount involved in the claim is undetermined.
35. The Public Prosecutor’s Office for Labor Matters filed a public civil action against Eletropaulo alleging that the company
was hiring third parties for the provision of final services (“outsourcing”), which is contrary to Brazilian law (Ruling 331 of
the Brazilian Superior Labor Court), which allegedly only allows the provision of non-essential services by third parties.
On April 5, 2019, the judge issued a judgment in which he rejected (i) the request for a declaration of the existence of
outsourcing fraud and (ii) a link between the employees of the suppliers with Eletropaulo, nevertheless, the judgment has
ordered Eletropaulo to pay compensation for collective punitive damages in an amount of BRL 5 million (ThUS$963), and
to align remuneration between Eletropaulo’s own employees and the suppliers’ employees, with a fine of BRL1 million
for non-compliance. Eletropaulo will appeal the judgment. The amount involved in the claim is undetermined.
36. Enel Distribución Sao Paulo filed a complaint requesting a declaration that the amounts of COFINS paid by the company
were paid in accordance with the rules of the Amnesty Program of the Brazilian Federal Government (reduction of fines
and interest) created in 1999. The complaint was filed by the company in September 1999. Following the decision in
the court of second instance that decided partly in its favor regarding the principal amount, interest and fine, in April
2018, the company filed appeals with the Superior Court of Justice and the Federal Supreme Court which are currently
pending. Of the total amount of BRL 811 million involved (ThUS$156,269), BRL 162 (ThUS$31,253) million comprise the
attorneys’ fees (20%) paid by the Federal Tax Authority. The balance of BRL 649 million is related to the capital (tax) paid
with amnesty benefits and the possibility of loss with respect to this portion is remote. As of December 31, 2020, the
amount of possible loss involved in the litigation is BRL 162 million (ThUS$31,253).
37.
In May 2008, the Brazilian Tax Authority filed a lawsuit against Eletropaulo seeking payment of the PIS (Social Integration Program)
tax, corresponding to the rate increase for the period from March 1996 to December 1998. After unfavorable rulings in the
courts of first and second instances, Eletropaulo filed appeals with the Superior Court of Justice and the Federal Supreme
Court. The amounts subject to dispute have been covered by a bank guarantee. In this regard, while awaiting the outcome of
this proceeding, the Attorney General of the Department of the National Treasury of Brazil requested the replacement of the
bank guarantee letter with a legal deposit. This request was rejected and the Attorney General’s Office appealed this decision.
In June 2019, the court of second instance confirmed the Attorney General’s appeal. In view of the decision, the company
made a legal deposit in the amount involved and, in opposition to the decision, filed a petition for clarification of the decision
which is currently pending. As of December 31, 2020, the amount in dispute is BRL 243 million (ThUS$ 46,912).
38.
In accordance with a final decision issued after a trial, Eletropaulo was granted the right to offset claims for FINSOCIAL
(the social contribution system established in March 1992 before COFINS) related to amounts paid from September
1989 to March 1992. However, due to differences in the calculation of the credits stipulated by the Brazilian Federal Tax
Authority, part of the offsets requested by the company were not accepted and were determined to be due by the Tax
Authority. Following a decision unfavorable to the company in the court of first instance, the company appealed this
decision and this appeal is pending before the administrative court of second instance. As of December 31, 2020, the
amount in dispute is BRL 226 million (ThUS$ 43,591).
367
Annual Report Enel Américas 2020 39. The Brazilian Federal Tax Authority issued a tax assessment to Eletropaulo, based on the alleged non-payment of Personal
Income Tax (IRPJ) and Social Contribution on Net Profit (CSLL) for the 2001 and 2002 fiscal years, because the company
allegedly deducted integrated amounts paid to its pension fund from both the IRPJ and the CSLL, when the specific
regulation establishes a 20% limit for such deductions. After the unfavorable final ruling in the administrative proceeding in
October 2017, the dispute was submitted to the Courts of Law. In June 2019, a ruling favorable to Eletropaulo was issued in
the court of first instance for re-adjudication of the company’s appeal in the Administrative Court. The Attorney General’s
Office appealed this decision. As of December 31, 2020, the amount in dispute is BRL 173 million (ThUS$ 33,366).
40. The Tax Authority issued a tax assessment to Eletropaulo which rejected the offset related to the credits of the PIS
originated by legislative changes introduced by Decrees 2,445 and 2,449/1988, which were declared unconstitutional
by the Federal Supreme Court, that were offset against other federal taxes due in April and May 2013. The company filed
its defense in September 2014. In January 2019, following a partially favorable ruling in the court of first instance, the
company filed an appeal, which is pending before the Administrative Court of the second administrative instance. As of
December 31, 2020, the amount in dispute is BRL 159 million (ThUS$ 30,682).
41. Eletropaulo filed a lawsuit seeking recognition of the right to offset the total tax credits resulting from Eletropaulo’s
division against the Social Contribution on Net Profit (CSLL). Favorable rulings were issued in the courts of first and
second instance. In May 2017, the Tax Authority filed an interlocutory appeal with the Superior Court of Justice, which is
pending. As of December 31, 2020, the amount in dispute is BRL 153 million (ThUS$ 29,570).
42.
In July 2000, Eletropaulo filed a lawsuit seeking the recognition of credits arising from improper payments of PIS made
pursuant to Decrees 2,445 and 2,449/1988, which were declared unconstitutional by the Federal Supreme Court. In May
2012, a final decision was issued in favor of the company recognizing the right to the credits. However, tax assessments
were made on Eletropaulo by the Federal Tax Authority because the offsets were rejected due to the fact that they had
been made before the legal action had ended, using federal tax debits in addition to PIS. The company claims that the
offsets were made on the basis of the favorable court ruling and that the adopted procedure was correct. After unfavorable
decisions were rendered in the court of first instance, the company filed appeals with the court of second instance. As
of December 31, 2020, the amount in dispute BRL 659 million (ThUS$ 126,980).
43. Eletropaulo filed a complaint against the tax assessment issued by the Tax Authority of the Municipality of São Paulo,
seeking payment of the Public Lighting Contribution (COSIP) related to the period from March 2011 to December 2015.
These tax assessments are based on the alleged irregularities attributed to the company: (i) incorrect classification of
customers, (ii) illegally applied tax exemption, and (iii) non-payment of the penalty for non-payment of contributions
past due. In July 2018, the court of first instance rendered a decision partially favorable to the company that limited the
interest charged by the Tax Authority to the Brazilian preferential rate (“SELIC”). Both parties filed appeals against this
decision. In July 2019, a decision partially favorable to the company was issued, affirming the court of first instance’s
decision. Given the Court of São Paulo’s recognition of the need for presentation of evidence, the company understood
it was more appropriate to withdraw from the dispute in this litigation (which by its nature does not allow the procedural
phase of evidence) and to file a new legal action. As of December 31, 2020, the amount in dispute is BRL 145 million
(ThUS$ 27,918).
44. The Tax Authority of the State of São Paulo issued five tax assessments seeking payment of ICMS due to allegedly invalid
setoffs in which the company used assigned credits in the acquisition of property, plant and equipment, and which the
Tax Authority believed was not appropriate. In 2019, the Tax Authority of the State of São Paulo issued a new assessment.
The company filed its administrative defenses in all the administrative procedures and is awaiting the final decisions.
The company’s administrative defenses were presented to the court of first administrative instance, which are awaiting
judgment. As of December 31, 2020, the amount in dispute is BRL 137 million (ThUS$ 26,563).
45. Eletropaulo filed a complaint against Federal Decree No. 8,426/2015, which reinstated the PIS/PASEP and COFINS taxes
on financial income earned by companies subject to the non-cumulative PIS/PASEP and COFINS regime, at a rate of
4.65%, as of July 1, 2015. The status of the litigation is that unfavorable decisions were rendered in the court of first
instance (November 2015) and at the court of second judicial instance (August 2017). In December 2017, the company
368368
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information filed appeals with the Superior Court of Justice and the Federal Supreme Court, with the rulings currently pending. As
of December 31, 2020, the amount in dispute is BRL 145 million (ThUS$ 27,956).
46. Eletropaulo filed a complaint claiming the right not to consider in its bases of calculation of Legal Entity Income Tax (IRPJ)
and Social Contribution on Net Profit (CSLL), the amounts related to interest derived from the delay in fulfilling contractual
obligations on the part of third parties that maintain contractual relations of any type with the company (interest as an
advance valuation of damages). In March 2012, the court of first instance issued a decision favorable to Eletropaulo. The
Federal Tax Authority appealed this decision and the appeal is awaiting decision. Since the decision of the court of first
instance was rendered, the company has not paid the disputed taxes to the federal government. As of December 31,
2020, the amount in dispute is BRL 71 million (ThUS$ 13,732).
47.
Eletropaulo filed lawsuits against several tax assessments issued by the Tax Authority of the State of São Paulo claiming
the payment of ICMS due to alleged irregularities in the debt reversal transactions. The company is presently challenging
five tax assessments, for which final decisions are pending. As of December 31, 2020, the amount in dispute is BRL 188
million (ThUS$ 36,371).
48. The Brazilian Federal Tax Authority issued tax assessments to Eletropaulo based on the alleged non-payment of PIS/PASEP
and COFINS taxes for the period from 2013 to 2015, arising from the disallowance of credits assigned in the acquisition
of goods and services. In 2020, Eletropaulo received two more infringement notices for not excluding credits related to
the value of non-technical energy losses from August 2016 to December 2018. Eletropaulo has filed its defenses in the
administrative proceedings and is awaiting the final decisions. As of December 31, 2020, the amount in dispute is BRL
236 million (ThUS$ 45,521).
Enel CIEN S.A.
49. Enel CIEN is an Enel Américas Group transmission company in Brazil. Its network connects the electrical system of Brazil
and Argentina. Enel CIEN has signed contracts with two Brazilian companies (Furnas and Tractebel Energia S.A.) for the
purchase and sale of energy with firm power and associated energy from Argentina. In 2005, due to the energy and
economic crisis in Argentina, it was no longer possible to fulfil the terms of the contract. The two companies have filed
actions for declaration of contractual termination, imposition of contractual penalties and claims for compensation (not
estimable to date).
Furnas versus Enel CIEN S.A. The court of first instance issued a decision favorable the decision is now final.
Tractebel Energia S.A. versus Enel CIEN S.A. There is no injunction and there is still no first instance decision. The case
is currently in the generation of evidence stage (expert opinions). As of December 31, 2020, the amount involved in the
lawsuit was BRL 512.1 million (ThUS$ 98,595).
Enel Generación Fortaleza S.A. (formerly Central Geradora Termoelétrica Fortaleza S.A. or “CGTF”)
50. Petróleo Brasileiro S.A (Petrobrás) has notified Enel Generación Fortaleza of its intention to terminate the gas supply contract signed
in 2003 (within the scope of the Brazilian government’s thermoelectric priority program) based on an alleged economic-financial
imbalance. Enel Generación Fortaleza alleges that the contractual conditions of the gas supply are “guaranteed” by the Brazilian
government and that the power generation by Enel Generación Fortaleza and other generation companies linked in this program
guarantee the energy supply for the country. Since the beginning of this dispute, gas supply has been suspended at some points
and later restored by a court order (the most recent ruling in effect since December 10, 2018). In addition, the issue of the forum
for the dispute, either the court system or arbitration, had not yet been resolved. The lawsuit was still in its early stages and the
generation of evidence had not started. On August 28, 2020, the parties signed an agreement to close the existing claims. The
arbitration was formally closed on September 5, 2020 and the claims were formally closed in court in November 2020.
51.
In February 2007, the Brazilian Tax Authority sent Enel Generación Fortaleza an assessment for PIS/COFINS taxes for the
periods December 2003 and February 2004 to November 2004, regarding alleged differences between the amounts
declared in the annual return (where PIS/COFINS amounts were reported under the non-cumulative regime) and the
amounts declared in the monthly return (where the amounts due under the old cumulative regime were reported). After
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Annual Report Enel Américas 2020
a ruling was rendered by the court of third administrative instance against Enel Generación Fortaleza, the company filed
a plea for clarification, and the decision was unfavorable. In the judicial action for recovery, Enel Generación Fortaleza
presented a guarantee and will submit its defense in the legally prescribed period. As of December 31, 2020, the total
amount involved in this litigation is estimated at BRL 94 million (ThUS$18,186).
Enel Brasil S.A.
52.
In 2014, the Brazilian Tax Authority issued an assessment to Enel Brasil claiming violations in the collection of income tax
on dividends allegedly distributed in an amount larger than owed in 2009 and 2010. After adverse rulings at the first and
second administrative instances, the company appealed to the third administrative level (special body) and the decision
was denied. Enel Brasil appealed to the judiciary and the interim decision was unfavorable. The company appealed to the
court of second instance but the decision was also unfavorable. The company presented a guarantee in the collection
lawsuit and it was accepted. Enel Brasil submitted its defense within the legal deadline. The total amount involved in this
litigation is estimated at BRL 358 million (ThUS$ 68,840).
In relation to the litigation proceedings described above, the Group has established provisions for ThUS$153,328 as
of December 31, 2020 (see Note 25). There are other lawsuits that also have associated provisions but they are not
described in this note since they individually represent smaller amounts. Management believes that the provisions
recorded adequately cover the risks of litigation. Therefore, they do not expect additional liabilities to arise from other
than those already registered.
35.4 Financial restrictions
Several debt contracts of the Company, and of some of its subsidiaries include the obligation to comply with certain financial
ratios, which is common in contracts of this nature. There are also affirmative and negative covenants that require monitoring
of these commitments. In addition, there are restrictions in the sections of events of default that must be fulfilled to avoid
acceleration of the debt.
Cross default
Certain financial debt contracts of the Company contain cross-default clauses. Under Enel Américas' bank loan agreement
governed by the laws of the State of New York, executed in February 2018 and maturing in February 2021, the cross -default
clause for non-payment could be triggered by another debt of Enel Américas on a stand-alone basis or of a ”Significant
Subsidiary” (as defined contractually). In order for this loan to qualify for a possible acceleration under the cross-payment
default provision the amount in default of other indebtedness, individually or in the aggregate must exceed US$150 million,
or its equivalent in other currencies. Other conditions must also be satisfied, including the expiration of any applicable grace
periods and a formal notice of the intention to accelerate the debt by creditors representing more than two thirds of the
amount owed or committed. As of December 31, 2020, the amount owed in connection with this loan was ThUS$ 175,039.
In the revolving credit contract of Enel Américas governed by the laws of the State of New York, executed in May 2020 and
maturing in May 2021, the cross default for non-payment could be triggered by another debt of Enel Américas at an individual
level. In order for the acceleration of the debt in this loan due to the cross-default originated in other debts to be required,
the amount in default of the individual debt must exceed US$ 150 million or its equivalent in other currencies, and in addition
other additional conditions must be fulfilled, including expiration of grace periods (if any exist in the contract that is not in
compliance), and the formal notification of the intention to accelerate the debt by the creditors that represent more than 50%
of the amount owed or committed. As of December 31, 2020, the amount owed on this loan totals ThUS$ 150,196.
A substantial part of the bonds of Enel Américas registered with the Securities and Exchange Commission (“SEC”) of the United
States of America, commonly called “Yankee Bonds”, incorporate cross default clauses in case of non-payment. For Yankee
Bonds issued in 2016 maturing in October 2026, the cross -default could be triggered by another debt of Enel Américas at
an individual level, or that of any “Significant Subsidiary” (as contractually defined), for any amount in default, as long as the
principal of the debt that originates the cross -default exceeds US$ 150 million, or its equivalent in other currencies. As of
December 31, 2020, the amount owed for this bond totals ThUS$ 591,653.
370370
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
In addition, in the Yankee Bonds issued in 1996, maturing in December 2026, the cross default can only be triggered by another
debt of Enel Américas at an individual level, therefore, bankruptcy or insolvency events of subsidiaries abroad would not trigger
the cross -default. For this, there needs to be an amount in default with principal of the debt that originates the cross -default,
in excess of US$ 30 million, or its equivalent in other currencies. As of December 31, 2020, the amount owed for the concept
of this Yankee Bond totals ThUS$ 863. In both cases, the debt acceleration due to cross -default does not occur automatically,
as it must be required by the holders of at least 25% of the bonds of a certain series of Yankee Bonds.
The Company’s bonds issued in Chile state that the cross-payment default provision can be triggered only by the default of
the issuer, either on a stand-alone or on an aggregate basis, when the amount in default exceeds 3% of total consolidated
assets. Debt acceleration requires the agreement of at least 50% of the bondholders of the specific series. As of December
31, 2020, the outstanding amount for the Chilean bonds was ThUS$ 10,714.
Financial covenants
Financial covenants are contractual commitments with respect to minimum or maximum financial ratios that the Company is
obliged to meet at certain periods of time (quarterly, annually, etc.) and in some cases only when certain conditions are met.
Most of the financial covenants of the Company limit leverage and track the ability to generate cash flow that will service the
companies’ indebtedness. Certain companies are also required to periodically certify these covenants. The types of covenants
and their respective limits vary according to the type of debt and contract.
The Series B2 Chilean bonds of the Company include the following financial covenants, whose definitions and calculation
formulas are set out in the respective contract:
-
Consolidated Equity: Minimum Equity of Ch$718,053 million must be maintained, a limit adjusted at the end of each year
as established in the indenture. Equity is defined as the sum of Equity attributable to the shareholders of Enel Américas
and non-controlling interests. As of December 31, 2020, the Company’s equity was Ch$7,346,717 million (at the closing
exchange rate).
-
Debt to Equity Ratio: A debt to equity ratio, defined as Total liabilities to equity, shall not exceed 2.24. Total liabilities are
the sum of Total current and non-current liabilities, while Equity is the sum of Equity attributable to the shareholders of
Enel Américas and non-controlling interests. As of December 31, 2020, the debt to equity ratio was 1.61.
-
Unsecured Assets: The ratio of Unsecured assets to Unsecured total liabilities must be equal or higher than 1. Total
Unsecured or free assets is the difference between Total assets and Total secured assets. Total unsecured or free assets
consists of Total Assets less the sum of Cash, Bank balances, Current accounts receivable from related parties, Current
payments in advance, Non-current accounts receivable from related entities, and Gross identifiable intangible assets,
while Total secured assets correspond to assets pledged as collateral. On the other hand, Total unsecured liabilities
consist of the sum of Total current liabilities and Total non-current liabilities, less liabilities secured by direct and indirect
guarantees. As of December 31, 2020, this ratio was 1.22.
On the other hand, the “Yankee Bonds” and any other debt of Enel Américas at an individual level, are not subject to compliance
with financial covenants.
As of December 31, 2020, the most restrictive financial covenant of Enel Américas was the Ratio of Assets, which is susceptible
to be pledged as collaterals for the local Series B2 bond.
In Peru, the debt of Enel Distribución Perú includes the following covenant:
-
Local bonds of the fourth program, whose balance pending payment as of December 31, 2020 amounted to ThUS$
64,504 and whose final maturity is in January 2033, include the Indebtedness Ratio covenant, calculated as Total Liabilities
less Deferred Liabilities and Cash over Equity.
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Annual Report Enel Américas 2020 On the other hand, the debt of Enel Generación Perú includes the following covenants:
-
Local bonds, whose balance pending payment as of December 31, 2020 amounted to ThUS$ 17,214 and whose final
maturity is in January 2028, include the Indebtedness Ratio covenant, calculated as Financial Debt less Cash over Net
Equity.
In Brazil, the debt of Enel Distribución Río includes the following covenants:
-
Tenth issuance of local bonds, whose balance pending payment as of December 31, 2020 amounted to ThUS$ 193,471
and whose maturity is in March 2024, include Debt Payment Capacity covenants, calculated as Net Financial Debt over
EBITDA.
-
Loans from Banco Nacional De Desenvolvimento (“BNDES”), whose balance pending payment as of December 31, 2020
amounted to ThUS$ 3,846 and final maturity is in May 2023, include the following covenants, in which their definitions
vary according to the contract with BNDES: Debt Payment Capacity, calculated as Net Financial Debt over EBITDA and
Net Financial Debt Ratio over the sum of Net Financial Debt and Net Equity.
-
Bank loans from Banco Citibank, Itaú, and Scotiabank, whose balances pending payment as of December 31, 2020
amounted to ThUS$ 174,154 and whose final maturity is in July 2021, include Debt Payment Capacity covenants, calculated
as Net Financial Debt over EBITDA and the Itaú loan includes Indebtedness Ratio, calculated as Net Financial Debt over
the sum of the Net Financial Debt and Net Equity.
-
As of December 31, 2020, the most restrictive financial covenant of Enel Distribución Río was the Indebtedness Ratio,
contained in the loans with Citibank, Itaú and Scotiabank, and local bonds.
Additionally, in Brazil, the debt of Enel Distribución Ceará includes the following covenants:
-
Loans with Electrobrás, whose balances pending payment as of December 31, 2020 amounted to ThUS$ 1,584 and
whose final maturity is in October 2023, include the Debt Payment Capacity covenant, calculated as Total Net Debt over
EBITDA.
-
Loans with BNDES, whose balances pending payment as of December 31, 2020 amounted to ThUS$ 1,986 and whose
final maturity is in June 2023, include the Debt Payment Capacity covenants, calculated as Total Net Debt over Company
EBITDA, and Indebtedness Ratio, calculated as Total Net Debt over the sum of Total Net Debt and Net Equity.
-
Fifth issuance, sixth issuance, seventh issuance of local bonds and loans with MUFG Bank, and Scotiabank, whose
balances pending payment as of December 31, 2020 amounted to ThUS$ 405,046 and whose final maturity is in June
2025, including the Debt Payment Capacity covenant, calculated as Total Net Debt over EBITDA.
-
As of December 31, 2020, the most restrictive covenant held by Enel Distribución Ceará was the Debt Ratio/EBITDA
corresponding to the loan with Electrobrás.
Additionally, in Brazil, the debt of Enel Distribución Sao Paulo includes the following covenants:
-
23rd and 24th issuance of local bonds and loans with MUFG Bank, Scotiabank, and BNP whose balances pending payment
as of December 31, 2020 amounted to ThUS$ 886,881 and whose final maturity is in May 2026, include the Debt Payment
Capacity covenant, calculated as Total Net Debt over EBITDA.
-
As of December 31, 2020, the most restrictive covenant of Enel Distribución Sao Paulo was the Debt / EBITDA Ratio of
the 23rd local bond issue.
372372
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information Finally, in Brazil, the debt of Enel Green Power Volta Grande includes the following covenant:
-
1st issuance of local bonds, whose balance pending payment as of December 31, 2020 amounted to ThUS$ 144,486
and whose final maturity is in October 2029, and includes the Debt Payment Capacity covenant, calculated as Total Net
Debt over EBITDA.
In Colombia, the debt of Codensa S.A. (“Codensa”), includes the following covenant:
-
Bank loan with MUFG Bank, whose balance pending payment as of December 31, 2020 amounted to ThUS$ 121,194 and
whose final maturity is in May 2021, includes the Debt Payment Capacity covenant, calculated as Total Net Debt over
EBITDA.
The rest of the subsidiaries not mentioned in this Note are not subject to compliance with financial covenants.
Lastly, in most of the contracts, debt acceleration due to non-compliance with these covenants is not automatic, and certain
conditions must be met, such as expiration of the cure period, among other conditions.
As of December 31, 2020, none of the subsidiaries of Enel Américas was in non-compliance with its financial obligations
summarized herein, or other financial obligations whose non-compliance might result in the early maturity of their financial
commitments.
35.5 COVID-19 contingency
On January 30, 2020, the World Health Organization (WHO) declared the outbreak of the new coronavirus 2019, or COVID-19,
to be a "Public Health Emergency of International Concern". On March 11, 2020, the WHO confirmed that the outbreak of
COVID-19 had reached the level of a pandemic, which could significantly affect all the countries in which the Group operates,
as well as the Group’s trade partners within and outside these countries.
To address this international public health emergency due to COVID-19, the governments of all the countries in which Group
operates, have adopted various measures, essentially designed to restrict free movement of individuals, which include quarantines,
social isolation and temporary closure of companies and businesses, among other measures. Governments have also taken
measures to preserve access to essential services such as water and electricity during the health emergency, especially directed
to residential customers with lower income, small and medium sized companies and institutions that provide other essential
services such as health establishments.
These measures refer basically to the temporary suspension of disruption of electric supply due to customers recording
payment default and deferral of the payment of electricity bills for a certain number of months, without interest or penalties
charged to customers. In this sense, the Group issued guidelines intended to guarantee compliance with the measures
introduced by the governments of the countries in which the Group operates and has taken a number of actions to adopt the
most adequate procedures to prevent and/or mitigate the effects of COVID-19 infection in the workplace, while guaranteeing
business continuity.
The above has been possible mainly due to:
• The use of telework for all employees whose jobs can be performed remotely (50% of the staff). This work mode was introduced
in the Group a few years ago, which thanks to investment in digitalization, allows work to be performed remotely with the same
level of efficiency and effectiveness;
• Digitalization of processes and infrastructure, which ensures the normal operation of our generation assets, continuity of the
electrical service and remote management of all activities related to the market and customer relations.
373
Annual Report Enel Américas 2020 All the company’s efforts continue to focus on guaranteeing the correct and safe operation of our businesses, while at the
same time safeguarding the health and safety of our collaborators and helping the community with various solidary measures.
In relation to the degree of uncertainty generated in the macroeconomic and financial environment in which the Group operates
and their effect on the Company’s income as of December 31, 2020, these are fundamentally related to an increase in the
impairment loss on trade accounts (see Note 2.3, 3.g.3 and 10.c).
35.6 Other Information
(i) Enel Generación Costanera S.A. - Enel Generación El Chocón S.A. – Central
Dock Sud S.A.
Fund for necessary investments to increase the supply of electricity in the MEM “FONINVEMEM”
January 7, 2020 and February 10, 2020 were the 10-year anniversaries of the start of Commercial Operation of TMB and
TSM, respectively, ending the electric energy supply contracts signed between the respective Trusts and CAMMESA at the
time. Likewise, on the indicated dates, the respective trust Agreements and Contracts for the Operation and Maintenance
Management (CO&M) of both power plants came to an end. TMB and TSM, as managing companies, together with their current
shareholders (which include the Company as a guarantor) must perform the company actions necessary to allow the entry of
the Argentine national government in the equity of both companies. The corresponding ownership interest of the Argentine
national government is a controversial matter, since the government claims a higher share percentage of both thermoelectric
plants. In order to ensure the operation and maintenance of the power plants, the term of the respective CO&M contracts has
been extended, with the corresponding extensions being signed on January 7 and January 9, 2020, respectively.
On May 4 and May 8, 2020 the Extraordinary Shareholders’ Meetings of TMB and TSM were held, respectively, whereby the
shareholders agreed to increase the share capital in order for the Argentine national government to be able to subscribe to the
capital increase, and in this manner, become the holder of 65.006% and 68.826 % of the shares of TMB and TSM, respectively,
thus complying on time and in the proper manner with the condition precedent established in articles 1.01 and 7.03 of the
Trust Agreements. Notwithstanding the above, the Company and the rest of the shareholders that participated in the meetings
ratified the request (dated April 22, 2020) addressed to the Ministry of Productive Development by the Company together with
other shareholders of TMB and TSM for the implementation of the share concentration scheme foreseen in the “Agreement
for the Management and Operation of Projects, Increase in Thermoelectric Generation and Adaptation of the 2008-2011
Generation Remuneration”, and established a reserve for the damage claim actions in case such request was not accepted.
During November 2020, BICE, acting as trustee, confirmed fulfillment of the suspensive condition mentioned above, upon valid
performance of the corporate acts for the inclusion of the Argentine national government in the equity of TMB and TSM. At
the date of these financial statements, the Argentine national government has not yet subscribed for theshares resulting from
the capital increase, although the contractual obligations are irrevocable. After such subscription, the Trustees must transfer
the assets under trust to TMB and TSM.
Consequently, the Group holdings were reduced from 25.6% to 8.59% for the Manuel Belgrano Thermal Power Plant and 25.6%
to 7.7% for the San Martín Thermal Power Plant.
Central Vuelta Obligado (VOSA)
On March 20, 2018, CAMMESA enabled the commercial operations of the TG and TV units in the Wholesale Electricity Market,
operating as a combined cycle of the Vuelta de Obligado Plant, for up to 816 MW (net capacity). On February 7, 2019, VOSA
entered into a Supply Contract, Operations Contract, and Management Contract, as well as pledge and assignment as collateral
contracts, with CAMMESA. From March 2019, the Companies have been collecting monthly payments. As of December 1, 2020,
the Companies have collected 22 of the 120 installments agreed in the contracts.
374374
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information The outstanding balance as of December 31, 2020, is ThUS$ 311,875 (ThUS$ 350,519 in 2019). The breakdown by company is
detailed as follows: (i) Enel Generación El Chocón S.A. amounting to ThUS$ 208,941 (ThUS$ 233,733 in 2019), (ii) Central Dock
Sud S.A. amounting to ThUS$ 82,438 (ThUS$ 93,557 in 2019) and (iii) Enel Generación Costanera S.A. amounting to ThUS$
20,496 (ThUS$ 23,229 in 2019) (See Note 10).
(ii) Edesur:
2019 Regulatory Agreement
On May 10, 2019, the Company entered into an Obligations Regularization Agreement with the Secretariat of Energy, on behalf
of the Argentine State, which puts an end to the reciprocal claims arising during the transition period between 2006 and January
2017. On one hand, Edesur agrees to: (i) credit penalties to customers within a period of 3 years, adjusted at the prevailing
rate of the Bank of the Argentine Nation (BNA); (ii) credit the fines contained in Appendix VIII of the 2006 Memorandum of
Agreement, in up to 14 biannual installments, recalculated up to the date of effective payment according to the average increase
registered by the own cost of distribution; (iii) based on the provisions of clause 5.4 of the Memorandum of Agreement, allocate
the amounts of penalties for regular quality measurements during the transition period, to make additional investments over
those established in the Integral Rate Review (RTI), which are intended to contribute to service improvement, reliability, and
security. Moreover, new conditions were agreed upon in relation to the consumption loans granted by CAMMESA. Meanwhile,
the Argentine State offset, in favor of the Company, commercial debts with CAMMESA for energy purchases performed in
the Wholesale Electricity Market (MEM) prior to the effective date of the resolution issued by the National Electricity Regulator
Body (ENRE) No. 1/2016, and the Argentine State's debts generated in 2017 and 2018 related to consumption in settlements
measured by community meters, between July 2017 and December 31, 2018, in the proportion established in the New Framework
Agreement and its successive renewals, and with the differences generated by the application of the maximum limit in the
invoices issued to beneficiaries of the social rate. Moreover, the Argentine State forgave the sanctions owed to the Public
Administration (see Note 24).
The effects of this agreement generated a reduction in liabilities recorded in operating revenue for 2019 in the amount of ThUS$
203,433 (approximately ARS 12,183 million). As a result of the application of IAS 29 “Financial Reporting in Hyperinflationary
Economies,” these values at the year ended December 2019 were ThUS$ 261,185 (approximately ARS 15,641 million (see Note 28).
2020 Framework Agreement
The Province of Buenos Aires requested the Argentine Ministry of Economy to initiate a bid process to correct the situation
related to the electricity supply in low income neighborhoods between October 2017 and December 2020. On December 22,
2020, the Argentine national government, through the Ministry of Economy and Secretariat of Energy, the National Electricity
Regulatory Body (ENRE), and the companies Edenor and Edesur, entered into an agreement to develop a mechanism to pay off
debt corresponding to the Framework Agreement for such period, while the companies assumed the commitment to allocate
said funds to improve electric service works and the status of the network supplying these neighborhoods with collective
meters and other sensitive zones in the concessions area, without implying the extension of the downstream responsibility
for those collective meters, according to the applicable regulations. By way of this agreement, during December 2020, ARS
1.5 billion (ThUS$ 17,842) has been recognized under “Other Revenue” in the 2020 statement of income (Note 28).
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Annual Report Enel Américas 2020
NOTE 36. Headcount
The Group personnel, including that of subsidiaries in the five Latin American countries where the Group operates, is distributed
as follows as of December 31, 2020 and 2019:
Country
Chile
Argentina
Brazil
Peru
Colombia
Total
Average
Country
Chile
Argentina
Brazil
Peru
Colombia
Total
Average
12-31-2020
Managers
and key
executives
Professionals
and Technicians
Staff and
others
8
35
51
35
39
168
170
39
1.850
5.726
908
2.111
10.634
10.679
4
2.179
3.746
-
-
5.929
6.120
12-31-2019
Managers
and key
executives
Professionals
and Technicians
Staff and
others
7
33
53
38
39
170
171
47
1.871
5.935
888
2.065
10.806
10.247
4
2.208
4.120
-
2
6.334
7.269
Total
51
4.064
9.523
943
2.150
16.731
16.969
Total
58
4.112
10.108
926
2.106
17.310
17.687
NOTE 37. Sanctions
The main sanctions that the Group companies have received are described below.
1. Edesur S.A. (Empresa Distribuidora del Sur S.A.)
As of December 31, 2020, considering the pending sanctions imposed by the National Electricity Regulator (ENRE) from the
period beginning on October 1, 2020, Edesur S.A. has been penalized two times for violations to public road safety regulations
– accidents and anomalies – (ENRE Resolutions 71/20 and 87/20) for an amount of ARS 1.5 million (ThUS$ 16). having appealed
to all sanctions..
2. Enel Distribución Río S.A. (Ampla Energia e
Serviços S.A. or “Ampla”)
Tax sanctions: The Brazilian Tax Authority imposed a fine on the after denying the authorization to offset federal taxes. Individual
fines have been imposed on the company for 50% of the compensation requested and denied by the Brazilian authority The
company filed its administrative defenses against the fines and is awaiting a ruling. There are also late penalties on federal tax
offsets. The principal of the offset was accepted by the federal administration, but it acknowledged a payment delay, resulting
in the collection of the fine of ThBRL 11,611 (ThUS$ 2,235).
376376
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information 3. Enel Distribución Ceará S.A. (Companhia
Energetica do Ceará S.A. or “Coelce”)
-
In 2012, the Brazilian National Electricity Regulatory Agency (ANEEL) imposed a fine of BRL 20.6 million on Enel Distribución
Ceará for alleged errors in the records of the company’s asset base. Enel Distribución Ceará appealed against the fine
resulting in a reduction of BRL 11.2 million. Considering the need to legalize the company’s status with the ANEEL, Enel
Distribución Ceará posted a bond and filed a lawsuit for the fine’s total nullification. On July 26, 2019, a decision was
issued that dismissed the lawsuit filed by Enel Distribución Ceará. On August 27, 2019, Enel Distribución Ceará filed an
appeal, which is pending resolution. A favorable decision would result in a refund of the amount paid by Enel Distribución
Ceará. As of December 31, 2020, the amount involved in the penalty was BRL 21.4 million (ThUS$ 4,120).
-
In 2020, ANEEL, through the Regulatory Agency of Delegated Public Services of the State of Ceará (Arce), imposed a
fine on Enel of ThBRL 26.2 (ThUS$ 5,076) for non-compliance with energy supply quality indicators. Enel filed an appeal
against the fine, which to date remains unresolved. On December 31, 2020, the amount involved in the penalty was BRL
26.2 million (ThUS$ 5,044).
4. Enel Distribución Goiás (formerly CELG
Distribuição S.A.)
-
In 2016, the Brazilian National Electricity Regulatory Agency (ANEEL) imposed a fine of BRL 61 million on Enel
Distribución Goiás for failure to fulfill a sector obligation (linked to the Account for the Development of Energy (Conta de
Desenvolvimento Energético or CDE). Enel Distribución Goiás filed an appeal against the fine which is pending resolution.
Enel Distribución Goiás posted a bond and filed a lawsuit for the fine’s total nullification, which is still pending resolution.
As of December 31, 2020, the amount involved in the penalty was BRL 39.2 million (ThUS$7,547).
-
In 2019, the Brazilian National Electricity Regulatory Agency (ANEEL) imposed a fine of BRL 62 million on Enel Distribución
Goiás for non-compliance of customer service and energy supply quality indicators. Enel Distribución Goiás filed an
appeal against the fine, which is pending resolution. As of December 31, 2020, the amount involved in the penalty was
BRL 61.6 million (ThUS$ 11,860).
-
In 2020, the Agência Goiana de Regulação - AGR imposed a fine on Enel of BRL 44 million (ThUS$ 8,471) for non-
compliance with maintenance and violations of quality indicators (SAIDI/SAIFI). Enel filed an appeal against the fine with
ANEEL, which is pending resolution. On December 31, 2020, the amount involved in the penalty was BRL 43.2 million
(ThUS$ 8,317).
5. Enel Distribución Sao Paulo (formerly
Eletropaulo)
-
ANEEL fined Eletropaulo for alleged errors in the records of the company’s asset base. Eletropaulo filed an appeal
which was dismissed. Eletropaulo filed a lawsuit seeking the total nullification of the fine. The judge rendered a decision
dismissing Eletropaulo’s claim, and Eletropaulo has filed an appeal with the court of second instance, which is pending
resolution. As of December 31, 2020, the amount involved in the penalty was BRL 186.4 million (ThUS$ 35,888).
-
ANEEL fined Eletropaulo for alleged formal inconsistencies of asset accounting records. Eletropaulo asserted that the
errors have not generated any negative practical consequences for tariffs, and even less for the service provided by
the company. Eletropaulo’s administrative appeal was dismissed, and Eletropaulo filed a lawsuit for the total nullification
of the fine. On May 29, 2019, the judge issued a judgment dismissing the claims made by Eletropaulo. On June 5, 2019,
Eletropaulo submitted a petition for clarification against the judgment, for which the hearing is pending. On December
377
Annual Report Enel Américas 2020 27, 2019, a decision was issued confirming the impossibility of ANEEL to register Eletropaulo in its system of payment
arrears and imposing the fine until the decision is final. As of December 31, 2020, the amount involved in the penalty
was BRL 92.4 million (ThUS$ 17,790).
-
In 2012, ANEEL imposed a fine on Eletropaulo for alleged formal inconsistencies of records of consumer supply quality
indices, as well as a payment of compensation to customers for non-compliance with these indices. Eletropaulo filed its
administrative defenses and is awaiting the decision of ANEEL’s Board of Directors. In April 2020, Enel filed an annulment
lawsuit with the court and a decision was issued suspending all the effects of the penalties. As of December 31, 2020,
the amount involved in the penalty was BRL 29.5 million (ThUS$ 5,680).
-
On December 4, 2018, ANEEL imposed a fine on Eletropaulo for customer service quality issues. On December 14, 2018,
Eletropaulo filed its administrative defenses against the fine and is awaiting the analysis and decision of ANEEL’s Electric
Services Oversight Authority (SFE). As of December 31, 2020, the amount involved in the penalty was BRL 24.8 million
(ThUS$ 4,775).
-
ANEEL imposed a fine on Eletropaulo for not complying with consumer supply quality indices during 2013. Eletropaulo
filed its administrative defenses against the fine, which was decided unfavorably to the company. On July 24, 2018,
Eletropaulo filed a lawsuit seeking the nullification of the fine, which is still pending resolution. As of December 31, 2020,
the amount involved in the penalty was BRL 68.9 million (ThUS$ 13,265).
-
ANEEL imposed a fine on Eletropaulo for not complying with consumer supply quality indices during 2014. Eletropaulo filed
its administrative defenses against the fine, which was decided unfavorably to the company. On July 31, 2018, Eletropaulo
filed a lawsuit seeking the nullification or reduction of the fine. On October 17, 2019, the court rejected Eletropaulo’s
request for nullification, against which the company filed a petition for clarification of the decision. On December 16,
2019, the petition was rejected. As of December 31, 2020, the amount involved in the penalty is BRL 35.2 million (ThUS$
6,777).
-
ANEEL imposed a fine on Eletropaulo for nonconformity in the Doubtful Settlement Credit Budget process. Eletropaulo
filed its administrative defenses against the fine, which was decided unfavorably to the company. Eletropaulo filed a
lawsuit seeking the nullification or reduction of the fine. The first instance ruling was unfavorable to Eletropaulo, which
filed an appeal that is pending resolution. As of December 31, 2020, the amount involved in the penalty is BRL 24.7 million
(ThUS$ 4,775).
-
ANEEL imposed a fine on Eletropaulo for nonconformity in the Doubtful Settlement Credit Budget process. Eletropaulo
filed its administrative defenses against the fine, which was decided unfavorably to the company. Eletropaulo filed a
lawsuit seeking the nullification or reduction of the fine. The first instance ruling was favorable to Eletropaulo. However,
ANEEL filed an appeal which is pending resolution. As of December 31, 2020, the amount involved in the penalty is BRL
77.3 million (ThUS$ 14,883).
-
In February 2003, the Municipality of Jandira imposed a fine on Eletropaulo for violation of municipal laws with respect to
the road network in the municipality. Eletropaulo’s administrative defenses against the fines were decided unfavorably
to the company. Eletropaulo filed a lawsuit seeking the nullification of the fine. The first instance ruling was unfavorable
to Eletropaulo, which filed an appeal that is pending resolution. Eletropaulo filed an appeal with the Superior Courts
(Superior Tribunal de Justiça and Supremo Tribunal Federal) for which, to date, no final decision has been issued. As of
December 31, 2020, the amount involved is BRL 21.8 million (ThUS$ 4,197).
-
In July 2002, the Municipality of Jandira fined Eletropaulo for violation of municipal laws with respect to the road network
in the municipality. As final ruling, Eletropaulo’s administrative defenses against the fines were decided unfavorably to
the company. Eletropaulo filed a lawsuit seeking the nullification of the fine. The first instance ruling was favorable to
Eletropaulo. The municipality filed an appeal which was dismissed by the Superior Tribunal de Justiça. |The municipality
filed a subsequent appeal for its review by the panel of judges, who dismissed the appeal. As of December 31, 2020, the
amount involved is BRL 25.3 million (ThUS$4,871).
378378
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information -
The Municipality of Sao Paulo fined Eletropaulo for violation of municipal traffic laws involving a restricted area of circulation.
Eletropaulo’s administrative defenses against the fines were decided unfavorably to the company. In 2011, Eletropaulo
filed a lawsuit seeking the nullification of the fine. The first instance ruling was unfavorable to Eletropaulo, which filed an
appeal that is pending resolution. As of December 31, 2020, the amount involved is BRL 33.8 million (ThUS$6,507).
-
In February 2012, the Municipality of Itapevi fined Eletropaulo for violation of municipal laws with respect to the road
network in the municipality. Eletropaulo’s administrative defenses against the fines were decided unfavorably to the
company. Eletropaulo filed a lawsuit seeking the nullification of the fine. The first instance ruling was unfavorable to
Eletropaulo, which filed an appeal that is pending resolution. As of December 31, 2020, the amount involved is BRL 30.6
million (ThUS$ 5,891).
-
Tax sanctions: The Brazilian Tax Authority imposed a fine on the after denying the authorization to offset federal taxes.
Individual fines have been imposed on the company for 50% of the compensation requested and denied by the Brazilian
authority. The company filed its administrative defense against the fines and is awaiting a decision. As of December 31,
2020, the amount involved is BRL 48,9 million (ThUS$ 9,432).
6. Enel Generación Perú S.A.A. (formerly Edegel S.A.A.)
As of December 31, 2019, Enel Generación Perú has incurred the following tax fines:
-
As part of a corporate tax audit procedure for the 1999 fiscal year, SUNAT issued a Notice of Fines No. 0120020004919
to Enel Generación Perú by means of which it imposed a fine of PEN 2,076,888 (ThUS$574) by way of annual corporate
income tax, whose default interest as of the payment date amounted to PEN 10,501,965 (ThUS$2,903). Note that the
imposition of this penalty is being challenged in the judicial courts.
-
As part of a corporate tax audit procedure for 2000 and 2001, SUNAT issued a Notice of Fines No. 0120020008723 to
Enel Generación Perú by means of which it imposed a fine by way of corporate income tax for the year 2000. Considering
several payments made and the reassessment made by SUNAT, to date, this penalty amounts to PEN 6,460,523 (ThUS$
1,786), and the default interest to date amounts to PEN 15,043,925 (ThUS$ 4,158). Enel Generación Perú is currently
challenging the reassessment of the fine at the Tax Court and the underlying substantive issue in the judicial courts. Note
that PEN 7,928,535 (ThUS$2,192) has been duly paid.
-
As part of an audit procedure for the Ad Valorem General Sales Tax (IGV) and Municipal Promotion Tax (IPM) on imports
for 2008 and 2009, SUNAT issued Division Resolution No. 0003X4100/2013-000440 to Banco Scotiabank del Perú (who
is the legal owner of Central Santa Rosa under a finance lease agreement, whereby Enel Generación Perú is responsible
for all contingencies arising therefrom), whereby a fine amounting to ThUS$2,974 was imposed (the customs fines were
paid in dollars). The imposition of this fine is being discussed in the Judiciary, for which PEN 5,832,129 (ThUS$ 1,612) had
to be paid, the default interest of which, to date, amounted to PEN 3,395,224 (ThUS$ 938). The full amount of the tax
debt related to the aforementioned fine was not paid, since part of it was barred by the statute of limitations.
7. Enel Perú S.A.C. (formerly Generandes)
As of December 31, 2019, Enel Perú had incurred the following tax fine:
As part of an audit procedure for corporate tax and IGV for fiscal year 2000, SUNAT issued a Notice of Fines No. 0240030008355
to Enel Perú by means of which it imposed a fine of PEN 2,920,104 (ThUS$ 807) by way of annual corporate income tax and
whose default interest as of the payment date amounted to PEN 14,053,695 (ThUS$3,885). Similarly, SUNAT issued Notices of
Fines Nos. 0240020022829 through 0240020022831 to Enel Perú by means of which it imposed fines of PEN 1,771,933 (ThUS$
490) for the improper application of the IGV for the periods of April, June and October 2000, whose default interest as of the
payment date amounted to PEN10,231,619 (ThUS$2,828). Note that the imposition of these penalties is being challenged in
the judicial courts.
379
Annual Report Enel Américas 2020
8. Enel Generación Piura (formerly EEPSA)
As of December 31, 2019, Enel Generación Piura has incurred the following tax fine:
-
As part of a tax audit procedure for the IGV and IPM on imports for the 2011 fiscal year, SUNAT issued a Notice of Fines No.
0003Y4100/2014-000211 to Banco de Crédito del Perú (who is the legal owner of Malacas Power Plant under a finance
lease agreement, whereby Enel Generación Piura is responsible for all contingencies arising therefrom) by means of which
it imposed a penalty of PEN 6,868,256 (ThUS$1,898), whose current default interest to date amounts to PEN4,844,855
(ThUS$1,339). Note that the imposition of this penalty is being challenged in the judicial courts.
NOTE 38. Environment
Environmental expenses for the years ended December 31, 2020, 2019 and 2018, are as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Disbursing Company
Project Name
Environmental Description
Emgesa S.A. E.S.P.
Central Hidroelectrica El
Quimbo Project
Monitoring & hydrometeorological studies
Other
Law 99
Empresa Distribuidora Sur S.A.
Contaminating Material
Manipulation of contaminating material
Compañía Distribuidora y
Comercializadora de Energía S.A.
Pcbs Decommissioning
Nueva Esperanza
Environmental
Compensation
Under Law 1196 of 2008, Colombia adopted the Stockholm Convention and this was
regulated with the Ministry of the Environment's Resolution 222 of December 15, 2011,
recognizing the provision for the decommissioning of transformers contaminated with PCBs.
Compensations included in Resolution 1061 and Agreement 017 of 2013 issued
by the Ministry of the Environment and the Autonomous Regional Corporation of
Cundinamarca, respectively, which approves the substitution of the protecting and
producing forestry reserve of the upper basin of the Bogota River, committing the
Company to undertaking a compensation and reforestation plan in the construction
zone of the Nueva Esperanza, Gran Sabana and Compartir substations
Prevention Activities
Protection of environmental biodiversity, treatment of waste waters
Studies of environmental aspects
Enel Generación Perú S.A.
Environmental Studies
Studies of environmental aspects
Waste Management
Handling of hazardous waste
Mitigation and Restoration
Protection and recovery of soil and water
Environmental Monitoring
Protection of the air and climate, noise reduction, protection against radiation
Landscaping and Green
Areas
Maintaining green areas and small fauna
Prevention Activities
Protection of environmental biodiversity, treatment of waste waters
Enel Generación Piura S.A.
Environmental Studies
Environmental aspect studies
Waste Management
Handling of hazardous waste
Environmental Monitoring
Protection of the air and climate, noise reduction
Landscaping and Green
Areas
Maintaining green areas and small fauna
Chinango S.A.C.
Waste Management
Handling of hazardous waste
Environmental Studies
Environmental aspect studies
Prevention Activities
Protection of the air and climate, noise reduction, protection against radiation
Mitigation and Restoration
Protection and recovery of soil and water
Environmental Monitoring
Protection of the air and climate, noise reduction, protection against radiation
Total
380380
Project Status [Finished,
Disbursement
Capitalized
Expense
disbursement
date of future
Total
prior period
amount
amount
amount
amount
disbursement
disbursements
disbursement
Future
Estimated
2019
Amount of
4,221
12-31-2022
480
276
4,221
74
522
208
4,588
133
In progress
2,341
2,180
161
5,375
12-31-2027
7,716
7,838
83
-
309
12-31-2022
12-31-2020
2020
480
276
-
74
222
103
204
6
111
89
55
22
37
28
42
72
31
115
7
108
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
480
276
-
74
83
222
103
204
6
111
89
55
22
37
28
42
72
31
115
7
108
392
222
103
204
6
111
89
55
22
37
28
42
72
31
115
7
108
309
78
116
342
29
86
90
35
29
76
42
-
-
24
53
19
277
in progress]
In progress
In progress
In progress
In progress
In progress
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
4,506
2,263
2,243
9,905
-
14,411
14,894
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information -
As part of the audit procedure for the Ad Valorem General Sales Tax (IGV) and Municipal Promotion Tax (IPM) on imports
for 2016, SUNAT issued Division Resolution No. 253- 2020-SUNAT-323100 to Bank Scotiabank del Perú (who is the legal
owner of the Malacas Power Plant Replacement Project – Unit TG6, under a finance lease agreement, whereby Enel
Generación Piura is responsible for all contingencies arising therefrom), whereby a fine amounting to PEN 4,552,490
(ThUS $ 1,258) was partially canceled (reduced by 60%) resulting in a fine amounting to PEN 1,820,995 (ThUS $ 503)
plus default interest in the amount of PEN 1,165,075 (ThUS $ 322), as of the date of payment. The imposition of the
aforementioned fine is being discussed before SUNAT.
In relation to the sanctions described above, the Group has established provisions for ThUS $ 49,856 as of December 31, 2020
(see Note 25). There are other sanctions that also have associated provisions, but they are not described in this note, since they
individually represent smaller amounts. Management believes that the provisions recorded adequately cover the risks due to
penalties, Therefore, they do not expect additional liabilities to arise from those already registered.
NOTE 38. Environment
Environmental expenses for the years ended December 31, 2020, 2019 and 2018, are as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Disbursing Company
Project Name
Environmental Description
Monitoring & hydrometeorological studies
Emgesa S.A. E.S.P.
Central Hidroelectrica El
Quimbo Project
Other
Law 99
Empresa Distribuidora Sur S.A.
Contaminating Material
Manipulation of contaminating material
Pcbs Decommissioning
regulated with the Ministry of the Environment's Resolution 222 of December 15, 2011,
Under Law 1196 of 2008, Colombia adopted the Stockholm Convention and this was
Compañía Distribuidora y
Comercializadora de Energía S.A.
Nueva Esperanza
Environmental
Compensation
Compensations included in Resolution 1061 and Agreement 017 of 2013 issued
by the Ministry of the Environment and the Autonomous Regional Corporation of
Cundinamarca, respectively, which approves the substitution of the protecting and
producing forestry reserve of the upper basin of the Bogota River, committing the
Company to undertaking a compensation and reforestation plan in the construction
zone of the Nueva Esperanza, Gran Sabana and Compartir substations
Protection of environmental biodiversity, treatment of waste waters
Enel Generación Perú S.A.
Prevention Activities
Studies of environmental aspects
Environmental Studies
Studies of environmental aspects
Waste Management
Handling of hazardous waste
Mitigation and Restoration
Protection and recovery of soil and water
Environmental Monitoring
Protection of the air and climate, noise reduction, protection against radiation
Landscaping and Green
Areas
Maintaining green areas and small fauna
Prevention Activities
Protection of environmental biodiversity, treatment of waste waters
Enel Generación Piura S.A.
Environmental Studies
Environmental aspect studies
Waste Management
Handling of hazardous waste
Environmental Monitoring
Protection of the air and climate, noise reduction
Landscaping and Green
Areas
Maintaining green areas and small fauna
Chinango S.A.C.
Waste Management
Handling of hazardous waste
Environmental Studies
Environmental aspect studies
Prevention Activities
Protection of the air and climate, noise reduction, protection against radiation
Mitigation and Restoration
Protection and recovery of soil and water
Environmental Monitoring
Protection of the air and climate, noise reduction, protection against radiation
2020
Project Status [Finished,
in progress]
Disbursement
amount
Capitalized
amount
Expense
amount
Future
disbursement
amount
Estimated
date of future
disbursement
Total
disbursements
In progress
In progress
In progress
In progress
480
276
-
74
-
-
-
-
480
276
-
74
-
-
4,221
12-31-2022
-
480
276
4,221
74
2019
Amount of
prior period
disbursement
522
208
4,588
133
recognizing the provision for the decommissioning of transformers contaminated with PCBs.
In progress
2,341
2,180
161
5,375
12-31-2027
7,716
7,838
In progress
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
83
222
103
204
6
111
89
55
22
37
28
42
72
31
115
7
108
83
-
309
12-31-2022
12-31-2020
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
222
103
204
6
111
89
55
22
37
28
42
72
31
115
7
108
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
392
222
103
204
6
111
89
55
22
37
28
42
72
31
115
7
108
309
78
116
342
29
86
90
35
29
76
42
-
-
24
53
19
277
Total
4,506
2,263
2,243
9,905
-
14,411
14,894
381
Annual Report Enel Américas 2020
IN THOUSANDS OF U.S. DOLLARS – THUS$
Disbursing Company
Project Name
Emgesa S.A. E.S.P.
Central Hidroelectrica El Quimbo
Project
Empresa Distribuidora Sur S.A. Contaminating Material
Pcbs Decommissioning
Compañía Distribuidora y
Comercializadora de Energía S.A.
Nueva Esperanza Environmental
Compensation
Enel Generación Perú S.A.
Enel Generación Piura S.A.
Chinango S.A.C.
Enel Distribución S.A.
Total
Prevention Activities
Environmental Studies
Waste Management
Mitigation and Restoration
Environmental Monitoring
Landscaping and Green Areas
Prevention Activities
Environmental Studies
Waste Management
Environmental Monitoring
Landscaping and Green Areas
Environmental Studies
Waste Management
Mitigation and Restoration
Environmental Monitoring
Waste Management
IN THOUSANDS OF U.S. DOLLARS – THUS$
Disbursing Company
Project Name
Emgesa S.A. E.S.P.
Empresa Distribuidora Sur S.A.
Chinango S.A.C.
Compañía Distribuidora y
Comercializadora de Energía
S.A.
Central Hidroelectrica El Quimbo
Project
Contaminating Material
Prevention Activities
Environmental Studies
Waste Management
Mitigation and Restoration
Environmental Monitoring
Landscaping and Green Areas
Pcbs Decommissioning
Nueva Esperanza Environmental
Compensation
Enel Generación Perú S.A.
Prevention Activities
Environmental Studies
Waste Management
Mitigation and Restoration
Environmental Monitoring
Landscaping and Green Areas
Total
382382
Environmental Description
Monitoring & hydrometeorological studies
Other
Law 99
Manipulation of contaminating material
Under Law 1196 of 2008, Colombia adopted the Stockholm Convention and this
was regulated with the Ministry of the Environment's Resolution 222 of December
15, 2011, recognizing the provision for the decommissioning of transformers
contaminated with PCBs.
Compensations included in Resolution 1061 and Agreement 017 of 2013 issued
by the Ministry of the Environment and the Autonomous Regional Corporation
of Cundinamarca, respectively, which approves the substitution of the
protecting and producing forestry reserve of the upper basin of the Bogota River,
committing the Company to undertaking a compensation and reforestation plan
in the construction zone of the Nueva Esperanza, Gran Sabana and Compartir
substations
Protection of environmental biodiversity, treatment of waste waters
Environmental aspect studies
Handling of hazardous waste
Protection and recovery of soil and water
Protection of the air and climate, noise reduction, protection against radiation
Maintaining green areas and small fauna
Protection of environmental biodiversity, treatment of waste waters
Environmental aspect studies
Handling of hazardous waste
Protection of the air and climate, noise reduction.
Maintaining green areas and small fauna
Environmental aspect studies
Handling of hazardous waste
Protection and recovery of soil and water
Protection of the air and climate, noise reduction, protection against radiation
Elimination of particles and other special waste
Environmental Description
Environmental Management Plan El Quimbo
Manipulation of contaminating material
Protection of environmental biodiversity
Environmental aspect studies
Handling of hazardous waste
Protection and recovery of soil and water
Protection of the air and climate, noise reduction, protection against radiation
Maintaining green areas and small fauna
Under Law 1196 of 2008, Colombia adopted the Stockholm Convention and this
was regulated with the Ministry of the Environment's Resolution 222 of December
15, 2011, recognizing the provision for the decommissioning of transformers
contaminated with PCBs.
Compensations included in Resolution 1061 and Agreement 017 of 2013 issued
by the Ministry of the Environment and the Autonomous Regional Corporation
of Cundinamarca, respectively, which approves the substitution of the
protecting and producing forestry reserve of the upper basin of the Bogota River,
committing the Company to undertaking a compensation and reforestation plan
in the construction zone of the Nueva Esperanza, Gran Sabana and Compartir
substations
Protection of environmental biodiversity, treatment of waste waters
Environmental aspect studies
Handling of hazardous waste
Protection and recovery of soil and water
Protection of the air and climate, noise reduction, protection against radiation
Maintaining green areas and small fauna
Disbursement
Capitalized
Expense
disbursement
date of future
amount
amount
amount
amount
disbursement
disbursements
2019
Future
Estimated
-
-
4,588
12-31-2021
In progress
1,693
1,399
294
6,145
12-31-2027
7,838
189
105
522
208
-
133
204
78
116
342
29
86
90
35
29
76
42
49
24
53
19
277
243
-
130
57
63
44
-
426
11
493
301
256
314
37
180
220
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
481
-
-
-
-
-
-
522
208
-
133
15
78
116
342
29
86
90
35
29
76
42
49
24
53
19
277
243
-
130
57
63
44
-
426
11
12
301
256
314
37
180
220
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1
-
-
-
-
-
-
12-31-2019
12-31-2019
12-31-2019
12-31-2019
12-31-2019
12-31-2019
12-31-2019
12-31-2019
12-31-2019
12-31-2019
12-31-2019
12-31-2019
12-31-2019
12-31-2019
12-31-2019
12-31-2019
12-31-2019
7,495
12-31-2020
-
12-31-2018
12-31-2018
12-31-2018
12-31-2018
12-31-2018
12-31-2018
12-31-2019
12-31-2018
12-31-2018
12-31-2018
12-31-2018
12-31-2018
12-31-2018
Total
522
208
4,588
133
309
78
116
342
29
86
90
35
29
76
42
49
24
53
19
277
243
7,495
130
57
63
44
-
426
11
494
301
256
314
37
180
220
Project Status
[Finished,
in progress]
In progress
In progress
In progress
In progress
In progress
In progress
In progress
In progress
In progress
In progress
In progress
In progress
In progress
In progress
In progress
In progress
In progress
In progress
In progress
In progress
Completed
Project Status
[Finished,
in progress]
In progress
In progress
In progress
In progress
In progress
In progress
In progress
In progress
In progress
In progress
In progress
In progress
In progress
In progress
In progress
4,348
1,588
2,760
10,838
-
15,186
Disbursement
Capitalized
Expense
disbursement
date of future
Total
amount
amount
amount
amount
disbursement
disbursements
2018
Future
Estimated
In progress
373
113
260
7
12-31-2018
380
2,905
594
2,311
7,503
-
10,408
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information IN THOUSANDS OF U.S. DOLLARS – THUS$
Disbursing Company
Project Name
Emgesa S.A. E.S.P.
Central Hidroelectrica El Quimbo
Monitoring & hydrometeorological studies
Environmental Description
Project
Other
Law 99
Empresa Distribuidora Sur S.A. Contaminating Material
Manipulation of contaminating material
Compañía Distribuidora y
Pcbs Decommissioning
Under Law 1196 of 2008, Colombia adopted the Stockholm Convention and this
Comercializadora de Energía S.A.
was regulated with the Ministry of the Environment's Resolution 222 of December
15, 2011, recognizing the provision for the decommissioning of transformers
contaminated with PCBs.
Nueva Esperanza Environmental
Compensations included in Resolution 1061 and Agreement 017 of 2013 issued
Compensation
by the Ministry of the Environment and the Autonomous Regional Corporation
of Cundinamarca, respectively, which approves the substitution of the
protecting and producing forestry reserve of the upper basin of the Bogota River,
committing the Company to undertaking a compensation and reforestation plan
in the construction zone of the Nueva Esperanza, Gran Sabana and Compartir
substations
Enel Generación Perú S.A.
Prevention Activities
Protection of environmental biodiversity, treatment of waste waters
Environmental Studies
Waste Management
Environmental aspect studies
Handling of hazardous waste
Mitigation and Restoration
Protection and recovery of soil and water
Enel Generación Piura S.A.
Prevention Activities
Protection of environmental biodiversity, treatment of waste waters
Environmental Monitoring
Protection of the air and climate, noise reduction, protection against radiation
Landscaping and Green Areas
Maintaining green areas and small fauna
Environmental Studies
Waste Management
Environmental aspect studies
Handling of hazardous waste
Environmental Monitoring
Protection of the air and climate, noise reduction.
Landscaping and Green Areas
Maintaining green areas and small fauna
Environmental Studies
Waste Management
Environmental aspect studies
Handling of hazardous waste
Mitigation and Restoration
Protection and recovery of soil and water
Enel Distribución S.A.
Waste Management
Elimination of particles and other special waste
Environmental Monitoring
Protection of the air and climate, noise reduction, protection against radiation
Chinango S.A.C.
Total
IN THOUSANDS OF U.S. DOLLARS – THUS$
Disbursing Company
Project Name
Environmental Description
Emgesa S.A. E.S.P.
Central Hidroelectrica El Quimbo
Empresa Distribuidora Sur S.A.
Contaminating Material
Manipulation of contaminating material
Project
Environmental Management Plan El Quimbo
Chinango S.A.C.
Prevention Activities
Environmental Studies
Waste Management
Protection of environmental biodiversity
Environmental aspect studies
Handling of hazardous waste
Mitigation and Restoration
Protection and recovery of soil and water
Compañía Distribuidora y
Pcbs Decommissioning
Under Law 1196 of 2008, Colombia adopted the Stockholm Convention and this
Environmental Monitoring
Protection of the air and climate, noise reduction, protection against radiation
Landscaping and Green Areas
Maintaining green areas and small fauna
Comercializadora de Energía
S.A.
was regulated with the Ministry of the Environment's Resolution 222 of December
15, 2011, recognizing the provision for the decommissioning of transformers
contaminated with PCBs.
Nueva Esperanza Environmental
Compensations included in Resolution 1061 and Agreement 017 of 2013 issued
Compensation
by the Ministry of the Environment and the Autonomous Regional Corporation
of Cundinamarca, respectively, which approves the substitution of the
protecting and producing forestry reserve of the upper basin of the Bogota River,
committing the Company to undertaking a compensation and reforestation plan
in the construction zone of the Nueva Esperanza, Gran Sabana and Compartir
substations
Enel Generación Perú S.A.
Prevention Activities
Protection of environmental biodiversity, treatment of waste waters
Environmental Studies
Waste Management
Environmental aspect studies
Handling of hazardous waste
Mitigation and Restoration
Protection and recovery of soil and water
Environmental Monitoring
Protection of the air and climate, noise reduction, protection against radiation
Landscaping and Green Areas
Maintaining green areas and small fauna
Total
Project Status
[Finished,
in progress]
In progress
In progress
In progress
In progress
Disbursement
amount
522
208
-
133
Capitalized
amount
-
-
-
-
2019
Expense
amount
522
208
-
133
Future
disbursement
amount
-
-
4,588
-
Estimated
date of future
disbursement
-
-
12-31-2021
Total
disbursements
522
208
4,588
133
In progress
1,693
1,399
294
6,145
12-31-2027
7,838
In progress
In progress
In progress
In progress
In progress
In progress
In progress
In progress
In progress
In progress
In progress
In progress
In progress
In progress
In progress
In progress
Completed
Project Status
[Finished,
in progress]
In progress
In progress
In progress
In progress
In progress
In progress
In progress
In progress
204
78
116
342
29
86
90
35
29
76
42
49
24
53
19
277
243
189
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
15
78
116
342
29
86
90
35
29
76
42
49
24
53
19
277
243
105
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
12-31-2019
12-31-2019
12-31-2019
12-31-2019
12-31-2019
12-31-2019
12-31-2019
12-31-2019
12-31-2019
12-31-2019
12-31-2019
12-31-2019
12-31-2019
12-31-2019
12-31-2019
12-31-2019
12-31-2019
309
78
116
342
29
86
90
35
29
76
42
49
24
53
19
277
243
4,348
1,588
2,760
10,838
-
15,186
Disbursement
amount
Capitalized
amount
Expense
amount
Future
disbursement
amount
Estimated
date of future
disbursement
Total
disbursements
2018
-
130
57
63
44
-
426
11
-
-
-
-
-
-
-
-
-
130
57
63
44
-
426
11
7,495
-
-
-
-
-
-
-
12-31-2020
-
12-31-2018
12-31-2018
12-31-2018
12-31-2018
12-31-2018
12-31-2018
7,495
130
57
63
44
-
426
11
In progress
373
113
260
7
12-31-2018
380
In progress
In progress
In progress
In progress
In progress
In progress
In progress
493
301
256
314
37
180
220
2,905
481
-
-
-
-
-
-
594
12
301
256
314
37
180
220
1
-
-
-
-
-
-
12-31-2019
12-31-2018
12-31-2018
12-31-2018
12-31-2018
12-31-2018
12-31-2018
494
301
256
314
37
180
220
2,311
7,503
-
10,408
383
Annual Report Enel Américas 2020 NOTE 39. Financial information on subsidiaries,
summarized
As of December 31, 2020, 2019 and 2018 summarized financial information of our main subsidiaries prepared under IFRS
is as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Enel Argentina S.A.
Enel Generación Costanera S.A.
Enel Generación El Chocón S.A.
Empresa Distribuidora Sur S.A.
Enel Trading Argentina S.R.L
Dock Sud S.A.
Grupo Enel Argentina
Enel Brasil S.A.
Enel Generación Fortaleza S.A.
EGP Cachoeira Dourada S.A.
EGP Volta Grande
Enel Cien S.A.
Compañía de Transmisión del Mercosur S.A.
Transportadora de Energía S.A.
Enel Distribución Ceará S.A.
Enel Distribución Rio S.A.
Enel Distribución Goiás S.A.
Enel X Brasil S.A.
Enel Distribuicao Sao Paulo S.A.
Grupo Enel Brasil
Emgesa S.A. E.S.P.
Compañía Distribuidora y Comercializadora de Energía
S.A.
Enel Perú, S.A.C.
Enel Generación Perú S.A.A.
Chinango S.A.C.
Enel Generación Piura S.A.
Enel Distribución Perú S.A.A.
Grupo Enel Perú
IN THOUSANDS OF U.S. DOLLARS – THUS$
Enel Argentina S.A.
Enel Generación Costanera S.A.
Enel Generación El Chocón S.A.
Empresa Distribuidora Sur S.A.
Enel Trading Argentina S.R.L
Dock Sud S.A.
Grupo Enel Argentina
Enel Brasil S.A.
Enel Generación Fortaleza S.A.
EGP Cachoeira Dourada S.A.
EGP Volta Grande
Enel Cien S.A.
Compañía de Transmisión del Mercosur S.A.
Transportadora de Energía S.A.
Enel Distribución Ceará S.A.
Enel Distribución Rio S.A.
Enel Distribución Goiás S.A.
Enel X Brasil S.A.
Enel Distribuicao Sao Paulo S.A.
Grupo Enel Brasil
Emgesa S.A. E.S.P.
Compañía Distribuidora y Comercializadora de Energía
S.A.
Enel Perú, S.A.C.
Enel Generación Perú S.A.A.
Chinango S.A.C.
Enel Generación Piura S.A.
Enel Distribución Perú S.A.A.
Grupo Enel Perú
Financial
Statements
Separate
Separate
Separate
Separate
Separate
Separate
Consolidated
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Consolidated
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Consolidated
Financial
Statements
Separate
Separate
Separate
Separate
Separate
Separate
Consolidated
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Consolidated
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Consolidated
384384
12-31-2020
12-31-2020
Current
Assets
40,432
96,321
91,441
274,169
12,882
97,880
312,760
567,492
76,390
584,030
31,525
31,496
2,554
2,144
575,851
705,578
566,168
19,617
1,515,162
4,143,213
353,946
499,983
34,757
315,244
8,892
60,425
191,178
546,260
Current
Assets
43,219
113,909
101,114
284,126
23,432
105,726
326,191
371,174
119,719
213,201
42,230
113,996
6,856
4,914
629,655
722,394
665,187
17,886
1,701,300
4,211,380
251,413
363,838
37,589
361,697
6,346
75,118
153,382
551,844
Non-Current
Assets
65,563
253,484
268,572
1,442,360
1,263
172,641
841,974
4,484,221
133,672
130,285
274,019
141,069
10,089
11,705
1,322,709
1,588,563
2,032,002
22,477
5,198,704
11,396,553
2,420,483
1,973,507
1,288,805
880,207
131,158
164,399
1,263,496
2,382,886
Non-Current
Assets
87,644
270,423
315,842
1,456,918
1,551
256,881
927,948
5,186,673
193,438
98,107
345,708
151,707
701
3,924
1,624,665
1,962,608
2,355,246
15,089
6,062,310
13,471,236
2,524,074
1,842,861
1,403,189
974,784
153,370
180,365
1,305,567
2,562,083
Total Assets
105,995
349,805
360,013
1,716,529
14,145
270,521
1,154,734
5,051,713
210,062
714,315
305,544
172,565
12,643
13,849
1,898,560
2,294,141
2,598,170
42,094
6,713,866
15,539,766
2,774,429
2,473,490
1,323,562
1,195,451
140,050
224,824
1,454,674
2,929,146
12-31-2019
Total Assets
130,863
384,332
416,956
1,741,044
24,983
362,607
1,254,139
5,557,847
313,157
311,308
387,938
265,703
7,557
8,838
2,254,320
2,685,002
3,020,433
32,975
7,763,610
17,682,616
2,775,487
2,206,699
1,440,778
1,336,481
159,716
255,483
1,458,949
3,113,927
Current
Liabilities
1,293
96,132
30,857
591,523
10,573
10,749
124,270
344,060
52,283
563,242
31,433
17,527
10,443
8,490
589,631
574,409
925,334
20,560
1,614,149
4,211,671
570,718
640,774
180,490
191,039
7,061
58,135
249,068
627,532
Current
Liabilities
2,152
112,412
75,003
509,223
21,486
52,678
185,096
145,721
108,806
193,295
29,751
13,358
50,954
52,590
525,921
910,507
795,562
13,676
1,474,482
3,919,122
387,804
545,689
41,359
172,150
6,349
64,559
272,268
482,477
Non- Current
Liabilities
-
74,375
43,537
415,191
-
28,575
115,750
225,338
19,535
20,520
138,557
407
-
482
651,669
1,011,309
517,983
583
3,852,132
6,169,465
697,179
840,051
10,990
208,495
26,392
24,746
471,377
734,466
Non- Current
Liabilities
-
105,047
56,983
429,766
-
52,732
151,167
376,140
737
3,280
185,505
16,240
8,030
9,207
902,000
830,069
903,997
307
4,310,495
7,528,800
943,882
704,527
10,868
259,367
38,766
33,669
467,924
805,168
Equity
104,702
179,298
285,619
709,815
3,572
231,197
914,714
4,482,315
138,244
130,553
135,554
154,631
2,200
4,877
657,260
708,423
1,154,853
20,951
1,247,585
5,158,630
1,506,532
992,665
1,132,082
795,917
106,597
141,943
734,229
1,567,148
Equity
128,711
166,873
284,970
802,055
3,497
257,197
917,876
5,035,986
203,614
114,733
172,682
236,105
(51,427)
(52,959)
826,399
944,426
1,320,874
18,992
1,978,633
6,234,694
1,443,801
956,483
1,388,551
904,964
114,601
157,255
718,757
1,826,282
Total Liabilities
and Equity
105,995
349,805
360,013
1,716,529
14,145
270,521
1,154,734
5,051,713
210,062
714,315
305,544
172,565
12,643
13,849
1,898,560
2,294,141
2,598,170
42,094
6,713,866
15,539,766
2,774,429
2,473,490
1,323,562
1,195,451
140,050
224,824
1,454,674
2,929,146
Total Liabilities
and Equity
130,863
384,332
416,956
1,741,044
24,983
362,607
1,254,139
5,557,847
313,157
311,308
387,938
265,703
7,557
8,838
2,254,320
2,685,002
3,020,433
32,975
7,763,610
17,682,616
2,775,487
2,206,699
1,440,778
1,336,481
159,716
255,483
1,458,949
3,113,927
Raw
Materials and
Consumables
Contribution
Operating
Income
Financial
Results
Income Before
Profit (Loss)
Other
Total
Comprehensive
Comprehensive
1,546,963
(886,155)
660,808
Revenue
-
112,931
48,505
801,229
3,086
66,334
161,093
502
187,227
812,275
62,398
52,705
45,439
37,973
1,141,882
1,220,592
1,392,402
13,357
2,980,109
7,581,035
1,159,134
-
408,604
41,000
63,874
886,663
1,243,994
Revenue
-
213,606
71,807
1,346,888
7,497
146,958
285,277
977
309,525
494,303
106,792
70,295
1,142
1,112
1,373,202
1,514,836
1,544,899
19,359
3,720,782
8,611,146
1,246,989
11
478,155
45,030
82,155
950,350
1,382,941
Used
(600)
(4,963)
(4,543)
(530,338)
(189)
(10,025)
(11,572)
(139)
(118,673)
(666,295)
(10,548)
(83,694)
-
-
(835,325)
(869,354)
(1,026,859)
(4,454)
(2,206,107)
(5,450,909)
(412,530)
-
(140,350)
(4,496)
(23,435)
(598,157)
(621,907)
Used
-
(68,969)
(5,957)
(773,693)
(950)
(54,326)
(74,927)
(85)
(183,394)
(394,776)
(42,895)
(967)
-
-
(991,979)
(1,029,220)
(1,100,077)
(6,434)
(2,699,108)
(5,906,735)
(465,768)
-
(178,102)
(5,081)
(27,861)
(619,181)
(676,173)
1,665,318
(962,174)
Margin
(600)
107,968
43,962
270,891
2,897
56,309
149,521
363
68,554
145,980
51,850
(30,989)
45,439
37,973
306,557
351,238
365,543
8,903
774,002
2,130,126
746,604
-
268,254
36,504
40,439
288,506
622,087
-
144,637
65,850
573,195
6,547
92,632
210,350
892
126,131
99,527
63,897
69,328
1,142
1,112
381,223
485,616
444,822
12,925
1,021,674
2,704,411
781,221
703,144
11
300,053
39,949
54,294
331,169
706,768
Gross
Operating
Income
(2,459)
60,965
35,964
49,912
706
42,590
92,860
(41,809)
61,986
134,715
48,505
(37,406)
44,911
37,284
167,515
199,503
167,630
(3,705)
552,367
1,337,914
673,446
506,794
(215)
210,702
31,273
30,016
213,898
475,905
(463)
100,244
58,055
307,066
3,599
81,806
157,774
(57,320)
114,170
85,746
59,632
61,376
789
601
224,266
299,779
220,030
(1,373)
638,496
1,645,516
710,320
556,513
(1,155)
243,359
34,113
44,074
257,473
561,494
(2,459)
18,811
21,800
(68,276)
414
14,445
36,542
(42,724)
51,176
129,601
48,484
(45,046)
44,472
35,806
74,542
62,080
83,459
(6,711)
333,460
774,682
606,868
375,127
(215)
162,140
27,319
18,512
141,464
339,421
(463)
59,860
42,906
211,031
3,321
50,775
102,242
(58,076)
99,940
79,065
59,607
49,598
(530)
(923)
140,695
163,829
22,568
(4,677)
378,591
928,952
637,221
431,004
(1,155)
191,690
29,868
32,902
196,436
433,368
11,264
(9,445)
37,910
22,605
(130)
3,472
61,778
(127,544)
(521)
(6,103)
(11,785)
23,435
(17,275)
(13,356)
(4,767)
(46,093)
(41,127)
(2,009)
(76,312)
(321,390)
(70,522)
(49,171)
(6,072)
10,361
(87)
(4,873)
(25,042)
(26,007)
8,963
22,628
59,477
54,470
(92)
12,036
112,784
(85,784)
13,389
(100)
(13,583)
19,722
(10,469)
(10,288)
(18,246)
(55,984)
(59,708)
(311)
(100,835)
(356,940)
(81,785)
(58,397)
(1,473)
(4,886)
(723)
(317)
(22,938)
(30,553)
Taxes
12,146
9,497
62,211
(45,636)
284
17,968
71,522
168,090
50,655
123,498
36,700
(21,612)
27,197
22,450
70,014
16,145
42,806
(8,720)
257,148
454,162
536,449
325,977
156,138
186,817
27,232
17,249
116,427
317,029
Taxes
39,714
82,582
103,800
265,560
3,229
63,132
299,022
88,858
113,329
78,965
46,024
69,320
(10,999)
(11,212)
122,937
109,105
(36,744)
(4,988)
277,756
574,154
555,672
372,680
127,289
200,977
29,145
32,595
184,153
413,480
Income
Taxes
874
7,928
(9,332)
(22,866)
(103)
(13,426)
1,130
36,441
(19,628)
(41,504)
(12,486)
7,275
(996)
801
(18,464)
(5,706)
(16,729)
973
(77,974)
(148,157)
(188,883)
(97,881)
-
(42,052)
(8,152)
(5,852)
(38,488)
(91,896)
Income
Taxes
(2,453)
(24,642)
(21,770)
(76,548)
(1,295)
(1,007)
(54,044)
15,025
(36,130)
(25,671)
(15,173)
(39,773)
296
333
(19,875)
(37,009)
11,462
539
460,335
314,359
(180,207)
(122,066)
(8)
(56,340)
(8,685)
(9,275)
(55,649)
(125,187)
204,531
(1,088,424)
13,020
17,425
52,879
(68,502)
181
4,542
72,652
31,027
81,994
24,214
(14,337)
26,201
23,251
51,550
10,439
26,077
(7,747)
179,174
306,005
347,566
228,096
156,138
144,765
19,080
11,397
77,939
225,133
37,261
57,940
82,030
189,012
1,934
62,125
244,978
103,883
77,199
53,294
30,851
29,547
(10,703)
(10,879)
103,062
72,096
(25,282)
(4,449)
738,091
888,513
375,465
250,614
127,281
144,637
20,460
23,320
128,504
288,293
Income
(37,029)
(47,631)
(66,592)
(230,171)
(1,006)
(68,182)
(258,557)
(31,881)
(15,502)
(32,034)
(48,724)
14,795
15,236
(178,829)
(229,670)
(306,258)
(4,323)
(677,886)
(1,678,028)
(19,348)
(14,970)
(96,339)
(66,777)
(8,334)
(12,361)
(62,468)
(246,279)
Other
Income
(53,938)
(41,288)
(70,096)
(237,185)
(600)
(74,649)
(270,493)
(149,216)
(5,465)
2,285
(844)
(4,600)
15,634
16,154
(26,723)
(46,182)
(59,597)
(679)
(412,571)
(559,512)
7,209
(615)
27,105
18,483
2,791
2,948
13,065
64,392
Income
(24,009)
(30,206)
(13,713)
(298,673)
(825)
(63,640)
(185,905)
(883,893)
(854)
66,492
(7,820)
(63,061)
40,996
38,487
(127,279)
(219,231)
(280,181)
(12,070)
(498,712)
(1,372,023)
328,218
213,126
59,799
77,988
10,746
(964)
15,471
(21,146)
Total
Income
(16,677)
16,652
11,934
(48,173)
1,334
(12,524)
(25,515)
(45,333)
71,734
55,579
30,007
24,947
4,931
5,275
76,339
25,914
(84,879)
(5,128)
325,520
329,001
382,674
249,999
154,386
163,120
23,251
26,268
141,569
352,685
Raw
Materials and
Consumables
Contribution
Margin
Gross
Operating
Income
12-31-2019
Operating
Income
Financial
Results
Income Before
Comprehensive
Comprehensive
Profit (Loss)
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information NOTE 39. Financial information on subsidiaries,
As of December 31, 2020, 2019 and 2018 summarized financial information of our main subsidiaries prepared under IFRS
summarized
is as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Compañía de Transmisión del Mercosur S.A.
Compañía Distribuidora y Comercializadora de Energía
Enel Argentina S.A.
Enel Generación Costanera S.A.
Enel Generación El Chocón S.A.
Empresa Distribuidora Sur S.A.
Enel Trading Argentina S.R.L
Dock Sud S.A.
Grupo Enel Argentina
Enel Brasil S.A.
Enel Generación Fortaleza S.A.
EGP Cachoeira Dourada S.A.
EGP Volta Grande
Enel Cien S.A.
Transportadora de Energía S.A.
Enel Distribución Ceará S.A.
Enel Distribución Rio S.A.
Enel Distribución Goiás S.A.
Enel X Brasil S.A.
Enel Distribuicao Sao Paulo S.A.
Grupo Enel Brasil
Emgesa S.A. E.S.P.
S.A.
Enel Perú, S.A.C.
Enel Generación Perú S.A.A.
Chinango S.A.C.
Enel Generación Piura S.A.
Enel Distribución Perú S.A.A.
Grupo Enel Perú
Enel Argentina S.A.
Enel Generación Costanera S.A.
Enel Generación El Chocón S.A.
Empresa Distribuidora Sur S.A.
Enel Trading Argentina S.R.L
Dock Sud S.A.
Grupo Enel Argentina
Enel Brasil S.A.
Enel Generación Fortaleza S.A.
EGP Cachoeira Dourada S.A.
EGP Volta Grande
Enel Cien S.A.
Transportadora de Energía S.A.
Enel Distribución Ceará S.A.
Enel Distribución Rio S.A.
Enel Distribución Goiás S.A.
Enel X Brasil S.A.
Enel Distribuicao Sao Paulo S.A.
Grupo Enel Brasil
Emgesa S.A. E.S.P.
S.A.
Enel Perú, S.A.C.
Enel Generación Perú S.A.A.
Chinango S.A.C.
Enel Generación Piura S.A.
Enel Distribución Perú S.A.A.
Grupo Enel Perú
Compañía de Transmisión del Mercosur S.A.
Compañía Distribuidora y Comercializadora de Energía
Financial
Statements
Consolidated
Consolidated
Separate
Consolidated
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Consolidated
Separate
Consolidated
Consolidated
12-31-2020
Non-Current
Assets
65,563
253,484
268,572
Total Assets
105,995
349,805
360,013
1,442,360
1,716,529
Current
Liabilities
Non- Current
Liabilities
Total Liabilities
and Equity
Current
Assets
40,432
96,321
91,441
274,169
12,882
97,880
312,760
567,492
76,390
584,030
31,525
31,496
2,554
2,144
575,851
705,578
566,168
19,617
1,515,162
4,143,213
353,946
499,983
34,757
315,244
8,892
60,425
191,178
546,260
Current
Assets
43,219
113,909
101,114
284,126
23,432
105,726
326,191
371,174
119,719
213,201
42,230
113,996
6,856
4,914
629,655
722,394
665,187
17,886
1,701,300
4,211,380
251,413
363,838
37,589
361,697
6,346
75,118
153,382
551,844
1,263
172,641
841,974
4,484,221
133,672
130,285
274,019
141,069
10,089
11,705
1,322,709
1,588,563
2,032,002
22,477
5,198,704
11,396,553
2,420,483
1,973,507
1,288,805
880,207
131,158
164,399
1,263,496
2,382,886
Assets
87,644
270,423
315,842
1,456,918
1,551
256,881
927,948
5,186,673
193,438
98,107
345,708
151,707
701
3,924
1,624,665
1,962,608
2,355,246
15,089
6,062,310
13,471,236
2,524,074
1,842,861
1,403,189
974,784
153,370
180,365
1,305,567
2,562,083
14,145
270,521
1,154,734
5,051,713
210,062
714,315
305,544
172,565
12,643
13,849
1,898,560
2,294,141
2,598,170
42,094
6,713,866
15,539,766
2,774,429
2,473,490
1,323,562
1,195,451
140,050
224,824
1,454,674
2,929,146
130,863
384,332
416,956
1,741,044
24,983
362,607
1,254,139
5,557,847
313,157
311,308
387,938
265,703
7,557
8,838
2,254,320
2,685,002
3,020,433
32,975
7,763,610
17,682,616
2,775,487
2,206,699
1,440,778
1,336,481
159,716
255,483
1,458,949
3,113,927
1,293
96,132
30,857
591,523
10,573
10,749
124,270
344,060
52,283
563,242
31,433
17,527
10,443
8,490
589,631
574,409
925,334
20,560
1,614,149
4,211,671
570,718
640,774
180,490
191,039
7,061
58,135
249,068
627,532
2,152
112,412
75,003
509,223
21,486
52,678
185,096
145,721
108,806
193,295
29,751
13,358
50,954
52,590
525,921
910,507
795,562
13,676
1,474,482
3,919,122
387,804
545,689
41,359
172,150
6,349
64,559
272,268
482,477
-
74,375
43,537
415,191
-
28,575
115,750
225,338
19,535
20,520
138,557
407
-
482
651,669
1,011,309
517,983
583
3,852,132
6,169,465
697,179
840,051
10,990
208,495
26,392
24,746
471,377
734,466
105,047
56,983
429,766
-
-
52,732
151,167
376,140
737
3,280
185,505
16,240
8,030
9,207
902,000
830,069
903,997
307
4,310,495
7,528,800
943,882
704,527
10,868
259,367
38,766
33,669
467,924
805,168
Equity
104,702
179,298
285,619
709,815
3,572
231,197
914,714
4,482,315
138,244
130,553
135,554
154,631
2,200
4,877
657,260
708,423
1,154,853
20,951
1,247,585
5,158,630
1,506,532
992,665
1,132,082
795,917
106,597
141,943
734,229
1,567,148
Equity
128,711
166,873
284,970
802,055
3,497
257,197
917,876
203,614
114,733
172,682
236,105
(51,427)
(52,959)
5,035,986
826,399
944,426
1,320,874
18,992
1,978,633
6,234,694
1,443,801
956,483
1,388,551
904,964
114,601
157,255
718,757
1,826,282
105,995
349,805
360,013
1,716,529
14,145
270,521
1,154,734
5,051,713
210,062
714,315
305,544
172,565
12,643
13,849
1,898,560
2,294,141
2,598,170
42,094
6,713,866
15,539,766
2,774,429
2,473,490
1,323,562
1,195,451
140,050
224,824
1,454,674
2,929,146
130,863
384,332
416,956
1,741,044
24,983
362,607
1,254,139
5,557,847
313,157
311,308
387,938
265,703
7,557
8,838
2,254,320
2,685,002
3,020,433
32,975
7,763,610
17,682,616
2,775,487
2,206,699
1,440,778
1,336,481
159,716
255,483
1,458,949
3,113,927
IN THOUSANDS OF U.S. DOLLARS – THUS$
12-31-2019
Financial
Statements
Non-Current
Total Assets
Current
Liabilities
Non- Current
Liabilities
Total Liabilities
and Equity
Raw
Materials and
Consumables
Used
(600)
(4,963)
(4,543)
(530,338)
Contribution
Margin
(600)
107,968
43,962
270,891
(189)
(10,025)
(11,572)
(139)
(118,673)
(666,295)
(10,548)
(83,694)
-
-
(835,325)
(869,354)
(1,026,859)
(4,454)
(2,206,107)
(5,450,909)
(412,530)
(886,155)
-
(140,350)
(4,496)
(23,435)
(598,157)
(621,907)
Raw
Materials and
Consumables
Used
-
(68,969)
(5,957)
(773,693)
(950)
(54,326)
(74,927)
(85)
(183,394)
(394,776)
(42,895)
(967)
-
-
(991,979)
(1,029,220)
(1,100,077)
(6,434)
(2,699,108)
(5,906,735)
(465,768)
(962,174)
-
(178,102)
(5,081)
(27,861)
(619,181)
(676,173)
2,897
56,309
149,521
363
68,554
145,980
51,850
(30,989)
45,439
37,973
306,557
351,238
365,543
8,903
774,002
2,130,126
746,604
660,808
-
268,254
36,504
40,439
288,506
622,087
Contribution
Margin
-
144,637
65,850
573,195
6,547
92,632
210,350
892
126,131
99,527
63,897
69,328
1,142
1,112
381,223
485,616
444,822
12,925
1,021,674
2,704,411
781,221
703,144
11
300,053
39,949
54,294
331,169
706,768
Revenue
-
112,931
48,505
801,229
3,086
66,334
161,093
502
187,227
812,275
62,398
52,705
45,439
37,973
1,141,882
1,220,592
1,392,402
13,357
2,980,109
7,581,035
1,159,134
1,546,963
-
408,604
41,000
63,874
886,663
1,243,994
Revenue
-
213,606
71,807
1,346,888
7,497
146,958
285,277
977
309,525
494,303
106,792
70,295
1,142
1,112
1,373,202
1,514,836
1,544,899
19,359
3,720,782
8,611,146
1,246,989
1,665,318
11
478,155
45,030
82,155
950,350
1,382,941
Gross
Operating
Income
(2,459)
60,965
35,964
49,912
706
42,590
92,860
(41,809)
61,986
134,715
48,505
(37,406)
44,911
37,284
167,515
199,503
167,630
(3,705)
552,367
1,337,914
673,446
506,794
(215)
210,702
31,273
30,016
213,898
475,905
Gross
Operating
Income
(463)
100,244
58,055
307,066
3,599
81,806
157,774
(57,320)
114,170
85,746
59,632
61,376
789
601
224,266
299,779
220,030
(1,373)
638,496
1,645,516
710,320
556,513
(1,155)
243,359
34,113
44,074
257,473
561,494
12-31-2020
Financial
Results
11,264
(9,445)
37,910
22,605
(130)
3,472
61,778
(127,544)
(521)
(6,103)
(11,785)
23,435
(17,275)
(13,356)
(4,767)
(46,093)
(41,127)
(2,009)
(76,312)
(321,390)
(70,522)
(49,171)
(6,072)
10,361
(87)
(4,873)
(25,042)
(26,007)
Income Before
Taxes
12,146
9,497
62,211
(45,636)
284
17,968
71,522
168,090
50,655
123,498
36,700
(21,612)
27,197
22,450
70,014
16,145
42,806
(8,720)
257,148
454,162
536,449
325,977
156,138
186,817
27,232
17,249
116,427
317,029
12-31-2019
Financial
Results
8,963
22,628
59,477
54,470
(92)
12,036
112,784
(85,784)
13,389
(100)
(13,583)
19,722
(10,469)
(10,288)
(18,246)
(55,984)
(59,708)
(311)
(100,835)
(356,940)
(81,785)
(58,397)
(1,473)
(4,886)
(723)
(317)
(22,938)
(30,553)
Income Before
Taxes
39,714
82,582
103,800
265,560
3,229
63,132
299,022
88,858
113,329
78,965
46,024
69,320
(10,999)
(11,212)
122,937
109,105
(36,744)
(4,988)
277,756
574,154
555,672
372,680
127,289
200,977
29,145
32,595
184,153
413,480
Operating
Income
(2,459)
18,811
21,800
(68,276)
414
14,445
36,542
(42,724)
51,176
129,601
48,484
(45,046)
44,472
35,806
74,542
62,080
83,459
(6,711)
333,460
774,682
606,868
375,127
(215)
162,140
27,319
18,512
141,464
339,421
Operating
Income
(463)
59,860
42,906
211,031
3,321
50,775
102,242
(58,076)
99,940
79,065
59,607
49,598
(530)
(923)
140,695
163,829
22,568
(4,677)
378,591
928,952
637,221
431,004
(1,155)
191,690
29,868
32,902
196,436
433,368
Income
Taxes
874
7,928
(9,332)
(22,866)
(103)
(13,426)
1,130
36,441
(19,628)
(41,504)
(12,486)
7,275
(996)
801
(18,464)
(5,706)
(16,729)
973
(77,974)
(148,157)
(188,883)
(97,881)
-
(42,052)
(8,152)
(5,852)
(38,488)
(91,896)
Income
Taxes
(2,453)
(24,642)
(21,770)
(76,548)
(1,295)
(1,007)
(54,044)
15,025
(36,130)
(25,671)
(15,173)
(39,773)
296
333
(19,875)
(37,009)
11,462
539
460,335
314,359
(180,207)
(122,066)
(8)
(56,340)
(8,685)
(9,275)
(55,649)
(125,187)
Other
Comprehensive
Income
(37,029)
(47,631)
(66,592)
(230,171)
Total
Comprehensive
Income
(24,009)
(30,206)
(13,713)
(298,673)
Profit (Loss)
13,020
17,425
52,879
(68,502)
181
4,542
72,652
204,531
31,027
81,994
24,214
(14,337)
26,201
23,251
51,550
10,439
26,077
(7,747)
179,174
306,005
347,566
228,096
156,138
144,765
19,080
11,397
77,939
225,133
(1,006)
(68,182)
(258,557)
(1,088,424)
(31,881)
(15,502)
(32,034)
(48,724)
14,795
15,236
(178,829)
(229,670)
(306,258)
(4,323)
(677,886)
(1,678,028)
(19,348)
(14,970)
(96,339)
(66,777)
(8,334)
(12,361)
(62,468)
(246,279)
(825)
(63,640)
(185,905)
(883,893)
(854)
66,492
(7,820)
(63,061)
40,996
38,487
(127,279)
(219,231)
(280,181)
(12,070)
(498,712)
(1,372,023)
328,218
213,126
59,799
77,988
10,746
(964)
15,471
(21,146)
Other
Comprehensive
Income
(53,938)
(41,288)
(70,096)
(237,185)
(600)
(74,649)
(270,493)
(149,216)
(5,465)
2,285
(844)
(4,600)
15,634
16,154
(26,723)
(46,182)
(59,597)
(679)
(412,571)
(559,512)
7,209
Total
Comprehensive
Income
(16,677)
16,652
11,934
(48,173)
1,334
(12,524)
(25,515)
(45,333)
71,734
55,579
30,007
24,947
4,931
5,275
76,339
25,914
(84,879)
(5,128)
325,520
329,001
382,674
(615)
27,105
18,483
2,791
2,948
13,065
64,392
249,999
154,386
163,120
23,251
26,268
141,569
352,685
Profit (Loss)
37,261
57,940
82,030
189,012
1,934
62,125
244,978
103,883
77,199
53,294
30,851
29,547
(10,703)
(10,879)
103,062
72,096
(25,282)
(4,449)
738,091
888,513
375,465
250,614
127,281
144,637
20,460
23,320
128,504
288,293
385
Annual Report Enel Américas 2020 Raw
Materials and
Consumables
Contribution
Margin
Gross
Operating
Income
Operating
Income
12-31-2018
Income Before
Other
Total
Comprehensive
Comprehensive
Profit (Loss)
Revenue
-
162,894
67,134
1,189,950
4,738
94,769
229,458
174
211,536
540,344
81,939
82,608
1,193
1,140
1,410,602
1,510,676
1,541,938
17,882
2,459,201
7,492,092
1,259,471
-
480,540
44,180
78,012
912,950
1,505,635
Used
-
(15,271)
(4,675)
(729,223)
(305)
(20,986)
(19,945)
(96)
(207,475)
(417,506)
(10,644)
(1,626)
-
-
(1,037,015)
(1,026,864)
(1,106,151)
(8,136)
(1,914,222)
(5,366,693)
(478,264)
-
(163,879)
(5,215)
(25,883)
(610,701)
(798,330)
-
147,623
62,459
460,727
4,433
73,783
209,513
78
4,061
122,838
71,295
80,982
1,193
1,140
373,587
483,812
435,787
9,746
544,979
2,125,399
781,207
-
316,661
38,965
52,129
302,249
707,305
(618)
103,430
53,087
179,203
1,357
58,725
155,467
(46,334)
(6,852)
109,049
68,654
72,831
716
591
213,754
294,177
254,481
(559)
243,789
1,201,286
707,149
522,969
337
257,625
33,910
42,112
232,137
564,020
(618)
89,235
32,994
77,990
1,083
33,999
121,179
(46,374)
(16,483)
102,351
68,653
56,219
(650)
(986)
140,035
172,577
157,911
(1,412)
137,736
766,565
633,075
389,002
337
209,490
29,643
30,028
175,848
443,246
1,713,801
(1,032,452)
681,349
Financial
Results
2,812
19,250
106,969
127,247
(2,456)
35,743
140,459
(119,900)
(5,857)
7,959
(15,031)
31,686
(21,535)
(21,519)
(17,507)
(96,634)
(51,253)
(169)
(98,509)
(435,467)
(101,981)
(57,795)
(4,852)
13,325
(255)
(4,368)
(22,150)
(18,583)
Taxes
3,657
108,963
141,617
205,078
(1,370)
69,850
307,883
(106,575)
(22,340)
110,311
53,622
87,905
(22,185)
(22,506)
122,528
75,943
107,044
(1,581)
39,227
331,484
531,118
331,372
185,519
263,975
29,388
25,685
153,693
451,681
Income
Taxes
(669)
(17,345)
(51,466)
(101,101)
(408)
(29,790)
(72,221)
44,864
7,309
(37,719)
(18,732)
(29,729)
44
(176)
(22,092)
(27,646)
318,307
394
(17,209)
217,615
(185,554)
(125,242)
-
(69,105)
(8,562)
(8,003)
(49,024)
(134,059)
2,988
91,618
90,151
103,977
(1,778)
40,060
235,662
(61,711)
(15,031)
72,592
34,890
58,176
(22,141)
(22,682)
100,436
48,297
425,351
(1,187)
22,018
549,099
345,564
206,130
185,519
194,870
20,826
17,682
104,669
317,622
Income
(138,136)
(43,235)
(130,515)
(347,881)
(571)
(104,651)
(355,051)
(441,136)
(25,888)
(18,168)
(30,953)
(40,853)
13,101
13,664
(128,063)
(152,089)
(199,597)
(2,104)
(202,092)
(689,804)
(117,250)
(81,177)
(56,062)
(35,507)
(4,445)
(6,155)
(25,666)
(127,835)
Income
(135,148)
48,383
(40,364)
(243,904)
(2,349)
(64,591)
(119,389)
(502,847)
(40,919)
54,424
3,937
17,323
(9,040)
(9,018)
(27,627)
(103,792)
225,754
(3,291)
(180,074)
(140,705)
228,314
124,953
129,457
159,363
16,381
11,527
79,003
189,787
IN THOUSANDS OF U.S. DOLLARS – THUS$
12-31-2018
Enel Argentina S.A.
Enel Generación Costanera S.A.
Enel Generación El Chocón S.A.
Empresa Distribuidora Sur S.A.
Enel Trading Argentina S.R.L
Dock Sud S.A.
Grupo Enel Argentina
Enel Brasil S.A.
Enel Generación Fortaleza S.A.
EGP Cachoeira Dourada S.A.
EGP Volta Grande
Enel Cien S.A.
Compañía de Transmisión del Mercosur S.A.
Transportadora de Energía S.A.
Enel Distribución Ceará S.A.
Enel Distribución Rio S.A.
Enel Distribución Goiás S.A.
Enel X Brasil S.A.
Enel Distribuicao Sao Paulo S.A.
Grupo Enel Brasil
Emgesa S.A. E.S.P.
Compañía Distribuidora y Comercializadora de Energía
S.A.
Enel Perú, S.A.C.
Enel Generación Perú S.A.A.
Chinango S.A.C.
Enel Generación Piura S.A.
Enel Distribución Perú S.A.A.
Grupo Enel Perú
Financial
Statements
Separate
Separate
Separate
Separate
Separate
Separate
Consolidated
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Consolidated
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Consolidated
Current
Assets
6,657
132,613
95,054
312,128
14,550
55,921
263,345
1,681,474
140,483
301,315
94,170
120,897
9,097
6,912
538,216
611,450
694,885
14,153
1,535,494
4,112,113
336,791
414,711
36,807
333,468
5,798
85,080
112,287
488,824
Non-Current
Assets
139,508
267,952
370,645
1,381,972
1,008
263,659
916,274
3,892,112
189,912
103,975
355,666
183,601
2,196
5,755
1,209,995
1,964,754
2,478,860
9,180
4,426,898
11,587,158
2,511,365
1,686,783
1,376,103
914,287
137,059
175,196
1,210,429
2,401,685
Total Assets
146,165
400,565
465,699
1,694,100
15,558
319,580
1,179,619
5,573,586
330,395
405,290
449,836
304,498
11,293
12,667
1,748,211
2,576,204
3,173,745
23,333
5,962,392
15,699,271
2,848,156
2,101,494
1,412,910
1,247,755
142,857
260,276
1,322,716
2,890,509
Current
Liabilities
776
136,446
82,599
710,707
13,940
63,756
221,534
2,720,641
123,850
244,418
274,015
9,403
50,940
50,780
517,761
865,349
613,692
5,512
1,438,355
6,524,502
510,844
650,760
69,295
169,579
7,946
51,046
268,883
490,068
Non- Current
Liabilities
-
99,309
85,399
347,653
-
55,240
182,169
225,312
60,960
3,075
-
18,424
2,493
5,431
440,495
781,211
1,154,300
42
2,871,158
5,555,695
1,032,101
598,455
10,460
234,383
25,562
68,377
431,856
770,021
Equity
145,389
164,810
297,701
635,740
1,618
200,584
775,916
2,627,633
145,585
157,797
175,821
276,671
(42,140)
(43,544)
789,955
929,644
1,405,753
17,779
1,652,879
3,619,074
1,305,211
852,279
1,333,155
843,793
109,349
140,853
621,977
1,630,420
Total Liabilities
and Equity
146,165
400,565
465,699
1,694,100
15,558
319,580
1,179,619
5,573,586
330,395
405,290
449,836
304,498
11,293
12,667
1,748,211
2,576,204
3,173,745
23,333
5,962,392
15,699,271
2,848,156
2,101,494
1,412,910
1,247,755
142,857
260,276
1,322,716
2,890,509
NOTE 40. Subsequent events
•
January 17, 2021 was the legal deadline given to the dissenting shareholders of Enel Américas S.A. to exercise their
statutory merger dissenters’ withdrawal rights in connection with the merger by incorporation of EGP Américas S.p.A. into
Enel Américas S.A. (the “Merger”), approved by the Company’s Extraordinary Shareholders’ Meeting held on December
18, 2020 (the “Meeting”).
During this 30-day period, dissenting shareholders representing a total of 1,787,514 of the Company's shares exercised
their withdrawal rights, equivalent to 0.002% of the total shares. In accordance with the applicable legislation and, in
particular, Official Letter No. 32,435 issued by the CMF on November 7, 2017, the price of said shares was paid by Enel
Américas on the date on which the terms and conditions of the Merger approved by the Meeting were satisfied. The
foregoing was be communicated in a timely manner as an essential event of the Company.
As a consequence, one of the conditions precedent established for the Merger was thereby fulfilled, that is, that the
withdrawal rights duly exercised by the dissenting shareholders of Enel Américas as a result of the Merger did not surpass
10% of the Company's issued shares with voting rights.
•
On January 29, 2021, Enel Américas, as the controlling shareholder of its Colombian subsidiaries Emgesa S.A. ESP and
Codensa S.A. ESP entered into a new investment framework agreement with Grupo Energía de Bogotá SA ESP (GEB), its
partner in those subsidiaries. This new investment framework agreement, which will only go into effect upon fulfillment
of certain suspensive conditions precedent upon obtaining and obtainment of the corporate authorizations required
by both partners, looks to govern the future relations between Enel Américas and GEB as shareholders.
Among the main agreements reached, this new framework agreement will allow the renewable business to be incorporated
among its joint investments, define the new corporate governance rules that are better aligned with the new objectives
and opportunities of this new phase, and allow parties to propose settlement agreements for the existing cases between
the parties under arbitration.
386386
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
IN THOUSANDS OF U.S. DOLLARS – THUS$
Compañía de Transmisión del Mercosur S.A.
Enel Argentina S.A.
Enel Generación Costanera S.A.
Enel Generación El Chocón S.A.
Empresa Distribuidora Sur S.A.
Enel Trading Argentina S.R.L
Dock Sud S.A.
Grupo Enel Argentina
Enel Brasil S.A.
Enel Generación Fortaleza S.A.
EGP Cachoeira Dourada S.A.
EGP Volta Grande
Enel Cien S.A.
Transportadora de Energía S.A.
Enel Distribución Ceará S.A.
Enel Distribución Rio S.A.
Enel Distribución Goiás S.A.
Enel X Brasil S.A.
Enel Distribuicao Sao Paulo S.A.
Grupo Enel Brasil
Emgesa S.A. E.S.P.
S.A.
Enel Perú, S.A.C.
Enel Generación Perú S.A.A.
Chinango S.A.C.
Enel Generación Piura S.A.
Enel Distribución Perú S.A.A.
Grupo Enel Perú
Compañía Distribuidora y Comercializadora de Energía
Financial
Statements
Consolidated
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Separate
Consolidated
Separate
Consolidated
Current
Liabilities
Non- Current
Liabilities
Total Liabilities
and Equity
12-31-2018
Non-Current
Assets
139,508
267,952
370,645
Total Assets
146,165
400,565
465,699
1,381,972
1,694,100
1,008
263,659
916,274
3,892,112
189,912
103,975
355,666
183,601
2,196
5,755
1,209,995
1,964,754
2,478,860
9,180
4,426,898
11,587,158
2,511,365
1,686,783
1,376,103
914,287
137,059
175,196
1,210,429
2,401,685
15,558
319,580
1,179,619
5,573,586
330,395
405,290
449,836
304,498
11,293
12,667
1,748,211
2,576,204
3,173,745
23,333
5,962,392
15,699,271
2,848,156
2,101,494
1,412,910
1,247,755
142,857
260,276
1,322,716
2,890,509
776
136,446
82,599
710,707
13,940
63,756
221,534
2,720,641
123,850
244,418
274,015
9,403
50,940
50,780
517,761
865,349
613,692
5,512
1,438,355
6,524,502
510,844
650,760
69,295
169,579
7,946
51,046
268,883
490,068
99,309
85,399
347,653
-
-
55,240
182,169
225,312
60,960
3,075
-
18,424
2,493
5,431
440,495
781,211
1,154,300
42
2,871,158
5,555,695
1,032,101
598,455
10,460
234,383
25,562
68,377
431,856
770,021
Current
Assets
6,657
132,613
95,054
312,128
14,550
55,921
263,345
1,681,474
140,483
301,315
94,170
120,897
9,097
6,912
538,216
611,450
694,885
14,153
1,535,494
4,112,113
336,791
414,711
36,807
333,468
5,798
85,080
112,287
488,824
Equity
145,389
164,810
297,701
635,740
1,618
200,584
775,916
2,627,633
145,585
157,797
175,821
276,671
(42,140)
(43,544)
789,955
929,644
1,405,753
17,779
1,652,879
3,619,074
1,305,211
852,279
1,333,155
843,793
109,349
140,853
621,977
1,630,420
146,165
400,565
465,699
1,694,100
15,558
319,580
1,179,619
5,573,586
330,395
405,290
449,836
304,498
11,293
12,667
1,748,211
2,576,204
3,173,745
23,333
5,962,392
15,699,271
2,848,156
2,101,494
1,412,910
1,247,755
142,857
260,276
1,322,716
2,890,509
Raw
Materials and
Consumables
Used
-
(15,271)
(4,675)
(729,223)
(305)
(20,986)
(19,945)
(96)
(207,475)
(417,506)
(10,644)
(1,626)
-
-
(1,037,015)
(1,026,864)
(1,106,151)
(8,136)
(1,914,222)
(5,366,693)
(478,264)
(1,032,452)
-
(163,879)
(5,215)
(25,883)
(610,701)
(798,330)
Revenue
-
162,894
67,134
1,189,950
4,738
94,769
229,458
174
211,536
540,344
81,939
82,608
1,193
1,140
1,410,602
1,510,676
1,541,938
17,882
2,459,201
7,492,092
1,259,471
1,713,801
-
480,540
44,180
78,012
912,950
1,505,635
Contribution
Margin
-
147,623
62,459
460,727
4,433
73,783
209,513
78
4,061
122,838
71,295
80,982
1,193
1,140
373,587
483,812
435,787
9,746
544,979
2,125,399
781,207
681,349
-
316,661
38,965
52,129
302,249
707,305
Gross
Operating
Income
(618)
103,430
53,087
179,203
1,357
58,725
155,467
(46,334)
(6,852)
109,049
68,654
72,831
716
591
213,754
294,177
254,481
(559)
243,789
1,201,286
707,149
522,969
337
257,625
33,910
42,112
232,137
564,020
12-31-2018
Financial
Results
2,812
19,250
106,969
127,247
(2,456)
35,743
140,459
(119,900)
(5,857)
7,959
(15,031)
31,686
(21,535)
(21,519)
(17,507)
(96,634)
(51,253)
(169)
(98,509)
(435,467)
(101,981)
(57,795)
(4,852)
13,325
(255)
(4,368)
(22,150)
(18,583)
Income Before
Taxes
3,657
108,963
141,617
205,078
(1,370)
69,850
307,883
(106,575)
(22,340)
110,311
53,622
87,905
(22,185)
(22,506)
122,528
75,943
107,044
(1,581)
39,227
331,484
531,118
331,372
185,519
263,975
29,388
25,685
153,693
451,681
Operating
Income
(618)
89,235
32,994
77,990
1,083
33,999
121,179
(46,374)
(16,483)
102,351
68,653
56,219
(650)
(986)
140,035
172,577
157,911
(1,412)
137,736
766,565
633,075
389,002
337
209,490
29,643
30,028
175,848
443,246
Income
Taxes
(669)
(17,345)
(51,466)
(101,101)
(408)
(29,790)
(72,221)
44,864
7,309
(37,719)
(18,732)
(29,729)
44
(176)
(22,092)
(27,646)
318,307
394
(17,209)
217,615
(185,554)
(125,242)
-
(69,105)
(8,562)
(8,003)
(49,024)
(134,059)
Other
Comprehensive
Income
(138,136)
(43,235)
(130,515)
(347,881)
(571)
(104,651)
(355,051)
(441,136)
(25,888)
(18,168)
(30,953)
(40,853)
13,101
13,664
(128,063)
(152,089)
(199,597)
(2,104)
(202,092)
(689,804)
(117,250)
Total
Comprehensive
Income
(135,148)
48,383
(40,364)
(243,904)
(2,349)
(64,591)
(119,389)
(502,847)
(40,919)
54,424
3,937
17,323
(9,040)
(9,018)
(27,627)
(103,792)
225,754
(3,291)
(180,074)
(140,705)
228,314
(81,177)
(56,062)
(35,507)
(4,445)
(6,155)
(25,666)
(127,835)
124,953
129,457
159,363
16,381
11,527
79,003
189,787
Profit (Loss)
2,988
91,618
90,151
103,977
(1,778)
40,060
235,662
(61,711)
(15,031)
72,592
34,890
58,176
(22,141)
(22,682)
100,436
48,297
425,351
(1,187)
22,018
549,099
345,564
206,130
185,519
194,870
20,826
17,682
104,669
317,622
The financial effects of this agreement are not quantifiable to date.
•
With respect to the Merger process approved by the shareholders of Enel Américas at the Meeting, on February 1, 2021,
Enel Américas acknowledged the completion of the international merger between the Italian company, Enel Rinnovabili
S.r.l. and the Chilean company, EGP Américas SpA. For these purposes, the representatives of both companies granted a
single public deed of declaration to certify full compliance with the formalities, requirements, and procedures applicable
under Chilean and Italian laws for the completion of this international merger.
By virtue of the above, EGP Américas SpA acquired all assets and liabilities of Enel Rinnovabili S.r.l, including business
and non-conventional renewable energy generation assets developed and held by Enel Green Power S.p.A. in Central
and South America (except Chile).
Likewise, EGP Américas SpA obtained all consents and authorizations to be granted by certain banks in Brazil providing
financing.
With the completion of the abovementioned international merger and the obtainment of consent from banks in Brazil
providing financing, this fulfilled other suspensive conditions precedent to the Merger approved by the Enel Américas’
shareholders at the Meeting.
Between January 1, 2021 and the date of issuance of these consolidated financial statements, the Company has no
knowledge of any financial or other events which significantly affect its financial position and results presented.
387
Annual Report Enel Américas 2020
APPENDIX 1 detail of assets and liabilities in foreign currency
This appendix forms an integral part of these consolidated financial statements.
The detail of assets and liabilities denominated in foreign currency is as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
ASSETS
Current Assets
Cash and cash equivalents
Other current financial assets
Other current non-financial assets
Trade and other current receivables
Current accounts receivable from related parties
Inventories
Current tax assets
Total Current Assets
Non-Current Assets
Other non-current financial assets
Other non-current non-financial assets
Trade and other non-current receivables
Non-current accounts receivable from related parties
Investments accounted for using the equity method
Intangible assets other than goodwill
Goodwill
Property, plant and equipment
Investment property
Right-of-use asset
Deferred tax assets
Total Non-Current Assets
Total Assets
IN THOUSANDS OF U.S. DOLLARS – THUS$
ASSETS
Current Assets
Cash and cash equivalents
Other current financial assets
Other current non-financial assets
Trade and other current receivables
Current accounts receivable from related parties
Inventories
Current tax assets
Current assets other than assets or groups of assets for
disposal classified as held for sale
Total Current Assets
Non-Current Assets
Other non-current financial assets
Other non-current non-financial assets
Trade and other non-current receivables
Non-current accounts receivable from related parties
Investments accounted for using the equity method
Intangible assets other than goodwill
Goodwill
Property, plant and equipment
Investment property
Right-of-use asset
Deferred tax assets
Total Non-Current Assets
Total Assets
388388
UF
Chilean Peso
Dollar
Euro
Colombian Peso
Peruvian Sol
Argentine Peso
Brazilian Real
Other Currency
Total
12-31-2020
12-31-2020
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
24
-
24
24
637
116
16,730
1,587
3,271
-
9,546
170,335
95
2,177
22,201
547
1,035
11,457
47
-
36
81
3,566
987
-
381,754
4,047
27,088
330,871
716
102,781
31
147,458
-
62,864
165,342
2,480
53,015
10,069
65,480
65,287
40,572
306,606
29
40,892
2,628
741,282
160,734
411,220
2,408,247
36,341
272,723
94,149
31,887
207,847
4,717
847,288
441,228
521,494
4,124,696
99
6,179,256
-
2,980
77
-
-
244,126
-
-
-
-
-
-
-
-
-
-
-
-
176
-
-
192,057
3,057
436,359
-
-
-
-
-
-
-
-
-
-
-
-
34,944
644,206
4,717
5,257,716
3,007,984
2,452,000
15,531,868
99
26,933,558
UF
Chilean Peso
Dollar
Euro
Colombian Peso
Peruvian Sol
Argentine Peso
Brazilian Real
Other Currency
Total
12-31-2019
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
142,875
114
3,811
839
2,552
-
9,146
-
672,694
1,522
14,021
20,699
1,209
3,095
-
-
83
-
-
-
3,418
515
-
-
159,337
713,240
4,016
557,285
433,282
515,240
4,198,854
-
6,581,254
-
3,125
126
-
-
-
-
19
-
-
1,469
4,739
3,139
-
79,475
-
-
-
524,511
222
-
19
-
607,366
-
-
-
-
-
-
-
-
-
-
-
-
164,076
1,320,606
4,016
4,927,739
2,995,151
2,699,359
17,665,437
-
29,776,384
4,410,428
2,566,756
1,930,506
11,407,172
-
20,754,302
99
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,506,993
230,279
560,786
3,234,935
46,950
471,433
127,880
2,790,863
2,332,856
578,524
32
2,273
4,524,826
945,512
8,354,672
7,942
222,420
994,382
1,938,997
120,383
486,162
3,504,457
16,369
396,239
107,321
11,326
3,049,811
2,735,890
587,957
847
1,978
5,527,879
1,173,043
8,763,438
10,254
255,799
1,088,234
153
33,029
33,565
-
-
135,881
18,264
4,158,620
-
19,639
11,277
55
23,092
-
-
-
70,955
184,037
2,128,830
-
159,534
253
25,461
898
24,410
32
2,273
61,160
24,603
1,762,799
-
124
28,746
-
-
2,765,194
2,272,857
276,346
4,256,830
718,608
304,247
7,942
43,099
762,049
185,424
3,512
12,941
260,132
678
83,152
120
11,326
188,655
232
44,845
145,388
3,883
45,527
4,752
12-31-2019
49,848
-
33,746
385,814
237
27,480
18,115
699,418
115,003
376,798
2,691,585
4,392
236,470
75,188
-
-
-
171
21,844
42,546
-
-
125,795
5,835
4,162,275
11,988
-
-
16,760
65,292
-
-
-
-
-
-
168,355
3
70
3,354
229,256
68
1,978
30,519
4,665
-
18
25,890
3,046,431
2,690,807
236,554
779
-
5,306,273
638,032
401,162
10,254
75,419
1,060,872
2,311,459
1,888,301
4,370,454
2,561,869
2,184,119
13,466,583
-
23,195,130
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information APPENDIX 1 detail of assets and liabilities in foreign currency
This appendix forms an integral part of these consolidated financial statements.
The detail of assets and liabilities denominated in foreign currency is as follows:
IN THOUSANDS OF U.S. DOLLARS – THUS$
ASSETS
Current Assets
Cash and cash equivalents
Other current financial assets
Other current non-financial assets
Trade and other current receivables
Current accounts receivable from related parties
Inventories
Current tax assets
Total Current Assets
Non-Current Assets
Other non-current financial assets
Other non-current non-financial assets
Trade and other non-current receivables
Non-current accounts receivable from related parties
Investments accounted for using the equity method
Intangible assets other than goodwill
Goodwill
Property, plant and equipment
Investment property
Right-of-use asset
Deferred tax assets
Total Non-Current Assets
Total Assets
ASSETS
Current Assets
IN THOUSANDS OF U.S. DOLLARS – THUS$
Cash and cash equivalents
Other current financial assets
Other current non-financial assets
Trade and other current receivables
Current accounts receivable from related parties
Inventories
Current tax assets
Current assets other than assets or groups of assets for
disposal classified as held for sale
Total Current Assets
Non-Current Assets
Other non-current financial assets
Other non-current non-financial assets
Trade and other non-current receivables
Non-current accounts receivable from related parties
Investments accounted for using the equity method
Intangible assets other than goodwill
Goodwill
Property, plant and equipment
Investment property
Right-of-use asset
Deferred tax assets
Total Non-Current Assets
Total Assets
12-31-2020
637
116
16,730
1,587
3,271
-
9,546
170,335
95
2,177
22,201
547
1,035
11,457
2,980
77
244,126
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
176
192,057
3,057
436,359
142,875
114
3,811
839
2,552
9,146
-
-
3,125
126
-
-
-
-
-
-
19
1,469
4,739
672,694
1,522
14,021
20,699
1,209
3,095
-
-
79,475
524,511
222
-
-
-
-
-
19
-
607,366
-
3,139
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
24
-
24
24
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
47
36
81
3,566
987
-
-
-
-
-
-
-
-
-
-
-
-
-
83
-
-
-
3,418
515
-
-
-
-
-
-
-
-
-
-
-
-
-
-
UF
Chilean Peso
Dollar
Euro
Colombian Peso
Peruvian Sol
Argentine Peso
Brazilian Real
Other Currency
Total
12-31-2020
31,887
207,847
4,717
847,288
441,228
521,494
4,124,696
99
6,179,256
381,754
4,047
27,088
330,871
716
102,781
31
147,458
-
62,864
165,342
2,480
53,015
10,069
65,480
65,287
40,572
306,606
29
40,892
2,628
741,282
160,734
411,220
2,408,247
36,341
272,723
94,149
-
-
99
-
-
-
-
1,506,993
230,279
560,786
3,234,935
46,950
471,433
127,880
153
33,029
33,565
-
-
135,881
18,264
4,158,620
-
19,639
11,277
55
23,092
-
-
-
70,955
184,037
2,128,830
-
159,534
253
25,461
898
24,410
32
2,273
61,160
24,603
1,762,799
-
124
28,746
2,765,194
2,272,857
276,346
-
-
4,256,830
718,608
304,247
7,942
43,099
762,049
-
-
-
-
-
-
-
-
-
-
-
2,790,863
2,332,856
578,524
32
2,273
4,524,826
945,512
8,354,672
7,942
222,420
994,382
4,410,428
2,566,756
1,930,506
11,407,172
-
20,754,302
34,944
644,206
4,717
5,257,716
3,007,984
2,452,000
15,531,868
99
26,933,558
UF
Chilean Peso
Dollar
Euro
Colombian Peso
Peruvian Sol
Argentine Peso
Brazilian Real
Other Currency
Total
12-31-2019
12-31-2019
185,424
3,512
12,941
260,132
678
83,152
120
11,326
188,655
232
44,845
145,388
3,883
45,527
4,752
49,848
-
33,746
385,814
237
27,480
18,115
699,418
115,003
376,798
2,691,585
4,392
236,470
75,188
-
-
-
-
-
-
-
-
-
-
-
1,938,997
120,383
486,162
3,504,457
16,369
396,239
107,321
11,326
159,337
713,240
4,016
557,285
433,282
515,240
4,198,854
-
6,581,254
171
21,844
42,546
-
-
125,795
5,835
4,162,275
-
11,988
-
-
16,760
-
-
-
65,292
-
2,311,459
-
168,355
3
70
3,354
229,256
68
1,978
30,519
4,665
1,888,301
-
18
25,890
3,046,431
2,690,807
236,554
779
-
5,306,273
638,032
401,162
10,254
75,419
1,060,872
-
-
-
-
-
-
-
-
-
-
-
3,049,811
2,735,890
587,957
847
1,978
5,527,879
1,173,043
8,763,438
10,254
255,799
1,088,234
4,370,454
2,561,869
2,184,119
13,466,583
-
23,195,130
164,076
1,320,606
4,016
4,927,739
2,995,151
2,699,359
17,665,437
-
29,776,384
389
Annual Report Enel Américas 2020 IN THOUSANDS OF U.S. DOLLARS – THUS$
LIABILITIES
Current Liabilities
Other current financial liabilities
Current lease liability
Trade and other current payables
Current accounts payable to related parties
Other current provisions
Current tax liabilities
Other current non-financial liabilities
Total Current Liabilities
Non-Current Liabilities
Other non-current financial liabilities
Non-current lease liability
Trade and other non-current payables
Non-current accounts receivable from related
parties
Other long-term provisions
Deferred tax liabilities
Non-current provisions for employee benefits
Other non-current non-financial liabilities
UF
Chilean Peso
12-31-2020
Dollar
Euro
Colombian Peso
Peruvian Sol
Argentine Peso
Brazilian Real
Other Currency
Total
7,103
19
-
-
-
-
-
-
-
46,970
167,003
-
-
369
789,559
20,470
206,653
152,956
44,308
-
11,908
-
17
12,519
236,546
-
-
-
453,666
4,792
471,331
2,652
40,176
110,724
31,914
7,122
214,342
1,225,854
249,082
1,115,255
483,522
629,432
3,352,485
128
7,277,222
3,611
-
-
-
-
-
-
-
-
-
-
-
-
2,521
2,960
-
806,446
25,668
10,990
-
-
-
1,906
31,600
-
386
-
1,251,190
15,639
1,136
144,391
-
-
-
-
-
-
-
-
78,504
208,618
124,248
19,707
Total Non-Current Liabilities
3,611
5,481
876,610
144,777
1,699,042
524,061
437,514
5,631,577
-
9,322,673
Total Liabilities
10,733
219,823
2,102,464
393,859
2,814,297
1,007,583
1,066,946
8,984,062
128
16,599,895
IN THOUSANDS OF U.S. DOLLARS – THUS$
LIABILITIES
Current Liabilities
Other current financial liabilities
Current lease liability
Trade and other current payables
Current accounts payable to related parties
Other current provisions
Current tax liabilities
Other current non-financial liabilities
Liabilities associated with disposal groups held
for sale
Total Current Liabilities
Non-Current Liabilities
Other non-current financial liabilities
Non-current lease liability
Trade and other non-current payables
Other long-term provisions
Deferred tax liabilities
Non-current provisions for employee benefits
Other non-current non-financial liabilities
UF
Chilean Peso
12-31-2019
Dollar
Euro
Colombian Peso
Peruvian Sol
Argentine Peso
Brazilian Real
Other Currency
Total
6,227
11
-
-
-
-
-
-
1
-
62,073
6,273
561
-
189
-
594,317
33,751
205,848
211,872
45,458
-
4,445
-
-
5
13,770
257,476
-
-
-
-
169,525
6,004
433,753
1,832
38,297
108,167
27,521
3,791
6,238
69,097
1,095,691
271,251
788,890
330,007
596,394
3,578,225
139
6,735,932
9,766
8
-
-
-
-
-
-
-
-
-
-
2,979
-
1,106,962
18,317
7
-
-
-
3,563
-
-
-
-
-
-
-
1,404,407
6,190
997
49,659
51,332
129,507
6,318
12-31-2020
373,125
15,685
2,643,452
36,145
77,843
33,986
172,249
36
78
517,715
177
45,167
44,383
21,876
-
45
86,559
1,372,100
35,516
1,962,061
19,760
286,936
13,920
30,294
714,757
40,031
1,476,884
30,228
12-31-2019
592,674
26,411
2,568,851
14,844
144,973
6,741
223,731
84
7
418,518
247
44,825
92,080
40,633
33
-
-
-
-
-
95
-
-
-
-
-
-
-
-
1,825,130
51,495
4,093,576
597,122
220,425
222,870
266,604
3,837,706
91,070
2,061,475
144,391
833,900
612,953
1,624,217
116,961
117
-
-
-
4
-
18
1,408,407
81,644
3,920,045
494,511
286,052
220,727
320,755
-
-
-
-
3,791
-
7
152,240
23,710
311,503
14,178
54,162
1,860,303
58,803
2,171,885
848,183
26,428
1,683,453
22,549
-
-
-
-
-
-
-
4,781,833
108,625
2,335,997
976,327
643,854
1,836,362
111,268
201,641
10,434
194,903
1,643
12,931
33,777
28,193
404,359
13,816
729
20,879
74,847
4,299
5,132
45,579
15,455
217,115
1,967
11,934
13,739
24,218
400,395
25,300
10,868
54,775
254,591
6,245
24,676
Total Non-Current Liabilities
9,774
2,979
1,128,849
-
1,648,410
776,850
555,800
6,671,604
-
10,794,266
Total Liabilities
16,012
72,076
2,224,540
271,251
2,437,300
1,106,857
1,152,194
10,249,829
139
17,530,198
APPENDIX 2 additional information official
bulletin no. 715 Of february 3, 2012
This appendix forms an integral part of these consolidated financial statements.
390390
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information UF
Chilean Peso
Euro
Colombian Peso
Peruvian Sol
Argentine Peso
12-31-2020
Brazilian Real
Other Currency
Total
201,641
10,434
194,903
1,643
12,931
33,777
28,193
36
78
517,715
177
45,167
44,383
21,876
373,125
15,685
2,643,452
36,145
77,843
33,986
172,249
-
-
33
-
-
-
95
1,825,130
51,495
4,093,576
597,122
220,425
222,870
266,604
Total Current Liabilities
7,122
214,342
1,225,854
249,082
1,115,255
483,522
629,432
3,352,485
128
7,277,222
Total Non-Current Liabilities
3,611
5,481
876,610
144,777
1,699,042
524,061
437,514
5,631,577
-
9,322,673
Total Liabilities
10,733
219,823
2,102,464
393,859
2,814,297
1,007,583
1,066,946
8,984,062
128
16,599,895
UF
Chilean Peso
Euro
Colombian Peso
Peruvian Sol
Argentine Peso
12-31-2019
Brazilian Real
Other Currency
Total
404,359
13,816
729
-
45
86,559
1,372,100
35,516
1,962,061
-
-
-
20,879
74,847
4,299
5,132
19,760
286,936
13,920
30,294
714,757
40,031
1,476,884
30,228
-
-
-
-
-
-
-
-
3,837,706
91,070
2,061,475
144,391
833,900
612,953
1,624,217
116,961
45,579
15,455
217,115
1,967
11,934
13,739
24,218
84
7
418,518
247
44,825
92,080
40,633
592,674
26,411
2,568,851
14,844
144,973
6,741
223,731
-
-
117
-
4
-
18
1,408,407
81,644
3,920,045
494,511
286,052
220,727
320,755
-
-
-
-
3,791
6,238
69,097
1,095,691
271,251
788,890
330,007
596,394
3,578,225
139
6,735,932
400,395
25,300
10,868
54,775
254,591
6,245
24,676
-
7
152,240
23,710
311,503
14,178
54,162
1,860,303
58,803
2,171,885
848,183
26,428
1,683,453
22,549
-
-
-
-
-
-
-
4,781,833
108,625
2,335,997
976,327
643,854
1,836,362
111,268
Total Non-Current Liabilities
9,774
2,979
1,128,849
-
1,648,410
776,850
555,800
6,671,604
-
10,794,266
Total Liabilities
16,012
72,076
2,224,540
271,251
2,437,300
1,106,857
1,152,194
10,249,829
139
17,530,198
IN THOUSANDS OF U.S. DOLLARS – THUS$
LIABILITIES
Current Liabilities
Other current financial liabilities
Current lease liability
Trade and other current payables
Current accounts payable to related parties
Other current provisions
Current tax liabilities
Other current non-financial liabilities
Non-Current Liabilities
Other non-current financial liabilities
Non-current lease liability
Trade and other non-current payables
Non-current accounts receivable from related
parties
Other long-term provisions
Deferred tax liabilities
Non-current provisions for employee benefits
Other non-current non-financial liabilities
IN THOUSANDS OF U.S. DOLLARS – THUS$
LIABILITIES
Current Liabilities
Other current financial liabilities
Current lease liability
Trade and other current payables
Current accounts payable to related parties
Other current provisions
Current tax liabilities
Other current non-financial liabilities
Liabilities associated with disposal groups held
for sale
Total Current Liabilities
Non-Current Liabilities
Other non-current financial liabilities
Non-current lease liability
Trade and other non-current payables
Other long-term provisions
Deferred tax liabilities
Non-current provisions for employee benefits
Other non-current non-financial liabilities
12-31-2020
Dollar
789,559
20,470
206,653
152,956
44,308
-
11,908
806,446
25,668
10,990
-
-
-
1,906
31,600
46,970
167,003
369
-
-
-
-
-
-
-
-
-
-
2,521
2,960
12-31-2019
Dollar
594,317
33,751
205,848
211,872
45,458
-
4,445
-
1
-
62,073
6,273
561
-
189
-
-
-
-
-
-
-
2,979
1,106,962
18,317
7
-
-
-
3,563
7,103
19
3,611
6,227
11
9,766
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
8
-
-
-
-
-
12,519
236,546
-
17
-
-
-
453,666
4,792
471,331
2,652
40,176
110,724
31,914
386
-
-
1,251,190
15,639
1,136
144,391
-
-
-
-
-
78,504
208,618
124,248
19,707
13,770
257,476
-
5
-
-
-
-
-
-
-
-
-
-
-
169,525
6,004
433,753
1,832
38,297
108,167
27,521
3,791
1,404,407
6,190
997
49,659
51,332
129,507
6,318
APPENDIX 2 additional information official
bulletin no. 715 Of february 3, 2012
This appendix forms an integral part of these consolidated financial statements.
391
Annual Report Enel Américas 2020 a) Portfolio stratification
- Trade and other receivables by maturity:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Trade and other current receivables
Trade receivables, gross
Allowance for impairment
Accounts receivable for finance lease
Allowance for impairment
Other receivables, gross
Allowance for impairment
Up-to-date
portfolio
2,135,722
(19,775)
584
(16)
231,310
(5,487)
1 - 30 days
in arrears
339,444
(4,191)
12-31-2020
31 - 60 days
in arrears
124,134
(10,916)
-
-
-
-
-
-
-
-
61 - 90 days
in arrears
117,062
(10,529)
91 - 120 days
in arrears
45,692
(9,644)
-
-
-
-
-
-
-
-
121 - 150 days
151 - 180 days
181 - 210 days
211 - 250 days
in arrears
42,814
(13,056)
in arrears
35,756
(9,225)
in arrears
64,407
(40,980)
12-31-2020
in arrears
30,798
(18,550)
More than 251
days in arrears
757,223
(547,642)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total Current
3,693,052
(684,508)
584
(16)
231,310
(5,487)
-
-
-
-
Total
2,342,338
335,253
113,218
106,533
36,048
29,758
26,531
23,427
12,248
209,581
3,234,935
578,524
IN THOUSANDS OF U.S. DOLLARS – THUS$
Trade and other current receivables
Trade receivables, gross
Allowance for impairment
Other receivables, gross
Allowance for impairment
Up-to-date
portfolio
1,634,722
(6,115)
1,024,368
(96,369)
1 - 30 days
in arrears
386,618
(3,785)
12-31-2019
31 - 60 days
in arrears
124,851
(7,314)
61 - 90 days
in arrears
58,383
(6,936)
91 - 120 days
in arrears
46,682
(7,352)
-
-
-
-
-
-
-
-
121 - 150 days
151 - 180 days
181 - 210 days
211 - 250 days
in arrears
38,446
(8,294)
-
-
in arrears
35,997
(10,028)
-
-
in arrears
60,980
(40,989)
-
-
12-31-2019
in arrears
46,155
(25,360)
More than 251
days in arrears
786,211
(526,414)
-
-
-
-
Total Current
3,219,045
(642,587)
1,024,368
(96,369)
Total
2,556,606
382,833
117,537
51,447
39,330
30,152
25,969
19,991
20,795
259,797
3,504,457
587,957
Total Non-
Current
354,376
(65,015)
8,214
(214)
281,333
(170)
Total Non-
Current
122,428
(22,552)
494,790
(6,709)
- By type of portfolio:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Time in Arrears
Up-to-date
1 to 30 days
31 to 60 days
61 to 90 days
91 to 120 days
121 to 150 days
151 to 180 days
181 to 210 days
211 to 250 days
More than 251 days
Non-renegotiated portfolio
Number of
customers
9,945,761
9,176,101
3,701,107
2,534,180
1,724,446
1,523,287
1,139,659
775,377
504,524
13,507,750
Gross amount
2,211,900
314,733
108,544
106,748
35,933
33,667
27,439
58,020
23,907
670,403
12-31-2020
Renegotiated portfolio
Total Gross Portfolio
Number of
customers
6,354,193
659,102
323,324
202,523
193,115
177,697
140,387
132,352
167,038
1,701,673
Gross amount
278,198
24,711
15,590
10,314
9,759
9,147
8,317
6,387
6,891
86,820
Number of
customers
16,299,954
9,835,203
4,024,431
2,736,703
1,917,561
1,700,984
1,280,046
907,729
671,562
15,209,423
Gross amount
2,490,098
339,444
124,134
117,062
45,692
42,814
35,756
64,407
30,798
757,223
Total
44,532,192
3,591,294
10,051,404
456,134
54,583,596
4,047,428
IN THOUSANDS OF U.S. DOLLARS – THUS$
Time in Arrears
Up-to-date
1 to 30 days
31 to 60 days
61 to 90 days
91 to 120 days
121 to 150 days
151 to 180 days
181 to 210 days
211 to 250 days
More than 251 days
Non-renegotiated portfolio
Number of
customers
10,442,984
10,554,688
2,891,196
1,646,411
1,298,837
Gross amount
1,570,017
367,028
113,544
47,895
36,572
1,071,803
1,178,308
844,830
586,763
12,673,241
29,595
28,208
53,458
38,692
702,719
12-31-2019
Renegotiated portfolio
Total Gross Portfolio
Number of
customers
2,243,270
274,004
168,392
145,445
147,648
126,358
116,975
109,466
115,965
1,560,492
Gross amount
187,133
19,590
11,307
10,488
10,110
8,851
7,789
7,522
7,463
83,492
Number of
customers
12,686,254
10,828,692
3,059,588
1,791,856
1,446,485
1,198,161
1,295,283
954,296
702,728
14,233,733
Gross amount
1,757,150
386,618
124,851
58,383
46,682
38,446
35,997
60,980
46,155
786,211
Total
43,189,061
2,987,728
5,008,015
353,745
48,197,076
3,341,473
392392
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information a) Portfolio stratification
- Trade and other receivables by maturity:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Trade and other current receivables
Trade receivables, gross
Allowance for impairment
Accounts receivable for finance lease
Allowance for impairment
Other receivables, gross
Allowance for impairment
IN THOUSANDS OF U.S. DOLLARS – THUS$
Trade and other current receivables
Trade receivables, gross
Allowance for impairment
Other receivables, gross
Allowance for impairment
Up-to-date
portfolio
2,135,722
(19,775)
584
(16)
231,310
(5,487)
Up-to-date
portfolio
1,634,722
(6,115)
1,024,368
(96,369)
1 - 30 days
in arrears
339,444
(4,191)
12-31-2020
31 - 60 days
in arrears
124,134
(10,916)
-
-
-
-
-
-
-
-
61 - 90 days
91 - 120 days
in arrears
117,062
(10,529)
in arrears
45,692
(9,644)
-
-
-
-
-
-
-
-
121 - 150 days
in arrears
42,814
(13,056)
151 - 180 days
in arrears
35,756
(9,225)
181 - 210 days
in arrears
64,407
(40,980)
12-31-2020
211 - 250 days
in arrears
30,798
(18,550)
More than 251
days in arrears
757,223
(547,642)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total Current
3,693,052
(684,508)
584
(16)
231,310
(5,487)
Total Non-
Current
354,376
(65,015)
8,214
(214)
281,333
(170)
Total
2,342,338
335,253
113,218
106,533
36,048
29,758
26,531
23,427
12,248
209,581
3,234,935
578,524
1 - 30 days
in arrears
386,618
(3,785)
12-31-2019
31 - 60 days
in arrears
124,851
(7,314)
-
-
-
-
61 - 90 days
91 - 120 days
in arrears
58,383
(6,936)
-
-
in arrears
46,682
(7,352)
-
-
121 - 150 days
in arrears
38,446
(8,294)
151 - 180 days
in arrears
35,997
(10,028)
181 - 210 days
in arrears
60,980
(40,989)
12-31-2019
211 - 250 days
in arrears
46,155
(25,360)
More than 251
days in arrears
786,211
(526,414)
-
-
-
-
-
-
-
-
-
-
Total Current
3,219,045
(642,587)
1,024,368
(96,369)
Total Non-
Current
122,428
(22,552)
494,790
(6,709)
Total
2,556,606
382,833
117,537
51,447
39,330
30,152
25,969
19,991
20,795
259,797
3,504,457
587,957
b) Portfolio in default and in legal collection process.
IN THOUSANDS OF U.S. DOLLARS – THUS$
Portfolio in Default and in Legal Collection Process
Notes receivable in default
Notes receivable in legal collection process (*)
2020
2019
Number of
customers
1,218,370
13,661
Amount
252,488
54,986
Number of
customers
608,351
10,027
Amount
90,500
44,603
Total
1,232,031
307,474
618,378
135,103
(*) Legal collections are included in the portfolio in arrears.
c) Provisions and write-offs.
IN THOUSANDS OF U.S. DOLLARS – THUS$
Provisions and write-offs
Provision for non-renegotiated portfolio
Provision for renegotiated portfolio
Recoveries
Total
12-31-2020
204,419
38,529
(576)
12-31-2019
107,628
52,617
(995)
242,372
159,250
d) Number and amount of operations.
IN THOUSANDS OF U.S. DOLLARS – THUS$
Number and Amount of Transactions
Allowance for impairment and recoveries:
Number of transactions
Amount of the transactions
12-31-2020
12-31-2019
Total detail
by type of
transaction Last
Quarter
Total detail by
type of operation
Year-to- date
Total detail
by type of
transaction Last
Quarter
Total detail by
type of operation
Year-to- date
377,287
49,648
3,800,417
242,372
1,261,020
60,327
3,887,467
159,250
393
Annual Report Enel Américas 2020 APPENDIX 2.1 supplementary information on
trade receivables
This appendix forms an integral part of these consolidated financial statements.
a) Portfolio stratification
- Trade receivables by time in arrears:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Trade receivables
Trade receivables, Generation and
Transmission
- Large Clients
- Institutional Clients
- Other
Allowance for impairment
Unbilled services
Billed services
Trade receivables, Distribution
- Mass-market Clients
- Large Clients
- Institutional Clients
Allowance for impairment
Unbilled services
Billed services
Total trade receivables, gross
Total Allowance for impairment
Total trade receivables, net
Up-to-date
portfolio
1 - 30 days
in arrears
31 - 60 days
in arrears
61 - 90 days
in arrears
91 - 120 days
in arrears
121 - 150 days
in arrears
151 - 180 days
181 - 210 days
211 - 250 days
More than 251
More than 365
in arrears
in arrears
in arrears
days in arrears
days in arrears
Total Current
Total Non-
Current
12-31-2020
12-31-2020
570,481
76,662
55,544
438,275
(455)
514,703
55,778
1,565,241
1,069,469
374,227
121,545
(19,320)
506,230
1,059,011
2,135,722
(19,775)
2,115,947
20,280
20,098
-
182
(6)
-
20,280
319,164
238,880
58,211
22,073
(4,185)
886
863
-
23
(3)
-
886
123,248
90,411
20,058
12,779
(10,913)
43,848
3,946
-
39,902
-
-
43,848
73,214
42,427
10,984
19,803
(10,529)
49
-
-
49
(1)
-
49
1
-
-
1
-
-
1
45,643
31,033
8,380
6,230
(9,643)
42,813
30,426
7,597
4,790
(13,056)
79
-
-
79
-
-
79
35,677
24,545
7,364
3,768
(9,225)
2,325
2,065
-
260
(307)
-
2,325
62,082
47,689
10,669
3,724
(40,673)
288
288
-
-
-
-
288
30,510
19,323
6,000
5,187
(18,550)
3,042
2,968
-
74
(2,968)
-
3,042
91,245
61,763
20,894
8,588
(51,215)
2,665
643,944
-
-
2,665
(2,456)
-
2,665
106,602
55,544
481,798
(6,196)
514,703
129,241
660,271
438,879
142,121
79,271
(491,003)
3,049,108
2,094,845
666,505
287,758
(678,312)
29,555
29,536
-
19
(29,103)
-
29,555
324,821
262,530
15,498
46,793
(35,912)
-
-
319,164
123,248
-
73,214
-
45,643
-
42,813
-
35,677
-
62,082
-
30,510
-
-
91,245
660,271
506,230
2,542,878
-
324,821
339,444
(4,191)
335,253
124,134
(10,916)
113,218
117,062
(10,529)
106,533
45,692
(9,644)
36,048
42,814
(13,056)
29,758
35,756
(9,225)
26,531
64,407
(40,980)
23,427
30,798
(18,550)
12,248
94,287
(54,183)
40,104
662,936
(493,459)
169,477
3,693,052
(684,508)
3,008,544
354,376
(65,015)
289,361
394394
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information APPENDIX 2.1 supplementary information on
trade receivables
This appendix forms an integral part of these consolidated financial statements.
a) Portfolio stratification
- Trade receivables by time in arrears:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Trade receivables
Trade receivables, Generation and
Transmission
- Large Clients
- Institutional Clients
- Other
Allowance for impairment
Unbilled services
Billed services
Trade receivables, Distribution
- Mass-market Clients
- Large Clients
- Institutional Clients
Allowance for impairment
Unbilled services
Billed services
Total trade receivables, gross
Total Allowance for impairment
Total trade receivables, net
570,481
76,662
55,544
438,275
(455)
514,703
55,778
1,565,241
1,069,469
374,227
121,545
(19,320)
506,230
1,059,011
2,135,722
(19,775)
2,115,947
Up-to-date
portfolio
1 - 30 days
in arrears
31 - 60 days
61 - 90 days
91 - 120 days
121 - 150 days
in arrears
in arrears
in arrears
in arrears
151 - 180 days
in arrears
181 - 210 days
in arrears
211 - 250 days
in arrears
12-31-2020
12-31-2020
More than 251
days in arrears
More than 365
days in arrears
Total Current
Total Non-
Current
20,280
20,098
-
182
(6)
-
20,280
319,164
238,880
58,211
22,073
(4,185)
886
863
-
23
(3)
-
886
123,248
90,411
20,058
12,779
(10,913)
43,848
3,946
39,902
-
-
-
43,848
73,214
42,427
10,984
19,803
(10,529)
49
-
-
49
(1)
-
49
1
-
-
1
-
-
1
45,643
31,033
8,380
6,230
(9,643)
42,813
30,426
7,597
4,790
(13,056)
79
-
-
79
-
-
79
35,677
24,545
7,364
3,768
(9,225)
2,325
2,065
-
260
(307)
-
2,325
62,082
47,689
10,669
3,724
(40,673)
288
-
-
288
-
-
288
30,510
19,323
6,000
5,187
(18,550)
3,042
2,968
-
74
(2,968)
-
3,042
91,245
61,763
20,894
8,588
(51,215)
2,665
-
-
2,665
(2,456)
-
2,665
660,271
438,879
142,121
79,271
(491,003)
643,944
106,602
55,544
481,798
(6,196)
514,703
129,241
3,049,108
2,094,845
666,505
287,758
(678,312)
29,555
29,536
-
19
(29,103)
-
29,555
324,821
262,530
15,498
46,793
(35,912)
-
-
319,164
123,248
-
73,214
-
45,643
-
42,813
-
35,677
-
62,082
-
30,510
-
-
91,245
660,271
506,230
2,542,878
-
324,821
339,444
(4,191)
335,253
124,134
(10,916)
113,218
117,062
(10,529)
106,533
45,692
(9,644)
36,048
42,814
(13,056)
29,758
35,756
(9,225)
26,531
64,407
(40,980)
23,427
30,798
(18,550)
12,248
94,287
(54,183)
40,104
662,936
(493,459)
169,477
3,693,052
(684,508)
3,008,544
354,376
(65,015)
289,361
395
Annual Report Enel Américas 2020 Since not all of our commercial databases in our Group’s different consolidated entities distinguish whether the final electricity
service consumer is an individual or legal entity, the main management segmentation used by all consolidated entities to monitor
and follow up on trade receivables is the following:
-
-
-
Mass-market customers
Large customers
Institutional customers
IN THOUSANDS OF U.S. DOLLARS – THUS$
Trade receivables
Trade receivables, Generation and
Transmission
- Large Clients
- Institutional Clients
- Other
Allowance for impairment
Unbilled services
Billed services
Trade receivables, Distribution
- Mass-market Clients
- Large Clients
- Institutional Clients
Allowance for impairment
12-31-2019
Up-to-date
portfolio
343,351
88,188
138,566
116,597
5,124
212,248
131,103
1,291,371
721,018
415,100
155,253
(11,239)
1 - 30 days
in arrears
31 - 60 days
in arrears
61 - 90 days
in arrears
91 - 120 days
in arrears
121 - 150 days
in arrears
151 - 180 days
181 - 210 days
211 - 250 days
More than 251
More than 365
in arrears
in arrears
in arrears
days in arrears
days in arrears
Total Current
Total Non-
Current
17,089
16,659
-
430
(16)
-
17,089
369,529
258,671
76,194
34,664
(3,769)
8,196
7,975
-
221
(178)
-
8,196
116,655
87,270
16,643
12,742
(7,136)
184
30
-
154
(30)
-
184
58,199
39,214
8,992
9,993
(6,906)
856
42
-
814
(42)
-
856
45,826
31,694
7,701
6,431
(7,310)
32
28
-
4
(28)
-
32
38,414
25,209
5,947
7,258
(8,266)
47
42
-
5
(39)
-
47
89
-
-
89
-
-
89
35,950
25,146
4,194
6,610
(9,989)
60,891
47,492
7,462
5,937
(40,989)
629
2
-
627
(2)
-
629
45,526
31,098
5,329
9,099
(25,358)
6,354
2,973
-
3,381
(2,973)
-
6,354
97,339
63,599
18,712
15,028
(54,280)
44,283
5
-
44,278
(11,586)
-
44,283
638,235
451,530
118,248
68,457
(457,575)
421,110
115,944
138,566
166,600
(9,770)
212,248
208,862
2,797,935
1,781,941
684,522
331,472
(632,817)
90
9
-
81
-
-
90
122,338
34,580
15,956
71,802
(22,552)
Unbilled services
Billed services
554,064
737,307
-
-
369,529
116,655
-
58,199
-
45,826
-
38,414
-
35,950
-
60,891
-
45,526
-
-
97,339
638,235
554,064
2,243,871
-
122,338
Total trade receivables, gross
Total Allowance for impairment
Total trade receivables, net
1,634,722
(6,115)
1,628,607
386,618
(3,785)
382,833
124,851
(7,314)
117,537
58,383
(6,936)
51,447
46,682
(7,352)
39,330
38,446
(8,294)
30,152
35,997
(10,028)
25,969
60,980
(40,989)
19,991
46,155
(25,360)
20,795
103,693
(57,253)
46,440
682,518
(469,161)
213,357
3,219,045
(642,587)
2,576,458
122,428
(22,552)
99,876
- By type of portfolio:
IN THOUSANDS OF U.S. DOLLARS – THUS$
Type of Portfolio
12-31-2020
Up-to-date
portfolio
1 - 30 days
in arrears
31 - 60 days
in arrears
61 - 90 days
in arrears
91 - 120 days
in arrears
121 - 150 days
in arrears
151 - 180 days
181 - 210 days
211 - 250 days
More than 251
More than 365
in arrears
in arrears
in arrears
days in arrears
days in arrears
Total Current
Total Non-
Current
GENERATION AND TRANSMISSION
Non-renegotiated portfolio
- Large Clients
- Institutional Clients
- Other
Renegotiated portfolio
- Large Clients
- Institutional Clients
- Other
DISTRIBUTION
Non-renegotiated portfolio
- Mass-market Clients
- Large Clients
- Institutional Clients
Renegotiated portfolio
- Mass-market Clients
- Large Clients
- Institutional Clients
570,481
76,662
55,544
438,275
-
-
-
-
1,444,504
979,330
349,489
115,685
120,737
90,140
24,737
5,860
20,280
20,098
-
182
-
-
-
-
294,453
221,045
53,788
19,620
24,711
17,835
4,423
2,453
886
863
-
23
-
-
-
-
107,658
79,769
17,629
10,260
15,590
10,642
2,429
2,519
43,848
3,946
-
39,902
-
-
-
-
62,900
34,801
9,207
18,892
10,314
7,626
1,777
911
49
-
-
49
-
-
-
-
35,884
23,547
7,070
5,267
9,759
7,484
1,311
964
1
-
-
1
-
-
-
-
33,666
23,670
6,316
3,680
9,147
6,755
1,282
1,110
260
288
2,739
12-31-2020
5,707
2,968
-
-
-
-
-
664,696
443,333
147,615
73,748
86,820
57,309
15,400
14,111
288
-
-
-
-
-
-
23,619
14,971
4,769
3,879
6,891
4,353
1,230
1,308
79
79
-
-
-
-
-
-
27,360
19,382
5,195
2,783
8,317
5,164
2,169
984
2,325
2,065
-
-
-
-
-
55,695
43,181
9,579
2,935
6,387
4,508
1,090
789
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
643,944
106,602
55,544
481,798
-
-
-
-
2,750,435
1,883,029
610,657
256,749
298,673
211,816
55,848
31,009
628
-
-
628
28,927
28,927
-
-
196,287
191,559
4,512
216
128,534
99,922
8,561
20,051
Total gross portfolio
2,135,722
339,444
124,134
117,062
45,692
42,814
35,756
64,407
30,798
757,223
-
3,693,052
354,376
396396
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information Since not all of our commercial databases in our Group’s different consolidated entities distinguish whether the final electricity
service consumer is an individual or legal entity, the main management segmentation used by all consolidated entities to monitor
and follow up on trade receivables is the following:
-
-
-
Mass-market customers
Large customers
Institutional customers
IN THOUSANDS OF U.S. DOLLARS – THUS$
Trade receivables
Trade receivables, Generation and
Transmission
- Large Clients
- Institutional Clients
- Other
Allowance for impairment
Unbilled services
Billed services
- Mass-market Clients
- Large Clients
- Institutional Clients
Allowance for impairment
Unbilled services
Billed services
12-31-2019
Up-to-date
portfolio
343,351
88,188
138,566
116,597
5,124
212,248
131,103
721,018
415,100
155,253
(11,239)
554,064
737,307
Trade receivables, Distribution
1,291,371
- By type of portfolio:
GENERATION AND TRANSMISSION
Non-renegotiated portfolio
- Large Clients
- Institutional Clients
- Other
Renegotiated portfolio
- Large Clients
- Institutional Clients
- Other
DISTRIBUTION
- Mass-market Clients
- Large Clients
- Institutional Clients
Renegotiated portfolio
- Mass-market Clients
- Large Clients
- Institutional Clients
Non-renegotiated portfolio
1,444,504
1 - 30 days
in arrears
31 - 60 days
61 - 90 days
91 - 120 days
121 - 150 days
in arrears
in arrears
in arrears
in arrears
151 - 180 days
in arrears
181 - 210 days
in arrears
211 - 250 days
in arrears
More than 251
days in arrears
More than 365
days in arrears
Total Current
Total Non-
Current
17,089
16,659
-
430
(16)
-
17,089
369,529
258,671
76,194
34,664
(3,769)
8,196
7,975
-
221
(178)
-
8,196
116,655
87,270
16,643
12,742
(7,136)
184
30
-
154
(30)
-
184
58,199
39,214
8,992
9,993
(6,906)
856
42
-
814
(42)
-
856
45,826
31,694
7,701
6,431
(7,310)
32
28
4
(28)
-
-
32
38,414
25,209
5,947
7,258
(8,266)
47
42
-
5
(39)
-
47
89
-
-
89
-
-
89
35,950
25,146
4,194
6,610
(9,989)
60,891
47,492
7,462
5,937
(40,989)
629
2
-
627
(2)
-
629
45,526
31,098
5,329
9,099
(25,358)
6,354
2,973
-
3,381
(2,973)
-
6,354
97,339
63,599
18,712
15,028
(54,280)
44,283
5
-
44,278
(11,586)
-
44,283
638,235
451,530
118,248
68,457
(457,575)
421,110
115,944
138,566
166,600
(9,770)
212,248
208,862
2,797,935
1,781,941
684,522
331,472
(632,817)
90
9
-
81
-
-
90
122,338
34,580
15,956
71,802
(22,552)
Total trade receivables, gross
Total Allowance for impairment
Total trade receivables, net
1,634,722
(6,115)
1,628,607
386,618
(3,785)
382,833
124,851
(7,314)
117,537
58,383
(6,936)
51,447
46,682
(7,352)
39,330
38,446
(8,294)
30,152
35,997
(10,028)
25,969
60,980
(40,989)
19,991
46,155
(25,360)
20,795
103,693
(57,253)
46,440
682,518
(469,161)
213,357
3,219,045
(642,587)
2,576,458
122,428
(22,552)
99,876
-
-
369,529
116,655
-
58,199
-
45,826
-
38,414
-
35,950
-
60,891
-
45,526
-
-
97,339
638,235
554,064
2,243,871
-
122,338
IN THOUSANDS OF U.S. DOLLARS – THUS$
Type of Portfolio
12-31-2020
Up-to-date
portfolio
1 - 30 days
in arrears
31 - 60 days
61 - 90 days
91 - 120 days
121 - 150 days
in arrears
in arrears
in arrears
in arrears
151 - 180 days
in arrears
181 - 210 days
in arrears
211 - 250 days
in arrears
12-31-2020
More than 251
days in arrears
More than 365
days in arrears
Total Current
Total Non-
Current
570,481
76,662
55,544
438,275
-
-
-
-
979,330
349,489
115,685
120,737
90,140
24,737
5,860
20,280
20,098
182
-
-
-
-
-
294,453
221,045
53,788
19,620
24,711
17,835
4,423
2,453
886
863
-
23
-
-
-
-
107,658
79,769
17,629
10,260
15,590
10,642
2,429
2,519
43,848
3,946
39,902
-
-
-
-
-
62,900
34,801
9,207
18,892
10,314
7,626
1,777
911
49
49
-
-
-
-
-
-
35,884
23,547
7,070
5,267
9,759
7,484
1,311
964
1
-
-
1
-
-
-
-
33,666
23,670
6,316
3,680
9,147
6,755
1,282
1,110
79
-
-
79
-
-
-
-
27,360
19,382
5,195
2,783
8,317
5,164
2,169
984
2,325
2,065
-
260
-
-
-
-
55,695
43,181
9,579
2,935
6,387
4,508
1,090
789
288
-
-
288
-
-
-
-
23,619
14,971
4,769
3,879
6,891
4,353
1,230
1,308
5,707
2,968
-
2,739
-
-
-
-
664,696
443,333
147,615
73,748
86,820
57,309
15,400
14,111
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
643,944
106,602
55,544
481,798
-
-
-
-
2,750,435
1,883,029
610,657
256,749
298,673
211,816
55,848
31,009
628
-
-
628
28,927
28,927
-
-
196,287
191,559
4,512
216
128,534
99,922
8,561
20,051
Total gross portfolio
2,135,722
339,444
124,134
117,062
45,692
42,814
35,756
64,407
30,798
757,223
-
3,693,052
354,376
397
Annual Report Enel Américas 2020 IN THOUSANDS OF U.S. DOLLARS – THUS$
Type of Portfolio
12-31-2019
Up-to-date
portfolio
1 - 30 days
in arrears
31 - 60 days
in arrears
61 - 90 days
in arrears
91 - 120 days
in arrears
121 - 150 days
in arrears
151 - 180 days
181 - 210 days
211 - 250 days
More than 251
More than 365
in arrears
in arrears
in arrears
days in arrears
days in arrears
Total Current
Total Non-
Current
GENERATION AND TRANSMISSION
Non-renegotiated portfolio
- Large Clients
- Institutional Clients
- Other
Renegotiated portfolio
- Large Clients
- Institutional Clients
- Other
DISTRIBUTION
Non-renegotiated portfolio
- Mass-market Clients
- Large Clients
- Institutional Clients
Renegotiated portfolio
- Mass-market Clients
- Large Clients
- Institutional Clients
291,263
88,188
96,283
106,792
52,088
-
42,283
9,805
1,216,141
676,406
402,342
137,393
75,230
44,612
12,758
17,860
17,089
16,659
-
430
-
-
-
-
349,939
244,837
73,848
31,254
19,590
13,834
2,346
3,410
8,196
7,975
-
221
-
-
-
-
105,348
78,862
15,150
11,336
11,307
8,409
1,492
1,406
184
30
-
154
-
-
-
-
47,711
32,485
7,146
8,080
10,488
6,730
1,845
1,913
856
42
-
814
-
-
-
-
35,716
25,178
5,982
4,556
10,110
6,516
1,719
1,875
32
28
-
4
-
-
-
-
29,563
19,480
4,874
5,209
8,851
5,730
1,072
2,049
47
41
-
6
-
-
-
-
28,161
19,818
3,200
5,143
7,789
5,328
994
1,467
89
89
-
-
-
-
-
-
53,369
42,643
6,532
4,194
7,522
4,849
930
1,743
12-31-2019
50,592
2,978
-
47,614
45
-
-
45
652,127
460,446
124,871
66,810
83,447
54,682
12,089
16,676
629
627
2
-
-
-
-
-
38,063
26,041
4,586
7,436
7,463
5,055
744
1,664
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
368,977
115,943
96,283
156,751
52,133
-
42,283
9,850
2,556,138
1,626,196
648,531
281,411
241,797
155,745
35,989
50,063
82
-
-
82
8
8
-
-
62,531
9,309
8,111
45,111
59,807
25,271
7,845
26,691
Total gross portfolio
1,634,722
386,618
124,851
58,383
46,682
38,446
35,997
60,980
46,155
786,211
-
3,219,045
122,428
APPENDIX 2.2 estimated sales and purchases
of capacity and toll
This appendix forms an integral part of these consolidated financial statements.
IN THOUSANDS OF U.S. DOLLARS – THUS$
Country
BALANCE
Current accounts receivable from related parties
Non-current accounts receivable from related parties
Trade and other receivables, current
Trade and other receivables, non-current
Total Asset Estimate
Current accounts payable to related parties
Non-urrent accounts payable to related parties
Trade and other payables, current
Trade and other payables, non-current
Total Liability Estimate
IN THOUSANDS OF U.S. DOLLARS – THUS$
Country
COLOMBIA
PERU
ARGENTINA
BRAZIL
TOTAL
12-31-2020
12-31-2019
12-31-2020
12-31-2019
12-31-2020
12-31-2019
12-31-2020
12-31-2019
12-31-2020
12-31-2019
Energy and
capacity
-
-
61,067
78,187
139,254
677
-
30,139
-
30,816
Tolls
-
-
-
11,961
11,961
-
-
12,246
-
12,246
Energy and
capacity
-
-
131,740
-
131,740
763
-
43,633
-
44,396
Tolls
-
-
8,820
-
8,820
-
-
13,176
-
13,176
Energy and
capacity
-
-
61,975
-
61,975
-
-
52,233
-
52,233
Tolls
-
-
12,240
-
12,240
-
-
9,763
-
9,763
Energy and
capacity
-
-
62,526
-
62,526
-
-
37,502
-
37,502
Tolls
-
-
12,538
-
12,538
-
-
11,837
-
11,837
Energy and
capacity
Tolls
Energy and
capacity
Tolls
Energy and
capacity
32,823
Energy and
capacity
2,452
779,510
3,952
475,319
Tolls
19
-
3,971
-
-
-
-
Tolls
15
-
6,531
-
-
-
Energy and
capacity
32,823
-
971,272
78,187
-
-
Tolls
19
-
16,192
11,961
28,172
-
-
-
Energy and
capacity
2,452
-
-
-
-
780,415
27,889
782,867
13,720
27,904
519
Tolls
15
-
-
-
-
-
-
-
-
477,771
12,957
6,546
519
1,082,282
34,097
1,120,722
59,673
697,292
159,478
1,241,783
81,682
833,621
184,491
-
-
-
-
-
-
-
-
-
-
812,333
33,420
-
-
-
-
1,154,142
59,673
710,249
159,997
1,275,880
81,682
847,341
185,010
COLOMBIA
PERU
BRAZIL
TOTAL
2020
2019
2020
2019
2020
2019
2020
2019
2020
2019
INCOME STATEMENT
Energy sales
Energy purchases
Energy and
capacity
129,017
28,552
Tolls
11,081
11,345
Energy and
capacity
131,876
44,440
Tolls
8,830
13,189
Energy and
capacity
64,115
54,038
Tolls
12,663
10,100
Energy and
capacity
62,137
37,269
Tolls
12,459
11,763
Tolls
-
-
Energy and
capacity
817,439
1,167,098
Tolls
4,193
60,048
Energy and
capacity
487,525
727,249
Tolls
6,814
163,126
Energy and
capacity
1,078,725
1,288,374
Tolls
27,937
81,493
Energy and
capacity
803,499
864,152
Tolls
28,103
188,078
-
-
-
-
-
-
68,720
68,720
38,689
38,689
Energy and
capacity
68,154
38,686
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
110,830
110,830
55,194
55,194
ARGENTINA
Tolls
-
-
Energy and
capacity
121,961
55,194
398398
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information IN THOUSANDS OF U.S. DOLLARS – THUS$
Type of Portfolio
12-31-2019
Up-to-date
portfolio
1 - 30 days
in arrears
31 - 60 days
61 - 90 days
91 - 120 days
121 - 150 days
in arrears
in arrears
in arrears
in arrears
151 - 180 days
in arrears
181 - 210 days
in arrears
211 - 250 days
in arrears
12-31-2019
More than 251
days in arrears
More than 365
days in arrears
Total Current
Total Non-
Current
47
41
-
6
-
-
-
-
28,161
19,818
3,200
5,143
7,789
5,328
994
1,467
89
-
-
89
-
-
-
-
53,369
42,643
6,532
4,194
7,522
4,849
930
1,743
629
2
-
627
-
-
-
-
38,063
26,041
4,586
7,436
7,463
5,055
744
1,664
50,592
2,978
-
47,614
45
-
-
45
652,127
460,446
124,871
66,810
83,447
54,682
12,089
16,676
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
368,977
115,943
96,283
156,751
52,133
-
42,283
9,850
2,556,138
1,626,196
648,531
281,411
241,797
155,745
35,989
50,063
82
-
-
82
8
8
-
-
62,531
9,309
8,111
45,111
59,807
25,271
7,845
26,691
Total gross portfolio
1,634,722
386,618
124,851
58,383
46,682
38,446
35,997
60,980
46,155
786,211
-
3,219,045
122,428
GENERATION AND TRANSMISSION
Non-renegotiated portfolio
- Large Clients
- Institutional Clients
- Other
Renegotiated portfolio
- Large Clients
- Institutional Clients
- Other
DISTRIBUTION
- Mass-market Clients
- Large Clients
- Institutional Clients
Renegotiated portfolio
- Mass-market Clients
- Large Clients
- Institutional Clients
291,263
88,188
96,283
106,792
52,088
-
42,283
9,805
676,406
402,342
137,393
75,230
44,612
12,758
17,860
17,089
16,659
-
430
-
-
-
-
349,939
244,837
73,848
31,254
19,590
13,834
2,346
3,410
8,196
7,975
-
221
-
-
-
-
105,348
78,862
15,150
11,336
11,307
8,409
1,492
1,406
184
30
-
154
-
-
-
-
47,711
32,485
7,146
8,080
10,488
6,730
1,845
1,913
856
42
-
814
-
-
-
-
35,716
25,178
5,982
4,556
10,110
6,516
1,719
1,875
32
28
-
4
-
-
-
-
29,563
19,480
4,874
5,209
8,851
5,730
1,072
2,049
Non-renegotiated portfolio
1,216,141
APPENDIX 2.2 estimated sales and purchases
of capacity and toll
This appendix forms an integral part of these consolidated financial statements.
IN THOUSANDS OF U.S. DOLLARS – THUS$
Country
BALANCE
Current accounts receivable from related parties
Non-current accounts receivable from related parties
Trade and other receivables, current
Trade and other receivables, non-current
Total Asset Estimate
Current accounts payable to related parties
Non-urrent accounts payable to related parties
Trade and other payables, current
Trade and other payables, non-current
Total Liability Estimate
IN THOUSANDS OF U.S. DOLLARS – THUS$
Country
INCOME STATEMENT
Energy sales
Energy purchases
COLOMBIA
PERU
ARGENTINA
BRAZIL
TOTAL
12-31-2020
12-31-2019
12-31-2020
12-31-2019
12-31-2020
12-31-2019
12-31-2020
12-31-2019
12-31-2020
12-31-2019
Energy and
capacity
Tolls
Energy and
capacity
Tolls
Energy and
capacity
Tolls
Energy and
capacity
Tolls
131,740
8,820
61,975
12,240
62,526
12,538
61,067
78,187
139,254
677
-
-
-
-
11,961
11,961
-
-
-
-
-
-
-
-
-
-
-
131,740
763
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
30,139
12,246
43,633
13,176
52,233
9,763
37,502
11,837
8,820
61,975
12,240
62,526
12,538
-
-
-
-
-
-
30,816
12,246
44,396
13,176
52,233
9,763
37,502
11,837
Energy and
capacity
-
-
68,720
-
68,720
-
-
38,689
-
38,689
Tolls
-
-
-
-
-
-
-
-
-
-
Energy and
capacity
-
-
110,830
-
110,830
-
-
55,194
-
55,194
Tolls
-
-
-
-
-
-
-
-
-
-
Energy and
capacity
32,823
-
779,510
-
812,333
33,420
-
1,120,722
-
1,154,142
Tolls
19
-
3,952
-
3,971
-
-
59,673
-
59,673
Energy and
capacity
2,452
-
475,319
-
477,771
12,957
-
697,292
-
710,249
Tolls
15
-
6,531
-
6,546
519
-
159,478
-
159,997
Energy and
capacity
32,823
-
971,272
78,187
1,082,282
34,097
-
1,241,783
-
1,275,880
Tolls
19
-
16,192
11,961
28,172
-
-
81,682
-
81,682
Energy and
capacity
2,452
-
780,415
-
782,867
13,720
-
833,621
-
847,341
Tolls
15
-
27,889
-
27,904
519
-
184,491
-
185,010
COLOMBIA
PERU
ARGENTINA
BRAZIL
TOTAL
2020
2019
2020
2019
2020
2019
2020
2019
2020
2019
Energy and
capacity
129,017
28,552
Tolls
11,081
11,345
Energy and
capacity
131,876
44,440
Tolls
8,830
13,189
Energy and
capacity
64,115
54,038
Tolls
12,663
10,100
Energy and
capacity
62,137
37,269
Tolls
12,459
11,763
Energy and
capacity
68,154
38,686
Tolls
-
-
Energy and
capacity
121,961
55,194
Tolls
-
-
Energy and
capacity
817,439
1,167,098
Tolls
4,193
60,048
Energy and
capacity
487,525
727,249
Tolls
6,814
163,126
Energy and
capacity
1,078,725
1,288,374
Tolls
27,937
81,493
Energy and
capacity
803,499
864,152
Tolls
28,103
188,078
399
Annual Report Enel Américas 2020 APPENDIX 3 detail of due dates of payments
to suppliers
This appendix forms an integral part of the Group’s financial statements.
IN THOUSANDS OF U.S. DOLLARS – THUS$
Suppliers with Payments Up-to-Date
Up to 30 days
From 31 to 60 days
From 61 to 90 days
From 91 to 120 days
From 121 to 365 days
More than 365 days
Total
IN THOUSANDS OF U.S. DOLLARS – THUS$
Suppliers with Payments Overdue
Up to 30 days
From 31 to 60 days
From 61 to 90 days
From 91 to 120 days
From 121 to 365 days
More than 365 days
Total
12-31-2020
12-31-2019
Goods
104,782
52,007
3,877
373
6,462
-
Services
469,913
233,753
30,449
23,619
16,912
3,075
Other
1,321,209
96,755
15,620
124,617
19,770
111,587
Total
1,895,904
382,515
49,946
148,609
43,144
114,662
Goods
181,353
51,522
6,192
1,088
10,394
-
Services
424,827
167,440
24,320
10,437
5,528
4,318
Other
1,108,119
83,664
3,071
3,375
98,859
167,190
Total
1,714,299
302,626
33,583
14,900
114,781
171,508
167,501
777,721
1,689,558
2,634,780
250,549
636,870
1,464,278
2,351,697
12-31-2020
Goods
908
Services
24,552
-
-
-
-
-
-
-
-
-
-
Other
17,040
16,401
18,485
39,312
152,921
Total
42,500
16,401
18,485
39,312
152,921
-
-
Goods
2,209
Services
70,595
12-31-2019
Other
-
-
-
-
-
-
-
-
-
272
-
-
-
-
-
-
Total
72,804
-
-
-
-
272
908
24,552
244,159
269,619
2,209
70,867
-
73,076
IN THOUSANDS OF U.S. DOLLARS – THUS$
Suppliers details
Energy suppliers
Fuel and gas suppliers
Asset acquisitions
Payables due for goods and services
Goods
60,184
17,410
12,693
78,122
12-31-2020
Services
56,933
7,211
34,671
703,458
Other
1,627,935
-
12,958
292,824
Total
1,745,052
24,621
60,322
1,074,404
Goods
92,284
19,102
16,670
124,702
12-31-2019
Services
59,014
7,834
381
640,508
Other
1,253,815
-
10,868
199,595
Total
1,405,113
26,936
27,919
964,805
Total
168,409
802,273
1,933,717
2,904,399
252,758
707,737
1,464,278
2,424,773
400400
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information APPENDIX 3 detail of due dates of payments
to suppliers
This appendix forms an integral part of the Group’s financial statements.
IN THOUSANDS OF U.S. DOLLARS – THUS$
Suppliers with Payments Up-to-Date
Up to 30 days
From 31 to 60 days
From 61 to 90 days
From 91 to 120 days
From 121 to 365 days
More than 365 days
Total
Up to 30 days
From 31 to 60 days
From 61 to 90 days
From 91 to 120 days
From 121 to 365 days
More than 365 days
Total
IN THOUSANDS OF U.S. DOLLARS – THUS$
Suppliers with Payments Overdue
12-31-2020
12-31-2019
Goods
104,782
52,007
3,877
373
6,462
-
Services
469,913
233,753
30,449
23,619
16,912
3,075
Other
1,321,209
96,755
15,620
124,617
19,770
111,587
Total
1,895,904
382,515
49,946
148,609
43,144
114,662
Goods
181,353
51,522
6,192
1,088
10,394
-
Services
424,827
167,440
24,320
10,437
5,528
4,318
Other
1,108,119
83,664
3,071
3,375
98,859
167,190
Total
1,714,299
302,626
33,583
14,900
114,781
171,508
167,501
777,721
1,689,558
2,634,780
250,549
636,870
1,464,278
2,351,697
12-31-2020
Goods
908
Services
24,552
-
-
-
-
-
Other
17,040
16,401
18,485
39,312
152,921
Total
42,500
16,401
18,485
39,312
152,921
-
-
-
-
-
-
-
12-31-2019
Goods
2,209
Services
70,595
-
-
-
-
-
-
-
-
-
272
Other
-
-
-
-
-
-
Total
72,804
-
-
-
-
272
908
24,552
244,159
269,619
2,209
70,867
-
73,076
IN THOUSANDS OF U.S. DOLLARS – THUS$
Suppliers details
Energy suppliers
Fuel and gas suppliers
Asset acquisitions
Payables due for goods and services
Goods
60,184
17,410
12,693
78,122
12-31-2020
Services
56,933
7,211
34,671
703,458
Other
1,627,935
-
12,958
292,824
Total
1,745,052
24,621
60,322
1,074,404
Goods
92,284
19,102
16,670
124,702
12-31-2019
Services
59,014
7,834
381
640,508
Other
1,253,815
-
10,868
199,595
Total
1,405,113
26,936
27,919
964,805
Total
168,409
802,273
1,933,717
2,904,399
252,758
707,737
1,464,278
2,424,773
401
Annual Report Enel Américas 2020 402402
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information 403
Annual Report Enel Américas 2020 Press Release
CONSOLIDATED FINANCIAL STATEMENTS OF ENEL AMÉRICAS GROUP
AS OF DECEMBER 31, 2020
(figures in million US dollars)
•
Cumulative revenues as of December 2020 decreased by 14.8% as compared to 2019, reaching US$ 12,193 million,
explained by lower revenues in the four countries where we operate. In quarterly terms, comparing the fourth quarter of
2020 and the fourth quarter of 2019, we can see a 1.8 % decrease reaching US$ 3,672 million.
•
In cumulative terms, EBITDA fell by 21.1% to US$ 3,154 million. This is mainly explained by a decrease in Argentina because
of last year´s extraordinary recognition of US$ 203 million as a result of the agreement between Edesur and the Argentine
Government for past claims. In addition to this we had a US$ 745 million negative impact as a result of currency devaluation
in the four countries in which we operate, which affected Brazil's results in particular, and a reduction in demand due to
COVID-19. This was partially offset by lower personnel costs for an amount of US$ 89 million explained by the reduction
of liabilities of the Enel Sao Paulo pension fund due to a voluntary migration to a defined contribution system. Without
the 2019 and 2020 extraordinary effects and removing the exchange rate effect, EBITDA would have increased by 0,6%.
In quarterly terms, we see a 6.4% drop reaching an EBITDA of US$ 957 million, mainly explained by lower performance
in Argentina and the devaluation of currencies in the four countries in which we operate. This was partially offset by the
aforementioned impact of the Enel Sao Paulo pension fund. Removing the exchange rate effect and the positive pension
fund impact, EBITDA would have increased by 9,3% during the quarter.
Accumulated figures
Quarterly figures
EBITDA (MILLION US$)
Country
Argentina
Brazil
Colombia
Peru
Enel Américas (*)
FY 2020
FY 2019
186
1,339
1,180
476
3,154
552
1,644
1,267
561
3,994
%
(66.3%)
(18.6%)
(6.9%)
(15.2%)
(21.1%)
4Q 2020
4Q 2019
48
510
289
118
957
121
452
308
150
1,023
%
(60.6%)
12.8%
(6.5%)
(21.1%)
(6.4%)
(*) Includes Holding and Adjustments
•
Operating revenues (EBIT) fell by 25.9% accumulated as of December and increased by 10.0% in quarterly terms, reaching
US$ 2,053 million and US$ 670 million, respectively. At cumulative level, the decreased result is explained by a lower
EBITDA while at quarterly level this has been offset by lower depreciation and amortization.
•
Net income attributable to the parent company at cumulative level reached US$ 825 million, 48.9% less than in 2019. In
quarterly terms, the decrease was 57.3%. In both cases it is explained by the lower results at EBITDA level, partially offset
by a better financial result. In quarterly terms, in 2019 there was a positive extraordinary effect of US$ 553 million for
deferred taxes resulting from the merger of Enel Distribución Sao Paulo with Enel Sudeste.
•
Net financial debt reached US$ 4,226 million, up by 3.2% from the end of 2019, mainly explained by higher debt in Enel
Dx Sao Paulo and Codensa, along with a cash decrease in Enel Américas Holding, which was partially offset by decreases
in net debt in Enel Dx Goiás, Emgesa and Enel Dx Rio mainly. Currency devaluation had a negative impact totaling US$
814 million.
•
CAPEX amounted to US$ 1,423 million, down by 13.6% from the previous year due to the currency devaluation effect.
Removing this effect, CAPEX increased by US$ 128 million, mainly explained by higher investments in distribution companies
in Brazil, especially Goias and Ceará.
404404
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
CAPEX for the quarter reached US$ 442 million, 22.4% less than in the fourth quarter of 2019. Removing the exchange
rate effect, CAPEX fell by 3.5%, or US$ 20 million, mainly explained by lower investments in Emgesa and Enel Dx Rio.
•
As for the current situation arising from COVID-19, the fourth quarter saw a recovery in terms of demand in relation to the
previous quarter and the level of collection remained within the range of a normal year. The effect attributable to COVID
in this quarter totaled US$ 101 million at EBITDA level considering both the distribution and generation businesses. Our
Company continues to do its best to maintain its operations, protect its workers and assist the community with various
solidarity measures.
Summary by business segment
Generation
The generation business segment registered a 13.5 % decrease in EBITDA as compared to the same period of the previous
year, reaching US$ 1,383 million. This is explained by lower results in the Argentina and Peru added the US$ 232 million effect
of currency devaluations with a negative impact in the four countries. Isolating this effect, EBITDA would have increased by
0.6% in relation to the previous year.
In quarterly terms, EBITDA in the fourth quarter reached US$ 388 million, 5.5% less than in the same period of 2019, due to
lower results in Argentina and Peru in addition to the negative exchange rate impact. Isolating the latter effect, EBITDA would
have increased by 12.2%.
Total Sales (GWh)
Total Generation (GWh)
FY 2020
66,996
40,455
FY 2019
72,553
41,760
Var %
(7.7%)
(3.1%)
4Q 2020
17,618
10,236
4Q 2019
18,157
10,342
Var %
(3.0%)
(1.0%)
Distribution
EBIDTDA in the distribution segment was 25.8 % lower than in the same period of 2019, reaching US$ 1,859 million; explained
mainly by the extraordinary effect from the regulatory agreement of US$ 203 million signed by Edesur and the Argentine
National State for pending claims plus decreased results in Peru. This was partially offset by better performance in operational
terms in Colombia and the effect of the reduction in pension fund liabilities in Enel Sao Paulo due to the voluntary migration to
a defined contribution plan. The exchange rate effect had a negative impact of US$ 521 million at consolidated level and there
were lower sales in all four countries. Isolating the one-offs and the exchange rate effect, EBITDA would have decreased by 0.6%.
In quarterly terms, the fourth quarter EBITDA reached US$590 million, down by 8.9% from the fourth quarter of 2019. Removing
the exchange rate effect and the Enel Sao Paulo’s pension fund impact, it would have increased by 4.4%.
As of December 31, 2020, the consolidated number of customers showed a 1.6% increase as compared to the previous year,
while physical sales fell by 4.5% in cumulative terms, and by 0.7% in quarterly terms.
Total Sales (GWh)
Number of Clients
FY 2020
115,213
FY 2019
120,594
25,639,531
25,237,624
Var %
(4.5%)
1.6%
4Q 2020
30,281
4Q 2019
30,501
25,639,531
25,237,624
Var %
(0.7%)
1.6%
405
Annual Report Enel Américas 2020
Financial summary
The Company’s available liquidity has remained strong, as shown below:
• Cash and cash equivalents
US$ 1,507 million
• Cash and cash equiv. + cash investments over 90 days
US$ 1,529 million
• Available committed lines of credit
* US$ 1,218 million
(*) Includes two lines of committed credits between related parties. One of them for US$ 154 million of Enel Brasil with EFI and fully available and another for
US$ 150 million of Enel Americás with EFI and fully used.
The average nominal interest rate in December 2020 decreased to 4.9% from 7.1% as of the same period of the previous year,
primarily affected by lower debt costs in Brazil as a result of the payment linked with the purchase of Enel Distribución Sao
Paulo, better rate conditions in debt refinancing in Brazil, Colombia, Peru and the Holding and a reduction in rates associated
with variable debt rates in Brazil.
Hedging and protection:
To mitigate the financial risks associated with foreign exchange rate and interest rate fluctuations, Enel Américas S.A. has
established policies and procedures aimed at protecting its financial statements against the volatility of these variables.
•
Enel Américas S.A. (consolidated) foreign exchange rate risk hedging policy establishes that there must be a balance
between the index currency of the flows generated by each company and the currency in which they assume any type
of debt. Therefore, the Enel Américas Group has entered into cross currency swaps of US$ 554 million and forwards of
US$ 495 million.
•
To reduce the volatility of the financial statements stemming from interest rate changes, Enel Américas Group keeps
an adequate debt structure balance. To achieve the above, we have entered into interest rate swaps totaling US$ 154
million.
Markets in which the company operates
Enel Américas owns and operates generation, transmission and distribution companies in Argentina, Brazil, Colombia, and
Peru. Virtually all our revenues, income and cash flows come from the operations of our subsidiaries, jointly controlled entities,
and associates in these four countries.
Generation and Transmission Business Segment
The total net installed capacity of the Enel Américas Group was 11,269 MW as of December 31, 2020. 55.5% of consolidated
generation capacity comes from hydropower sources and 44.5% from thermal sources.
The Group conducts the generation business through the following subsidiaries: Enel Generación Costanera, Enel Generación
el Chocón and Central Docksud in Argentina, EGP Cachoeira Dourada, Enel Generación Fortaleza and EGP Volta Grande in
Brazil, Emgesa in Colombia and Enel Generación Peru and Enel Generación Piura in Peru. The electricity transmission business
is carried out mainly through an interconnection line between Argentina and Brazil, through Enel Cien, a subsidiary of Enel
Brasil, with a 2,100 MW transport capacity.
406406
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
The following table shows the key physical indicators for the generation segment, in cumulative and quarterly terms, as of
December 31, 2020 and 2019 for each subsidiary.
Energy Sales (GWh)
Accumulated figures
Quarterly figures
Market Share
Company
Markets
in which
operates
FY 2020
FY 2019
%
4Q 2020
4Q 2019
Enel Generación Costanera SIN Argentina
Enel Generación El Chocón
SIN Argentina
Central Dock Sud
SIN Argentina
Enel Generación Perú
Enel Generación Piura
Enel Emgesa
SICN Peru
SICN Peru
SIN Colombia
EGP Cachoeira Dourada
SICN Brasil
Enel Generación Fortaleza
SICN Brasil
EGP Volta Grande
SICN Brasil
6,518
2,924
4,461
9,642
616
17,539
19,660
3,636
2,000
6,210
2,528
4,238
10,541
658
18,376
22,890
4,742
2,370
Total
66,996
72,553
5.0%
15.7%
5.3%
(8.5%)
(6.4%)
(4.6%)
(14.1%)
(23.3%)
(15.6%)
(7.7%)
1,523
535
1,376
2,465
198
4,238
5,402
1,333
547
959
562
1,481
2,671
177
4,369
6,027
1,194
717
17,617
18,157
Distribution business segment
December
2020
December
2019
5.1%
2.3%
3.5%
19.6%
1.3%
24.9%
4.2%
0.8%
0.4%
4.8%
2.0%
3.3%
19.9%
1.2%
25.5%
4.7%
1.0%
0.5%
%
58.8%
(4.8%)
(7.1%)
(7.7%)
11.9%
(3.0%)
(10.4%)
11.6%
(23.7%)
(3.0%)
The distribution business is conducted through the following subsidiaries: Edesur in Argentina, Enel Distribución Río, Enel
Distribución Ceará, Enel Distribución Goiás and Enel Distribución Sao Paulo in Brazil, Codensa in Colombia, and Enel Distribución
Peru in Peru. These companies serve the main cities in Latin America, delivering electric service to more than 25.6 million
customers.
The following tables show some key indicators of the distribution segment by subsidiary, in cumulative and quarterly terms as
of December 31, 2020 and 2019:
Energy Sales (GWh)1
Accumulated figures
Quarterly figures
Energy losses
(%)
Compan
FY 2020
FY 2019
% 4Q 2020
4Q 2019
%
dec-20
dec-19
Empresa Distribuidora Sur S.A. (Edesur)
Enel Distribución Perú S.A. (Edelnor)
Enel Distribución Río S.A.
Enel Distribución Ceará S.A.
Enel Distribución Goiás S.A.
Enel Distribución Sao Paulo S.A.
Codensa S.A.
15,888
7,578
11,228
11,866
14,469
40,350
13,834
16,798
8,211
11,568
12,197
14,365
43,148
14,307
(5.4%)
(7.7%)
(2.9%)
(2.7%)
0.7%
(6.5%)
(3.3%)
3,770
1,994
3,034
3,290
3,886
10,641
3,666
4,047
2,062
2,920
3,269
3,710
10,858
3,635
(6.8%)
(3.3%)
3.9%
0.6%
4.7%
(2.0%)
0.9%
18.9%
8.8%
22.1%
15.9%
11.4%
10.6%
7.6%
15.5%
8.2%
21.0%
13.9%
11.6%
9.6%
7.7%
Total
115,213
120,594
(4.5%)
30,281
30,501
(0.7%)
13.0%
11.9%
Clients (th)1
Clients/Employess
Empresa
dec-20
dec-19
Empresa Distribuidora Sur S.A. (Edesur)
Enel Distribución Perú S.A. (Edelnor)
Enel Distribución Río S.A.
Enel Distribución Ceará S.A.
Enel Distribución Goiás S.A.
Enel Distribución Sao Paulo S.A.
Codensa S.A.
2,508
1,456
2,948
4,011
3,207
7,896
3,615
2,490
1,434
2,940
3,956
3,114
7,776
3,527
%
0.7%
1.5%
0.3%
1.4%
3.0%
1.5%
2.5%
dec-20
dec-19
720
2,464
2,957
3,575
2,856
1,350
2,352
709
2,414
2,968
3,510
2,783
1,130
2,345
%
1.6%
2.1%
(0.4%)
1.9%
2.6%
19.5%
0.3%
Total
25,640
25,238
1.6%
1,744
1,529
14.1%
1. The number of clients for the period 2019 was modified compared to clients reported in the previous period, due to a new methodology applied since 2020.
407
Annual Report Enel Américas 2020 The following table shows revenues from energy sales by business segment, customer category, and country, in cumulative
and quarterly terms as of December 31, 2020 and 2019:
Argentina
Brazil
Colombia
Peru
Total Segments
Structure and
adjustments
Total
Accumulated figures (Figures in million US$)
Energy Sales Revenues
FY 2020
FY 2019
FY 2020
FY 2019
FY 2020
FY 2019
FY 2020
FY 2019
FY 2020
FY 2019
FY 2020
FY 2019
FY 2020
FY 2019
Generation
Regulated customers
Non regulated customers
Spot Market
Other Clients
Distribution
Residential
Commercial
Industrial
Other
221
413
1,040
-
-
221
413
739
361
254
68
56
1,023
455
374
81
113
214
350
468
8
5,168
3,045
1,239
370
514
691
127
539
17
8
6,439
3,651
1,597
530
661
1,129
1,214
637
353
139
669
417
128
-
-
761
455
181
79
46
851
477
226
90
58
490
274
189
24
3
843
473
87
168
115
567
306
232
20
9
905
482
105
172
146
2,880
1,125
892
852
11
7,511
4,334
1,761
685
731
2,885
1,102
1,188
578
17
9,218
5,065
2,302
873
978
(736)
(727)
(9)
-
-
-
-
-
-
-
(794)
(652)
(142)
-
-
(27)
(27)
-
-
-
2,144
398
883
852
11
7,511
4,334
1,761
685
731
2,091
450
1,046
578
17
9,191
5,038
2,302
873
978
Less: Consolidation adjustments
-
-
(265)
(328)
(324)
(330)
(147)
(163)
(736)
(821)
736
821
-
-
Energy Sales Revenues
960
1,436
5,943
6,802
1,566
1,735
1,186
1,309
9,655
11,282
Variation in million US$ and %.
(476)
33.1%
(859)
(12.6%)
(169)
(9.7%)
(123)
(9.4%)
(1,627)
(14.4%)
-
-
-
9,655
11,282
-
(1,627)
(14.4%)
Argentina
Brazil
Colombia
Peru
Total Segments
Structure and
adjustments
Total
Quarterly figures (Figures in million US$)
Energy Sales Revenues
4Q 2020
4Q 2019
4Q 2020
4Q 2019
4Q 2020
4Q 2019
4Q 2020
4Q 2019
4Q 2020
4Q 2019
4Q 2020
4Q 2019
4Q 2020
4Q 2019
132
161
1,100
Generation
Regulated customers
Non regulated customers
Spot Market
Other Clients
Distribution
Residential
Commercial
Industrial
Other
44
-
-
44
-
160
101
33
20
6
139
-
-
139
-
282
117
94
(13)
84
648
49
151
440
8
180
(201)
382
-
(1)
276
163
98
15
295
168
104
23
-
-
1,507
1,656
782
413
96
216
977
460
157
62
201
106
57
26
12
208
114
53
22
19
73
52
6
1
213
114
25
50
24
285
301
505
9
2,081
1,103
528
192
258
775
62
545
167
1
2,375
1,335
639
201
200
(189)
(180)
(9)
(208)
51
(259)
-
-
-
-
-
-
-
-
-
(8)
(8)
-
-
-
911
105
292
505
9
2,081
1,103
528
192
258
567
113
286
167
1
2,367
1,327
639
201
200
Less: Consolidation adjustments
-
-
(66)
(82)
(84)
(83)
(39)
(189)
(216)
189
216
-
-
95
59
5
2
229
127
32
35
35
(51)
Energy Sales Revenues
204
421
2,089
1,754
393
420
306
339
2,992
2,934
Variation in million US$ and %.
(217)
51.5%
335
19.1%
(27)
(6.4%)
(33)
(9.7%)
58
2.0%
-
-
-
2,992
2,934
-
58
2.0%
I.- Analysis of the Financial Statements
1. Analysis of Income Statement
The result attributable to Enel Américas controlling shareholders for the year ended on December 31, 2020, was US$ 825
million, a 48.9% decrease from the result of US$ 1,614 million recorded the previous year. During the fourth quarter of 2020,
the result attributable to Enel Américas shareholders reached US$ 339 million, with a US$ 454 million decrease as compared
to the fourth quarter of 2019, equivalent to a 57.3% decrease.
408408
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information Below we present an item-by-item comparison of the income statement of the continuing operations for the periods ended
on December 31, 2020 and 2019:
CONSOLIDATED INCOME STATEMENT
(million US$)
Accumulated figures
Quarterly figures
FY 2020
FY 2019
Change
% Change 4Q 2020
4Q 2019
Change
% Change
Revenues
Sales
Other operating income
Procurements and Services
Energy purchases
Fuel consumption
Transportation expenses
Other variable costs
Contribution Margin
Personnel costs
Other fixed operating expenses
Gross Operating Income (EBITDA)
Depreciation and amortization
Impairment gains and impairment losses
reversal (Impairment losses) determined in
accordance with IFRS 9
Operating Income
Net Financial Income
Financial income
Financial costs
Results by units of adjustments
(hyperinflation - Argentina)
Foreign currency exchange differences, net
Other Non Operating Income
Other earnings (Losses)
Results of companies accounted for by
participation method
Net Income Before Taxes
Income Tax
Net Income from Continuing Operations
12,193
11,239
954
(7,556)
(5,338)
(138)
(1,016)
(1,064)
4,637
(418)
(1,065)
3,154
(858)
(242)
2,053
(313)
321
(768)
77
57
8
5
3
1,748
(567)
1,181
14,314
13,053
1,261
(8,541)
(6,097)
(277)
(1,111)
(1,056)
5,773
(628)
(1,151)
3,994
(948)
(279)
2,769
(377)
450
(1,088)
124
137
14
14
(0)
2,406
(236)
2,170
(2,121)
(1,814)
(307)
985
759
139
94
(8)
(1,136)
210
85
(841)
90
37
(716)
63
(128)
319
(48)
(80)
(6)
(9)
3
(658)
(330)
(989)
(14.8%)
(13.9%)
(24.4%)
11.5%
12.5%
50.3%
8.5%
(0.7%)
(19.7%)
33.5%
7.4%
(21.1%)
9.5%
13.2%
(25.9%)
16.8%
(28.5%)
29.4%
(38.4%)
(58.3%)
(43.4%)
(67.1%)
100.0%
(27.4%)
(139.7%)
(45.6%)
3,672
3,420
252
(2,413)
(1,851)
(30)
(268)
(263)
3,738
3,394
344
(2,257)
(1,574)
(89)
(279)
(315)
(66)
26
(93)
(156)
(277)
58
10
52
(1.8%)
0.8%
(26.9%)
(6.9%)
17.6%
(65.8%)
(3.7%)
(16.5%)
1,260
1,482
(222)
(15.0%)
(41)
(261)
957
(224)
(64)
670
(28)
140
(238)
19
50
2
1
(0)
642
(210)
432
(147)
(312)
1,023
(279)
(137)
609
(51)
90
(171)
0
29
14
14
0
572
377
948
106
51
(66)
55
73
61
24
50
(67)
19
21
(12)
(13)
(72.2%)
(16.3%)
(6.4%)
(19.8%)
(53.5%)
10.0%
44.4%
55.9%
39.4%
100.0%
70.5%
(88.9%)
(94.7%)
(0)
70
(586)
(516)
0.0%
12.3%
(155.7%)
(54.4%)
NET INCOME
1,181
2,170
(989)
(45.6%)
432
948
(516)
(54.4%)
Net Income attributable to owners of
parent
Net income attributable to non-controlling
interest
825
1,614
(789)
(48.9%)
339
792
(454)
(57.3%)
356
556
(200)
(35.9%)
94
156
(62)
(40.0%)
Earning per share US$ (*)
0.01085
0.02465
(0.01380)
(56.0%)
0.00445
0.01210
(0.00765)
(63.2%)
(*) As of December 31, 2020 and 2019 the average number of ordinary shares were 76,086,311,036 and 65,480,640,658, respectively
EBITDA
EBITDA during the period which ended on December 31, 2020 reached US$ 3,154 million, which represents a US$ 841 million
decrease, equivalent to a 21.1% decrease in comparison to the US$ 3,994 million EBITDA for the period which ended on
December 31, 2019.
During the fourth quarter of 2020 Enel Américas´ EBITDA reached US$ 957 million, representing a US$ 66 million decrease
as compared to the fourth quarter of 2019, equivalent to a 6.4% decrease.
The economic impact from the decline in demand due to the economic slowdown resulting from the COVID -19 effects for
2020 is estimated to be US$ 483 million at EBITDA level, of which US$ 63 million is attributable to Argentina, US$ 280 million
to Brazil, US$ 76 million to Colombia and US$ 64 million to Peru.
409
Annual Report Enel Américas 2020
The estimated impact on EBITDA for the fourth quarter is US$ 101 million, of which US$ 10 million is attributable to Argentina,
US$ 49 million to Brazil, US$ 29 million to Colombia and US$ 13 million to Peru.
Operating revenues, operating costs, staff expenses and other costs by nature for the operations that determine our EBITDA,
broken down for each business segment are presented below:
EBITDA FROM CONTINUING OPERATIONS BY BUSINESS
SEGMENT (million US$)
Generation and Transmission businesses:
Argentina
Brazil
Colombia
Peru
Revenues Generation and Transmission businesses
Distribution business:
Argentina
Brazil
Colombia
Peru
Accumulated figures
Quarterly figures
FY 2020
FY 2019
Change
% Change
4Q 2020
4Q 2019
Change
% Change
231
1,106
1,159
505
3,001
801
6,735
1,547
887
436
778
1,247
596
3,057
1,347
8,154
1,665
950
(206)
328
(88)
(91)
(56)
(546)
(1,419)
(118)
(64)
(47.2%)
42.2%
(7.1%)
(15.3%)
(1.8%)
(40.5%)
(17.4%)
(7.1%)
(6.7%)
50
664
288
139
1,142
192
1,895
413
232
153
204
301
170
827
319
2,138
436
242
(103)
460
(13)
(30)
314
(127)
(242)
(23)
(10)
(67.2%)
225.1%
(4.2%)
(17.8%)
38.0%
(39.7%)
(11.3%)
(5.3%)
(4.0%)
Revenues Distribution business
9,970
12,116
(2,146)
(17.7%)
2,732
3,135
(402)
(12.8%)
Less: consolidation adjustments and other activities
(778)
(859)
81
(9.5%)
(202)
(224)
21
(9.6%)
Total consolidated Revenues Enel Américas
12,193
14,314
(2,121)
(14.8%)
3,672
3,738
(66)
(1.8%)
Generation and Transmission businesses:
Argentina
Brazil
Colombia
Peru
(19)
(781)
(413)
(162)
(130)
(419)
(466)
(204)
111
(363)
53
42
(85.3%)
86.6%
(11.4%)
(20.6%)
(3)
(526)
(107)
(48)
(52)
(125)
(124)
(49)
49
(401)
18
1
(94.6%)
320.9%
(14.2%)
(1.6%)
Procurement and Services Generation and Transmission
businesses
(1,375)
(1,218)
(157)
12.9%
(683)
(350)
(334)
95.5%
Distribution business:
Argentina
Brazil
Colombia
Peru
(530)
(4,938)
(886)
(598)
(774)
(5,820)
(962)
(619)
243
883
76
21
(31.5%)
(15.2%)
(7.9%)
(3.4%)
(108)
(1,421)
(237)
(160)
(205)
(1,512)
(245)
(160)
97
91
8
(1)
Procurement and Services Distribution business
(6,952)
(8,175)
1,223
(15.0%)
(1,927)
(2,121)
194
(47.2%)
(6.0%)
(3.1%)
0.4%
(9.2%)
Less: consolidation adjustments and other activities
772
853
(81)
(9.5%)
197
214
(17)
(7.8%)
Total consolidated Procurement and Services Enel Américas
(7,556)
(8,541)
985
(11.5%)
(2,413)
(2,257)
(156)
6.9%
410410
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information CONTINUATION:
EBITDA FROM CONTINUING OPERATIONS BY BUSINESS
SEGMENT (million US$)
Generation and Transmission businesses:
Accumulated figures
Quarterly figures
FY 2020
FY 2019
Change
% Change
4Q 2020
4Q 2019
Change
% Change
Argentina
Brazil
Colombia
Peru
Personnel Expenses Generation and Transmission businesses
Distribution business:
Argentina
Brazil
Colombia
Peru
(30)
(13)
(29)
(26)
(97)
(93)
(131)
(50)
(25)
(33)
(16)
(29)
(25)
(104)
(118)
(312)
(42)
(27)
3
3
0
(1)
7
25
181
(8)
2
(10.0%)
(19.3%)
(0.7%)
3.0%
(6.5%)
(21.2%)
(58.0%)
20.3%
(8.0%)
Personnel Expenses Distribution business
(299)
(500)
200
(40.1%)
Less: consolidation adjustments and other activities
(21)
(25)
3
(12.3%)
(8)
(3)
(9)
(6)
(26)
(26)
42
(19)
(6)
(10)
(5)
(10)
(4)
(8)
(6)
(27)
(36)
(62)
(10)
(7)
2
1
(1)
(0)
1
11
104
(9)
0
(16.5%)
(17.3%)
13.2%
5.1%
(3.3%)
(29.2%)
(166.6%)
91.6%
(3.1%)
(115)
106
(91.7%)
(5)
(0)
4.2%
Total consolidated Personnel Expenses Enel Américas
(418)
(628)
210
(33.5%)
(41)
(147)
106
(72.2%)
Generation and Transmission businesses:
Argentina
Brazil
Colombia
Peru
(41)
(15)
(45)
(45)
(28)
(22)
(42)
(44)
Other Expenses Generation and Transmission businesses
(146)
(137)
Distribution business:
Argentina
Brazil
Colombia
Peru
Other Expenses Distribution business
(128)
(579)
(104)
(49)
(860)
(147)
(639)
(105)
(47)
(938)
(13)
7
(2)
(1)
(9)
19
60
1
(2)
78
46.3%
(33.0%)
5.8%
2.1%
6.7%
(13.0%)
(9.3%)
(1.1%)
4.5%
(8.3%)
(14)
(5)
(12)
(13)
(44)
(36)
(129)
(28)
(13)
(206)
(8)
(5)
(13)
(13)
(38)
(42)
(167)
(28)
(14)
(251)
(6)
1
1
(0)
(5)
7
38
0
0
45
79.5%
(10.9%)
(5.5%)
3.9%
13.6%
(15.8%)
(22.7%)
(0.4%)
(1.5%)
(17.9%)
Less: consolidation adjustments and other activities
(60)
(77)
17
(22.0%)
(12)
(23)
11
(48.8%)
Total consolidated Other Expenses Enel Américas
(1,065)
(1,151)
85
(7.4%)
(261)
(312)
51
(16.3%)
EBITDA
Generation and Transmission businesses:
Argentina
Brazil
Colombia
Peru
140
297
673
272
245
321
710
322
EBITDA Generation and Transmission businesses
1,383
1,598
Distribution business:
Argentina
Brazil
Colombia
Peru
50
1,087
507
215
307
1,383
557
257
(105)
(24)
(37)
(50)
(215)
(257)
(295)
(50)
(42)
(42.8%)
(7.4%)
(5.1%)
(15.4%)
(13.5%)
(83.8%)
(21.4%)
(8.9%)
(16.6%)
EBITDA Distribution business
1,859
2,504
(645)
(25.8%)
25
131
161
72
388
23
387
129
52
590
84
70
155
102
411
36
397
153
62
648
(58)
61
6
(30)
(23)
(13)
(10)
(24)
(11)
(57)
(68.9%)
87.9%
3.8%
(29.7%)
(5.5%)
(35.7%)
(2.5%)
(15.6%)
(16.2%)
(8.9%)
Less: consolidation adjustments and other activities
(87)
(107)
20
(19.3%)
(21)
(37)
15
(42.1%)
Total consolidated EBITDA Enel Américas
3,154
3,994
(841)
(21.1%)
957
1,023
(66)
(6.4%)
411
Annual Report Enel Américas 2020 EBITDA OF THE GENERATION AND TRANSMISSION SEGMENT:
Argentina:
Subsidiaries
Enel Generación Costanera
Enel Generación Chocón
Central Dock Sud
Enel Trading Argentina
Accumulated figures
Quarterly figures
FY 2020
FY 2019
Change
% Change 4Q 2020
4Q 2019
Change
% Change
61
36
42
1
100
58
82
4
(39)
(22)
(40)
(3)
(39.0%)
(37.9%)
(48.8%)
(75.0%)
6
4
14
1
25
22
18
41
2
(16)
(14)
(27)
(1)
(72.7%)
(77.8%)
(65.9%)
(50.0%)
84
(58)
(68.9%)
EBITDA Generation Business
140
245
(105)
(42.8%)
EBITDA accumulated as of December 31, 2020 of our generation segment in Argentina reached US$ 140 million, representing
a US$ 105 million decrease compared to the same period of the previous year. The main variables, which explain this decrease,
are described below:
Enel Generación Costanera S.A.: US$ 39 million lower EBITDA, mostly attributable to the conversion effects of the Argentine
peso in relation to the US dollar and higher maintenance costs.
•
Operating revenues decreased US$ 101 million, or 47.1%, compared to the previous year. The decrease is mainly explained
by: (i) US$ 46 million less in revenues due to the result of the devaluation of the Argentine peso against the US dollar; (ii)
lower sales revenue from the previous year of US$ 61 million, as a result of Resolution No. 12/2019, applicable from 2020,
which established that the company's own fuel supply should again be borne by Cammesa; and (iii) US$9 million less in
revenues from lower Availability Contracts, a regulatory agreement that ended the previous year. This was partially offset
by: (i) US$ 3 million in more in revenues for the implementation of new Resolution No. 31/2020, applicable as of February
2020, which established that energy and power values should be charged in Argentine pesos, using the exchange rate
against US$ valid at the billing date; and (ii) US$ 12 million more in sale revenues as a result of increased physical sales
of (+308 GWh) which includes increased rates of US$ 11 million.
•
Operating costs decreased by US$ 64 million which is explained mainly by: (i) US$ 59 million in lower gas consumptions
as a result of the application of Resolution No. 12/2019, mentioned above;(ii) US$ 3 million due to lower variable costs in
Cammesa as a result of lower market activity and (ii) US$ 2 million as a result of the devaluation of the Argentine peso.
•
Personnel costs decreased by US$ 2 million and are mainly explained by US$ 9 million lower costs as a result of the
devaluation of the Argentine peso against the US dollar, offset by US$ 3 million of salary increases, mainly explained by
recognition of inflation in salaries and social security burdens and US$ 4 million of lower labor activations compared to
the previous year, due to lower levels of investment in 2020.
•
Other expenses by nature increased by US$ 4 million, mainly due to higher unscheduled maintenance costs of the
combined cycle totaling US$ 14 million, offset by US$ 10 million as a result of the devaluation of the Argentine peso
against the US dollar.
As to the fourth quarter of 2020, EBITDA of our Costanera subsidiary reached US$ 6 million, representing a decrease
of US$ 16 million compared to the same quarter of 2019. The decrease is mainly explained by:
•
Lower operating revenues of US$ 36 million that is explained by: (i) US$ 16 million less in revenues as a result of
the devaluation of the Argentine peso against the US dollar; and (ii) lower sales revenue compared to the previous
year of US$ 21 million, as a result of the effects of Resolution No. 12/2019, mentioned above. The above was offset
by higher sale revenues of US$ 1 million as a result of increased physical sales of (+564 GWh).
•
Lower operating costs of US$ 20 million mainly explained by: (i) US$ 16 million less in gas consumptions as a result
of the application of Resolution No. 12/2019, referred to above; (ii) US$ 3 million due to lower variable costs of
Cammesa for lower market activity; and (iii) US$ 1 million as a result the devaluation of the Argentine peso against
the US dollar.
412412
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
Enel Generación El Chocón: Lower EBITDA of US$ 22 million mainly due to lower revenues as a consequence of devaluation
of Argentine Peso against US Dollar.
•
Enel Generación El Chocón operating revenues decreased by US$ 23 million in relation to the same period of last year,
mostly because of lower conversion revenues of US$ 25 million, as a result of the devaluation of the Argentine peso
against the US dollar, offset by US$ 2 million higher energy sales (+396 GWh)
•
•
•
Operating costs decreased by US$ 1 million compared to the same period of the previous year, as a result of the
devaluation of the Argentine peso against the US dollar.
Staff expenses in Enel Generación El Chocón were in line with the same period of the year before.
Other expenses by nature in Enel Generación El Chocón were in line with the same period of the year before.
In relation to the fourth quarter of 2020, EBITDA of our subsidiary Chocón reached US$ 4 million, representing a US$ 14
million decrease as compared to the same quarter of 2019, mainly US$ 5 million from lower conversion revenues as a result of
the devaluation of the Argentine peso against the US dollar, and less in revenues from lower physical sales in the quarter of (-27
GWh) totaling US$ 9 million, which incorporates the effects of the valuation of tariffs which reduces the price of generators
by US$ 6 million.
Central Dock Sud: Lower EBITDA of US$ 40 million mainly as a result of the devaluation of the Argentine peso in relation to
the US dollar.
•
Dock Sud’s operating revenues decreased by US$ 81 million as if December 2020 in comparison to December of the
previous year, which is mainly explained by: (i) US$ 27 million less in revenues as a result of the devaluation of the Argentine
peso against the US dollar; (ii) US$ 55 million less in revenue, mainly due to the effects of Resolution No. 12/2019, applicable
in 2020, which established that the fuel supply is to be again borne by CAMMESA; and (iii) US$ 6 million less in revenues
in compensation related to a claim in theTG-09 turbine recorded during the first half of 2019. This was partially offset by
US$ 7 million higher energy sales (+223 GWh).
•
Operating costs decreased by US$ 44 million compared to December of the previous year, mainly explained by: (i) lower
gas consumption costs of US$ 41 million, as a result of the implementation of resolution No. 12/2019, mentioned above;
and (ii) US$ 3 million lower costs as a result of the devaluation of the Argentine peso against the US dollar.
•
•
Dock Sud’s staff expenses were in line with the same period of the year before.
Dock Sud’s other expenses by nature increased by US$ 4 million, mainly because of (i) increased insurance costs of US$
2 million and (ii) US$ 2 million more in maintenance costs.
As to the fourth quarter of 2020, EBITDA of our Central Dock Sud subsidiary reached US$ 14 million, representing a US$
27 million decrease as compared with the same quarter in 2019. The above, mainly explained by; (i) US$ 8 million conversion
effect of the Argentine peso to the US dollar; (ii) US$ 35 million less in energy sales mainly due to the effects of Resolution No.
12/2019 and lower physical sales (-105 GWh); and (iii) US$ 8 million lower other operating revenues mainly from the TG-09
turbine accident. This is offset by US$ 24 million less in operating costs due to a decrease in gas consumption, as a result of
the above application.
413
Annual Report Enel Américas 2020 Brazil:
Subsidiaries
EGP Cachoeira Dourada
Enel Generación Fortaleza
EGP Volta Grande
Enel Cien
Central Geradora Fotovoltaica Sao Francisco
EBITDA Generation and Transmission
Businesses
Accumulated figures
Quarterly figures
FY 2020
FY 2019
Change
% Change 4Q 2020
4Q 2019
Change
% Change
135
62
49
46
5
86
114
60
61
-
49
(52)
(11)
(15)
5
57.0%
(45.6%)
(18.3%)
(24.6%)
100.0%
80
19
20
12
16
25
17
12
-
-
64
(6)
3
-
-
400.0%
(24.0%)
17.7%
0.0%
0.0%
297
321
(24)
(7.4%)
131
70
61
87.9%
EBITDA of our generation and transmission subsidiaries in Brazil totaled US$ 297 million in 2020 representing a US$ 24 million
decrease in relation to the same period of the previous year. The main variables, by subsidiary, that explain this decrease are
described below:
EGP Cachoeira Dourada S.A.: US$ 49 million lower EBITDA due to higher energy sales offset by the effects of the devaluation
of the Brazilian real in relation to the US dollar.
•
Operating revenues increased by US$ 318 million or 64.3% as of December 2020 compared to the previous year. The
increase is mainly explained by: US$ 568 million increase in energy sales of which: (i) US$ 649 million is explained by
higher energy import from Argentina and Uruguay for commercialization from October 2020, which led to more energy
for sale, generating a revenue increase, (ii) partially offset by US$ 81 million of lower physical sales to the regulated market
(-3,230 GWh). This was partially offset by US$ 25 million less in revenue, as a result of the devaluation of the Brazilian real
n relation to the US dollar.
•
Operating costs increased by US$ 272 million, or 68.8% as of December 2020, mainly explained by: (i) increased energy
purchase to cover its marketing obligations of US$ 618 million partially offset by US$63 million of lower energy purchases
(-3,520 GWh), for lower customer demand on the regulated market. This was offset by: (i) US$ 222 million for a lower
conversion effect of the devaluation of the Brazilian real; and (ii) US$ 61 million positive impact due to the registration
of the GSF (Generation Scaling Factor) agreement, which allowed renegotiation and the distribution of hydrological risk
costs among system operators.
•
•
EGP Cachoeira Dourada’s staff expenses decreased by US$ 1 million as a result of the conversion effects of the Brazilian
real in relation to the US dollar.
EGP Cachoeira Dourada’s other expenses by nature decreased by US$ 1 million as a result of the conversion effects of
the Brazilian real in relation to the US dollar.
For the fourth quarter of 2020, EGP Cachoeira Dourada EBITDA reached US$ 80 million, representing a US$ 64 million
increase compared to the same quarter of the previous year. This variation is mainly explained by: (i) increased energy sales
totaling US$ 632 million for energy import operations from Argentina and Uruguay, generating an increase in revenue, partially
offset by US$ 22 million attributable to lower physical sales (-625 GWh), due to a lower demand in the regulated market; and
(ii) positive impact from the registration of the GSF agreement totaling US$ 61 million. This is partially offset by: (i) US$ 603
million increased energy purchases, mainly US$ 503 million for higher imports; and US$ 100 million higher purchases due to
higher average purchase prices, the above despite lower physical purchases of (-628 GWh); and (ii) US$ 4 million related to
the conversion effects stemming from the devaluation of the Brazilian real against the US dollar.
414414
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information Enel Generación Fortaleza: US$ 52 million lower EBITDA mainly due to lower energy sales and due to the conversion effects
of the Brazilian real
•
Enel Generación Fortaleza’s operating revenues decreased by US$ 122 million, mainly because of (i) lower energy sales
of US$ 65 million from lower demand (-1,106 GWh) and (ii) US$ 57 million less in revenue from the conversion effects
of the devaluation of the Brazilian real to the US dollar.
•
Operating costs decreased by US$ 65 million, mainly because of (i) US$ 37 million lower costs of the devaluation of the
Brazilian real in relation to the US dollar; and (ii) US$ 24 million reduction in energy purchases (-190 GWh), explained by
lower average purchase prices; and (iii) US$ 4 million less in gas consumption due to lower generation in 2020.
•
•
Enel Generación Fortaleza’s staff expenses decreased by US$ 1 million of the devaluation of the Brazilian real in relation
to the US dollar.
Enel Generación Fortaleza’s other expenses by nature decreased by US$ 4 million mainly because of US$ 3 million lower
costs for professional and legal services and US$ 1 million of the devaluation of the Brazilian real in relation to the US
dollar.
For the fourth quarter of 2020, Enel Generación Fortaleza's EBITDA reached US$ 19 million, representing a US$ 6 million
decrease compared to the same period of last year. This variation is mainly explained by: (i) US$ 5 million less from the conversion
effect stemming from the devaluation of the Brazilian real against the US dollar; (ii) lower Provin profit income of US$ 7 million,
due to lower generation; and (iii) a US$ 18 million increase in energy purchase mainly due to lower generation of (+587 GWh).
This was partially offset by: (i) US$ 10 million more in revenues mainly due to increased physical sales for the period (+139 GWh),
due to an increased demand; and (ii) US$ 14 million less in gas consumption due to lower power generation.
Enel Green Power Volta Grande: US$ 11 million lower EBITDA mainly due the effects of the devaluation of the Brazilian real
in relation to the US dollar and lower energy sales.
•
EGP Volta Grande’s operating revenues decreased by US$ 44 million and are mainly explained by: (i) lower energy sales of
US$ 25 million, retail marketing operation (-370 GWh); and (ii) US$ 19 million lower conversion effects of the devaluation
of the Brazilian real against the US dollar.
•
•
•
EGP Volta Grande’s operating costs decreased US$ 32 million, due to lower energy purchases (-527 GWh) stemming
from lower energy sales and increased own production.
EGP Volta Grande’s personnel expenses were in line with the same period of the year before.
EGP Volta Grande’s other expenses by nature decreased by US$ 1 million mainly from the conversion effects due to the
Brazilian real devaluation against the US dollar.
EGP Volta Grande EBITDA for the fourth quarter of 2020 reached US$ 20 million, representing a US$ 3 million increase over
the same period of the previous year, mainly explained by lower energy purchases (-189 GWh) totaling US$ 9 million, due to
lower energy marketing, offset by US$ 6 million as a result of the conversion effects of the Brazilian real against the US dollar.
Enel Cien S.A.: Enel CIEN EBITDA reached US$ 46 million, representing a US$ 15 million decrease compared to the 2019 financial
year, mainly explained by the lower conversion effect stemming from the devaluation of the Brazilian real against the US dollar.
For the fourth quarter of 2020, Enel CIEN EBITDA reached US$ 12 million, in line with the same quarter of last year.
415
Annual Report Enel Américas 2020
Colombia:
Subsidiaries
Emgesa
EBITDA Generation Business
673
710
(37)
(5.1%)
161
155
Accumulated figures
Quarterly figures
FY 2020
FY 2019
Change
% Change 4Q 2020
4Q 2019
Change
% Change
673
710
(37)
(5.1%)
161
155
6
6
3.8%
3.8%
Cumulative EBITDA as of December 31, 2020 in Emgesa, our generation subsidiary in Colombia, reached US$ 673 million,
representing a US$ 37 million decrease as compared to December 2019. The main variables that explain this situation are
described below:
•
Emgesa’s operating revenues decreased by US$ 88 million compared to the previous year. This decrease is mainly
explained by: (i) US$ 142 million less in revenues as a result of the devaluation of the Colombian peso against the US
dollar; (ii) US$ 2 million less in gas sales due to lower consumption related to COVID-19; and (iii) US$ 5 million lower
operating revenues due to the termination of insurance compensation received in June 2019 from accidents in the El
Quimbo hydroelectric plant. This was partially offset by: (i) a US$ 56 million operating improvement mainly from better
average sales prices (caused by low hydrology in 2020) of US$ 111million, offset by US$ 55 million for lower physical
sales (-837 GWh), due to lower unregulated market demand stemming from COVID-19; and (ii) US$ 5 million more in
revenues related to the sales of carbon bonds.
•
Emgesa’s operating costs decreased by US$ 53 million composed mainly by: (i) US$ 51 million lower conversion effect
of the devaluation of the Colombian peso; and (ii) a US$ 7 million decrease in energy purchases as a result of lower
purchase price of US$ 27 million, offset by higher physical purchases of US$ 20 million (+320 GWh); and (iii) lower gas
purchases totaling US$ 4 million mainly due to the decrease in customer consumption because of mandatory quarantines
due to COVID-19. This was partially offset by US$ 4 million increased transport expenses and other variable provisions
and services totaling US$ 5 million mainly due to the new contribution of the National Development Plan to regulatory
bodies.
Emgesa’s staff expenses were in line with last year’s results.
Emgesa’s other expenses by nature increased by US$ 2 million in relation to December 2019, mainly explained by US$
8 million in tax contingencies and US$ 6 million of the devaluation of the Colombian peso in relation to the US dollar.
In quarterly terms, EBITDA of our generation segment in Colombia totaled US$ 161 million in the fourth quarter of 2020,
with a US$ 6 million increase as compared to the fourth quarter of 2019. This variation is mainly explained by: (i) US$ 5
million more in revenues related to the sale of certified carbon bonds; (ii) US$16 million lower energy purchases mainly
due to lower average exchange prices of US$ 26 million, offset by higher physical purchases of US$ 10 million (+147
GWh); (iii) US$ 5 million lower cost of fuel consumption due to the decrease in thermal generation according to system
requirements. This is partially offset by: (i) US$ 10 million less in conversion effects of the devaluation of the Colombian
peso against the US dollar; (ii) US$ 3 million higher transportation costs; and (iii) US$ 5 million increased other variable
provisions and services mainly for the new contribution of the National Development Plan to regulatory bodies.
•
•
416416
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
Perú:
Subsidiaries
Enel Generación Perú
Enel Generación Piura
Chinango
Accumulated figures
Quarterly figures
FY 2020
211
30
31
FY 2019
244
44
34
Change
(33)
(14)
(3)
% Change 4Q 2020
57
7
8
(13.5%)
(31.8%)
(8.8%)
4Q 2019
80
11
11
Change
(23)
(4)
(3)
% Change
(28.8%)
(36.4%)
(27.3%)
EBITDA Generation Business
272
322
(50)
(15.4%)
72
102
(30)
(29.7%)
EBITDA of our generation subsidiaries in Peru reached US$ 272 million as of December 31, 2020, which represents a US$ 50
million decrease in relation to the previous year. The main variables that explain such a decrease are described below:
Enel Generación Perú S.A.(includes Chinango): (US$ 36 million lower EBITDA mainly due to the conversion effects of the new
Peruvian Sol in relation to the US dollar and lower physical sales).
•
Operating revenues decreased by US$ 74 million in relation to the previous year. This decrease is mainly explained by:
(i) US$ 42 million lower physical energy sales (-899 GWh); (ii) US$ 10 million less in revenue from the modifications to
the over contracting agreement; and (iii) US$ 22 million less in revenue from the conversion effects of the devaluation
of the new Peruvian sol against the US dollar.
•
Operating costs decreased by US$ 38 million as of December 31, 2020, mainly as a result of: (i) US$ 11 million lower
energy purchases (- 419 GWh), explained by a lower marginal cost; (ii) US$ 8 million less in gas consumption , due to
lower production in thermal power plants; (iii) US$ 12 million lower gas transport and distribution costs for the reduction
of Take or Pay levels with suppliers and (iv) US$ 7 million lower costs due to the conversion effects of the devaluation of
the new sol in relation to the US dollar
•
•
Personnel expenses of our generation subsidiaries in Peru were in line with the same period of last year.
Other expenses by nature of the generation subsidiaries in Peru were in line with the same period of last year.
EBITDA for the fourth quarter of 2020 of Enel Generación Peru (including Chinango) reached US$ 65 million, representing a
US$ 26 million decrease as compared to the same quarter of the previous year. This variation is mainly explained by: (i) US$12
million less in revenue from the modifications to the over contracting agreement; (i) US$ 6 million lower sale revenue mainly
due to lower physical sales of (-206 GWh); (iii) US$ 4 million higher fuel consumption due to higher production of thermal
power plants; and (iv) US$ 4 million from the conversion effect of the devaluation of the new Peruvian sol against the US dollar.
Enel Generación Piura S.A.: (US$ 14 million lower EBITDA mainly attributable to lower gas sales).
•
Operating revenues decreased by US$ 18 million compared to the same period of the previous year. This decrease is
mainly explained by: (i) US$ 15 million less in revenues from lower gas sales and (ii) US$ 3 million from lower conversion
income of the devaluation of the new Peruvian sol in relation to the US dollar.
•
Operating costs decreased by US$ 4 million, as of December 2020, mainly as a result of lower gas consumption of US$ 3
million, due to lower production of thermal powerplants, explained by lower demand and US$ 1 million from conversion
effects of the devaluation of the new Peruvian sol in relation to the US dollar.
•
•
Personnel expenses were in line with the same period of last year.
Other expenses by nature were in line with the same period of last year.
EBITDA for the fourth quarter of 2020 of Enel Generación Piura reached US$ 7 million, representing a US$ 4 million decrease
compared to the same quarter of the previous year. This is mainly explained by less in revenues in other sales of US$ 3 million due to
lower gas sales and US$ 1 million related to the conversion effects of the devaluation of the new Peruvian sol in relation to the US dollar.
417
Annual Report Enel Américas 2020 DISTRIBUTION SEGMENT EBITDA:
Argentina:
Subsidiaries
Edesur
EBITDA Distribution Business
Accumulated figures
Quarterly figures
FY 2020
FY 2019
Change
% Change
4Q 2020
4Q 2019
Change
% Change
50
50
307
(257)
(83.8%)
307
(257)
(83.8%)
23
23
36
36
(13)
(35.7%)
(13)
(35.7%)
EBITDA of our distribution subsidiary in Argentina, Empresa Distribuidora Sur (Edesur) reached US$ 50 million for the period
ended on December 31, 2020, representing a US$ 257 million decrease as compared to the same period of the previous year.
The main variables, which explain this decrease are described below:
•
Operating revenues decreased by US$ 546 million as of December 2020, which is mainly explained by: (i) US$ 203 million
less in revenues as a result of the regulatory agreement signed between Edesur and the Argentine National State in 2019,
which ended outstanding reciprocal claims arising in the 2006-2016 transition period; (ii) US$ 51 million less income
from inflation adjustments compared to 2019 from the application of IAS 29; and (iii) US$ 324 million less in revenues
attributable to the conversion effect, as a result of the devaluation of the Argentine peso against the US dollar. This was
partially offset by: (i) US$ 14 million more from better average sales prices due to inflation by US$ 62 million, despite lower
physical sales of (-910 GWh) by US$ 48 million, mainly as a result of COVID-19; and (ii) US$ 18 million more revenues
from the new 2020 framework agreement between the National Electricity Regulatory Body (ENRE) and the Edenor and
Edesur, to allocate funds for works to improve electricity service and the status of distribution networks to the popular
neighborhoods of greater Buenos Aires.
•
Edesur’s operating costs decreased by US$ 243 million mainly explained by (i) a US$ 214 million decrease as a result
of the devaluation of the Argentine peso against the US dollar; and (ii) a US$ 27 million decrease in the cost of energy
purchases mainly by lower market purchase prices; and (iii) a US$ 10 million decrease in other supply rates, explained
by lower rental expenses of generator sets. This was partially offset by US$ 8 million in higher transportation costs due
to increased service prices in line with inflation.
•
Edesur’s personnel expenses decreased by US$ 26 million mainly explained by: (i) US$ 38 million less in expenses due
to lower conversion effects, as a result of the devaluation of the Argentine peso against the US dollar; and (ii) US$ 15
million lower spending on retirement and pension plans and legal disputes. This was partially offset by US$ 27 million in
salary increases, mainly explained by the recognition of inflation in salary and social security burdens.
•
Edesur’s other expenses by nature decreased by US$ 19 million mainly explained by lower effects due to the US$ 51
million devaluation of the Argentine peso, offset by higher costs for maintenance, services and network renewal and
others totaling US$ 30 million and US$ 2 million for the purchase of safety and hygiene elements linked to COVID.
For the fourth quarter of 2020, EBITDA of our distribution segment in Argentina reached US$ 23 million, representing
a US$ 13 million decrease as of compared to the same quarter of the previous year. This is mainly explained by: (i) US$
14 million lower energy sale revenues, mainly due to lower physical energy sales (-277 GWh), explained primarily by
COVID-19; (ii) US$ 20 million lower income from inflation adjustment effects due to the application of IAS 29; (iii) US$ 5
million increased personnel costs, mainly due to salary increases; (iv) US$ 15 million increased other expenses by nature
mainly due to higher costs for maintenance and network renewal services and others. This was partially offset by: (i) a
US$ 17 million decrease in the cost of energy purchases related to US$ 19 million less in purchase prices offset by US$ 2
million higher physical purchase (+72 GWh); (ii) a US$ 6 million decrease in other variable provisions and services mainly
due to a US$ 3 million decrease in generator set rental costs and US$ 3 million in taxes on banking transactions and
fines for quality services; and (iii) US$ 18 million more in revenues due to the new 2020 framework agreement between
ENRE and Edenor and Edesur as mentioned above.
418418
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
Subsidiaries
Edesur
Energy Losses
(%)
December
2020
18.9%
December
2019
15.5%
%
Change
21.9%
Total Distribution Business
18.9%
15.5%
21.9%
Brazil:
Clients
(million)
December
2020
December
2019
2.49
2.51
2.51
%
Change
0.7%
2.49
0.7%
Accumulated figures
Quarterly figures
Subsidiaries
Enel Distribución Rio
Enel Distribución Ceará
Enel Distribución Goiás
Enel Distribución Sao Paulo
FY 2020
FY 2019
Change
% Change
FY 2020
FY 2019
Change
% Change
200
168
168
552
300
224
220
639
(100)
(56)
(52)
(87)
(33.3%)
(25.0%)
(23.6%)
(13.6%)
54
47
65
220
84
82
30
201
(30)
(35)
35
19
(35.7%)
(42.7%)
116.7%
9.5%
EBITDA Distribution Business
1,087
1,383
(295)
(21.4%)
387
397
(10)
(2.5%)
Cumulative EBITDA as of December 31, 2020 of our distribution subsidiaries in Brazil reached US$ 1,087 million representing
a US$ 295 million decrease as compared to the same period of the previous year. The main variables that explain this decrease
are described below:
Enel Distribución Río S.A.: US$ 100 million lower EBITDA mostly attributable to the effects of the devaluation of the Brazilian
real in relation to the US dollar and lower physical sales.
•
Enel Distribución Rio’s operating revenue decreased by US$ 294 million or 19.4% as of December 2020, mainly explained
by (i) US$ 378 million less in revenues as a result of the conversion effects of the devaluation of the Brazilian real in
relation to the US dollar. This was partially offset by (i) US$ 55 million more in revenues from energy sales, mainly from
higher average sale prices, due to US$ 98 million inflation adjustment effect, partially offset by US$ 43 million lower
physical energy volume (-340 GWh) as a result of the COVID pandemic-19; (ii) increased other operating revenues, which
went up by US$ 29 million, explained by higher construction revenues from the application of IFRIC 12 "Service Grant
Agreements" (hereinafter "IFRIC 12").
•
Enel Distribución Rio’s operating costs decreased by US$ 160 million or 15.5% in relation to December 2019 explained
mainly by: (i) US$ 296 million in lower costs as a result of the conversion effects of the devaluation of the Brazilian real;
and (ii) US$ 34 million in higher energy consumption explained by US $ 98 million higher prices related to a higher
adjustment for inflation. The above was offset by (i) a US$ 64 million increase for higher energy purchases (+506 GWh),
(ii) a US$ 37 million increase in other variable supplies and services due to US$ 29 million construction costs related to
the application of IFRIC 12 and a US$ 8 million contingency effect related to the PIS and Cofins taxes registered in 2019
and (ii) US$ 38 million higher costs of energy transport due to higher fees for network use.
•
•
Personnel expenses decreased by US$ 6 million due mainly to the lower conversion effects caused by the devaluation
of the Brazilian real against the US dollar of US$ 7 million and US$ 1million lower staffing costs.
Other expenses by nature decreased by US$ 28 million due mainly to US$ 39 million lower conversion effects stemming
from the devaluation of the Brazilian real in relation to the US dollar offset by US$ 11 million from higher operation and
commercial costs.
EBITDA for the fourth quarter of 2020 of our subsidiary Enel Distribución Río reached US$ 54 million, representing a US$ 30
million decrease as compared to the same quarter of the previous year. This variation is mainly explained by: (i) US$ 18 million
conversion effect of the devaluation of the Brazilian real; (ii) US$ 15 million more in transportation costs due to higher rate in
network use; (iii) a US$ 56 million increase in the cost of energy purchases explained by US$ 34 million increased physical energy
purchase and a US$ 22 million increase in prices due to inflation; (iv) US$ 5 million higher personnel costs mainly explained
by higher salaries offset by higher capitalization; (v) a US$ 10 million increase in other expenses by nature mainly explained by
419
Annual Report Enel Américas 2020 increased technical operations; (vi) US$ 5 million lower fine revenue for arrears from commercial customers and (vii) US$ 14
million less from energy toll revenue from unregulated customers in the local market. This was partially offset by US$ 93 million
more in revenues from energy sales mainly due to higher energy volume of US$ 52 million (+114 GWh), as a result of the US$
41 million economic recovery and higher average prices due to a further adjustment by inflation.
Subsidiaries
Enel Distribución Rio
Energy Losses
(%)
December
2019
21.0%
December
2020
22.1%
%
Change
5.2%
December
2020
2.95
Clients
(million)
December
2019
2.94
%
Change
0.3%
Enel Distribución Ceará S.A.: US$ 56 million lower EBITDA mainly due to the effects of the devaluation of the Brazilian real
in relation to the US dollar
•
Enel Distribución Ceará’s operating revenue decreased by US$ 231 million or 16.8% as of December 2020, explained
mainly by US$ 355million, as a result of conversion effects of the devaluation of the Brazilian real against the US dollar.
This was partially offset by: (i) US$ 58 million increase in energy sales mainly due to higher tariff prices as compared to
the previous year, US$ 92 million, offset by lower physical sales (-331 GWh) of US$ 34 million; (ii) a US$ 61 million increase
in construction revenue due to the application of IFRS 12; and (iii) a US$ 5 million increase in other service services due
to energy tolls for unregulated customers in the local market stemming from due to increased network usage.
•
Enel Distribución Ceará’s operating costs decreased by US$ 157 million in relation to December 2019 and are mainly
explained by US$ 259 million, as a result of the conversion effects of the devaluation of the Brazilian real. This was
partially offset by: (i) a US$ 23 million increase in energy purchases as a result of higher average purchase prices of US$
58 million, due to inflation adjustment, offset by a US$ 35 million decrease in physical energy purchases (-83 GWh); (ii)
a US$ 61 million increase in other variable procurements and services due to construction costs related to IFRS 12; and
(iii) a US$ 18 million increase in transportation cost explained by higher network usage fee.
•
•
Personnel expenses decreased by US$ 9 million compared to December 2019, mainly due to US$10 million from the
conversion effects related to the devaluation of the Brazilian real against the US dollar of.
Other expenses by nature decreased by US$ 8 million compared to 2019, mainly due to US$ 33 million lower conversion
effects of the devaluation of the Brazilian real offset by: (i) a US$ 12 million increase in maintenance service due to atypical
weather conditions in the region that put service quality at risk; (ii) US$ 5 million external pandemic-related information
campaigns; (iii) US$ 6 million higher technical service expenses ; and (iv) US$ 2 million higher expenses associated with
insurance.
EBITDA for the fourth quarter of 2020 of our subsidiary Enel Distribución Ceará US$ 47 million, representing a US$ 35 million
decrease as compared to the same quarter of the previous year. This variation is mainly explained by: (i) US$ 16 million from
the conversion effect of the devaluation of the Brazilian real; (ii) US$ 2 million lower energy sale revenues mainly due to US$ 4
million from lower average sales prices for inflation adjustment effect, offset by US$ 2 million higher volume of energy sales
(+21 GWh); (iii) US$ 42 million higher energy purchases mainly US$ 27 million for increased purchases and higher average prices
due to inflation adjustment of US$ 15 million; (iv) a US$ 7 million increase in transportation costs due to higher network usage
tariffs; (v) a US$ 3 million increase in personnel expenses mainly explained by higher non-recurring personnel expenses as per
agreement that affected the headcount value; and (vi) US$ 5 million other expenses by nature mainly US$ 3 million because
of atypical weather conditions in the region that put service quality at risk and greater technical services of US$ 2 million. The
above partially offset by; (i) a US$ 35 million increase in other services for higher energy toll revenue, due to increased network
usage; and (ii) US$ 5 million from other operating revenues mainly from higher fines for non-payment or late payment.
420420
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information Subsidiaries
Enel Distribución Ceará
Energy Losses
(%)
December
2019
13.9%
December
2020
15.9%
%
Change
14.4%
December
2020
4.01
Clients
(million)
December
2019
3.96
%
Change
1.4%
Enel Distribución Goiás: US$ 52 million lower EBITDA mainly by the devaluation of the Brazilian real in relation to the US dollar.
•
Operating revenues in Enel Distribución Goiás decreased by US$ 152 million or 9.9% as of December 2020 and is mainly
explained by US$ 431 million less in revenues as a result of the conversion effects of the devaluation of the Brazilian real
in relation to the US dollar. This was partially offset by (i) a US$ 123 million increase in energy sales, mainly explained by
higher physical sales (+104 GWh) by US$ 10 million, lower service quality fines by US$ 28 million, and higher revenues
by US$ 85 million due to the amount recognized by higher rates; (ii) a US$ 134 million increase in other revenues due to
the application of IFRIC 12 and partially offset by US$ 8 million less in revenue from fines from customers; and (iii) US$
22 million higher toll revenue due to rate adjustment from free customers.
•
Operating costs decreased by US$ 73 million, mainly explained by US$ 318 million less in revenues as a result of the
conversion effects of the devaluation of the Brazilian real in relation to the US dollar. The above was partially offset by (i)
US$ 38 million in higher transport costs for higher network usage rate, (ii) higher cost per energy purchase of US$ 66
million, for higher average prices; and (iii) US$ 141 million in higher other variable supplies and services which correspond
mainly to lower construction costs due to the application of IFRIC 12.
•
Personnel expenses decreased by US$ 16 million explained by: (i) US$ 7 million lower conversion effect of the devaluation
of the Brazilian real; and (ii) a US$ 9 million decrease in personnel expenses explained by fewer staff members and lower
overtime expenses resulting from COVID-19; US$ 4 million increase in the activation of personnel expenses, and US$ 5
million higher investments to improve service quality.
•
Other expenses by nature decreased by US$ 11 million explained by US$ 54 million lower conversion effects of the
devaluation of the Brazilian real. This was partially offset by: (i) US$ 32 million higher maintenance and conservation costs
for electrical installations, meter reading services, customer service and other related ones; (ii) US$ 8 million higher costs
for fines and quality-of-service contingencies; and (iii) US$ 3 million higher expenses explained by other marketing
activities and customer-related virtual channels.
EBITDA for the fourth quarter of 2020 of our subsidiary Enel Distribución Goiás reached US$ 65 million, representing a US$
35 million increase as compared to the same quarter of the previous year. This variation is mainly explained by: (i) a US$ 9.8
million increase in energy sales of (+176 GWh) mainly explained by increased tariff for sale of energy due to higher inflation
adjustment; and (ii) US$23 million less in expenses by nature, mainly explained by lower operating maintenance costs for Task
Force Project 2019 mainly incurred in the last quarter of 2019. The above was partially offset by: (i) US$ 54 million more in energy
purchase expenses of due to higher average prices; (ii) US$ 15 million higher transportation costs from higher network usage
rate; and (iii) US$ 17 million conversion effect of the devaluation of the Brazilian real.
Subsidiaries
Enel Distribución Goiás
Energy Losses
(%)
December
2019
11.6%
December
2020
11.4%
%
Change
(1.7%)
December
2020
3.21
Clients
(million)
December
2019
3.11
%
Change
3.0%
421
Annual Report Enel Américas 2020 Enel Distribución Sao Paulo (former Eletropaulo), lower EBITDA of US$ 87 million, mainly of the devaluation of the Brazilian
real against the US dollar despite increased physical sales and the positive effect of voluntary migration by employees to a
defined contribution plan.
•
Operating revenues in Enel Distribución Sao Paulo decreased by US$ 741 million, compared to the same period of the
previous year. The main variations are explained below: (i) US$ 954 million in less in revenues due to the conversion effects
stemming from the devaluation of the Brazilian real in relation to the US dollar. This is partially offset by (i) higher energy
sales revenues of US$ 90 million, as a result of US$ 368 million average sales price increase despite lower physical sales
of (-2.798 GWh) totaling US$278 million, due to the impacts of COVID-19, (ii) US$ 67 million increase in other services
due to increased average sale prices for toll services; and (iii) US$ 56 million higher operating revenues due to higher
construction revenues from the application of IFRS 12.
•
Operating costs decreased by US$ 403 million, compared to December 2019 and are mainly explained by: US$ 682
million, as a result of the conversion effects of the devaluation of the Brazilian real against the US dollar. This was partially
offset by: (i) US$ 86 million higher energy purchases as a result of lower hydrology and greater purchases from thermal
companies due to higher prices in the last quarter of 2020; (ii) US$ 47 higher transportation costs million due to increased
network usage tariffs; and (iii) a US$ 56 million increase in variable supply and services due to construction costs due
to the application of IFRS 12.
•
Personnel expenses decreased by US$ 149 million compared to December 2019, mainly because of : (i).US$ 43 million
as a result of the conversion effects by the devaluation of the Brazilian real against the US dollar; (ii) US$ 89 million
attributable to the effects of voluntary migration by employees to a defined contribution plan; (iii) US$ 4 million due
to increased activation of personnel expenses, by increasing investment in projects to improve service quality; and (iv)
US$13 million for less in expenses due to increased efficiency and digitization of processes.
•
Other expenses by nature decreased by US$ 13 million compared to December 2019, mainly of the devaluation of the
Brazilian real totaling US$ 52 million, offset by (i) a US$ 40 million increase mainly for third-party service costs for lines
and networks maintenance and other technical services.
EBITDA for the fourth quarter of 2020 of Enel Distribución Sao Paulo reached US$ 220 million, representing a US$ 19
million increase as compared to the same quarter of the previous year. This variation is mainly explained by: (i) US$ 123
million increase in energy sales due to average sale price increases, despite lower physical sales of (-217 GWh), mainly due
to COVID-19 impacts; (ii) a US$ 26 million increase other services due to increased average sales prices for toll services;
and (iii) US$ 99 million less in personnel expenses mainly explained by US$ 89 million attributable to the effects of
voluntary employee contribution to a specific contribution plan; US$ 4 million less in expenses due to increased activation
of personnel expenses, by increased investment in projects to improve service quality; and lower costs of US$ 6 million
due to increased efficiency and digitization of processes. This was partially offset by: (i) US$ 77 million conversion effect
of the devaluation of the Brazilian real; (ii) US$ 121 higher energy purchases mainly as a result of lower hydrology and
for greater purchases from thermal companies due to higher prices; (iii) US$ 19 million higher transportation costs due
to increased network usage tariffs; and (iv) a US$ 12 million increase in other expenses by nature mainly for third-party
services for line and network maintenance and other technical services.
Subsidiaries
Enel Distribución Sao Paulo
Energy Losses
(%)
December
2019
9,6%
December
2020
10,6%
%
Change
10,4%
December
2020
7,90
Clients
(million)
December
2019
7,78
%
Change
1,5%
422422
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
Colombia:
Subsidiaries
Codensa
Accumulated figures
Quarterly figures
FY 2020
FY 2019
Change
% Change
4Q 2020
4Q 2019
Change
% Change
507
557
(50)
(8.9%)
129
153
(24)
(15.6%)
EBITDA Distribution Business
507
557
(50)
(8.9%)
129
153
(24)
(15.6%)
EBITDA of our subsidiary Codensa in Colombia reached US$ 507 million on December 31, 2020 which represents a US$ 50
million decrease in relation to the previous year. The main variables that explain such increase are described below:
Codensa S.A.: US$ 50 million lower EBITDA mostly explained by the devaluation of the Colombian peso in relation to the US
dollar.
•
Operating revenues in Codensa decreased by US$ 118 million, in relation to the same period of last year mainly accounted
by US$ 194 million of lower conversion effects of the devaluation of the Colombian peso in relation to the US dollar.
This was partially offset by (i). a US$ 44 million increase due to higher investment recognition income in 2019, paid at
higher rates due to higher regulatory asset base; (ii) US$ 6 million for better average sale price, all despite lower physical
sales of (-473 GWh), due to COVID-19 impact; (iii) a US$ 6 million increase in revenue from Management, Operation
and Maintenance (AOM), for loss management according to new CREG 189resolution in December, 2019; (iv) a US$ 11
million increase mainly due to improved credit card margin in November 2019 thanks to the start of the new Open Book
model with Colpatria; and (v) a US$ 3 million fee increase from the collection of municipal cleaning charges in customer
invoices ; and (vi) US$ 6 million other revenues from electrical works and other businesses.
•
Operating costs decreased by US$ 76 million as if December 2020 and are mainly explained by US$ 111 million from
lower conversion effects of the devaluation of the Colombian peso against the US dollar. This was partially offset by (i)
a US$10 million increase in energy purchases, mainly due to higher average energy prices, due to low water reserves
in the first half of 2020; (ii) a US$ 17 million increase in energy transport costs caused by the entry of new construction
units into the national transmission system (STN); and (iii) US$ 8 million, for higher costs of other provisions and services
mainly for contributions to regulatory bodies, higher taxes, line connections and maintenance charges.
•
Personnel expenses increased by US$ 8 million and are mainly explained by (i) the US$ 11 million Transition Fund for
employee benefits and (ii) US$ 3 million in increased salary adjustment expenses and additional benefits under the
Collective Agreement. Partially offset by the US$ 6 million devaluation of the Colombian peso against the US dollar.
•
Other expenses by nature decreased by US$ 1 million, mainly due to US$ 13 million from the conversion effects stemming
from the devaluation of the Colombian peso against the US dollar offset by US$ 12 million mainly from third party service
costs for line and network maintenance and other services.
In quarterly terms, the EBITDA of our distribution segment in Colombia totaled US$129 million in the fourth quarter of 2020,
recording a decrease of US$24 million compared to the fourth quarter of 2019, mainly explained by: (i) US$ 8 million devaluation
of the Colombian peso against the US dollar; (ii) a US$ 7 million increase in energy purchases, mainly caused by higher average
energy prices; (iii) US$ 5 million less in revenue mainly as a result of the collaboration contract with Colpatria "Open Book"; and
(iv) a US$ 11 million increase in staff spending mainly from the provision of the Transiten Fund. This was partially offset by: a US$
7 million increase in energy sale revenue explained by increased physical sales per (+31 GWh) and better average sale price.
Energy Losses
(%)
Subsidiaries
Codensa
Total Distribution Business
December
2020
December
2019
7,6%
7,6%
7,7%
7,7%
%
Change
(1,3%)
-1,3%
December
2020
3,62
3,62
Clients
(million)
December
2019
3,53
3,53
%
Change
2,5%
2,5%
423
Annual Report Enel Américas 2020
Peru:
Subsidiaries
Enel Distribución Perú
Accumulated figures
Quarterly figures
FY 2020
FY 2019
Change
% Change
4Q 2020
4Q 2019
Change
% Change
215
257
(42)
(16.6%)
52
52
62
62
(11)
(15.2%)
(11)
(15.2%)
EBITDA Distribution Business
215
257
(42)
(16.6%)
EBITDA of our subsidiary Enel Distribución Peru reached US$ 215 million as of December 31, 2020, representing a US$ 42 million
decrease as compared to the same period of the previous year. The variables that explain this decrease are detailed below:
•
Operating revenues in Enel Distribución Peru decreased by US$ 64 million mainly explained by (i) US$ 42 million from
lower conversion effects, of the devaluation of the new Peruvian sol against the US dollar; (ii) US$ 19 million lower energy
sales explained by a decrease in physical sales (-633 GWh), equivalent to US$ 88 million, for lower energy consumption
due to the COVID-19health emergency offset by a US$ 69 million increase in average energy prices due to energy power
billing; and (iii) US$ 3 million less in revenues due to traditional businesses such as: connections, complementary services
as well as in retail activities and lower contributions to regulating bodies. .
•
Operating costs decreased by US$ 20 million, mainly explained by: US$ 27 million for lower conversion effects from the
devaluation of the new Peruvian sol. This was partially offset by US$ 7 million in higher energy purchases mainly explained
by higher energy purchases resulting from the increase in the average purchase price due to the upgrade of energy
purchase indexers totaling US$ 52 million, partially offset by lower physical energy purchases of US$ 45 million (-609
GWh), due to the COVID-19health emergency.
•
•
Enel Distribución Peru's personnel expenses decreased by US$ 2 million due to the conversion effects linked to the
devaluation of the new Peruvian sol.
Enel Distribución Peru's other expenses by nature increased by US$ 2 million, mainly due to higher fixed operating and
maintenance services costs of US$ 4 million, offset by US$ 2 million conversion effect of the devaluation of the new
Peruvian sol against the US dollar.
EBITDA for the fourth quarter of 2020 of our distribution subsidiary in Peru reached US$ 52 million, representing a US$ 11
million decrease as compared to the same quarter of the previous year. This variation is mainly explained by: (i) US$ 4 million
from lower conversion effects of the devaluation of the new Peruvian sol against the US dollar; and (ii) a US$ 10 million increase
in energy purchases due to average energy purchase price of US$ 14 million, offset by lower physical energy purchases of
US$ 4 million (-59.2 GWh), due to the COVID-19health emergency. This was partially offset by: (i) US$ 2 million more in revenue
from energy sales mainly due to the increase in the average price of energy sale; and (ii) US$ 3 million more in revenue from
other services, mainly greater recognition of network movement for the Espejo Chillón works.
Subsidiaries
Enel Distribución Perú
Total Distribution Business
Energy Losses
(%)
December
2019
8,2%
%
Change
7.3%
8,2%
7.3%
December
2020
8,8%
8,8%
Clients
(million)
December
2019
1.43
1.43
December
2020
1.46
1.46
%
Change
1.5%
1.5%
424424
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information Depreciation, Amortization, Impairment
Below we present a summary of EBITDA, Depreciation, Amortization and Impairment Expenses, and EBIT for Enel Américas
Group´s subsidiaries in quarterly and cumulative terms as of December 31, 2020 and 2019.
Depreciation,
amortization
and
impairment
FY 2020
Accumulated figures
(million US$)
EBIT
EBITDA
Depreciation,
amortization
and
impairment
FY 2019
(87)
(24)
(67)
(64)
53
273
606
208
245
321
710
322
(90)
(33)
(74)
(67)
EBITDA
140
297
673
272
EBIT
155
288
636
255
Segment
Generation and Transmission:
Argentina
Brazil
Colombia
Peru
Total Generation and Transmission
1,383
(241)
1,141
1,597
(264)
1,333
Distribution:
Argentina
Brazil
Colombia
Peru
Total Distribution
50
1,087
507
215
1,859
(118)
(533)
(132)
(72)
(855)
(68)
554
375
143
1,004
307
1,383
557
257
2,504
(96)
(677)
(126)
(61)
(960)
211
706
431
196
1,544
Less: consolidation adjustments and other
activities
(87)
(4)
(91)
(107)
(3)
(111)
Total Consolidated Enel Américas
3,154
(1,100)
2,053
3,993
(1,227)
2,767
Segment
Generation and Transmission:
Argentina
Brazil
Colombia
Peru
Total Generation and Transmission
Distribution:
Argentina
Brazil
Colombia
Peru
Total Distribution
Less: consolidation adjustments and other
activities
Total Consolidated Enel Américas
25
131
161
72
388
23
387
129
52
590
(21)
957
Depreciation,
amortization
and
impairment
4Q 2020
EBITDA
Quarterly figures
(million US$)
EBIT
EBITDA
Depreciation,
amortization
and
impairment
4Q 2019
(19)
(5)
(18)
(18)
(60)
(51)
(127)
(28)
(21)
(227)
6
126
143
54
328
(28)
260
101
31
363
84
70
155
102
411
36
397
153
62
648
(30)
(8)
(19)
(17)
(74)
(27)
(270)
(26)
(15)
(338)
EBIT
54
62
136
85
337
9
127
127
47
310
(1)
(22)
(37)
(3)
(40)
(288)
670
1,023
(416)
608
425
Annual Report Enel Américas 2020 Depreciation, amortization, and impairment reached US$ 1,100 million for period ended on December 31, 2020, with a US$
127 million decrease. This variation is mainly explained by:
•
Depreciation and amortization totaled US$ 858 million, a decrease of US$ 90 million compared to December 2019. This
is mainly explained by: (i) US$ 42 million in Enel Distribución Sao Paulo mainly due to the US$ 49 million conversion effects
of the devaluation of the Brazilian real, offset by higher depreciations of US$ 7 million, due to greater investments during
the period; (ii) US$ 21 million in Enel Distribución Rio, mainly due to US$ 25 million from the conversion effects of the
devaluation of the Brazilian real and offset by higher depreciations of US$ 4 million; (iii) US$ 14 million in Distribución
Goias, mainly due to the conversion effects of the devaluation of the Brazilian real totaling US$ 20 million, offset by
US$ 6 million in higher depreciations due to higher activations; and (iv) US$ 8 million in Enel Distribución Ceará mainly
due to US$ 18 million from the conversion effects of devaluation of the Brazilian real offset by US$ 10 million higher
depreciations due to greater activations.
At the same time, impairment losses due to the application of IFRS 9, on financial assets, totaled US$ 242 million as of
December 2020, which represents a US$ 37 million decrease from 2019, which is mainly explained by: (i) US$ 92 million
in Enel Distribución Goiás a decrease stemming from the fact that in 2019 there was a deterioration associated with
accounts receivable to the state of Goiás, concerning the Goiás Distribution Contribution Fund (FUNAC); and (ii) US$
54 million mainly for the conversion effects of functional currencies with respect to the US dollar for. This was offset by
a higher accumulated debt as a result of COVID-19, highlighting the following: US$ 39 million in Enel Distribución Rio,
US$ 28 million in Enel Distribución Ceará, US$ 20 million in Enel Distribución Sao Paulo, US$ 11 million in Codensa and
US$ 10 million in Enel Distribución Peru.
In relation to the fourth quarter of 2020, depreciation, amortization, and impairment reached US$ 288 million, recording a
US$ 128 million decrease as compared to the same quarter in 2019. This variation is mainly explained by:
A US$ 55 million decrease in depreciation and amortization mainly from: the conversion effects of functional currencies in the
countries in which we operate, mainly in subsidiaries in Brazil for US$ 32 million and in Argentina for US$ 18 million.
Similarly, impairments recognized by IFRS 9 decreased by US$ 73 million, mainly from distribution subsidiaries in the different
countries where the group is present, detailed as:(i) a US$ 92 million decrease in Enel Distribución Goiás, mainly due to the
provision of accounts receivable accounted for in 2019, associated with the Goiás Distribution Contribution Fund (FUNAC);
and (i) US$ 26 million conversion effect for the devaluation of the Brazilian real and the Argentine peso against the US dollar.
The above was offset by an increase in receivables in Enel Distribution Rio of US$ 26 million; and US$ 18 million in Edesur,
both for COVID-19 effects.
426426
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
NON-OPERATING REVENUES:
The following table presents the non-operating consolidated income of Enel Américas, broken down by country, in cumulative
and quarterly terms as of December 31, 2020 and 2019.
Accumulated figures (million US$)
Quarterly figures (million US$)
FY 2020
FY 2019
Change
% Change
4Q 2020
4Q 2019
Change
% Change
NON OPERATING INCOME CONTINUING
OPERATIONS
Financial Income
Argentina
Brazil
Colombia
Peru
Consolidation adjustments and other activities
Total Financial Income
Financial Costs
Argentina
Brazil
Colombia
Peru
Consolidation adjustments and other activities
Total Financial Costs
Foreign currency exchange differences, net
Argentina
Brazil
Colombia
Peru
Consolidation adjustments and other activities
Total Foreign currency exchange differences, net
86
211
14
7
3
321
(148)
(415)
(132)
(31)
(42)
(768)
52
(89)
(1)
(1)
97
57
122
291
12
9
16
450
(189)
(679)
(152)
(39)
(29)
(1,088)
104
14
-
-
20
137
(36)
(80)
2
(2)
(13)
(29.5%)
(27.5%)
16.7%
(22.2%)
(81.3%)
45
91
3
2
(1)
(128)
(28.5%)
140
41
264
20
8
(13)
319
(52)
(103)
(1)
(1)
77
(80)
(21.7%)
(38.9%)
(13.2%)
(20.5%)
44.8%
(29.4%)
(50.0%)
(735.7%)
0.0%
0.0%
385.0%
(58.3%)
Total results by adjustment units (hyperinflation -
Argentina)
77
124
(48)
(38.4%)
Net Financial Income Enel Américas
(313)
(377)
63
(16.8%)
Other gains (losses):
Argentina
Brazil
Colombia
Peru
Consolidation adjustments and other activities
Total Other gains (losses)
Share of profit (loss) of associates accounted for
using the equity method:
Argentina
Brazil
Colombia
Peru
Less: consolidation adjustments and other activities
Total Share of profit (loss) of associates accounted for
using the equity method
Total Non Operating Income
-
1
-
4
-
5
3
-
-
-
-
3
8
1
2
-
11
-
14
-
-
-
-
-
-
14
(1)
(1)
-
(7)
-
(9)
3
-
-
-
-
3
(6)
(100.0%)
(50.0%)
0.0%
100.0%
0.0%
(67.1%)
100.0%
0.0%
0.0%
0.0%
0.0%
100.0%
(42.9%)
(71)
(117)
(27)
(7)
(16)
(238)
21
56
3
(2)
(28)
50
19
(28)
-
-
-
1
-
1
-
-
-
-
-
-
1
Net Income Before Taxes
1,748
2,406
(658)
(27.4%)
642
Income Tax
Argentina
Brazil
Colombia
Peru
Less: consolidation adjustments and other activities
Total Income Tax
Net Income after taxes
Net Income attributable to owners of parent
Net income attributable to non-controlling interest
Financial Income
(36)
(148)
(287)
(92)
(4)
(567)
1,181
825
356
(132)
314
(302)
(125)
10
(236)
2,170
1,614
556
96
(462)
15
33
(14)
(331)
(989)
(789)
(200)
(72.7%)
(147.1%)
(5.0%)
(26.7%)
(140.0%)
139.7%
(45.6%)
(48.9%)
(35.9%)
5
(116)
(73)
(25)
(1)
(210)
432
339
94
23
59
1
2
5
90
(6)
(113)
(36)
(9)
(7)
(171)
15
7
2
-
5
29
0
(51)
1
2
-
11
-
14
-
-
-
-
-
-
14
572
(13)
501
(77)
(34)
-
377
948
792
156
22
32
2
-
(6)
50
95.7%
54.2%
200.0%
0.0%
(120.0%)
55.9%
(65)
1083.3%
(4)
9
2
(9)
(67)
6
49
1
(2)
(33)
21
19
24
(1)
(2)
-
(10)
-
(13)
-
-
-
-
-
-
3.5%
(25.0%)
(22.2%)
128.6%
39.4%
40.0%
700.0%
50.0%
100.0%
(660.0%)
70.5%
100.0%
(44.4%)
(100.0%)
(100.0%)
0.0%
100.0%
0.0%
(92.9%)
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
(13)
(94.7%)
72
12.3%
18
(617)
4
9
(1)
(587)
(516)
(454)
(62)
(138.5%)
(123.2%)
(5.2%)
(26.5%)
(100.0%)
(155.7%)
(54.4%)
(57.3%)
40.0%
Financial income reached a US$ 313 million loss as of December 31, 2020 which represents a US$ 63 million decrease in
relation to the previous year. The foregoing is mostly explained by:
427
Annual Report Enel Américas 2020 •
US$ 128 million less in financial revenues mainly explained by: (i) US$ 32 million less in revenues attributable to US$ 27
million in Enel Distribución Sao Paulo, mainly due to the conversion effects by the devaluation of the Brazilian real against
the US dollar and US$ 5 million less revenues for lower returns on financial investments; (ii) US$ 16 million less in revenues
in Enel Distribución Rio, for conversion effects by devaluation of the Brazilian real against the US dollar; (iii) US$ 6 million
less in revenue in Enel Cien, mainly from lower income from financial updates in PIS/COFINS taxes; (iv) US$ 17 million
less revenue in Enel Generación Fortaleza mainly from financial updates of PIS/COFINS taxes on ICMS recorded in 2019
for US$ 13 million; (v) US$ 12 million less revenue in Edesur, mainly from the conversion effects from the devaluation of
the Argentine peso against the US dollar totaling US$ 4 million and lower interest charged on customer default totaling
US$ 7 million; (vi) less in revenues in our generation subsidies in Argentina of US$ 26 million, mainly from the conversion
effects of the devaluation of the Argentine peso against the US dollar totaling US$ 19 million and lower interest related
to the accounts receivable in VOSA totaling US$ 30 million, offset by financial income for investment revaluation for
change in the ownership of Central Térmica Manuel Belgrano and Central Térmica San Martín for US$ 25 million; and
(vii) US$ 12 million less in revenues in Enel Américas mainly from lower financial placements. .
During the fourth quarter of 2020, financial income increased by US$ 50 million, mainly explained by: (i) US$ 33 million
of more in revenues in the Enel Brasil Group, mainly explained by a US$ 57 million increase in update of financial assets
associated with assets concessioned under IFRS 12 offset by US$ 25 million from the conversion effects of the devaluation
of the Brazilian real against the US dollar and (ii) US$ 20 million more revenues in our generation subsidiaries in Argentina
mainly due to US$ 25 million financial income from the revaluation of investments due to the change in the ownership
of Central Térmica Manuel Belgrano and Central Térmica San Martín for and a US$ 10 million increase in financial
investment returns offset by US$ 15 million from the conversion effects related to the devaluation of the Argentine peso
against the US dollar.
•
US$ 319 million less in financial expenses mainly attributable to: (i) US$ 160 million less financial expenses in Enel Brasil
mainly related to the debt with Enel Finance International and which was paid on July 7, 2019 totaling US$ 151 million
and US$ 9 million for the conversion effects of the devaluation of the Brazilian real; (ii) US$ 49 million les in expenses
in Enel Distribución Sao Paulo, mainly US$ 53 million from the effects of the devaluation of the Brazilian real offset by
US$ 4 million higher expenses for updates of civil and labor contingencies; (iii) US$ 27 million les in expenses in Enel
Distribución Rio mainly US$ 28 million in conversion effects ; (iv) US$ 27 million less in expenses in Enel Distribución
Goias mainly US$ 20 million from the conversion effects of the devaluation of the Brazilian real against the US dollar and
US$ 7 million less in bank debt expenses of; (v) US$ 14 million less in expenses in Enel Distribución Ceará mainly US$
12 million from the conversion effects of the devaluation of the Brazilian real for the same period of the previous year;
(vi) US$ 16 million less in expenses in Enel Generación Costanera mainly US$ 11 million less in expenses for the debt to
Cammesa and US$ 5 million conversion effects of the devaluation of the Argentine peso against the US dollar; (vii) US$
16 million les in expenses in Enel Generación el Chocón mainly for lower debt expenses with Cammesa; (viii) US$ 20
million less in expenses in Edesur mainly US$ 60 million of the devaluation of the Argentine peso against the USdollar,
offset by US$ 40 million more in expenses for updates of fines and debt to Cammesa; (ix) US$ 12 million les in expenses
in Emgesa for the US$ 10 million conversion effects of the devaluation of the Colombian peso against the dollar and
US$ 2 million less in bank debt expenses; and (x) US$ 8 million less in expenses in Codensa mainly for the conversion
effects of the Colombian peso of US$ 7 million and US$ 2 million les in financial debt. This was partially offset by: (i) US$ 14
million more in expenses in EGP Cachoeira Dourada mainly from a US$ 19 million increase in the GSF guarantee update
according to Brazilian electricity regulations offset by US$ 7 million from the conversion effects of the devaluation of the
Brazilian real against the US dollar; and (ii) US$ 12 million more in expenses in individual Enel Américas mainly explained
by withholding tax on dividends from subsidiaries in Argentina and Peru.
During the fourth quarter of 2020, financial costs increased by US$ 67 million mainly attributable to : (i) US$ 13 million
EGP in Cachoeira Dourada mainly US$ 19 million due to an increase in the update of the GSF guarantee according to
Brazilian electricity regulations co-recorded with US$ 3 million for conversion effect; (ii) US$ 10 million in Enel Generación
Costanera due to higher interest with Cammesa; (iii) US$ 22 million in Enel Generación Chocón explained by higher
interest expenses with Cammesa; and (iv) US$ 18 million in Edesur due to a US$ 57 million increase in interest on the
debt to Cammesa offset by US$ 33 million for the conversion effect of the devaluation of the Argentine peso against
the US dollar and US$ 6 million less in financial update of provisions.
428428
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
•
US$ 80 million lower positive results from exchange differences compared to the previous year, mainly due to: (i) US$
74 million negative exchange differences from our generation subsidiaries in Argentina, mainly relating to accounts
receivable in foreign currency for VOSA credits in Argentina totaling US$ 75 million; (ii) Individual Enel Brasil reaching
US$ 42 million related to US$ 56 million updates for service providers, offset by US$ 14 million from the conversion
effect of the devaluation of the Brazilian real against the US dollar. This is partially offset by US$ 34 million less in negative
exchange differences in Enel Américas mainly due to lower domestic currency placements made in 2019 during the
capital increase process.
•
During the fourth quarter of 2020, exchange differences registered higher positive results of US$ 21 million net, mainly
attributable to: (i) US$ 10 million in Enel Distribución Sao Paulo, from the hedging derivatives of US$ 12 million offset
by US$ 2 million conversion effect; and (ii) US$ 11 million in individual Enel Brasil, also related to existing US$ 14 million
hedging derivatives until 2019 offset by US$ 3 million from the conversion effect.
•
The adjustments results decreased by US$ 47 million and correspond to the financial results generated by the
implementation of IAS 29 Financial Information in Hyperinflationary Economies in Argentina. They reflect the net balance
that arises from applying inflation to non-monetary assets and liabilities and income statements that are not determined
on an updated basis, converted to US dollars at closing exchange rates.
•
During the fourth quarter of 2020, readjustment results decreased by US$ 19 million and correspond to the financial
results generated by the implementation of IAS 29 Financial Information in Hyperinflationary Economies in Argentina.
CORPORATE TAXES
The gains tax levied on companies’ profits reached US$ 567 million in cumulative terms as of December 31, which represents
a US$ 330 million increase from the previous year, (i) mainly due to US$ 538 million higher expenses in Enel Distribución Sao
Paulo of which US$ 553 million originated from deferred tax profit recorded in 2019, which arose from the merger with Enel
Sudeste, offset by US$ 15 million from the effects of devaluation of the Brazilian real against the US dollar ; and (ii) US$ 13
million higher expenses in Central Dock Sud explained by a tax benefit from the revaluation of its non-monetary tax assets and
liabilities, recorded in 2019 totaling US$ 25 million offset by US$ 12 million conversion effects of the Argentine peso against
the US dollar. This is partially offset by: (i) US$ 47 million less in expenses in Enel Cien mainly explained by US$ 30 million
lower financial results compared to the previous year and US$ 17 million higher expenses in 2019 originating from punishable
receivables; (ii) US$ 31 million less in expenses in Enel Distribución Rio mainly explained by lower financial results; (iii) US$ 54
million less in expenses in Edesur, mainly from lower financial results originating in regulatory assets and liabilities recorded as
a profit in 2019 and totaling US$ 44 million plus US$ 10 million conversion effects of the Argentine peso against the US dollar;
(iv) US$ 14 million less in expenses in Enel Generación Peru mainly for provision of legal contingencies with Electroperú; (v)
US$ 17 million less in expenses in Enel Distribution Peru due to lower financial results; (vi) US$ 24 million less in expenses in
Codensa due to US$ 12 million less in financial results and US$ 12 million less in effects from the devaluation of the Colombian
peso against the US dollar; and (vii) US$ 33 million less in expenses in Enel Generación Costanera mainly explained by US$
36 million less in financial results and offset by US$ 3 million conversion effects of the Argentine peso against the US dollar.
In the fourth quarter of 2020, corporate gains tax reached US$ 210 million, representing a US$ 586 million increase in relation
to the same quarterly period of the previous year, mainly explained by: (i) US$ 575 million higher expenses in Enel Distribución
Sao Paulo of which US$ 553 million originated from the deferred tax in 2019 arising from the merger with Enel Sudeste, for
better financial results of US$ 12 million and US$ 10 million from the conversion effects of the Brazilian real against the US
dollar; (ii) US$ 54 million higher expenses in Enel Distribution Goías mainly explained by US$ 56 million better financial results
compared to the same quarter of the previous year offset by US$ 2 million in the conversion effects of the Brazilian real against
the US dollar; and (iii) US$ 21 million higher expenses in EGP Cachoeira Dourada due to US$ 28 million from better financial
results offset by US$ 7 million from the conversion effects of the Brazilian real against the US dollar. All of the above partially
offset by less in expenses: (i) US$ 49 million in Enel Cien for lower financial results of US$ 55 million, offset by US$ 6 million
from the conversion effects of the Brazilian real against the US dollar; and (ii) US$ 20 million less in expenses in Edesur mainly
US$ 22 million for lower financial results offset by US$ 2 million from the conversion effects of the Argentine peso against
the US dollar.
429
Annual Report Enel Américas 2020 2. ANALYSIS OF THE FINANCIAL STATEMENT
Assets
Current Assets
Non current Assets
Total Assets
December 2020
December 2019
Change
% Change
6,179
20,754
(US$ million)
6,581
23,195
(402)
(2,441)
26,934
29,776
(2,843)
(6.1%)
(10.5%)
(9.5%)
Enel Américas' total assets as of December 31, 2020 decreased by US$ 2,843 million compared to the total assets as of
December 31, 2019, mainly as a result of:
Current Assets decreased by US$ 402 million, equivalent to 6.1% mainly explained by:
•
A US$ 432 million decrease in cash and cash equivalents consisting mainly of: (i) US$ 2,426 million in net operating
revenues flow attributable to charges for sales and services, net of payment to suppliers and others, (ii) US$
1,187 million net outflows for financing activities attributable to: obtaining finance totaling US$ 1,646 million,
attributable to bank loans. US$ 294 million for loans from related companies divided as US$ 150 million Enel Finance
International (EFI) to Enel Américas and US$ 144 million Enel Finance International (EFI) to Enel Distribución Rio.
This was partially offset by: (i) US$ 1,776 million loan payments which includes US$ 1,220 million of bank loans,
US$ 486 million of bonds and US$ 69 million from other sources of financing; (ii) US$ 1,057 million in payment of
dividends; (iii) US$ 327 million interest payment ; (iv) US$ 77 million payments of liabilities for financial leases and;
(v) US$ 110 million in other cash income; (iii) US$ 1,536 million net outflows from investment activities attributable
to: disbursements for the incorporation of plant and equipment properties of US$ 814 million, US$ 740million
payments for incorporation of intangible assets, US$ 216 million in investments over 90 days and US$ 5 million
for payments of derivative contracts. These investment cash outflows were offset by US$ 43 million in interest
received, US$ 176 million in investment rescue over 90 days and collections from repayments of advances and
loans granted to third parties totaling US$ 21 million; and (iv) a US$ 135 million decrease as a result of the variation
in cash exchange rates and cash equivalents.
•
A US$ 110 million increase of other current financial assets mainly attributable to placements for 90 + days,
according as per the following detail: (i) Enel Distribución Rio of US$ 59 million, (ii) Enel Distribución Ceará of US$
11 million, (iii)) Edesur US$ 23 million and (iv) Enel Generación Costanera US$ 25 million.
•
A US$ 75 million increase in Other Current non-financial assets mainly attributable to higher taxes to recover
from PIS and COFINS in our Brazilian subsidiaries totaling US$ 55 million; and US$ 35 million higher anticipated
expenses. This was partially offset by US$ 20 million from the conversion effects of foreign currencies against the
US dollar.
•
A US$ 270 million decrease in Commercial Receivables and other current receivables mainly explained in some
of our Brazilian subsidiaries as a result of the effects of the devaluation of the Brazilian real against the US dollar
totaling US$ 569 million; additionally, attributable to lower accounts to be charged mainly for lower physical sales
in (i) Enel Distribución Sao Paulo of US$ 53 million, (ii) Enel Distribución Ceará of US$ 54 million and (iii) Enel
Distribution Rio of US$ 9 million. All of the above was partially offset by higher receivables: (i) US$ 354 million in
EGP Cachoeira Dourada due to higher average sales prices, and (ii) US$ 49 million Enel Distribución Goiás due to
increased physical sales.
•
A US$ 75 million stock increase mainly attributable to greater stock of spare parts and electrical materials in: (i)
US$ 39 million in Grupo Enel Brasil, (ii) US$ 15 million in Codensa, (iii) US$ 17 million in Central Dock Sud.
430430
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
A US$ 2,441 million decrease in Non-Current Assets equivalent to 10.5%, mainly in:
•
A US$ 259 million decrease in other non-current financial assets mainly explained by the effects of the devaluation
of the Brazilian real against the US dollar which mainly affected receivables from the application of IFRS 12 in
Brazilian distribution companies totaling US$ 543 million, offset by a US$ 260 million increase related to the
same concept of IFRS 12. Furthermore, a US$ 25 million increase in Enel Generación Costanera, Enel Generación
El Chocón and Central Dock Sud due to the recognition at fair value with changes in results of the Belgrano and
San Martin Thermoelectric Plants, reclassified from investments in related companies.
•
A US$ 403 million decrease of other non-current non-financial assets mainly explained by the effects of the
Brazilian real devaluation against the US dollar of US$ 598 million and US$ 78 million lower taxes on recovering
from PIS and COFINS for short-term transfer in Enel Distribución Ceará and US$ 46 million from the transfer of
assets under construction to fixed asset in Enel Distribución Rio. This was partially offset by a US$ 288 million
increase in Enel Distribución Sao Paulo, for recognition of PIS and COFINS taxes and for an increase in transfers
of assets under construction to fixed asset Enel Distribución Goiás totaling US$ 42 million.
•
A US$ 1,003 million decrease in intangible assets other than capital gains composed mainly of (i) a US$ 1,216
million decrease in the effects of the conversion to US dollars from the functional currencies of each subsidiary,
(ii) US$ 392 million amortization, (iii) US$ 226 million other decreases mainly for transfers to financial assets the
company variation to recover at the end of the concession due to the application of IFRIC 12. This was partially
offset by a US$ 821 million increase in new investments and US$ 10 million for others.
•
•
US$ 228 million decrease in goodwill mainly explained by the effects of conversion to US dollar from the functional
currencies of each subsidiary.
A US$ 409 million decrease in properties, plants and equipment consisting mainly of (i) a US$ 982 million decrease
due to the effects of conversion to US dollars from the functional currencies of each subsidiary, (ii) US$ 445 million
depreciation and impairment losses, and (iii) US$ 60 million in other decreases. The above partially offset by (i) US$
607 million increase from new investments, and (ii) US$ 471 million in other inflation increases stemming from
the application of IAS 29 in our Argentine subsidiaries.
•
A US$ 94 million decrease in Assets from Deferred Taxes explained mainly by the conversion effects to US dollars
from the functional currencies of each subsidiary.
December 2020
December 2019
Change
% Change
Liabilities and Equity
Current Liabilities
Non Current Liabilities
Total Equity
Attributable to owners of parent company
Attributable to non-controlling interest
7,277
9,323
10,334
8,106
2,228
(US$ million)
6,736
10,794
12,246
9,966
2,280
541
(1,472)
(1,912)
(1,860)
(52)
8.0%
(13.6%)
(15.6%)
(18.7%)
(2.3%)
Total Liabilities and Equity
26,934
29,776
(2,842)
(9.5%)
Total Enel Américas liabilities and assets as of December 31 30, 2020 decreased by US$ 2,842 million as compared to
December 2019, mainly as a result of:
Current Liabilities decreased by US$ 541 million, mainly explained by:
•
A US$ 417 million increase in other current financial liabilities explained primarily by: (i) a US$ 310 million increase
in Enel Distribución Sao Paulo mainly due to long-term debt transfers of US$ 223 million, a US$ 65 million increase
in financial debt with Fundación Cesp for voluntary migration by employees to a specified contribution plan, US$
39 million acquisition of new loans net of their payments and accrued interest. This was partially offset by US$
17 million due to the conversion of the devaluation of the Brazilian real against the US dollar; (ii) a US$ 66 million,
431
Annual Report Enel Américas 2020
increase in Enel Distribución Ceará from attracting new loans of US$ 54 million net of their payments and accrued
interest, plus US$ 34 million long-term transfer effect offset by US$ 22 million conversion effects of the devaluation
of the Brazilian real against the US dollar; (iii) a US$ 164 million increase in Emgesa mainly from US$ 156 million
long-term transfer of bonds, net of their payments and US$ 8 million for the conversion effects to US dollar from
functional currencies; (iv) a US$ 120 million increase in Codensa from the acquisition of new loans US$ 6 million
due to theeffects of of US$ 114 million net of payments and transfers over long term and the conversion to US
dollar from the functional currency; (v) US$ 148 million increase in Enel Peru from the US$ 153 million acquisition
of new loans offset by US$ 5 million from the conversion effects of the new Peruvian sol against the US dollar; (vi)
a US$ 25 million increase in Enel Generación Piura from new loans. This was partially offset by decreases in; (i) US$
289 million Enel Distribución Goiás mainly for US$ 388 million credit repayments net change of US$ 68 million;
US$ 77 million for the conversion effects to US dollar from the functional currency, offset by US$ 176 million
long-term debt transfers; ( (ii) US$ 42 million Enel Distribución Rio mainly for US$ 50 million from the conversion
effects to US dollar from the functional currency partially offset by long-term transfer of bank loans of US$ 176
million, US$ 39 million acquisition of new loans, the above offset by US$ 207 million loan payments; (iii) US$ 60
million Enel Generación Fortaleza mainly for loan payments of US$ 47 million net exchange rate effect of US$ 12
million, and US$ 13 million for the conversion effects to US dollar from the functional currency; and (iv) US$ 23
million Enel Américas mainly for credit repayments of US$ 516 million, offset by obtaining new credits of US$ 481
million and interest accrued of US$ 12 million.
•
A US$ 174 million increase in commercial accounts and other current payables mainly explained by increases
in (i) EGP Cachoeira Dourada of US$ 346 million, mainly due to increased energy purchases of US$ 387 million
offset by US$ 41 million conversion effects as a result of devaluation of the real against the US dollar; (ii) US$22
million increase in Codensa mainly due to higher accounts payable from suppliers and dividend payments of US$
32 million offset by US$ 10 million conversion effects stemming from the devaluation of the Colombian peso
against the US dollar. This was partially offset by decreases (i) US$ 74 million Distribución Sao Paulo attributable
to US$ 255 million conversion effect of the devaluation of the Brazilian real against the US dollar, offset by US$
181 million, which correspond to higher accounts payable for energy purchases and suppliers net of provisions
and transfers from long term; (ii) US$ 49 million in Enel Distribución Rio mainly US$ 73 million conversion for the
devaluation of the real, offset by US$ 24 million higher accounts payable for energy purchases and suppliers net
of provisions and long-term transfer; (iii) US$ 39 million in Enel Distribución Ceará which includes US$ 72 million
conversion for the devaluation of the real, offset by US$ 33 million higher accounts payable for energy purchases
and suppliers net of provisions and long-term transfer; (iv) US$ 18 million in Enel Distribución Peru attributable to
lower accounts payable from suppliers; and (v) US$ 15 million in Enel Américas mainly for payment of dividends
to third parties.
•
A US$ 106 million increase in current accounts payable to related entities mainly (i) a US$ 150 million increase
attributable to loan obtained by Enel Américas from Enel Finance International (EFI); (ii) a US$ 22 million increase
in accounts payable for energy purchase from EGP subsidiaries in Colombia and Brazil; and (iii) US$ 53 million
higher accounts payable to Enel Global Services, for technical and IT services. This was partially offset by US$ 116
million less in accounts payable attributable to lower dividend payments to Enel SpA.
•
A US$ 66 million decrease in other current provisions mainly related to the subsidiary Enel Distribución Sao Paulo
of US$ 67 million, of which US$ 32 million stem from the conversion effects of the devaluation of the Brazilian real
and US$ 35 million from the payment of labor and civil provisions.
•
A US$ 54 million decrease in other current non-financial liabilities explained by: a decrease (i) in Enel Distribución
Sao Paulo of which US$ 26 million is attributable to the conversion effects from the devaluation of the Brazilian
real and US$ 8 million for tax payments related to PIS/COFINS and ICMS; (ii) US$ 12 million in Enel Distribución
Ceará of which US$ 6 million is attributable to the conversion effects for the devaluation of the Brazilian real and
US$ 6 million to tax payments; and (iii) US$ 8 million in Enel Distribución Rio is attributable to US$ 5 million from
the conversion effects for the devaluation of the Brazilian real and US$ 3 million in tax payments.
432432
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information Non-Current Liabilities decreased by US$ 1,472 equivalent to 13.6% of the variation explained mainly by:
•
A US$ 944 million decrease in other non-current financial liabilities (financial and derivative debt) mainly explained
by (i); a US$ 203 million decrease in Enel Distribución Sao Paulo of which US$ 202 million is explained by the
conversion effect of the devaluation of the Brazilian real against the US dollar; additionally a US$ 112 million increase
in financial debt with Fundación Cesp by the voluntary migration made by employees to a specific contribution
plan which was fully offset by short-term transfers of bond debt; (ii) a US$ 189 million decrease in Enel Distribution
Goiás explained by US$ 176 million for short-term transfer of bank loans and US$ 61 million from the conversion
effects related to the devaluation of the Brazilian real, offset by US$ 48 million new financing and exchange rate
effects for foreign currency debt; (iii) a US$ 216 million decrease in Enel Distribución Rio which includes US$ 118
million conversion effects of the devaluation of the Brazilian real and US$176 million for transfer of short-term
bank loans, offset by US$ 38 million in new acquisition and greater exchange rate effects of US$ 40 million for
foreign currency debt; (iv) US$ 133 million decrease in Enel Distribución Ceará mainly due to US$ 102 million from
the conversion effects from the devaluation of the Brazilian real by and US$ 34 million short-term transfers of
bank loans; (v) a US$ 49 million decrease in Enel Green Power Volta Grande mainly due to the conversion effects
from the devaluation of the Brazilian real; and (vi) a US$ 273 million decrease in Emgesa mainly by short-term
bond transfer of US$ 223 million and US$ 50 million from the devaluation of the Colombian peso against the US
dollar. This was partially offset by a $121 million increase in Codensa mainly for new acquisitions, net of short-term
transfers of $134 million bonds offset by US$ 13 million from the conversion effects of the Colombian peso from
the US dollar.
•
A US$ 275 million commercial accounts and other non-current payable accounts explained by (i) a US$ 527
million decrease due to the effects of the devaluation of the various currencies in which we operate against the
US dollar; (ii) a US$ 62 million decrease in Enel Distribución Goiás mainly from short-term transfers of accounts
payable by energy suppliers and PIS COFINS tax; (iii) US$ 23 million in Enel Distribución Ceará mainly from short-
term transfer of PIS and COFINS effect and accounts payable; and (iv) in Edesur US$ 20 million less in accounts
payable to CAMMESSA and other accounts payable. This was partially offset by a US$ 352 million increase in Enel
Distribución Sao Paulo mainly for PIS and COFINS taxes and accounts payable for net energy from its long-term
transfers.
•
•
A US$ 144 million increase in ccounts payable to non-current related explained by loan from Enel Finance
International (EFI) to Enel Distribución Rio.
A US$ 142 million decrease in non-current provisions explained mainly by the conversion effects of the US dollar
from the functional currencies of each subsidiary, as follows (i) US$ 81 million in Enel Distribución Sao Paulo; and
(ii) US$ 69 million in Enel Distribución Goiás. Furthermore, US$ 23 million less in de-committee provisions in Enel
Generación Peru. This was partially offset by a US$ 27 million increase in Enel Distribución Sao Paulo for greater
provisions of labor and civil litigation.
•
A US$ 212 million decrease in provisions for benefits to non-current employees explained mainly by our Brazilian
subsidiary Enel Distribución Sao Paulo totaling US$ 201 million which includes the US$ 339million effects of the
conversion of the Brazilian real against the US dollar, and US$ 177 million transfer to short- and long-term financial
debt as a result of voluntary migration by employees to a specific contribution plan to Fundación Cesp. This was
partially offset by an annual update of its actuarial values as a product of the application of IAS 9 totaling US$ 315
million.
433
Annual Report Enel Américas 2020
Total Equity decreased by US$ 1,912 million, explained by:
•
Equity attributable to the property (shareholders) of the controller decreased by US$ 1,860 million mainly as
follows: (i) decrease in initial capital US $ 21 million corresponding to share issuance and placement expenses
made during 2019, which were charged to capital during the current year, after approval at the Extraordinary
Shareholders' Meeting held in December 2020 (ii) a US$ 1,781 million decrease in other reserves mainly due to
conversion differences of US$ 2,025 million, US$ 8 million for cash flow hedging reserves, offset by the US$ 252
million application of IAS 29 "hyperinflationary economies" in Argentina; (iii) a US$ 570 million decrease for dividend
payment and (iv) a US$ 313 million decrease in reserves for the application of IAS 19 "Employee benefits", due to
recording actuarial losses. This is partially offset by a US$ 825 million increase in profits for the period.
•
Non-controlling shareholding decreased by US$ 52 million mainly explained by (i) a US$ 306 million decrease
in dividend payments: and (ii) a US$ 226 million decrease in comprehensive results mainly due to conversion
differences. These effects were offset by: (i) US$ 356 million in profits for the period; and (ii) a US$ 124 million
increase of several other reserves due to the application of IAS 29 "hyperinflationary economies" in Argentina.
The development of the main financial indicators is as follows
Liquidity
Financial Indicator
Current liquidity (1)
Acid ratio test (2)
Working Capital
Leverage (3)
Short Term Debt (4)
Long Term Debt (5)
Leverage
Financial Expenses Coverage (6)
Operating Income/Operating Revenues
ROE (annualized) (7)
Profitability
ROA (annualized) (8)
Unit
Times
Times
MMUSD
Times
%
%
Times
%
%
%
December
2020
December
2019
December
2019
Change
0.98
0.92
(155)
1.43
38.4%
61.6%
0.85
0.78
(1.098)
1.61
43.8%
56.2%
4.97
16.8%
9.1%
4.2%
-0.13
-0.13
(943)
0.17
5.4%
(5.4%)
0.14
(2.5%)
(10.2%)
(3.4%)
4.83
19.3%
19.3%
7.6%
%
Change
(13.1%)
(14.6%)
609.8%
12.2%
14.1%
(8.8%)
2.9%
(12.8%)
(52.7%)
(45.2%)
(1) Corresponds to the ratio between (i) Current Assets and (ii) Current Liabilities.
(2) Corresponds to the ratio between (i) Current Assets net of Inventories and anticipated Expenses and (ii) Current Liabilities.
(3) Corresponds to the ratio between (i) Total Liabilities and (ii) Total Equity.
(4) Corresponds to the proportion of (i) Current Liabilities in relation to (ii) Total Liabilities
(5) Corresponds to the proportion of (i) Non-Current Liabilities in relation to (ii) Total Liabilities.
(6) Corresponds to the ratio between (i) the Gross Operating Income and (ii) Net financial result of Financial Income.
(7) Corresponds to the ratio between (i) Net Income attributable to owners of parent as of December 31, 2020 and (ii) the average between Equity attributable
to owners of parent at the beginning of the period and at the end of the period.
(8) Corresponds to the ratio between (i) total result as of December 31, 2020 and (ii) the average of total assets at the beginning of the period and at the end
of the period.
-
The Company’s Current liquidity as of December 31, 2020 reached 0.85 times, showing a 13.1 % decrease in relation to
December 2019, mostly explained by the increase in current liabilities, mainly due to the transfer of financial debt from
non-current liabilities.
-
The Company’s Acid Test as of December 31, 2020 reached 0.78 times, showing a 14.6 % decrease in relation to December
31, 2019, also mostly explained by the increase in current liabilities, mainly due to the transfer of financial debt from
non-current liabilities
-
The Company’s Working capital as of December 31, 2020 was (- US$ 1,098 million) showing an increase in relation to
December 31, 2019 when it reached (-US$ -155 million) mostly explained by the increase in current liabilities, mainly due
to the transfer of financial debt from non-current liabilities.
-
The Company’s Leverage (indebtedness ratio) stood at 1.61 times as of December 31, 2020, a 12.2 % increase in relation
to December 31, 2019 explained by lower dominant shareholding equity as compared to the previous year, mainly because
of the conversion effects of the different functional currencies in the countries in which we operate.
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798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
-
The Hedging of financial costs as of the period that ended on December 31, 2020 was 4.97 times, which represents
a 2.9% increase as compared to the same period of the previous year, mainly because of improved financial results in
relation to the same period of the year before.
-
The Return-on-equity (profitability) index, measured in terms of operating revenues over operating revenues reached
16.8 % as of December 31, 2020.
-
The Return-on-equity of the controller’s property owners (shareholders) reached 9.1 % representing a 52.7 % decrease
as a result of a decrease in the income attributable to the property owners for the last 12 months in relation to the period
before.
-
The Return-on-assets stood at 4.2% as of December 31, 20120 representing a 45.2 % increase mostly due to total
income decrease as of December 31, 2020 in relation to the same period of the year before.
3. MAIN CASH FLOWS
The Company’s net cash flows were negative as of December 31, 2020 and reached US$ 297 million which represents a US$
402 million decrease in relation to the same period of the previous year.
The main variables on account of the flows of the operation, investment and financing activities that explain this decrease in
net cash flows, as compared to December 2019 are described below:
Net Cash Flow
December 2020
December 2019
Change
% Change
From Operating Activities
From Investing Activities
From Financing Activities
Total Net Cash Flow
2,426
(1,536)
(1,187)
(297)
(US$ million)
2,528
(1,600)
(823)
105
(102)
64
(364)
(4.0%)
(4.0%)
44.2%
(402)
(382.9%)
The net cash flows stemming from operating activities totaled US$ 2,426 million as of December 2020, representing a
4% decrease as compared to December of the previous year. The variation is explained by a net decrease in the types of
collections for operating activities mainly in (i) US$ 3,639 less in charges from sales and service provision; (ii) US$ 441
million higher operating fees; (iii) US$ 1 million; higher charges from premiums and benefits, annuities, and other benefits
of underwritten policies and (iv) $2 million less in royalty charges and commissions. These effects were partially offset by the
types of Cash Payments from Operation, mainly in: (i) US$ 1,158 million less in payments to suppliers for the supply of goods
and services; (ii) US$ 136 million less in employee payments; (iii) US$ 1,710 million less in payments for operating activities; (iv)
for US$ 57 million less in cash outings; (v) US$ 33 million less in income tax payments; and (vi) US$ 1 million higher premium
and benefit payments.
The net cash flows coming from (used in) investment activities were outgoings totaling US$ 1,536 million as of December
2020, which is mainly explained by: (i) US$ 814 million disbursements for the incorporation of plant properties and equipment;
(ii) US$ 740 million incorporation of intangible assets; and (iii) US$ 216 million investments of more than 90 days; and (iv) US$
5 million for derivatives contract payments. These investment cash outflow were offset by: (i) US$ 43 million interest received;
(ii) US$ 176 million rescue of investments of more than 90 days; and (iii) US$ 20 million in collections from the repayment of
advances and loans granted to third parties.
The net cash flows coming from (used in) financing activities were net outgoings of US$ 1,187 million as of December 2020
stemming from obtaining US$ 1,646 million financing which correspond to bank loans; US$ 294 million for related loans
attributable to US$ 150 million from Enel Finance International (EFI) to Enel Américas and US$ 144 million from Enel Finance
International (EFI) to Enel Distribución Rio. This was partially offset by: (i) US$ 1,776 million loan payments which includes US$
1,220 million of bank loans, US$ 486 million of bonds and US$ 69 million from other sources of financing; (ii) US$ 1,057
million payment of dividends; (iii) US$ 327million interest payment ; (iv) US$ 77 million payments of liabilities for financial
leases and; (v) US$ 110 million for other cash inflows.
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Annual Report Enel Américas 2020
Below are the disbursements from the Incorporation of Properties, Plant and Equipment and their depreciation, for the
periods of December 2020 and 2019.
PROPERTY, PLANTS AND EQUIPMENT INFORMATION BY COMPANY
(million US$)
Payments for additions of Property, plant
and equipment
Depreciation
Company
Enel Generación Chocon S.A.
Enel Generación Costanera S.A.
Emgesa S.A.E.S.P.
Enel Generación Perú S.A.
Enel Distribución Goiás (Celg) (*)
EGP Cachoeira Dourada S.A.
Enel Distribución Fortaleza
Enel Cien S.A.
Enel Distribución Sao Paulo S.A. (Eletropaulo) (*)
Edesur S.A.
Enel Distribución Perú S.A.
Enel Distribución Rio (Ampla) (*)
Enel Distribución Ceara (Coelce) (*)
Codensa S.A.
Central Dock Sud S.A.
Enel Generación Piura S.A.
Holding Enel Americas y Sociedades de Inversión
December
2020
December
2019
-
-
29
86
42
233
1
9
2
186
103
127
149
173
385
7
8
14
6
108
43
187
4
19
2
221
186
165
181
173
306
34
5
18
%
Change
0,0%
383,3%
(20,4%)
(2,3%)
24,6%
(75,0%)
(52,6%)
0,0%
(15,8%)
(44,6%)
(23,0%)
(17,7%)
0,0%
25,8%
(79,4%)
60,0%
(22,2%)
December
2020
December
2019
%
Change
14
42
66
49
67
5
11
8
159
74
58
83
58
116
28
12
10
15
40
74
50
81
7
14
12
201
54
57
104
65
122
31
11
10
(5.5%)
5.3%
(10.5%)
(2.9%)
(17.5%)
(29.6%)
(22.8%)
(37.3%)
(20.9%)
36.8%
2.4%
(20.3%)
(11.2%)
(5.3%)
(9.7%)
9.1%
0.0%
Total
1,553
1,659
(6,4%)
858
948
(9.5%)
(*) Includes intangible assets concessions
II. MAIN RISKS RELATED TO THE ACTIVITIES OF
ENEL AMÉRICAS S.A. GROUP
The Group’s operative subsidiaries are subject to a wide range of tariff regulations and other aspects that govern their operations
in the countries in which they operate. Consequently, the introduction of new laws or regulations, such as the modification of
laws or regulations currently in effect, could impact their operations, economic situation, and operating results.
Such new laws or regulations sometimes modify regulatory aspects that may affect existing entitlements; which, as the case
might be, may adversely affect the group’s future results.
The Group’s activities are subject to wide-ranging environmental regulations that Enel Américas continuously complies with.
Eventual modifications introduced to such regulations could impact its operations, economic situation and operating revenues.
Enel Américas and its operative subsidiaries are subject to environmental regulations, which, among other things, require
preparing and submitting Environmental Impact Studies for projects under study, obtaining licenses, permits and other
mandatory authorizations and complying with all the requirements imposed by such licenses, permits and regulations. Just as
with any regulated company, Enel Américas cannot guarantee that:
Public authorities will approve such environmental impact studies.
Public opposition will not derive in delays or modifications to any proposed project.
Laws or regulations will not be modified or interpreted in a manner such as to increase expenses or affect the Group’s
operations, plants, or plans.
•
•
•
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798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
The Group’s Commercial activity has been planned to moderate eventual impacts resulting from changes in the hydrologic
conditions.
Enel Américas Group’s operations include hydroelectric generation and, therefore, they depend on the hydrological conditions
that exist at each moment in the broad geographical areas where the Group’s hydroelectric generation facilities are located.
If the hydrological conditions generate droughts or other conditions that may negatively impact hydroelectric generation,
then, the outcome will be adversely affected, reason why Enel has established -as an essential part of its commercial policy
- to refrain from contractually committing 100% of its generation capacity. The electric business, in turn, is also affected by
atmospheric conditions such as mean temperatures that condition consumption.
Depending on weather conditions, differences may arise in the margins obtained by the business.
The financial situation and commercial outcome of may be adversely affected if exposure to interest rate risk, commodities
and currency exchange rates are not effectively managed.
Risk management policy
The companies that make up the Enel Américas Group follow the guidelines of the Risk Management Control System (RMCS)
established at the Holding level (Enel Spa), which sets the guidelines for risk management through the respective standards,
procedures, systems, etc., to be applied at the different levels of the Company, in the processes of identification, analysis,
evaluation, treatment and communication of risks that the business must continuously face. These are approved by the Board
of Directors of Enel SpA, which houses a Controls and Risks Committee which, in turn, supports the Board's assessment and
decisions regarding internal controls and risk management system, as well as those related to the approval of periodic financial
statements.
To comply with the above, there is a specific Risk Management and Control Management policy within each Company, reviewed
and approved at the beginning of each year by the Board, observing and applying local requirements in terms of risk culture.
The company seeks protection for all risks that can affect achieving business objectives. A new risk taxonomy for the entire
Enel Group was approved in January 2020, which considers 6 macro categories and 37 sub-categories.
The Enel Group's risk management system considers three lines of action (defense) to obtain effective and efficient risk and
control management. Each of these three "lines" plays a different role within the organization´s broader governance structure
(business and internal control areas, acting as the first line, Risk Control, acting as second line and Audit as the third line of
defense). Each line of defense has an obligation to inform and keep senior management and Directors up to date on risk
management, with Senior Administration being informed by the first and second line of defense and the Board of Directors
(Directors) in turn by the second and third line of defense.
Within each company in the group, the risk management process is decentralized. Each manager responsible for the operational
process in which the risk originates is also responsible for the treatment and adoption of risk control and mitigation measures..
1.1 Interest Rate Risk
Interest rate fluctuations modify the fair value of those assets and liabilities that accrue a fixed rate of interest, as well as the
future flows of assets and liabilities indexed at a variable rate of interest.
The aim of managing the interest rate risk is to reach a debt structure equilibrium that would enable minimizing debt costs
while reducing Income Statement volatility.
Depending on the Group’s estimates and on the objectives of its debt structure, various hedging operations are performed by
contracting derivatives to mitigate such risks. The instruments currently used are rate swaps of variable rates to fixed rates.
437
Annual Report Enel Américas 2020 The comparative structure of the financial debt of the Enel Américas Group, according to fixed and/or protected and variable
rates of interest over total gross debt, after the derivative contracts, is the following:
Gross position
Fixed Interest Rate
12-31-2020
%
38%
12-31-2019
%
39%
Risk control through specific processes and indicators allows to limit potential adverse financial impacts while optimizing the
debt structure with an adequate degree of flexibility. Here we can see that the volatility that characterized financial markets
during the first phase of the pandemic, in many cases returned to pre-COVID-19 levels and was offset by effective risk mitigation
actions through derivative financial instruments.
1.2 Foreign exchange rate risk
Foreign exchange rate risks are primarily inherent to the following transactions:
-
-
-
-
Debt contracted by Group companies denominated in currencies other than those in which their cash flows are indexed.
Payments to be made in currencies other than those in which their cash flows are indexed, for material purchases
associated to projects and payment of corporate insurance policy premiums, amongst others.
Income of the Group’s companies directly linked to the fluctuation of currencies other than those of its own cash flows.
Cash flows from foreign subsidiaries to parent companies in Chile exposed to foreign exchange rate variations.
To mitigate the foreign exchange rate risk, the hedging policy of the Enel Américas Group regarding foreign exchange rates
is based on cash flows and aims at maintaining a balance between US$-indexed flows, or local currencies if there are any, and
the level of assets and liabilities in such currency. The objective is to minimize the exposure of cash flows to foreign exchange
rate variations.
The instruments currently used in compliance with the policy are cross-currency swaps and foreign exchange rate forwards.
Similarly, the policy seeks to refinance debt in each company’s operating currency.
During the fourth quarter of 2020, exchange rate risk management continued in the context of compliance with the risk
management policy mentioned above, without difficulty accessing the derivatives market. It is worth noticing that the volatility
that characterized financial markets during the first phase of the pandemic, in many cases returned to pre-COVID-19 levels
and was offset by risk mitigation actions through derivative financial instruments.
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798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
1.3 Commodities risk.
The Enel Américas Group might be exposed to the risk of price variations of certain commodities, primarily through:
-
-
Fuel purchases in the process of electric energy generation.
Spot energy purchases in local markets.
In order to reduce the risk under extreme drought conditions, the Group has designed a commercial policy that defines sale
commitment levels in line with the capacity of its generating centrals during a dry year, by including risk mitigation clauses in
some contracts with free clients. In the case of regulated clients subject to long-term tender processes, indexing polynomials
are determined in order to reduce commodity exposure.
In consideration of the operative conditions confronted by the electricity generation market, plus the drought and commodity
price volatility in international markets, the Company is continuously checking the convenience of hedging the impact of these
price variations in its income.
As of December 31, 2020, there are no operations to buy or sell energy futures for the purpose of hedging the procurement
portfolio.
As of December 31, 2019, 5.28 GWh of energy futures purchases for the purpose of hedging the procurement portfolio have
been settled during the year.
Thanks to the mitigation strategies implemented, the Group was able to minimize the effects of commodity price volatility in the
third quarter 2020 results.
1.4 Liquidity Risk
The Group maintains a liquidity policy that consists in contracting long-term credit commitment facilities and temporary
financial investments for amounts sufficient to support the projected needs of a given period, which, in turn, is a function of
the overall situation and expectations of the debt and capital markets.
The above-mentioned projected needs include maturities of net financial debt; namely, after financial derivatives. For additional
information regarding the characteristics and the terms and conditions of such financial debt and financial derivatives (see
notes 20, 21 and 23).
As of December 31, 2020, the Enel Américas Group held a liquidity position of MUS$ 1,507 million in cash and other equivalents.
As of December 31, 2019, the Enel Américas Group’s liquidity position totaled MUS$ 1,939 million in cash and cash equivalents
and MUS$ 706 million in unconditionally available long-term lines of credit.
1.5 Credit Risk
The Enel Américas Group monitors its credit risks continuously and in detail.
Commercial accounts receivable:
In relation to the credit risks of accounts receivable from commercial activities, this is a risk that has been historically quite
limited since the short collection term afforded our clients prevents significant individual accumulation. The foregoing is applied
to both our electricity generation and distribution lines of business.
In our electricity generation line of business, in certain countries, when confronted to payment defaults it is possible to cut off
supply, and almost every contract establishes non-payment as a cause for contract termination. To that effect, we continuously
monitor the credit risk and measure the maximum amounts exposed to payment risk, which, as said earlier, are limited.
439
Annual Report Enel Américas 2020 In the case of our electricity distribution companies, cutting access to electricity, in all cases, is the attribution of our companies
in case of payment default on part of our customers, which is applied in accordance with the regulations in force in each
country, which facilitates the process of evaluation and control of credit risk, which by the way is also limited.
Assets of a financial nature:
Cash surpluses are invested in top domestic and foreign financial institutions (inasmuch as possible with a risk classification
of investment grade or equivalent) with pre-established limits per institution.
In our selection of banks for investments, we consider those ranked with investment grade according to the three top
international risk classification agencies (Moody’s, S&P and Fitch).
Our placements may be backed up with treasury bonds of those countries in which we operate and/or bank notes issued by
top banks, preferring the latter since they offer better returns (always framed within current placement policies).
It should be noted that downward macroeconomic scenarios due to the COVID-19 effect did not have a significant impact on
the quality of commercial receivables. In particular, the results of specific internal analyses have shown that there is no statistical
correlation between the main economic indicators (GDP, unemployment rate, etc.) and solvency.
1.6 Risk Management
The Enel Américas Group prepares a Value at Risk measurement for its own debt positions and financial derivatives, with the
purpose of monitoring the risk assumed by the company, thus circumscribing Income Statement volatility.
The portfolio of the positions included for the purposes of calculating the present Value at Risk, is comprised of:
-
-
Financial debt.
Derivatives for debt hedging
The calculated Value at Risk represents the possible value variation of the above-described positions portfolio within one day
and with 95% certainty. To that effect we have studied the volatility of the risk variables that affect the value of the position’s
portfolio, in relation to the Chilean peso, which includes:
-
-
-
The USS Libor rate of interest.
The various currencies in which our companies operate, the habitual local indices of bank practices.
The exchange rates of the different currencies implied in the calculation.
The Value at Risk calculation is based on the extrapolation of future market value scenarios (one quarter out) of the risk variables
based on real observations for the same period (quarter) through a 5-year period.
The Value at Risk for the next quarter, with 95% confidence level, is calculated as the percentile of the most adverse 5% of the
possible quarterly variations.
Considering the scenarios described above the Risk Value in a quarter, of the above-mentioned positions, is attributable to
US$ 407 million.
This value represents the potential increase in the debt and derivatives portfolio, therefore this value at risk is intrinsically
related, among other factors, to the value of the portfolio at the end of each quarter.
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798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
III. BOOK VALUE AND ECONOMIC VALUE OF
ASSETS
In relation to the assets of higher importance, the following should be noted:
Real estate properties, plant and equipment are valued at their purchasing cost, net of their corresponding accumulated
depreciation and losses experienced on account of depreciation. Real estate properties, plant and equipment, net of their
residual value, as the case might be, are depreciated lineally by distributing the cost of their different integral elements over
their estimated useful life, which is the period during which the companies expect to use them. Such useful life estimate is
reviewed periodically.
The goodwill (lower value of investments or commercial funds) generated in the consolidation exercise represents the excess
acquisition cost over the group’s participation in the fair value of assets and liabilities, including contingent liabilities and any
non-controlling shareholdings identifiable in a subsidiary company as of the date of acquisition. Goodwill is not amortized,
but rather, at the closing of each fiscal year it is estimated whether it has been the subject of any depreciation that might
reduce its recoverable value for an amount below its registered net cost, in which case its value is restated accordingly. (See
Note 3.e of the Financial Statements).
Throughout the year and, primarily at its closing date, an evaluation is performed to determine whether there is any indication
that any given asset would have possibly suffered a loss due to impairment. Should there be such an indication, we estimate the
recoverable amount of such asset to determine, as the case might be, the amount of such impairment. If these are identifiable
assets that do not generate independent cash flows, we then estimate the recoverability of the cash generating unit to which
such asset belongs, understanding as such the smallest identifiable group of assets that generates independent cash inflows.
Foreign-currency-denominated assets are shown at their rate of exchange at the closing of the period.
Notes and accounts receivable from related companies are classified according to their short and long-term maturities.
Operations adhere to fair conditions similar to those that prevail in the market.
In short, assets are valued pursuant to the International Financial Reporting Standards (IFRS), whose criteria are set forth in
Notes No. 2 and 3 of these Enel Américas’ Consolidated Financial Statements.
441
Annual Report Enel Américas 2020 Risk Factors
Risk Related to Our
Business
we may need to buy electricity at higher spot prices to
comply with our contractual supply obligations. Beyond
increasing operating costs, the cost of these electricity
purchases may exceed our contracted electricity sale
prices, thus potentially producing
losses from those
contracts.
Droughts also indirectly affect the operation of our thermal
Our businesses depend heavily on hydrology and are
power plants, including our facilities that use natural gas,
affected by droughts, flooding, storms, ocean currents,
fuel oil, or coal, in the following manner:
and other inclement weather conditions.
• Our thermal power plants require water for cooling,
Approximately 55% of our consolidated
installed
and droughts may reduce water availability and
generation capacity in 2020 was hydroelectric. Accordingly,
increase transportation costs. As a result, we may have
arid hydrological conditions could negatively affect our
to purchase water from agricultural areas that are also
business, results of operations, and financial condition.
experiencing water shortages. These water purchases
Regional hydrological conditions have often been subject
may increase our operating costs and require us to
to two weather phenomena dealing with ocean currents -
negotiate further with the local communities.
El Niño and La Niña - that influence rainfall and may result
in drought or flooding, depending on the region affected.
•
Thermal power plants generate emissions such as
Droughts may affect our ability to dispatch energy from our
nitrogen oxide (NO), carbon dioxide (CO2), carbon
hydroelectric facilities.
monoxide (CO), sulfur dioxide (SO2), and particulate
matter into the atmosphere. Therefore, greater use
In the past, El Niño has affected Colombian hydrologic
of thermal power plants during droughts generally
conditions, where 88% of our
installed capacity
is
increases the risk of producing higher greenhouse gas
hydroelectric, leading to rainfall deficits, high temperatures,
(GHG) emissions.
and higher energy prices. In March 2017, “El Niño Costero”
in Peru led to unusually heavy rains that flooded the
A full recovery from the drought affecting the regions
Santa Eulalia River, caused innumerable landslides and
where most of our hydroelectric power plants are located
avalanches in the coastal basins, and resulted in the
may last for an extended period, and new drought
stoppage of several of our hydroelectric power plants,
periods may recur in the future. Prolonged droughts may
mainly Callahuanca (84MW) and Moyopampa (69 MW).
exacerbate the risks described above and have a further
Each ocean current event is unique and, depending on
negative effect on our business, results of operations, and
its intensity and duration, the magnitude of the social and
financial condition.
economic effects could be material.
We depend on payments from our subsidiaries and
Our distribution business is also affected by inclement
associates to meet our payment obligations.
weather, mainly in Argentina. With extreme temperatures,
demand can increase significantly within a short period,
We rely on cash from dividends, loans, interest payments,
affecting service and resulting in service outages that may
capital reductions, and other distributions from our
result in fines. Depending on weather conditions, results
subsidiaries and equity affiliates to pay our obligations.
obtained by our distribution business can vary from year
Such payments and distributions are subject to legal
to year.
constraints, such as dividend restrictions, fiduciary
obligations, contractual limitations, and foreign exchange
Our operating expenses increase during drought periods
controls imposed by local authorities.
when thermal power plants, which have higher operating
costs relative to hydroelectric power plants, are dispatched
Historically, we have not always accessed some of our
more frequently. Depending on our commercial obligations,
operating subsidiaries’ cash flows due to government
442442442
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information regulations, strategic considerations, economic conditions,
Emgesa and Codensa and the breach of other provisions
and credit restrictions. In the future, we may not always
of the shareholders’ agreement, and also requested
be able to immediately rely on cash flows from operating
compensation for damages. The financial claim amounts
subsidiaries to repay our debt.
to COP$ 1,876,417,133 thousand (US$ 548.3 million) plus
interest. An adverse ruling could set a precedent that would
Dividend Limits and Other Legal Restrictions: Some of
oblige us always to vote in favor of a 100% distribution of
our subsidiaries are subject to legal reserve requirements
distributable profits, which in turn might not always be
and other restrictions on dividend payments. Other legal
financially prudent.
restrictions, such as foreign currency controls, may limit
our subsidiaries and equity affiliates’ ability to pay dividends
Our financial condition or results of operations could be
and make loan payments or other distributions to us. Their
unfavorably affected if we are unsuccessful in defending
directors’ fiduciary duties to their minority shareholders
litigations or other lawsuits and proceedings against us.
may restrict the ability of any of our subsidiaries that are
Please see Note 35.3 of the Notes to our consolidated financial
not wholly owned to distribute cash to us. Furthermore,
statements for further information on litigation proceedings.
local authorities may force some of our subsidiaries, under
applicable regulation, to reduce or eliminate dividend
Construction and operation of power plants may
payments. These restrictions could impede our subsidiaries
encounter significant delays, stoppages, cost overruns,
from distributing cash to us under certain circumstances.
and stakeholder opposition that may damage our
reputation and potentially result in impairment of our
Contractual Constraints: Distribution restrictions included
goodwill with stakeholders.
in the credit agreements of our subsidiaries, including most
of our subsidiaries in Brazil, may prevent dividends and
Our power plant projects may be delayed in obtaining
other distributions to shareholders if they do not comply
regulatory approvals or may face shortages and increases
with specified financial ratios. Our credit agreements
in the price of equipment, materials, or labor. They may
typically prohibit any distributions in the event of ongoing
be subject to construction delays, strikes, accidents, and
default.
human error. Any such event could negatively affect our
business, results of operations, and financial condition.
Operating Results of Our Subsidiaries: Our subsidiaries
and equity affiliates’ ability to pay dividends or make loan
Market conditions may change significantly between the
payments or other distributions to us is limited by their
approval and completion of a project, which, in some
operating results. To the extent that any of our subsidiaries’
cases, may decrease a project’s profitability or render it
cash requirements exceed their available cash, they will not
impracticable. Deviations in market conditions, such as
be able to make funds available to us.
estimates of timing and expenditures, may lead to cost
overruns and delays in project completion that widely
The currency of any dividend paid by our subsidiaries
exceed our initial forecasts. In turn, this may have a material
is subject to depreciation in relation to our functional
adverse effect on our business, results of operations, and
currency, which may adversely affect our ability to pay
financial condition.
dividends to shareholders.
The situations described above could adversely affect our
sometimes challenging in geographical topography, such
business, results of operations, and financial condition.
as mountain slopes, jungles, or other areas with limited
access. Additionally, given some projects’ locations, there
We are involved in litigation proceedings.
may be additional inherent risks to archeological heritage
sites. These factors may also lead to significant delays and
We may develop new projects in locations that are
We are involved in various litigation proceedings that
cost overruns.
could result in unfavorable decisions or financial penalties
against us. In Colombia, we exercise control over Emgesa
Our thermal power plants’ operation, especially those that are
and Codensa through shareholder agreements with
coal-fired, may affect our goodwill with stakeholders due to
Grupo Energía Bogotá S.A. (“GEB”). In October 2018, GEB
GHG emissions that could unfavorably affect the environment
initiated arbitration proceedings for alleged breach of
and nearby residents. Furthermore, outside stakeholders
the shareholder agreements concerning the failure to
may influence the interests and perceptions of the local
distribute 100% of the profits in 2016, 2017, and 2018 in
communities about the Company. If we fail to address
443
Annual Report Enel Américas 2020 appropriately all relevant stakeholders’ concerns, including
Our primary facilities include power plants and transmission
environmental, social and governance criteria (“ESG”), we may
and distribution assets that are exposed to damage from
face opposition, which could negatively affect our reputation,
catastrophic natural disasters, such as earthquakes and fires,
stall operations, or lead to litigation threats or actions. Our
human causes, as well as acts of vandalism, protests, riots,
reputation is the foundation of our relationship with key
and terrorism. A catastrophic event could cause prolonged
stakeholders and other constituencies. If we do not effectively
unavailability of our assets, disruptions in our business,
manage these sensitive issues, they could adversely affect our
significant decreases in revenues due to lower demand,
business, results of operations, and financial condition.
or significant additional costs not covered by our business
interruption insurance. There may be lags between a significant
Damage to our reputation may exert considerable pressure
accident or catastrophic event and the final reimbursement
on regulators, creditors, and other stakeholders, possibly
from our insurance policies, which typically carry a deductible
leading to the abandonment of projects and operations.
and are subject to per event policy maximum amounts.
This damage could cause our share prices to drop and
hinder our ability to attract and retain valuable employees.
In mid-October 2019, widespread street demonstrations
Any of these outcomes could result in an impairment of our
and protests erupted in Santiago and quickly spread
goodwill with stakeholders.
throughout Chile. These actions became commonplace
and, at times, were accompanied by looting, arson, and
Our long-term energy sales contracts are subject to
vandalism. Violent confrontations between protesters and
fluctuations in the market prices of certain commodities,
the police and armed forces resulted in a significant loss
energy, and other factors.
of human lives and serious injuries. Accumulated damage
to public and private property amounted to billions of
We have exposure to fluctuations in certain commodity
dollars. Damage to the country’s economy, prospects for
market prices that affect our long-term energy sales
growth, perception of risk, and immediate repercussions in
contracts. These contracts commit our subsidiaries to
unemployment and productivity loss were also significant.
material obligations as selling parties and contain prices
Our corporate headquarters in Santiago suffered a severe
indexed to different commodities, exchange rates, inflation,
arson attack on October 18, 2019, resulting in the dislocation
and the market price of electricity. Unfavorable changes
of our management and headquarters employees for an
to these indices would reduce the rates we charge under
extended period. In a globalized and interconnected world,
these contracts, which could adversely affect our business,
all the countries in which we operate are subject to this risk.
results of operations, and financial condition. In our
distribution business, we also have economic exposure to
Any natural or human catastrophic disruption to our
fluctuations in energy prices.
electricity assets in the countries in which we operate
could significantly affect our results of operations and
We are subject to incremental risks in distribution markets
financial condition.
that are becoming more liberalized.
In some countries, our distribution customers who meet the
with funding our new projects and capital expenditures or
We are subject to financing risks, such as those associated
minimum and maximum demand requirements may freely
refinancing existing obligations.
choose unregulated tariffs. This flexibility may adversely
affect our operating income. In some cases, customers
As of December 31, 2020, our consolidated debt totaled
may choose an alternative energy provider, which could
US$6.1 billion, and our holding company debt in Chile
adversely affect our business, results of operations, and
totaled US$1.1 billion. As of December 31, 2020, we held
financial condition.
US$601 million in SEC-registered bonds issued in the
U.S. and had drawn bank debt under Senior Unsecured
Our electricity business is subject to risks arising from
Revolving Credit Agreements for US$325 million, all
natural disasters, catastrophic accidents, and acts of
governed under the laws of the State of New York.
vandalism or terrorism, which could unfavorably affect
our operations, earnings, and cash flow.
444444444
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information Our debt agreements are subject to several of the following
is disrupted, or its capacity is inadequate, we may be
provisions, including (1) financial covenants, (2) affirmative
unable to sell and deliver our electricity. If a region’s power
and negative covenants, (3) events of default, (4) mandatory
transmission infrastructure is inadequate, our recovery of
prepayments for contractual breaches, (5) change of
sales costs and profits may be insufficient. If restrictive
control clauses for material mergers and divestments,
transmission price regulations are imposed, transmission
and (6) bankruptcy and insolvency proceeding covenants,
companies may not have sufficient incentives to invest in
among others.
expanding their infrastructure, which could unfavorably
affect our results of operations and financial condition or
A significant portion of our financial indebtedness is
affect our ability to deploy our portfolio of projects under
subject to cross default provisions, which have varying
development. The construction of new transmission
definitions, criteria, materiality thresholds, and applicability
lines may take longer than in the past, mainly because
concerning subsidiaries that could result in cross default.
of sustainability, social, and environmental requirements
Our debt may also become immediately due and payable
that create uncertainties regarding project completion
in cases involving bankruptcy or insolvency proceedings
timing. As a result, in some of the countries in which we
of a significant or material subsidiary. Likewise, some of
operate, renewable energy projects are being completed
our debtholders may decide to accelerate our debt in
faster than new transmission projects, creating a backlog
cross default events dealing with significant or material
of electricity that can be transmitted through current
subsidiaries, among other potential covenant defaults.
transmission systems. In Argentina, for example, the lack of
investment in transmission lines will reduce incentives for
We may be unable to refinance our debt or obtain such
the development of renewable energy projects.
refinancing in terms acceptable to us. In the absence of
such refinancing, we could be forced to liquidate assets
We also rely on pipelines to obtain natural gas, mainly in
at unfavorable prices to make payments due on our
Peru, where more than 50% of our generation capacity
debt. Furthermore, we may be unable to sell our assets at
is thermal. In recent years, the Peruvian system has
opportune moments or sufficiently high prices to obtain
occasionally faced gas and electricity shortages due to a
proceeds that would enable us to make such payments.
lack of sufficient capacity in the pipeline and transmission
lines, which led to higher spot prices. Depending on the
We may also be unable to raise the necessary funds
facility type, our thermal generation power plants purchase
required to finish our projects under development or
gas, coal, diesel, and other fuels to produce electricity.
construction. Market conditions or unforeseen project
Any contract breach or supply shortage may prevent our
costs prevailing when we need funds could compromise
facilities from producing electricity on time.
our ability to finance these projects and expenditures.
As of the date of this report, Brazil is the country with our
bargaining agreements with our unionized employees or
highest refinancing risk. As of December 31, 2020, the debt
retain key employees in labor conflict cases.
of our Brazilian subsidiaries amounted to US$ 2,5 billion,
while the debt of our Colombian subsidiaries amounted to
A large percentage of our employees are members of unions
We may be unable to reach satisfactory collective
US$ 1,7 billion.
with which we have collective bargaining agreements
that must be renewed regularly. Our business, results of
Our inability to finance new projects or capital expenditures,
operations, and financial condition could be unfavorably
refinance our existing debt, or comply with our covenants
affected by a failure to reach a collective bargaining
could negatively affect our results of operations and
agreement with any labor union or by a deal with a labor
financial condition.
union that contains terms we view as unfavorable. Laws in
many of the countries in which we operate provide legal
If third-party electricity transmission facilities, gas
mechanisms for judicial authorities to impose a collective
pipeline infrastructure, or fuel supply contracts fail to
bargaining agreement if the parties cannot come to an
provide us with adequate service, we may be unable to
agreement, which may materially increase our costs.
deliver the electricity we sell to our final customers.
We depend on transmission facilities owned and operated
actions such as strikes, walkouts, or work stoppages by
by other companies to deliver the electricity we sell. This
these employees could negatively impact our business,
dependence exposes us to several risks. If the transmission
results of operations, financial conditions, and reputation.
We employ many highly specialized employees. Specific
445
Annual Report Enel Américas 2020 We may be unable to enter into suitable acquisitions or
•
failure to retain our customers and suppliers and those
successfully integrate businesses that we acquire.
of EGP Américas;
We review acquisition prospects that may increase our
• difficulties in achieving full utilization of our assets and
market coverage or provide synergies with our existing
resources and those of EGP Américas; and
businesses on an ongoing basis. However, there can be no
assurance that we will be able to identify and acquire suitable
•
complications in retaining key employees (who may
companies in the future. The acquisition and integration of
depart because of issues relating to the uncertainty
independent companies that we do not control is generally
and difficulty of integration or general discontent) or
a complicated, costly, and time-consuming process that
efficiently managing the broader organization.
requires significant efforts and expenditures. For example, as
a result of the acquisition of Enel Distribution Sao Paulo in
Under any of these circumstances, the business growth
2018, our leverage at the onset increased considerably due
opportunities, revenue benefits, and other benefits
to the new debt for the purchase itself and the consolidation
anticipated by us to result from the completion of the
of Enel Distribution Sao Paulo’s existing debt.
merger with EGP Américas may not be achieved as
expected. To the extent that we incur higher integration
Integrating acquired businesses may be difficult, expensive,
costs or achieve lower revenue benefits than expected, our
time-consuming, and a strain on our resources and
results of operations and financial condition may suffer.
relationships with our employees and customers. Ultimately,
The diversion of management attention and any difficulties
these acquisitions may not be successful or achieve the
encountered from this merger could increase costs or
expected benefits. Any delays or difficulties encountered
reduce our revenues, earnings, and operating results. Any
in connection with acquisitions and the integration of their
delays encountered in the integration process could have
operations could have a material adverse effect on our
an adverse effect on our revenues, expenses, operating
business, results of operations, or financial condition.
results, and financial condition, which may adversely affect
our securities’ value.
For example, our integration with EGP Américas may be
difficult and expensive. The merger with EGP Américas
Interruption in or failure of our information technology,
involves integrating a mature business, as is the case of
control, and communications systems or cyberattacks
our conventional energy business with EGP Américas’
to or cybersecurity breaches of these systems could
non-conventional renewable energy business. Our goal in
have a material adverse effect on our business, results of
integrating the operations is to increase the revenues and
operations, and financial condition.
earnings of the combined companies and, as a combined
businesses, to improve our ability to satisfy our customers’
We operate in an industry that requires the continued
demands. In so doing, we may encounter substantial
operation of sophisticated information technology, control,
difficulties in integrating our operations and could incur
and communications systems (“IT Systems”) and network
high costs as a result of, among other things:
infrastructure. We use our IT Systems and infrastructure
to create, collect, use, disclose, store, dispose of, and
•
inconsistencies
in standards, controls, procedures
otherwise process sensitive information, including company
and policies, business cultures and compensation
and customer data and personal information regarding
structures between EGP Américas and us and the
customers, employees and their dependents, contractors,
need to implement, integrate and harmonize various
shareholders, and others individuals. IT Systems are critical
business-specific operating procedures and systems,
to controlling and monitoring our power plants’ operations,
as well as our financial, accounting, information, and
maintaining generation and network performance,
other systems and those of EGP Américas;
generating invoices to bill customers, achieving operating
efficiencies, and meeting our service targets and
• diversion of management’s attention from their other
standards in our generation business. The operation of our
responsibilities as a result of the need to deal with
generations systems is dependent not only on the physical
integration issues;
interconnection of our facilities with the electricity network
446446446
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information infrastructure but also on communications among the
revenues and high additional costs, including penalties,
various parties connected to the network. The reliance on
third-party claims, repair costs,
increased
insurance
IT Systems to manage information and communication
expense, litigation costs, notification and remediation
among those parties has increased significantly since the
costs, security costs, and compliance costs.
implementation of smart meters and intelligent grids, in
Brazil and Colombia.
Our generation facilities, IT Systems, and other infrastructure
and the information processed in our IT Systems could
Risk Related to
Regulatory Matters
be affected by cybersecurity incidents, including those
Governmental regulations may unfavorably affect our
caused by human error. Our industry has begun to see
businesses, cause delays, impede the development of
an increased volume and sophistication of cybersecurity
new projects, or increase the costs of operations and
incidents from international activist organizations, nation-
capital expenditures.
states, and individuals, and are among the emerging risks
identified in our planning process. Cybersecurity incidents
Our businesses and the tariffs we charge to our customers
could harm our business by limiting our generation
are subject to extensive regulation that may negatively
capabilities, delaying our development and construction of
affect our profitability. For example, governmental
new facilities or capital improvement projects to existing
authorities in any of the countries in where we operate
facilities, disrupting our customer operations, or exposing
may impose material rationing policies during droughts or
us to various events that could compromise our liability.
prolonged failures of power facilities, which may adversely
Our business systems are part of an interconnected
affect our business, results of operations, and financial
system. Therefore, a disruption caused by the impact of
condition.
a cybersecurity incident in the electric transmission grid,
network infrastructure, fuel sources, or our third-party
Electricity regulations issued by governmental authorities
service providers’ operations could also unfavorably affect
in the countries in where we operate may affect our
our business.
generation companies’ ability
to collect
revenues
sufficient to offset their operating costs, which could
Our business requires the collection and storage of
adversely affect our business, results of operations,
personally
identifiable
information of our customers,
and financial condition. Governmental authorities may
employees, and shareholders, who expect that we will
also delay the distribution tariff review process, or tariff
adequately protect the privacy of such
information.
adjustments determined by regulatory authorities may be
Cybersecurity breaches may expose us to a risk of loss
insufficient to pass on our costs to customers.
or misuse of confidential and proprietary information.
Significant theft, loss, or fraudulent use of personally
Our operating subsidiaries are also subject
to
identifiable information may lead to high costs to notify and
environmental regulations that, among other things,
protect the impacted persons. It could cause us to become
require us to perform environmental impact studies on
subject to significant litigation, losses, liability, fines, or
future projects and obtain construction and operating
penalties, any of which could materially and adversely
permits from local and national regulators. Governmental
affect our results of operations and reputation. We would
authorities may withhold or delay the approval of these
eventually have to incur significant costs associated with
permits until the completion of environmental impact
governmental actions in response to such intrusions or
studies. Therefore, their processing time may be longer
strengthen our information and electronic control systems.
than expected. Environmental regulations for existing
and future generation capacity have become stricter
The cybersecurity threat
is dynamic, evolving, and
and require increased capital investments. Any delay in
increasing in sophistication, magnitude, and frequency. We
meeting the required emission standards may constitute
may be unable to implement adequate preventive measures
a violation of the environmental regulations. Failure to
or accurately assess the likelihood of a cybersecurity
certify monitoring systems’ original implementation and
incident. We are unable to quantify the potential impact
ongoing emission standard requirements may result
of cybersecurity incidents on our business and reputation.
in significant penalties, sanctions, or legal claims for
These potential cybersecurity incidents and corresponding
damages. We expect that more restrictive emission limits
regulatory action could result in a material decrease in
will be established in the future.
447
Annual Report Enel Américas 2020 Changes to
laws and regulations or governmental
Any limitations on our current water rights, additional
authorities’ interpretation of laws and regulations could
water rights, or the current unlimited duration of water
result in delays or modifications to proposed projects,
concessions could have a material adverse effect on our
which could adversely affect our business, results of
hydroelectric development projects and profitability.
operations, and financial condition.
We are subject to potential business and financial risks
subsidiaries due to operational failures or breaches of
Regulatory authorities may
impose fines on our
resulting from climate change legislation and regulation
regulations.
to limit GHG emissions.
Our electricity businesses may be subject to regulatory
Future climate change
legislation and
regulation
fines for any breach of current regulations, including
restricting or regulating GHG emissions could increase
failures to supply energy, in the four countries in where we
our operating costs and have a material adverse effect on
operate. Local regulatory entities supervise our generation
our business, results of operations, and financial condition.
subsidiaries. We may be subject to fines when the regulator
The adoption and implementation of any international
determines that the company is responsible for the
treaty, legislation, or regulation imposing new or additional
operational failures that affect the regular energy supply to
reporting obligations or limiting emissions of GHGs from
the system. Our subsidiaries may be required to pay fines
our operations could require us to incur additional costs
or compensate customers if they cannot deliver electricity,
to comply with such requirements and possibly require
even if such failures are not within their control, or when
the reduction or limitation of GHG emissions associated
they do not meet environmental or other standards. Fines
with our operations. These higher compliance standards
may also be associated with a breach of regulations.
may involve additional costs to operate and maintain our
equipment and facilities, install emission controls, or pay
In 2018, the Peruvian National Superintendence of Customs
taxes and fees relating to GHG emissions, which could
and Tax Administration (“SUNAT” in its Spanish acronym)
have a material adverse effect on our business, results of
fined Enel Generation Perú US$ 2.9 million after an audit of
operations, and financial condition.
the Ad Valorem General Sales Tax and Municipal Promotion
Tax on imports for 2008 and 2009. In 2020, the Brazilian
Our business and profitability could be unfavorably
governmental agency for electric energy (“ANEEL” in its
affected if water rights are denied, if water concessions
Portuguese acronym) fined Enel Distribution Goiás R$ 43.2
are granted with limited duration, or if the cost of water
million due to flaws in technical procedures and commercial
rights is increased.
issues related to the quality of electricity supply and Enel
Distribution Ceará and Enel Distribution Sao Paulo R$ 21
Each country’s respective authority grants us water rights
million and R$ 186 million respectively, in each case due to
for water supply from rivers, lakes, and reservoirs near our
flaws in the registration of the respective company’s asset
production facilities. In Colombia, water rights and water
base. In 2020, the Argentine national regulatory authority
concessions are awarded for different periods for each
for the energy sector (“ENRE” in its Spanish acronym) fined
of our power plants, in some cases for up to 50 years.
Edesur Ar$ 1.5 million for breaches of the public highway
However, these concessions may be revoked for specific
safety regime.
reasons,
including a progressive water decrease or
depletion, and water for human consumption has priority
over any other use. In Peru, the concessions are granted
for indefinite periods but could be revoked due to scarcity
or a decline in service quality. In Argentina, hydroelectric
generators with a generation capacity exceeding 500 kW
must obtain a concession to use public water sources for
a determined or indefinite term.
448448448
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information Risk Related to
Countries in South
America and Other
Global Risks
Certain South American countries have been historically
characterized by frequent and occasionally drastic
economic
interventionist measures by governmental
authorities, including expropriations that may adversely
affect our business and financial results.
Governmental authorities have altered monetary, credit,
tariff, tax, and other policies to influence South American
countries, including Argentina, Brazil, Colombia, and Peru.
Even though we do not have electricity operations in
Chile, our company is established under the laws of the
Republic of Chile. It is also subject to changes in Chilean
tax,
labor, and monetary
laws, among others. Other
governmental actions in the South American countries in
which we operate have also involved wage, price, and tariff
rate controls and other interventionist measures, such as
expropriation or nationalization.
If we do not meet minimum service and technical standards
in the distribution business, we may lose our concessions.
In some concession areas, such as those in Buenos Aires,
Goiás, and Rio de Janeiro, it may be challenging to satisfy
specific minimum standards that, if not met, empower
regulators to revoke our concessions and reassign them
to our competitors. For example, a loss of a concession by
one of our significant subsidiaries could lead to a default
of a debt obligation by such subsidiary, which could trigger
a cross default, bankruptcy, or insolvency proceedings.
Such events could have a material adverse effect on our
contractual obligations under debt covenants.
For 2021, we expect tax reforms and amendments to the
current tax laws in Colombia that will charge VAT tax on
products that currently are tax-free, increase the income
tax base on natural persons, and reduce or eliminate tax
benefits. Changes in governmental and monetary policies
regarding tariffs, exchange controls, regulations, and
taxation could reduce our profitability. Inflation, devaluation,
social instability, and other political, economic, diplomatic
developments or crises, including governments’ response
in the region to these circumstances, could also reduce our
profitability.
South American economic fluctuations, political
instability, and corruption scandals may affect our results
of operations, financial condition, and the value of our
securities.
All our operations are in South America. Accordingly, our
consolidated revenues may be affected by the performance
of South American economies. If local, regional, or worldwide
economic trends adversely affect the economy of any of
the countries in which we operate, our financial condition
and results of operations could also be adversely affected.
We operate in Argentina, Brazil, Colombia, and Peru, more
volatile countries that at times have experienced political
instability due to, among other things, corruption scandals
involving several high-ranking government officials. South
American financial and securities markets are influenced
by economic and market conditions in other countries,
which could unfavorably affect our securities’ value.
Also, the challenges arising from changes in economic
conditions, regulatory policies, laws governing foreign
trade, manufacturing, development and investment, and
various crises in the countries in which we operate and
other South American countries, either individually or
in the aggregate, could severely affect the economies in
these countries and our business, result of operations,
and financial condition. For example, in December 2019,
after a steep devaluation of the Argentine peso against
the U.S. dollar, the Argentine government declared a
public emergency. It enacted several emergency economic
measures to stabilize the economy and resolve the
resulting social crisis. In Peru, in November 2020, Congress
removed President Vizcarra from office based on alleged
corruption charges. Manuel Merino, the head of Congress,
assumed the office as acting president, only to resign
one week later, along with his entire cabinet, due to mass
protests. Congress subsequently appointed Francisco
Sagasti as the third president in one week. In Colombia,
large demonstrations against the government took place
in November and December 2019. Initially, the protests
were organized by students, unions, and
indigenous
groups opposed to proposed changes to the Colombian
pension and labor laws. The protests expanded rapidly
to encompass economic inequality, corruption, possible
austerity measures, and rising violence in the countryside.
After several months of lockdown, protests resumed in
October 2020 due to the coronavirus pandemic, including
a national strike demanding governmental reforms.
In Chile, widespread protests began in October 2019, resulting
in a declaration of a state of emergency for a brief period, the
introduction of several social and economic reforms. In October
2020, the government held a referendum to decide whether
to create a new Chilean constitution and whether a popularly
449
Annual Report Enel Américas 2020 elected assembly or a combination of current legislators
The Argentine peso experienced one of the steepest
and a popularly elected assembly would draft the new
devaluations against the U.S. dollar in 2019 and 2020,
constitution. Nearly 80% of voters approved the referendum
amounting to an annual depreciation of 37.1% and 28.8%,
for a new constitution and opted to have a popularly elected
respectively. Further deterioration of Argentina’s economy,
assembly draft the new constitution. Although we do not have
a continued devaluation of the Argentine peso against the
operations in Chile, our management and headquarters are in
U.S. dollar driven by hyperinflation, or the initial freezing and
Chile, and our common stock is traded on the Chilean Stock
subsequent lowering of electricity distribution tariffs could
Exchanges. Demonstrations and civil unrest in the countries
adversely affect our results of operations and financial
in which we operate and Chile may continue or worsen, which
condition.
could negatively impact these countries’ economies and
adversely affect our business, results of operations, financial
We are subject to the adverse effects of worldwide
condition, and value of our securities.
pandemics.
Insufficient cash flows from our subsidiaries located in
An international public health crisis, such as the one
these countries have resulted in their inability to meet debt
attributable to the coronavirus pandemic that began in
obligations and the need to seek waivers to comply with
December 2019, has led to high unemployment levels in
some debt covenants. To a limited extent, these subsidiaries
all the countries in which we operate and has impacted
may require guarantees or other emergency measures
the electricity demand, the financial markets, and the
from us as shareholders, especially those located in Brazil
ability of our businesses to generate income. For the
and Argentina.
year ended December 31, 2020, our sales from energy
distribution were 4.5% lower than in the same period
Future adverse developments in these countries may
of 2019, net production fell 3.1% as compared to the
impair our ability to execute our strategic plan, which could
same period of 2019, and sales from energy generation
adversely affect our growth, results of operations, and
decreased 7.7% as compared to the same period of 2019.
financial condition.
Our collection rates fell 4.7% in Peru, 1.9% in Argentina,
2.0% in Colombia, and 1.5% in Brazil as compared to the
A further deterioration of Argentina’s economic situation
same period of 2019. We estimate that the impact on our
or further devaluation of the Argentine peso could have an
net income caused by the coronavirus pandemic stems
adverse effect on our operations and profitability.
from lower energy demand and increased uncollectible
Since July 2018, Argentina has been considered a
debts.
hyperinflationary economy according to IFRS accounting
In response to the coronavirus pandemic, in March
standards. A general price index was used to present
2020, governments in all the countries in which we
the amounts related to our Argentine subsidiaries in our
operate declared some form of a state of emergency
consolidated financial statements retrospectively to reflect
recognized by their respective constitutions. These
the changes in the purchasing power of the Argentine
declarations granted each government various special
peso under the provisions outlined in IAS 29, “Financial
powers, such as control over public spending, military
Reporting in Hyper-Inflationary Economies.” Non-monetary
use, license to close businesses and schools, and the
assets and liabilities were restated as of February 2003, the
ability to restrict border crossings and domestic travel
latest date in which an inflation adjustment for accounting
through quarantines and other measures. Governments
purposes was applied in our Argentine subsidiaries. Our
of the countries in which we operate took the following
consolidated financial statements have not been restated
measures, among others, to preserve access to essential
to reflect the gain from the indexation of our Argentine
services and preserve business continuity:
subsidiaries’ non-monetary assets and liabilities before
January 1, 2018. Such monetary gain up to that date was
• Argentina enacted in March 2020 a rule to forbid
recognized as an adjustment to our retained earnings as
companies providing essential services from cutting
of January 1, 2018 (please see Note 2.9 of the Notes to our
service due to non-payment for 180 days for low-
consolidated financial statements).
income residential customers, small businesses, and
450450450
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information companies providing other essential services, such as
The countries in which we operate are vulnerable to
health facilities. In May 2020, the Argentine regulator
external shocks that could cause significant economic
issued a resolution to allow users who have reduced
difficulties and affect growth. If any of these countries
their demand 50% or more to suspend their payments
experience lower than expected economic growth or a
or make them in 30 installments.
recession, it is likely that consumer demand for electricity
will decrease and that some of our customers may have
• Brazil enacted a similar prohibition on the suspension
difficulties paying their electric bills, possibly increasing
of electricity supply due to non-payment for all
our uncollectible accounts. Any of these situations could
residential customers and companies and facilities
adversely affect our results of operations and financial
providing essential services this measure was in effect
condition.
from March to July 2020. In March 2020, ANEEL issued a
regulation to grant loans to the distribution companies,
Financial and political events in these countries and other
commonly known as the “COVID Account,” aiming to
parts of the world could also negatively affect our business.
ease financial distress and avoid tariff adjustments.
For example, since 2018, the U.S. and China have been
involved in a trade war involving protectionist measures that
• Colombia allowed low-income residential customers
ve increase volatility in financial markets worldwide due to
representing approximately 60% of the customer base
the uncertainty of political decisions. Also, instability in the
to defer payment of monthly electricity bills for 36
Middle East or any other major oil-producing region could
months, without penalty or risk of a cut in service.
result in higher fuel prices worldwide, which would increase
the operating costs for our thermal generation power
•
Peru allowed 4.8 million vulnerable residential customers
plants and unfavorably affect our results of operations and
to prorate bills issued during March 2020 or bills that
financial condition. An international financial crisis and its
included any consumption during the emergency
disruptive effects on the financial industry could negatively
period for up to 24 installments, without interest,
affect our ability to obtain new bank financings under
charges, or fees due to late payment. The government
the same historical terms and conditions that we have
also established a subsidy to cover customers’ unpaid
benefited from to date.
bills with monthly energy consumption of up to 125 kW
from March to December 2020.
Political events or financial or other crises could also
diminish our ability to access capital markets in the
The private sector in these countries has voluntarily taken
countries in which we operate and international capital
further measures, such as adopting telecommuting
markets as sources of liquidity or increase interest rates
wherever possible and closing commercial offices. Many
available to us. Reduced liquidity could negatively affect
businesses, such as restaurants, retail stores, malls, and
our capital expenditures,
long-term
investments and
spaces for large gatherings, have temporarily closed, many
acquisitions, growth prospects, and dividend payout policy.
by executive decree, and companies associated with travel,
transportation, and tourism have been severely affected,
Foreign exchange risk may unfavorably affect our results
and many went bankrupt.
and the U.S. dollar value of dividends payable to ADS
. Recent increases in infection rates may indicate a second
holders.
wave of coronavirus infections in 2021. The South American
Even though our functional currency is the U.S. dollar,
countries in which we operate have not yet implemented a
our subsidiaries generate revenues in Argentine pesos,
widespread vaccination program. Accordingly, if there is a
Peruvian nuevos soles, Brazilian reais, and Colombian
resurgence of the coronavirus pandemic and any vaccines
pesos. We generally have been and will continue to be
that may be made available are insufficient to restrain the
materially exposed to currency fluctuations in our local
pandemic and similar outbreaks in the future, our business,
currencies against the U.S. dollar because of time lags
results of operations and financial condition may be
and other limitations to pegging our tariff rates to the
materially adversely affected.
U.S. dollar. This exposure can substantially decrease the
value of cash generated by our subsidiaries and the value
Political events or financial or other crises in any region
of our dividends when translated into U.S. dollars if our
worldwide can significantly impact the countries in which
local currencies experience a devaluation against the
we operate and, consequently, may unfavorably affect our
U.S. dollar. For example, the Argentine peso and Brazilian
operations and liquidity.
real devalued 28.8% and 22.4% against the U.S. dollar in
451
Annual Report Enel Américas 2020
2020, respectively. Future volatility in the exchange rate
The relative
illiquidity and volatility of the Chilean
of the currencies in which we receive revenues or incur
securities market could unfavorably affect the price of
expenditures may adversely affect our business, results
our common stock and ADSs.
of operations, and financial condition, especially when
measured in U.S. dollars, the currency that affects our ADS
Even though we do not have assets in Chile, our shares
holders.
Risk Related to
Ownership of Our
Shares and ADSs
Our controlling shareholder may influence us and may
have a strategic view for our development that differs
from that of our minority shareholders.
Enel, our controlling shareholder, owns a beneficial interest
of 75.2% of our share capital as of April 1, 2021. Under
Chilean corporate law, Enel has the power to determine
the outcome of all material matters that require a simple
majority of shareholders’ votes, such as the election of
most of the seats on our board, and, subject to contractual
and legal restrictions, the adoption of our dividend policy.
In addition, since Enel has the power to determine the
outcome of all material matters that require the affirmative
vote of at least two-thirds of the outstanding common
stock of the Company, our controlling shareholder
exercises significant influence over our business strategy
and operations. However, in some cases, its interests may
differ from those of our minority shareholders. Certain
conflicts of interest affecting Enel in these matters may be
resolved in a manner that is different from the interests of
our company or our minority shareholders.
are traded on the Chilean Stock Exchanges because we
are organized under the laws of the Republic of Chile and
have our headquarters in Chile. Chilean securities markets
are substantially smaller and have less liquidity than the
major securities markets in the United States and other
developed countries. The low liquidity of the Chilean market
may impair shareholders’ ability to sell shares, or holders of
ADSs to sell shares of our common stock withdrawn from
the ADS program, on the Chilean Stock Exchanges in the
amount and at the desired price and time.
Lawsuits against us brought outside of the South
American countries in which we operate, or complaints
against us based on foreign legal concepts may be
unsuccessful.
All our operations are located outside of the United States.
All our directors and officers reside outside of the United
States, and substantially all their assets are located outside
the United States. If investors were to bring a lawsuit
against our directors and officers in the United States, it
may be difficult for them to effect service of legal process
within the United States upon these persons. It may also be
difficult to enforce judgments obtained in U.S. courts based
on civil liability provisions of U.S. federal securities laws
against them in U.S. or Chilean courts. There is also doubt
about whether an action could be brought successfully in
Chile for liability based solely on the civil liability provisions
of U.S. federal securities laws.
452452452
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
Relevant or
Significant Events
its equity stake in Enel Américas up to 65%. Pursuant to
the Swap Transactions, Enel may acquire, on dates that are
expected to occur no later than the end of 2020, additional
shares of Enel Américas’ common stock and American
Depositary Shares (“ADSs”).
Pursuant to articles 9 and 10, paragraph 2 under Securities
Enel has entered into two new share swap transactions (the
Market Law No. 18,045, and as established under General
“Swap Transactions”) with a financial institution to increase
Norm No. 30 of the Superintendency of Securities and
its equity stake in Enel Américas up to 65%. Pursuant to
Insurance (SVS, currently the Financial Market Commission,
the Swap Transactions, Enel may acquire, on dates that are
CMF) we hereby report the following Significant Events:
expected to occur no later than the end of 2020, additional
shares of Enel Américas’ common stock and American
On April 3, 2020, the following was reported as a
Depositary Shares (“ADSs”).
Significant Event:
The number of shares of Enel Américas’ common stock and
Hereby inform you in the attached “Comunicato Stampa”,
Enel Américas’ ADSs actually acquired by Enel pursuant to
issued on April 3 by Enel S.p.A., our ultimate parent company,
the Swap Transactions will depend on the ability of such
in which the Italian company informs the market that it signed
financial institution to establish its hedge positions with
two agreements with a financial institution to increase its
respect to the Swap Transactions.
participation in Enel Américas S.A. by up to 2.7%, this increase
in the beneficial interest is additional to the agreements
The amount payable for any shares of Enel Américas’
currently in force to increase its participation as previously
common stock acquired by Enel will be based on the prices
announced to the market. In this way, Enel S.p.A. is planning
at which such financial institution establishes its hedge
to reach up to 65% of the share capital of Enel Américas S.A..
with respect to the corresponding Swap Transaction. The
More details can be found in the "Comunicato Stampa" issued
amount payable for any of Enel Américas’ ADSs acquired
by Enel S.p.A., a copy of which is hereby attached.
by Enel will be based on the observable volume-weighted
average prices of Enel Américas’ ADSs during the period
The financial effects of such a transaction are not
in which the financial institution establishes its hedge with
quantifiable as of this date.
respect to the corresponding Swap Transaction.
ENEL TO INCREASE ITS STAKE IN ENEL AMERICAS UP TO
Prior to settlement, Enel will not have any right to dispose
65%
of or vote any shares of Enel Américas’ common stock or
Enel Américas’ ADSs acquired or held by such financial
• Enel plans to increase its shareholding in Enel Américas by
institution as a hedge in connection with the corresponding
up to a further 2.7% in view of the expected completion by
Swap Transaction.
May 2020 of the ongoing share swap transactions to reach
62.3% of the subsidiary, in line with Enel Group’s announced
Enel’s payment obligations under the Swap Transactions
objective to buy out minorities in South America
will be funded through internal cash flow generation.
Rome, April 3rd, 2020 – Enel S.p.A. (“Enel”) plans to
The abovementioned Transactions are in line with the
increase its shareholding in its listed Chilean subsidiary
Enel Group’s announced objective to buy out minorities in
Enel Américas S.A. (“Enel Américas”) by up to an additional
subsidiaries operating in South America.
2.7% stake, in order to reach the maximum shareholding
currently allowed by Enel Américas’ by-laws, equal to
• On April 7, 2020, the following was reported as a
65%. The shareholding increase will be carried out in view
Significant Event:
of the expected completion of the ongoing share swap
transactions to increase Enel’s stake in Enel Américas by up
That the Company’s Board of Directors, during a session
to 5%, reaching up to 62.3% of the company’s share capital.
held on March 31, 2020, and pursuant to General Norm
This completion is expected to occur by May 2020.
No. 435 and Circular Letter No. 1141 issued by the Financial
Market Commission on March 18, 2020, and in relation to the
Enel has entered into two new share swap transactions (the
measures to be taken as a result of the Covid-19 outbreak,
“Swap Transactions”) with a financial institution to increase
commonly known as Coronavirus, affecting the country,
453
Annual Report Enel Américas 2020 agreed to implement the use of technological means for
• On April 30, 2020, the following was reported as a
the Enel Américas S.A. Ordinary Shareholders' Meeting to
Significant Event:
be held on April 30, 2020 (the "Meeting") at 9:30 a.m., in
order to facilitate the participation of shareholders who are
In the Ordinary Shareholders´s Meeting of Enel Américas
not physically present at the place where the Meeting is to
S.A. held on April 30, 2020 has agreed to distribute the
be held via remote voting mechanisms. Such authorization
minimum mandatory dividend (from which the interim
was granted under the condition that management must
dividend paid in January 2020 has been deducted) as well
verify that the system to be implemented complies with the
an additional dividend that amounts to US$ 807,042,466
requirements set out below.
equivalent to US$ 0.01060693382306510 per share.
Pursuant to the aforementioned General Norm No. 435, the
Given that the above-mentioned interim dividend has
technological system to be used will allow the participation
already been paid, the distribution and payment of the
of shareholders who are not physically present at the
remnant of the final dividend No. 101 shall be for a total of
place of the Meeting and the remote voting mechanisms
US$ 683,788,836, or US$ 0.00898701522901363 per share.
to be implemented shall duly guarantee the identity of
such shareholders and simultaneous or secret balloting
The aforementioned dividend will be paid in Chilean pesos,
during the Meeting. The Company's management has
the legal currency, converted according to the Observed
determined today that it is possible to implement a system
Dollar exchange rate published in the Official Gazette on
that complies with the requirements established by current
May 22, 2020.
regulations and that it is compatible with the Company’s
Shareholders' Register managed by DCV Registros S.A.
The scheduled payment date is May 29, 2020. Shareholders
of record in the Register of Shareholders up to May 22,
The calls to the Meeting and the following link:
2020 will be entitled to receive these dividends.
https://www.enelamericas.com/es/inversionistas/a201609-
junta-de-accionistas.html shall inform how to access the
• On May 4, 2020, the following was reported as a
Meeting remotely and the details of the system to be
Significant Event:
implemented.The shareholders will also be informed in due
course how to certify their identity and their authorizations,
On May 4, 2020, Enel Américas subscribed and paid a capital
as applicable.
increase to its subsidiary Enel Brasil S.A. ("Enel Brasil"), for a total
amount of BRL 2,820,101,060.85, equivalent to approximately
It is suggested that the shareholders of the Company
US$ 504 million
(five hundred four million US dollars)
contact DCV Registros S.A. at the following email:
approximately. So that Enel Brasil, as the sole shareholder of
atencionaccionistas@dcv.cl and / or by phone +562
Enel Distribución São Paulo S.A. (Eletropaulo Metropolitana
2393 9003 to update their contact information in
Eletricidade de São Paulo S.A. or "Eletropaulo"), finances the
order to facilitate their participation in the Board
restructuring of the pension fund of employees. With this
through this system.
operation, Enel Américas has complied with the full use of
funds from the capital increase approved by the Company's
Notwithstanding the above, and given that the country is
Extraordinary Shareholders' Meeting, held on April 30, 2019.
currently in a constitutional state of exception under the
disaster emergency decreed as a result of the COVID-19
• On May 6, 2020, the following was reported as a
pandemic, the Company believes that the health of our
Significant Event:
people and our shareholders should prevail. Therefore, the
Board has determined that both the attendance and voting
With regard to the definitive mandatory minimum dividend
at the meeting, as well as the meeting itself, will be carried
and eventual dividend agreed upon at the Ordinary
out remotely, for which the corresponding details will be
Shareholders’ Meeting of Enel Américas S.A. held on
informed in a timely manner to the shareholders via the
April 30, 2020, shareholders of record in the Register of
website indicated above.
Shareholders up to May 23, 2020 will be entitled to receive
the above-mentioned dividends.
454454454
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
• On May 28, 2020, the “Comunicato Stampa” issued by
On July 28, 2020, the following was reported as a
Enel S.p.A. our ultimate parent Company
Significant Event and in relation to the Significant Event
The Italian company informs the market that it has
informed that the Board of Directors had approved the
increased its participation in Enel Américas S.A., reaching
2020-22 Strategic Plan, as follows:
issued to the market on November 26, 2019, in which we
62.3%. More details can be found in the “Comunicato
Stampa” issued by Enel S.p.A..
We included, within the aforementioned Strategic Plan,
some macro-elements for the 2020 – 2022 triennium as
ENEL REACHES 62.3% OF ENEL AMERICAS’ SHARE
well as EBITDA and CAPEX projections. We indicated that
CAPITAL
the contents of the Strategic Plan followed and were based
on hypothetical projections that may or may not undergo
› Enel has increased its shareholding in Enel Américas by
certain variations in the future.
an additional 5%, in line with Enel Group’s announced
objective to buy out minorities in South America
Taking
into consideration
factors affecting current
conditions, such as exchange rate fluctuations that affect
Rome, May 28th, 2020 – Enel S.p.A. (“Enel”) has increased
the Company and its subsidiaries’ operations, as well as
its stake in its Chilean subsidiary Enel Américas S.A. (“Enel
the effects of the Covid-19 pandemic, we anticipate and
Américas”) to 62.3% of the company’s share capital,
forecast significant variations
in the macro-elements
by settling two share swap transactions
(the “Swap
included in the Strategic Plan for the 2020 financial year.
Transactions”) entered into in June 2019 with a financial
institution to acquire up to 5% of the share capital of Enel
Therefore, we have revised our projections based on the
Américas, as announced to the financial markets at the time.
Company´s current conditions and results in the first half
of 2020, we expect a negative variation in EBITDA in relation
Pursuant to the Swap Transactions, Enel has acquired:
to the approximate range initially forecasted between
US$0.8 billion and US$1.0 billion, principally stemming from
› 2,492,146,691 shares of Enel Américas common stock;
exchange rate fluctuations. In relation to CAPEX, we do not
and
foresee any significant variations from what was reported
› › 26,243,377 Enel Américas American depositary shares
in November 2019.
(“ADSs”), each representing 50 shares of Enel Américas
common stock;
Given that the above figures follow and are based on
hypothetical projections that may or may not be verified in
The above-mentioned securities
represent,
in
the
the future, their effects are not determinable at this stage.
aggregate, 5% of Enel Américas’ share capital.
On August 18, 2020, the “Comunicato Stampa” issued by
In accordance with the Swap Transactions, the total price
Enel S.p.A. our ultimate parent Company
paid for the shares of Enel Américas common stock and
ADSs amounts to approximately 701 million US dollars,
The Italian company has increased its shareholding in Enel
equal to around 639 million euros.
Américas S.A.. Enel S.p.A. acquired American Depositary
Shares (ADSs) and common shares, reaching 65% of the
Enel’s payment obligations under the Swap Transactions
share capital of Enel Américas S.A., which is in line with
have been funded through internal cash flow generation.
what was previously announced to the market. More details
can be found in the "Comunicato Stampa," attached.
As announced to the financial market, Enel entered into two
further share swap transactions in April 2020 to acquire, on
ENEL reaches 65% OF ENEL AMÉRICAS’ SHARE CAPITAL
dates that are expected to occur no later than the end of
2020, additional shares of Enel Américas’ common stock
› Enel has increased its shareholding in Enel Américas by
and American Depositary Shares by up to a further 2.7%,
an additional 2.7%, in line with Enel Group’s announced
reaching up to 65% of the company’s share capital.
objective to increase its stake in the Group’s companies
The above-mentioned transactions are in line with the
Enel Group’s announced objective to buy out minorities in
Rome, August 18th, 2020 – Enel S.p.A.
(“Enel”) has
subsidiaries operating in South America.
increased its stake in its Chilean subsidiary Enel Américas
operating in South America, buying out minorities
455
Annual Report Enel Américas 2020
S.A. (“Enel Américas”) to 65% of the company’s share
The Board of Directors of Enel Américas recognizes in
capital, by settling two share swap transactions (the “Swap
its strategic analysis that in the current regional context,
Transactions”) entered into in April 2020 with a financial
renewable energies are strongly increasing their presence
institution to acquire up to 2.7% of the share capital of Enel
and unequivocally changing the traditional competitive
Américas, announced to the financial markets at the time.
model prevalent in the energy sector. For Enel Américas to
continue to strengthen its growth strategy, capture all the
Pursuant to the Swap Transactions, Enel has acquired:
future opportunities and consolidate its position as a player
whose aim is to lead the energy transition in Central and
› 1,432,455,895 shares of Enel Américas common stock;
South America, it is highly recommended to consolidate
and
the participation in non-conventional energy companies as
› 13,012,507 Enel Américas’ American depositary
described in the previous paragraph within the Company´s
shares(“ADSs”), each representing 50 shares of Enel
perimeter of actions.
Américas common stock.
Should the merger be approved, the consolidation of this non-
The above-mentioned securities
represent,
in
the
conventional renewable energy business within the Company's
aggregate, 2.7% of Enel Américas’ share capital.
current perimeter would lead to a completely integrated Group
in operational terms, permitting us to become a leader with
In accordance with the Swap Transactions, the total price
diversified generation technology, present in the generation and
paid for the shares of Enel Américas common stock and
distribution businesses, developing innovative digital products
ADSs amounts to approximately 324 million US dollars,
and advanced energy solutions. This new diversification, which
equal to around 275 million euros, and was funded through
would additionally involve a wider geographical presence,
internal cash flow generation.
would offer the Company's shareholders access to cash flows
from a new and promising business, keeping Enel Américas
The above-mentioned transactions are in line with the Enel
financially sound which would, in turn, allow us to continue
Group’s announced objective to increase its stake in the
capturing other attractive growth opportunities in the Central
Group’s companies operating in South America, buying
and South American region.
out minorities.
• On September 21, 2020, the following was reported as a
Central and South America (except Chile), would give
The incorporation of the aforementioned business in
Significant Event:
the Company immediate access to the know-how and
proven experience of Enel Green Power, a leader in
The Board of Directors of Enel Américas S.A. (hereinafter
renewable energies on a global scale, maintaining the
"Enel Américas" or the "Company") at an ordinary session
financial discipline that has always characterized the
held on September 21, 2020 , has unanimously resolved
Enel Américas Group.
to initiate a merger aimed at the acquisition - by Enel
Américas - of the subsidiaries of non- conventional
To explore Enel SpA's interest in this integration proposal,
renewable energy that Enel Green Power S.p.A. ("Enel
the Board of Directors of Enel Américas requested that the
Green Power"), a related company, owns in Central and
Company, its ultimate Controller, and Enel Green Power
South America (except Chile). To optimize the financial
SpA, state their views on the proposal. Enel SpA responded
structure of Enel Américas and to sustain the future growth
on September 21 stressing its interest in the operation,
of the aforementioned subsidiaries, the acquisition will be
provided that it should be carried out at market prices
carried out through a merger by incorporation where Enel
and through an operation, such as a merger, which would
Américas will integrate into its assets a company that shall
guarantee that Enel Américas would be able to maintain a
own the shares that Enel Green Power currently holds in
financial position that would support not only the future
non-conventional renewable energy companies domiciled
development of renewable projects but also the prospects
in Argentina, Brazil, Colombia, Peru, Costa Rica, Guatemala,
for the Company´s growth. In any event, Enel SpA indicated
and Panama.
456456456
that said letter did not contain a binding decision, which
shall be reserved for when all the terms and conditions of
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information the operation are known. A copy of the aforementioned
2. The background information provided on this site includes
communication is hereby attached.
the Resolution of Sole Administrator of EGP Americas
dated October 1, 2020, which approves the nomination
To make this merger feasible, it is necessary to submit for the
of David Jana Bitrán as an independent Merger expert.
consideration of the Enel Américas shareholders' meeting
the elimination of the concentration limits established in
• On October 28, 2020, the following was reported as a
its statutes pursuant to Title XII of D.L. 3,500, which prevent
Significant Event:
a person from concentrating more than 65% of the voting
capital of Enel Américas, among other relevant limitations.
Enel Américas S.A. (the "Company") has been informed that
Furthermore, the shareholders' meeting should also
its ADRs have been included in an unsponsored program of
approve this merger as an Operation with Related Parties
Brazilian Depositary Receipts ("BDRs").
under Title XVI of the Public Limited Companies Act which
requires the appointment of independent evaluators.
The BDRs are issued as an alternative investment in the
Company through the Brazilian market and have as their
The Board and the Committee of Directors of Enel
underlying asset the American Depositary Receipts ("ADRs")
Américas, in the relevant ordinary sessions held today,
that the Company issues. Therefore, the rights of the BDR
nominated, respectively, Banco Santander and Banchile
holders derive from the rights of the underlying ADRs, and
Asesoría Financiera S.A. as independent evaluators of
the depositary bank of the BDRs – Banco B3 – bears the
the above-mentioned merger, as an operation between
commercial and legal relationship with the BDR holders.
related parties. The Board of Directors also nominated
Pablo D’Agliano as an independent expert to supervise
Given the unsponsored nature of this BDR program, the
the operation, as required by the Public Limited
Company informs that it has not signed any contract for the
Companies Act.
issuance of the BDRs and, consequently, it has not entered into
any obligations in the Brazilian market. As a result, the ADRs
Finally, we would like to inform you that on Tuesday,
issued by the Company may be traded not only on the New
September 22, 2020, at 9:00 Santiago de Chile time, Enel
York Stock Exchange (NYSE) but also on the Sao Paulo State
Américas will make a presentation regarding the operation
Stock Exchange (Bovespa) once they are converted to BDRs.
described in this communication, addressed to all local
and foreign investors, shareholders, and the market in
On october 28, 2020 hereby come to provide the
general. Access details to join this event and a copy of the
following additional information related to the merger by
presentation will be available to all the interested parties on
incorporation, hereinafter the “Merger”, through which Enel
the Company’s website: www.enelamericas.com.
Américas S.A. will acquire the ownership and control of the
subsidiaries of unconventional renewable energy that Enel
On October 9, 2020, the following was reported as
Green Power S.p.A., a related company, owns in Central and
a Significant Event and in relation to the merger by
South America (except Chile), hereinafter the “Subsidiaries.”
incorporation through which Enel Américas S.A. would
The Merger was the subject of the Significant Events issued
acquire the ownership and control of the subsidiaries of
on September 21, 2020, and October 9, 2020:
unconventional renewable energy that Enel Green Power
S.p.A., a related company, owns in Central and South
1. The completion of the Merger through which Enel
America (except Chile), hereinafter the Merger, whose
Américas S.A. will absorb EGP Américas SpA and,
formal launch was announced in a Significant Event dated
consequently, incorporate the Subsidiaries that the
September 21, 2020 as follows:
latter shall include, requires the implementation of the
preparatory actions described in (i) and (ii). It should
1. We have learned that Enel SpA, Enel Américas’ parent
be noted that such preparatory actions will be carried
company, has acquired a company in Chile called EGP
out directly by Enel SpA, Enel Américas S.A.´s Italian
Américas SpA ("EGP Américas”), which would have
parent company and without its intervention, since
the ownership and control of the aforementioned
they represent its internal redistributions:
renewable energy subsidiaries and which would
be absorbed by Enel Américas. This company’s
(i) The division of Enel Green Power SpA, (100% Italian
background and characteristics relevant to the Merger
subsidiary of Enel SpA) and the creation of a new
are published on the following website https://www.
Italian company, as result of that excision, called Enel
enelgreenpower.com/es/paises/egp-americas.
Rinnovabili Srl, (100% Italian subsidiary of Enel SpA),
457
Annual Report Enel Américas 2020 to which the Subsidiaries shall be assigned, and
The transfer of the Subsidiaries from Enel Rinnovabili Srl to
EGP Américas SpA, via the international merger, is expected
(ii) International merger
through which
EGP
to take place during the first quarter of 2021. Therefore, the
Américas SpA (100% Chilean subsidiary of Enel
transfer is necessary to legally approve the Merger.
SpA, information on which was provided in the
Significant Event issued on October 9) will absorb
The transfer of Subsidiaries from EGP Americas to Enel
Enel Rinnovabili Srl (100% Italian subsidiary of Enel
Américas S.A. via the Merger is expected to take place
SpA). Enel S.p.A., as the sole shareholder of Enel
during the second quarter of 2021 as announced to the
Rinnovabili Srl and EGP Américas SpA, shall approve
market on September 22, 2020.
the international merger.
2. The Subsidiaries to be integrated into Enel Américas
S.A. through the Merger are as follows1:
1 It is hereby indicated that Enel Green Power SpA participates in the
subsidiaries directly or indirectly, in the latter case through a Chilean
holding company called Energy and Services South America SpA. The latter
company has no operations in Chile and is the owner, among others, of
100% of Enel Green Power Costa Rica S.A.
458458458
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
459
Annual Report Enel Américas 2020
COUNTRY COMPANIES
Argentina
Enel Green Power Argentina S.A.
Parque Solar Cauchari IV S.A.
1.
2.
Brazil
Alba Energia Ltda
Alvorada Energia S.A.
Apiacás Energia S.A.
Bondia Energia Ltda
Central Geradora Fotovoltaica Bom Nome Ltda
Enel Green Power Aroeira 01 S.A.
Enel Green Power Aroeira 02 S.A.
Enel Green Power Aroeira 05 S.A.
Enel Green Power Aroeira 06 S.A.
Enel Green Power Aroeira 07 S.A.
Enel Green Power Boa Vista Eólica S.A.
Enel Green Power Brasil Participações Ltda (*)
Enel Green Power Brejolândia Solar S.A.
Enel Green Power Cabeça de Boi S.A.
Enel Green Power Cerrado Solar S.A.
Enel Green Power Cristal Eólica S.A
Enel Green Power Cumaru 01 S.A.
Enel Green Power Cumaru 02 S.A
Enel Green Power Cumaru 03 S.A
Enel Green Power Cumaru 04 S.A
Enel Green Power Cumaru 05 S.A.
Enel Green Power Cumaru Participações S.A
Enel Green Power Cumaru Solar 01 S.A.
Enel Green Power Cumaru Solar 02 S.A.
Enel Green Power Damascena Eólica S.A.
Enel Green Power Delfina A Eólica S.A.
Enel Green Power Delfina B Eólica S.A.
Enel Green Power Delfina C Eólica S.A.
Enel Green Power Delfina D Eólica S.A.
Enel Green Power Delfina E Eólica S.A.
Enel Green Power Desenvolvimento Ltda
Enel Green Power Dois Riachos Eólica S.A.
Enel Green Power Emiliana Eólica S.A.
Enel Green Power Esperança Eólica S.A.
Enel Green Power Esperança Solar S.A.
Enel Green Power Fazenda S.A.
Enel Green Power Fontes dos Ventos 02 S.A.
Enel Green Power Fontes dos Ventos 03 S.A.
Enel Green Power Fontes Solar S.A.
Enel Green Power Horizonte MP Solar S.A.
Enel Green Power Ituverava Norte Solar S.A.
Enel Green Power Ituverava Solar S.A.
Enel Green Power Ituverava Sul Solar S.A.
Enel Green Power Joana Eólica S.A.
Enel Green Power Lagoa do Sol 09
Enel Green Power Lagoa do Sol 1 S.A.
Enel Green Power Lagoa do Sol 2 S.A.
Enel Green Power Lagoa do Sol 3 S.A.
Enel Green Power Lagoa do Sol 4 S.A.
Enel Green Power Lagoa do Sol 5 S.A.
Enel Green Power Lagoa do Sol 6 S.A.
Enel Green Power Lagoa do Sol 7 S.A.
Enel Green Power Lagoa do Sol 8 S.A.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.
37.
38.
39.
40.
41.
42.
43.
44.
45.
46.
47.
48.
49.
50.
51.
52.
53.
460460460
COUNTRY COMPANIES
54.
55.
56.
57.
58.
59.
60.
61.
62.
63.
64.
65.
66.
67.
68.
69.
70.
71.
72.
73.
74.
75.
76.
77.
78.
79.
80.
81.
82.
83.
84.
85.
86.
87.
88.
89.
90.
91.
92.
93.
94.
95.
96.
97.
98.
99.
100.
101.
102.
103.
104.
105.
106.
107.
108.
109.
110.
111.
Enel Green Power Maniçoba Eólica S.A.
Enel Green Power Modelo Eólica I S.A.
Enel Green Power Modelo Eólica II S.A.
Enel Green Power Morro do Chapéu Eólica I S.A.
Enel Green Power Morro do Chapéu Eólica II S.A.
Enel Green Power Mourão S.A.
Enel Green Power Paranapanema S.A.
Enel Green Power Pau Ferro Eólica S.A.
Enel Green Power Pedra do Gerônimo Eólica S.A.
Enel Green Power Primavera Eólica S.A.
Enel Green Power Salto Apiacás S.A.
Enel Green Power São Abraão Eólica S.A.
Enel Green Power São Gonçalo 1 S.A.
Enel Green Power São Gonçalo 10 S.A.
Enel Green Power São Gonçalo 11 S.A
Enel Green Power São Gonçalo 12 S.A
Enel Green Power São Gonçalo 14 S.A
Enel Green Power São Gonçalo 15 S.A
Enel Green Power São Gonçalo 17 S.A.
Enel Green Power São Gonçalo 18 S.A.
Enel Green Power São Gonçalo 19 S.A.
Enel Green Power São Gonçalo 2 S.A.
Enel Green Power São Gonçalo 21 S.A.
Enel Green Power São Gonçalo 22 S.A.
Enel Green Power São Gonçalo 3 S.A.
Enel Green Power São Gonçalo 4 S.A.
Enel Green Power São Gonçalo 5 S.A.
Enel Green Power São Gonçalo 6 S.A.
Enel Green Power São Gonçalo 7 S.A.
Enel Green Power São Gonçalo 8 S.A.
Enel Green Power São Judas Eólica S.A.
Enel Green Power São Micael 01
Enel Green Power São Micael 02
Enel Green Power São Micael 03
Enel Green Power São Micael 04
Enel Green Power São Micael 05
Enel Green Power Tacaicó Eólica S.A.
Enel Green Power Ventos de Santa Ângela 1 S.A.
Enel Green Power Ventos de Santa Ângela 2 S.A.
Enel Green Power Ventos de Santa Ângela 3 S.A.
Enel Green Power Ventos de Santa Ângela 4 S.A.
Enel Green Power Ventos de Santa Ângela 5 S.A.
Enel Green Power Ventos de Santa Ângela 6 S.A
Enel Green Power Ventos de Santa Ângela 7 S.A
Enel Green Power Ventos de Santa Ângela 8 S.A
Enel Green Power Ventos de Santa Ângela 9 S.A
Enel Green Power Ventos de Santa Ângela 10 S.A
Enel Green Power Ventos de Santa Ângela 11 S.A
Enel Green Power Ventos de Santa Ângela 14 S.A
Enel Green Power Ventos de Santa Ângela 15 S.A
Enel Green Power Ventos de Santa Ângela 17 S.A
Enel Green Power Ventos de Santa Ângela 19 S.A
Enel Green Power Ventos de Santa Ângela 20 S.A
Enel Green Power Ventos de Santa Ângela 21 S.A
Enel Green Power Ventos de Santa Angela ACL 12 S.A
Enel Green Power Ventos de Santa Angela ACL 13 S.A
Enel Green Power Ventos de Santa Angela ACL 16 S.A
Enel Green Power Ventos de Santa Angela ACL 18 S.A
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information COUNTRY COMPANIES
COUNTRY COMPANIES
112.
113.
114.
115.
116.
117.
118.
119.
120.
121.
122.
123.
124.
125.
126.
127.
128.
129.
130.
131.
132.
133.
134.
135.
136.
137.
138.
139.
140.
141.
142.
143.
144.
145.
146.
147.
148.
149.
150.
151.
152.
153.
154.
155.
156.
157.
158.
159.
160.
161.
162.
163.
164.
165.
166.
167.
168.
169.
Enel Green Power Ventos de Santa Esperança 03 S.A
Colombia
Enel Green Power Ventos de Santa Esperança 07 S.A.
1.
Enel Green Power Colombia S.A.S. ESP.
Enel Green Power Ventos de Santa Esperança 08 S.A.
Enel Green Power Ventos de Santa Esperança 1 S.A.
Costa Rica
Enel Green Power Ventos de Santa Esperança 13 S.A.
Enel Green Power Ventos de Santa Esperança 15 S.A.
Enel Green Power Ventos de Santa Esperança 16 S.A.
Enel Green Power Ventos de Santa Esperança 17 S.A.
Enel Green Power Ventos de Santa Esperança 21 S.A.
Enel Green Power Ventos de Santa Esperança 22 S.A.
Enel Green Power Ventos de Santa Esperança 25 S.A.
Enel Green Power Ventos de Santa Esperança 26 S.A.
1.
2.
3.
4.
5.
6.
7.
Enel Green Power Costa Rica S.A.
PH Chucas S.A.
PH Guacino S.A.
Globyte S.A.
PH Río Volcán, S.A.
Ph Don Pedro, S.A.
Energía Global Operaciones S.R.L.
Enel Green Power Ventos de Santo Orestes 1 S.A.
Guatemala
Enel Green Power Ventos de Santo Orestes 2 S.A.
Enel Green Power Ventos de São Roque 01 S.A.
Enel Green Power Ventos de São Roque 02 S.A.
Enel Green Power Ventos de São Roque 03 S.A.
Enel Green Power Ventos de São Roque 04 S.A.
Enel Green Power Ventos de São Roque 05 S.A.
Enel Green Power Ventos de São Roque 06 S.A.
1.
2.
3.
4.
5.
6.
Enel Green Power Guatemala S.A.
Renovables de Guatemala S.A.
Generadora de Occidente Ltda.
Transmisora de Energía Renovable S.A.
Generadora Montecristo S.A.
Tecnoguat S.A.
Enel Green Power Ventos de São Roque 07 S.A.
Panamá
Enel Green Power Ventos de São Roque 08 S.A.
Enel Green Power Ventos de São Roque 11 S.A.
Enel Green Power Ventos de São Roque 13 S.A.
Enel Green Power Ventos de São Roque 16 S.A.
Enel Green Power Ventos de São Roque 17 S.A.
Enel Green Power Ventos de São Roque 18 S.A.
Enel Green Power Ventos de São Roque 19 S.A.
Enel Green Power Ventos de São Roque 22 S.A.
Enel Green Power Ventos de São Roque 26 S.A.
Enel Green Power Ventos de São Roque 29 S.A.
Enel Green Power Zeus II - Delfina VIII S.A.
Enel Green Power Zeus Sul 1 Ltda.
Enel Green Power Zeus Sul 2 S.A.
Enel Green Power Fontes II Participações S.A.
Enel Green Power Lagoa II Participações S.A.
Enel Green Power Lagoa III Participações S.A.
Enel Green Power Lagoa Participações S.A.
Enel Green Power São Gonçalo III Participações S.A.
Enel Green Power São Gonçalo Participações S.A.
Enel Green Power Ventos de Santa Esperança
Participações S.A.
Enel Soluções Energéticas Ltda.
EnelPower Ltda.
Fótons de Santo Anchieta Energias Renováveis S.A.
Isamu Ikeda
Jade Enertgia Ltda.
Parque Eólico Palmas dos Ventos Ltda.
Enel Green Power Boa Vista 01 Ltda.
Primavera Energia S.A.
Quatiara Energia S.A.
Socibe Energia S.A.
Ventos de Santa Angela Energias Renováveis S.A.
1.
2.
3.
4.
5.
6.
7.
8.
Perú
1.
2.
3.
4.
Enel Green Power Panamá S.R.L.
Enel Fortuna, S.A.
Generadora Eólica Alto Pacora S.R.L.
Llano Sánchez Solar Power One S.R.L.
Enel Solar, S.R.L.
Generadora Solar Tole S.R.L.
Jagüito Solar 10 MW, S.A.
Progreso Solar 20 MW, S.A.
Enel Green Power Perú S.A.C.
Energética Monzón S.A.C.
Empresa de Generación Eléctrica Marcona S.A.C.
Empresa de Generación Eléctrica Los Pinos S.A.C.
3.
As requested, the available summarized financial
information related to said companies to be integrated
into Enel Américas S.A. through the Merger and
which permit public access to financial information is
attached in Annex 1. The evaluators and experts who
are analyzing the operation have had access to the
information related to the relevant companies that is
not public and they will shortly have access to updated
accounting information that will allow them to complete
the preparation of their reports.
4.
For more
information we hereby attach a
presentation made available to the market on September
Ventos de Santa Esperança Energias Renováveis S.A.
22, 2020 and published on the Company's website on
Ventos de Santo Orestes Energias Renovaveis S.A.
Ventos de São Roque Energias Renováveis S.A.
Enel Green Power Aroeira 03 S.A.
Enel Green Power Aroeira 04 S.A.
Enel Green Power Aroeira 08 S.A.
the same date. Furthermore, we would like to stress that
once the evaluators´ and experts´ reports are presented
to the Board, they will be available to the market on the
Company's website
(*) A holding company in Brazil that controls and consolidates all the
companies in Brazil.
461
Annual Report Enel Américas 2020 Companies
Enel Green Power Argentina SA
Enel Green Power Brasil Participações Ltda.
Alvorada Energia S.A.
Apiacás Energia S.A.
Enel Green Power Boa Vista Eólica S.A.
Enel Green Power Cabeça de Boi S.A.
Enel Green Power Cristal Eólica S.A
Enel Green Power Cumaru 01 S.A.
Enel Green Power Cumaru 02 S.A.
Enel Green Power Cumaru 03 S.A.
Enel Green Power Cumaru 04 S.A.
Enel Green Power Cumaru 05 S.A.
Enel Green Power Damascena Eólica S.A.
Enel Green Power Delfina A Eólica S.A.
Enel Green Power Delfina B Eólica S.A.
Enel Green Power Delfina C Eólica S.A.
Companies
Enel Green Power Delfina D Eólica S.A.
Enel Green Power Delfina E Eólica S.A.
Enel Green Power Desenvolvimento Ltda.
Enel Green Power Dois Riachos Eólica S.A.
Enel Green Power Emiliana Eólica S.A.
Enel Green Power Esperança Eólica S.A.
Enel Green Power Fazenda S.A.
Enel Green Power Horizonte MP Solar S.A.
Enel Green Power Ituverava Norte Solar S.A.
Enel Green Power Ituverava Solar S.A.
Enel Green Power Ituverava Sul Solar S.A.
Enel Green Power Joana Eólica S.A.
Enel Green Power Maniçoba Eólica S.A.
Enel Green Power Modelo I Eólica S.A.
Enel Green Power Modelo II Eólica S.A.
Enel Green Power Morro Do Chapeu I Eolica S.A.
Companies
Enel Green Power Morro Do Chapeu II Eolica S.A.
Enel Green Power Mourão S.A.
Enel Green Power Paranapanema S.A.
Enel Green Power Pau de Ferro S.A.
Enel Green Power Pedra do Gerônimo Eólica S.A.
Enel Green Power Primavera Eólica S.A
Enel Green Power Salto Apiacás S.A.
Enel Green Power São Abraão S.A.
Enel Green Power Sao Goncalo 01 S.A.
Enel Green Power Sao Goncalo 02 S.A.
Enel Green Power Sao Goncalo 03 S.A.
Enel Green Power Sao Goncalo 04 S.A.
Enel Green Power Sao Goncalo 05 S.A.
Enel Green Power Sao Goncalo 06 S.A.
Enel Green Power Sao Goncalo 07 S.A.
Enel Green Power Sao Goncalo 08 S.A.
12/31/2019
Argentina
Financial
Statements Country
Individual
Consolidated Brasil
Brasil
Individual
Brasil
Individual
Brasil
Individual
Brasil
Individual
Brasil
Individual
Brasil
Individual
Brasil
Individual
Brasil
Individual
Brasil
Individual
Brasil
Individual
Brasil
Individual
Brasil
Individual
Brasil
Individual
Brasil
Individual
12/31/2019
Financial
Statements Country
Individual
Individual
Individual
Individual
Individual
Individual
Individual
Individual
Individual
Individual
Individual
Individual
Individual
Individual
Individual
Individual
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
12/31/2019
Financial
Statements Country
Individual
Individual
Individual
Individual
Individual
Individual
Individual
Individual
Individual
Individual
Individual
Individual
Individual
Individual
Individual
Individual
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Current
Assets
USD Th
-
401.738
1.256
3.673
11.159
7.485
3.571
77
73
36
57
-
4.619
12.740
8.747
3.404
Current
Assets
USD Th
9.050
10.756
2.881
5.566
3.849
2.687
3.337
7.235
4.565
6.047
7.239
2.755
5.142
3.475
2.772
14.730
Current
Assets
USD Th
17.569
2.515
7.057
2.054
6.830
4.354
7.510
11.860
608
1.146
260
205
427
440
873
212
Non-
Current
Assets
USD Th
-
3.113.729
7.199
4.987
47.997
85.958
48.450
7.928
5.674
5.384
5.662
5.001
37.569
156.685
44.527
14.548
Non-
Current
Assets
USD Th
48.804
49.098
4.808
39.091
37.061
39.510
78.386
134.130
104.585
102.151
178.668
36.276
39.336
35.715
31.338
118.945
Non-
Current
Assets
USD Th
92.621
8.123
37.171
37.016
48.913
53.089
83.914
45.776
34.817
35.856
50.444
39.230
38.185
22.657
5.412
4.649
Total
Assets
USD Th
-
3.515.467
8.455
8.661
59.155
93.442
52.021
8.005
5.747
5.420
5.720
5.001
42.188
169.425
53.274
17.952
Total
Assets
USD Th
57.854
59.854
7.689
44.657
40.910
42.197
81.723
141.365
109.150
108.198
185.906
39.031
44.479
39.190
34.109
133.674
Total
Assets
USD Th
110.191
10.638
44.227
39.070
55.743
57.443
91.424
57.637
35.426
37.001
50.703
39.435
38.611
23.097
6.285
4.861
Current
Liabilities
USD Th
-
759.848
2.362
1.775
2.645
6.229
8.864
3.310
1.388
988
1.430
1.314
4.429
20.199
3.224
829
Current
Liabilities
USD Th
3.441
3.768
3.287
3.036
2.554
4.858
7.805
13.318
11.279
12.512
24.466
2.362
3.740
4.365
3.469
16.551
Current
Liabilities
USD Th
4.064
1.014
5.443
3.817
2.708
10.478
5.477
2.678
7.995
16.320
11.521
27.403
27.533
15.251
4.148
3.208
Non-
Current
Liabilities
USD Th
-
871.655
3
3
20.509
28.555
2.585
207
223
233
222
198
17.619
65.545
21.216
5.516
Non-
Current
Liabilities
USD Th
21.860
21.822
47
1.142
530
885
18.941
18.927
53.298
53.225
81.467
811
16.344
1.080
832
2.126
Non-
Current
Liabilities
USD Th
1.765
25
0
896
672
2.130
24.688
20.461
302
330
328
330
330
302
228
282
Total
Liabilities
and Equity
USD Th
-
3.515.467
8.455
8.661
59.155
93.442
52.021
8.005
5.747
5.420
5.720
5.001
42.188
169.425
53.274
17.952
Total
Liabilities
and Equity
USD Th
57.854
59.854
7.689
44.657
40.910
42.197
81.723
141.365
109.150
108.198
185.906
39.031
44.479
39.190
34.109
133.674
Total
Liabilities
and Equity
USD Th
110.191
10.638
44.227
39.070
55.743
57.443
91.424
57.637
35.426
37.001
50.703
39.435
38.611
23.097
6.285
4.861
Revenues
USD Th
-
322.034
2.226
5.764
7.808
7.667
6.648
-
-
-
-
-
5.900
13.830
6.670
1.701
Revenues
USD Th
7.193
9.298
-
7.480
5.865
5.109
6.287
15.408
6.727
7.684
10.590
6.436
4.751
6.800
5.503
14.136
Revenues
USD Th
14.036
2.654
10.584
6.829
7.458
7.263
10.634
7.752
88
-
-
-
-
-
-
-
Equity
USD Th
(1.123)
1.883.963
6.090
6.883
36.002
58.658
40.573
4.488
4.136
4.199
4.068
3.489
20.139
83.680
28.834
11.607
Equity
USD Th
32.552
34.264
4.354
40.479
37.825
36.455
54.977
109.120
44.573
42.461
79.973
35.858
24.394
33.745
29.808
114.997
Equity
USD Th
104.361
9.599
38.784
34.357
52.363
44.835
61.259
34.499
27.129
20.351
38.854
11.702
10.747
7.544
1.908
1.371
EBIT
USD Th
-
204.211
647
3.818
4.770
2.688
3.464
(19)
(19)
(18)
(18)
(17)
2.987
5.413
3.716
832
EBIT
USD Th
3.787
6.207
73
3.750
2.348
2.368
1.719
8.097
2.277
1.690
3.076
2.995
1.908
2.841
2.429
7.958
EBIT
USD Th
9.217
2.475
7.721
3.619
3.859
4.256
3.163
4.883
(92)
(24)
(96)
(24)
(20)
(6)
(5)
(4)
Net
Income
USD Th
(2.239)
66.681
555
3.594
2.916
(348)
2.065
(19)
(19)
(18)
(18)
(17)
756
2.776
2.044
383
Net
Income
USD Th
1.951
4.306
54
3.605
2.086
2.217
(569)
5.704
1.084
556
1.217
2.830
(31)
2.586
2.184
7.490
Net
Income
USD Th
9.036
2.409
7.429
3.399
3.812
2.866
264
3.073
26
(265)
(405)
(19)
(15)
(137)
(9)
(9)
462462462
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information Companies
Enel Green Power Sao Goncalo 10 S.A.
Enel Green Power Sao Goncalo 11 S.A.
Enel Green Power Sao Goncalo 12 S.A.
Enel Green Power Sao Goncalo 21 S.A.
Enel Green Power Sao Goncalo 22 S.A.
Enel Green Power São Judas Eólica S.A.
Enel Green Power Tacaicó Eólica S.A.
Enel Green Power Ventos De Santa Ângela 01 S.A.
Enel Green Power Ventos De Santa Ângela 02 S.A.
Enel Green Power Ventos De Santa Ângela 03 S.A.
Enel Green Power Ventos De Santa Ângela 04 S.A.
Enel Green Power Ventos De Santa Ângela 05 S.A.
Enel Green Power Ventos De Santa Ângela 06 S.A.
Enel Green Power Ventos De Santa Ângela 07 S.A.
Enel Green Power Ventos De Santa Ângela 08 S.A.
Enel Green Power Ventos De Santa Ângela 09 S.A.
Companies
Enel Green Power Ventos De Santa Ângela 10 S.A.
Enel Green Power Ventos De Santa Ângela 11 S.A.
Enel Green Power Ventos De Santa Ângela 14 S.A.
Enel Green Power Ventos De Santa Ângela 15 S.A.
Enel Green Power Ventos De Santa Ângela 17 S.A.
Enel Green Power Ventos De Santa Ângela 19 S.A.
Enel Green Power Ventos De Santa Ângela 20 S.A.
Enel Green Power Ventos De Santa Ângela 21 S.A.
Enel Green Power Ventos de Santa Angela ACL 16 S.
Enel Green Power Ventos de Santa Esperança 13 S.A.
Enel Green Power Ventos de Santa Esperança 15 S.A.
Enel Green Power Ventos De Santa Esperança 16 S.A.
Enel Green Power Ventos de Santa Esperança 17 S.A.
Enel Green Power Ventos de Santa Esperança 21 S.A.
Enel Green Power Ventos de Santa Esperança 22 S.A.
Enel Green Power Ventos de Santa Esperança 26 S.A.
Companies
Enel Green Power Zeus II Delfina VIII Eólica S.A.
Enel Soluções Energéticas Ltda.
Isamu Ikeda Energia S.A.
Primavera Energia S.A.
Quatiara Energia S.A.
Socibe Energia S.A.
Energia Y Servicios South America Spa
Enel Green Power Colombia SAs Esp
Enel Green Power Costa Rica
Ph Chucas SA
Enel Green Power Guatemala SA
Renovables De Guatemala SA
Transmisora De Energia Renovable SA
Enel Green Power Panama SA
Enel Green Power Perú SA
12/31/2019
Financial
Statements Country
Individual
Individual
Individual
Individual
Individual
Individual
Individual
Individual
Individual
Individual
Individual
Individual
Individual
Individual
Individual
Individual
12/31/2019
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Financial
Statements Country
Individual
Individual
Individual
Individual
Individual
Individual
Individual
Individual
Individual
Individual
Individual
Individual
Individual
Individual
Individual
Individual
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
Brasil
12/31/2019
Current
Assets
USD Th
248
147
191
283
301
4.511
2.738
80
24.448
7
2
5
3
54
139
7
Current
Assets
USD Th
6
4
27
6
3
2
3
6
4
229
225
4.470
377
13
37
4
Financial
Statements Country
Brasil
Individual
Brasil
Individual
Brasil
Individual
Brasil
Individual
Brasil
Individual
Brasil
Individual
Consolidated Chile
Individual
Individual
Individual
Individual
Individual
Individual
Individual
Individual
Current
Assets
USD Th
6.816
1.135
8.213
4.934
1.289
10.512
-
Colombia
-
Costa Rica -
Costa Rica -
Guatemala -
Guatemala -
Guatemala -
-
Panama
-
Perú SA
Non-
Current
Assets
USD Th
34.667
7.771
3.723
24.265
35.710
46.639
23.972
29.679
35.496
24.884
24.801
23.888
23.586
18.289
18.192
13.293
Non-
Current
Assets
USD Th
24.155
31.875
42.673
14.617
19.234
13.586
15.140
17.894
3.652
4.137
5.970
3
4.559
4.789
4.793
6.608
Non-
Current
Assets
USD Th
35.306
12.809
11.900
16.478
3.551
3.750
-
-
-
-
-
-
-
-
-
Total
Assets
USD Th
34.915
7.918
3.913
24.548
36.011
51.150
26.710
29.759
59.944
24.891
24.803
23.893
23.590
18.343
18.331
13.299
Total
Assets
USD Th
24.161
31.880
42.700
14.623
19.237
13.588
15.144
17.900
3.655
4.366
6.195
4.473
4.936
4.803
4.830
6.612
Total
Assets
USD Th
42.122
13.944
20.113
21.412
4.841
14.262
-
-
-
-
-
-
-
-
-
Current
Liabilities
USD Th
24.514
3.390
3.058
9.586
11.405
8.926
1.906
16.236
10.342
3.430
3.839
14.613
17.212
12.300
11.597
5.233
Current
Liabilities
USD Th
3.773
9.054
22.473
9.731
8.279
9.917
12.164
13.256
802
974
775
701
840
763
765
2.560
Current
Liabilities
USD Th
6.323
2.779
2.334
6.121
660
6.892
-
-
-
-
-
-
-
-
-
Non-
Current
Liabilities
USD Th
330
228
228
330
330
2.158
596
284
300
292
282
307
296
219
273
401
Non-
Current
Liabilities
USD Th
362
364
502
390
432
259
291
251
274
-
-
-
-
-
-
-
Non-
Current
Liabilities
USD Th
958
209
57
23
43
-
-
-
-
-
-
-
-
-
-
Total
Liabilities
and Equity
USD Th
34.915
7.918
3.913
24.548
36.011
51.150
26.710
29.759
59.944
24.891
24.803
23.893
23.590
18.343
18.331
13.299
Total
Liabilities
and Equity
USD Th
24.161
31.880
42.700
14.623
19.237
13.588
15.144
17.900
3.655
4.366
6.195
4.473
4.936
4.803
4.830
6.612
Total
Liabilities
and Equity
USD Th
42.122
13.944
20.113
21.412
4.841
14.262
-
-
-
-
-
-
-
-
-
Revenues
USD Th
-
-
-
-
44
7.023
4.381
-
-
-
-
-
-
-
-
-
Revenues
USD Th
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Revenues
USD Th
6.573
1.275
8.424
8.722
920
6.076
-
-
-
-
-
-
-
-
-
EBIT
USD Th
(20)
(4)
(5)
(153)
(143)
3.716
2.121
(21)
(10)
(17)
(22)
(29)
(22)
(16)
(15)
(19)
EBIT
USD Th
(20)
(30)
(164)
(18)
(20)
(15)
(18)
(44)
(9)
(8)
(7)
(0)
(7)
(0)
(0)
(0)
EBIT
USD Th
2.478
109
5.578
6.058
(236)
4.820
-
-
-
-
-
-
-
-
-
Equity
USD Th
10.071
4.300
627
14.632
24.275
40.066
24.208
13.239
49.303
21.169
20.682
8.973
6.081
5.823
6.461
7.665
Equity
USD Th
20.026
22.461
19.725
4.503
10.526
3.413
2.689
4.393
2.579
3.392
5.420
3.772
4.096
4.039
4.064
4.052
Equity
USD Th
34.842
10.955
17.722
15.268
4.137
7.370
400.929
75.244
143.750
120.166
(1.123)
345.899
34.815
165.088
96.582
Net
Income
USD Th
(37)
(12)
(16)
(207)
(84)
2.295
2.006
(34)
(116)
(169)
(177)
26
21
19
22
42
Net
Income
USD Th
(39)
(299)
(204)
43
160
29
26
(8)
11
(8)
(7)
(0)
(8)
(0)
(0)
(0)
Net
Income
USD Th
1.024
83
5.306
5.770
(359)
4.764
(6.738)
(4.492)
6.738
(10.107)
-
1.123
1.123
34.815
3.369
463
Annual Report Enel Américas 2020 Merger of EGP Américas’ Assets
Transaction description
September 22nd, 2020
Américas
Enel Américas Investor Relations
Enel Américas recent history
The Proposed Transaction paves the way for a new growth phase
Américas
Enel Dx Goiás
1. Price: US$ 720 mn
2. Clients: 2.9 mn
3. Location: State of Goiás
Volta Grande acquisition
1. Price: US$ 445 mn
2.
Installed capacity: 380 MW
3. Location: State of Minas Gerais
2016
2017
2018
2019
Business
reorganization in
Latam
Américas
Purchase of 7.5%
stake in Enel Dx
Perú from minorities
Price: US$ 80 mn
Enel Dx Sao Paulo
1. Price: US$ 2.4 bn
2. Clients: 7.2 mn
3. Location: Sao Paulo
US$ 3bn Capital
Increase: Financial
flexibility
improvement
Merger becomes
effective
Accelerating the energy
transition
Q4
2020
Q2
2021
Shareholders' Meeting
of Enel Américas to
vote on the merger of
EGP Américas into
Enel Américas
Consolidation of distribution business
New Growth phase
2
464464464
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information Proposed Transaction
Merger of EGP assets in Central and South America ex Chile in Enel Américas
Américas
Current situation
Post transaction
100%
65%
Other
shareholders
35%
100%
100%
100%
100%
100%
100%
51%
ARGENTINA
BRAZIL
COLOMBIA
PERU
COSTA RICA
GUATEMALA
PANAMA
Américas
100%(1)
100%
49%(2)
100%
ARGENTINA
BRAZIL
COLOMBIA
PERU
100%
100%
100%
100%
100%
100%
51%
BRAZIL
COLOMBIA
PERU
COSTA RICA
GUATEMALA
Distribution
Generation
Hydro
Renewables
PANAMA
Other
shareholders
>65%
<35%
Américas
ARGENTINA
100%(1)
100%
49%(2)
100%
ARGENTINA
BRAZIL
COLOMBIA
PERU
1.
2.
0,08% is owned by Enel Gx Chile
100% Consolidated. No existing subholding
3
Transaction rationale
Enel Américas would be fully integrated along the power value chain
Américas
Accelerate Enel Américas’ positioning within energy transition
Consolidate Enel Américas as a leading power utility in Central and South America
Diversify the asset portfolio of Enel Américas both by geography and generation technology
Américas
Access to the know-how and track record of EGP, global leader in renewable development
Provide a clear path to organic growth in renewable power generation
Preserve the financial flexibility and discipline of the Enel Américas’ Group to further acquisitions
4
465
Annual Report Enel Américas 2020 Transaction perimeter
EGP Américas manages a portfolio of c. 5.1 GW assets, in operation or in execution…
Américas
MW in operation
Guatemala
Installed capacity
164MW
Colombia
Installed capacity
86MW
Peru
Installed capacity
312MW
PV Solar
Wind
Hydro
Source: ENEL 1H 2020 results
1. Does not include Argentina as the Pampa project (100 MW wind power) has been postponed
2.
Includes Fortuna, Hydro plant (300 MW)
Costa Rica
Installed capacity
81MW
Panama
Installed capacity(2)
362MW
Brazil
Installed capacity
1,872MW
Total Estimated Capacity: 5.1 GW
In Operation: 2.9 GW
Projects in Execution(1): 2.2 GW
5
Generation mix post-Transaction
…which will reposition Enel Américas within the energy transition
MW in operation post –Transaction
Peru
8%
6%
34%
2.3
GW
52%
Argentina
30%
4.4
GW
70%
Central America(1)
10%
0.6
GW
90%
Colombia
2%
11%
3.6
GW
86%
Brazil
10%
3.2
GW
39%
27%
24%
Conventional Gx(2)
Hydro
Wind
PV Solar
1.
2.
3.
Includes Panamá, Costa Rica and Guatemala
Includes oil & gas, CCGT and coal
Includes MW in operation (2.9 GW) and projects in execution (2.2 GW)
Pre
11.3
GW
45%
Post(3)
31%
16.4
GW
55%
69%
55% emission free
c. 70% emission free
Accelerate and facilitate the
decarbonization path
Extract synergies and minimize
operational and financial risk
More sustainable generation mix and
business model going forward
6
466466466
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information Growth profile going forward
Future growth strongly supported by EGP Américas’ asset base and capabilities to build a
large pipeline
GW of Installed Capacity
Enel Américas’
Strategic Plan 2020-22
+0%
+45%
2.2
2.9
11.3
11.3
16.4
EAM 2019
EAM 2022
EGP
In Operation
EGP
In Execution
EAM Post
Transaction
1. As per Enel 1H 2020 results presentation. It includes pipeline in Brazil, Colombia, Peru and Panama
Américas
c.12-13
(1)
EGP Pipeline
A large Pipeline will
fuel future installed
capacity growth
7
Transaction indicative milestones
The Transaction will be treated as a Related Party Transaction under Chilean Law
Américas
Related Party Transaction Process
45 days
21 Sep
1
Board of Directors of Enel
Américas
the
Related Party Transaction
and appoints:
launches
Independent evaluators
Appraiser for the Merger
2
Independent evaluators and
appraisers present their
reports:
Corporate interest
Market terms and conditions
4
EGM votes on the merger
Related Party Transaction:
2/3 of the share capital
Bylaws amendment: 75%
of the share capital
Mid Nov
End Dec
3
Board of Directors of Enel Américas
summons EGM to approve the merger:
Takes note of the reports from evaluators,
independent directors and
Committee of
appraiser and individual directors opinions
Pro-forma
financial
statements
as
of
September 30, 2020 for merger
Proposal of final terms and conditions for the
Merger is defined
30 days withdrawal right period
Shareholders who voted against or did not
vote could exercise a withdrawal right at a
price calculated as the weighted-average
price of the shares of Enel Americas in the
60 trading days preceding the 30 trading
days prior to the date of the EGM that
voted on the merger
The Transaction is targeted for completion in Q2 2021
8
467
Annual Report Enel Américas 2020 Merger of EGP Américas’ Assets
Disclaimer
Américas
Important Legal Information
This presentation does not constitute an offer to sell securities and is not soliciting an offer to buy any securities in any jurisdiction.
This presentation should in no way be deemed to be an offer or an invitation to participate in the proposed merger described in this presentation. Such
transaction is subject to certain corporate, shareholder and regulatory approvals and to corporate and securities laws and other regulations applicable in Chile,
the United States of America and other relevant jurisdictions.
Forward-Looking Statements
This presentation contains statements that may constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements appear throughout this presentation and include statements regarding the intent, belief or current expectations of Enel
Américas and its management with respect to, among other things: (i) Enel Américas’ business plans, including the proposed merger; (ii) trends affecting Enel
Américas’ financial condition or results of operations, including market trends in the electricity sector in Argentina, Brazil, Colombia and Peru; (iii) the impact of
competition and regulation in the electricity sector in Argentina, Brazil, Colombia and Peru; (iv) political and economic conditions in the countries in which Enel
Américas and its affiliates operate; and (v) other statements included in this presentation regarding matters that are not historical facts. Such forward-looking
statements are not guarantees of future performance and involve certain risks and uncertainties. Actual results may differ materially from those provided in the
forward-looking statements as a result of various risks and uncertainties, including those described in Enel Américas’ Annual Report on Form 20-F filed with
the U.S. Securities and Exchange Commission.
Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the dates they were made. Neither Enel
Américas nor any of its affiliates 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.
For all these forward-looking statements, Enel Américas claims the protection of the safe harbor for forward-looking statements contained in the U.S. Private
Securities Litigation Reform Act of 1995.
Merger of EGP Américas’ Assets
Contact us
9
Américas
Contacts
Email: ir.enelamericas@enel.com
Channels
Américas
Website
www.enelamericas.com
Mobile App
Enel Américas Investors
Download App
iOS
Android
Thank you.
Rafael de la Haza
Head of Investor Relations
Investor Relations team
Jorge Velis
Javiera Rubio
Nicolás Gracia
Francisco Basauri
Gonzalo Juárez
María Luz Muñoz
468468468
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information • On November 6, 2020, the following was reported as a
Finally, on Friday, November 13, a presentation will be made
Significant Event:
regarding the reports referred to in this Significant Event, as
well as the other matters related to the Merger Operation, to
As approved by the Board of Directors of Enel Américas
which all local and foreign investors, shareholders, and the
S.A. (“Enel Américas” or the “Company”) and having been
market in general will have access. Details about how to view
received on November 6, 2020, the following reports
the presentation, the conference schedule, and a copy of the
related to the merger through which Enel Américas S.A. will
presentation will be available to all interested parties in due
absorb EGP Américas SpA and, consequently, incorporate
course on the company's website: www.enelamericas.com.
the generation subsidiaries of unconventional renewable
energy that Enel Green Power (Italy) owns in Central and
• On November 12, 2020, the following was reported as a
South America (except Chile), hereinafter the “Merger
Significant Event:
Operation.” The subject of the Significant Events issued
by the Company on September 21, 2020, and October
The Board of Directors of Enel Américas S.A. (“Enel
9 and October 28, 2020, is now made available to the
Américas” or the “Company”) unanimously agreed, in an
shareholders:
extraordinary session held on November 12,2020, to call for
an extraordinary shareholders meeting of Enel Américas to
(i)
Final Report issued by the independent evaluator
be held on December 18, 2020, (the “Meeting”) at 10 a.m. in
appointed by the Board of Directors of Enel Américas,
Santa Rosa 76, Santiago, Chile.
Banco Santander, regarding the conditions of the Merger
Operation, its effects, and its potential impact on Enel
Notwithstanding the above, to permit the shareholders
Américas.
to participate and vote virtually, the Board of Directors of
Enel Américas agreed to implement systems that comply
(ii)
Final Report issued by the independent evaluator
with the General Standard No. 435 and Circular Letter
appointed by the Directors Committee of Enel Américas,
No. 1,141 issued by your Commission. The calls for the
Banchile Asesoría Financiera S.A.,
regarding
the
Meeting and Enel Américas’ website (www.enelamericas.
conditions of the Merger Operation, its effects, and its
com) will provide further information on how to access and
potential impact on Enel Américas.
participate remotely in the Meeting.
(iii)
Final Report issued by Mr. Pablo D'Agliano, an
The matters to be submitted for the information and
independent expert appointed by Enel Américas, in
decision of the Meeting, as relevant, shall be as follows:
relation to the value of Enel Américas and EGP Américas
SpA, the companies to be merged, and the relation of
1. Merger. Pursuant to the terms of Title IX of Law No. 18.046
the share redemption of the aforementioned companies
on Limited Liability Corporations and paragraph 3 of Title
and the corresponding proforma balance sheet, within
IX of the Regulations of Limited Liability Corporations,
the framework of the Merger Operation.
to approve the operation consisting of the merger by
incorporation of EGP Américas SpA ("EGP Américas") into
Likewise, we have taken notice of the Final Report issued
Enel Américas (the "Merger"), whose aim it will be to allow
by Mr. David Jana, an independent expert appointed by EGP
Enel Américas to control and consolidate the ownership
Américas SpA, related to the value of Enel Américas and
of the business and the unconventional renewable
EGP Américas SpA, the companies to be merged, and the
energy generation assets that Enel Green Power S.p.A.
relation of the share redemption of the aforementioned
uses and owns in Central and South America (except
companies and the corresponding proforma balance sheet.
Chile). The Merger, the associated capital increase, the
This report has been obtained from the EGP Américas SpA
exchange ratio, the information used as the basis of the
website: https://www.enelgreenpower.com/es/paises/egp-
operation, and the specific terms and conditions of the
americas, where it is published.
merger are described in the document entitled "Terms
and Conditions of the Merger."
Copies of the aforementioned documents will be available
today at the disposal of the shareholders on the Company's
The exchange ratio will be 0.43 Enel Américas’ shares for
website, www.enelamericas.com and in the Company´s
each EGP Américas’ share, or other amount established
offices located at Santa Rosa 76, 15th floor, Santiago, Chile,
at the Meeting within the range of 0.41 and 0.45 Enel
corresponding to the Investor Relations Management
Américas shares for each EGP Américas share; in all
department.
cases, without considering share fractions.
469
Annual Report Enel Américas 2020
Therefore to complete the Merger, the Company
e) Collective Pronouncement of the Board of Directors
proposes to issue up to 32,717,113,745 new Enel Américas
of Enel Américas;
shares, or other amount established at the Meeting based
f) Terms and Conditions of the Merger, drawn up
on the foregoing, all of which shall be fully subscribed
in accordance with Article 155 letter (a) of the
and paid from the incorporation of EGP Américas’ assets
Regulations of Limited Liability Corporations, and
on the date on which the Merger is finalized. The newly
g) Individual opinions of Enel Américas directors, all
issued shares will be allocated in full to the shareholder(s)
of which have been received by Enel Américas on
of EGP Américas, in accordance with the exchange ratio
the same date and are available at the company’s
established at the Meeting, expressly permitting the
corporate office and the website indicated above.
Board of Directors to issue the new shares resulting from
the referred to capital increase.
3. Amendment of Enel Américas’ Bylaws. To approve
the following amendments to Enel Américas’ bylaws: (i)
The above is without prejudice to the capitalizations
eliminate the limitations and restrictions established
or adjustments that correspond to the share capital in
in the bylaws for the application of Title XII of Decree
accordance with the law, including the capitalization of
Law No. 3,500 issued in 1980 and, in particular, the
the higher value obtained from the placement of issued
limitation that indicates that a shareholder cannot
shares agreed upon at the extraordinary shareholders
concentrate more than 65% of Enel Americas’ voting
meeting held on April 30, 2019.
capital. Notwithstanding the foregoing, all articles will
remain in force regarding the existence and approval
The agreements taken at the Meeting in relation to this
of the Investment and Financing Policy. Consequently,
point shall be subject to the compliance with any and all
the Company proposes to remove from the Company’s
conditions precedent set out in the document referred
bylaws articles First Bis, Fifth Bis, Ninth Bis, Fourteenth
to as "Terms and Conditions of the Merger" and shall
Bis, Twenty-fourth Bis and Twenty-seventh Bis, and to
become effective on the date indicated in that document
modify articles Twentieth, Twentieth Bis, Thirty-sixth,
for this purpose.
Thirty-seventh and Forty-third; (ii) to reflect the merger
agreements, replacing for this purpose Transitional
2. Operations with Related Parties. Pursuant to the
Articles Fifth and First of the bylaws; and (iii) to consolidate
terms of Title XVI of Law No. 18,046 on Limited Liability
the text of Enel Américas’ bylaws, incorporating the
Corporations, to approve the Merger as a related-party
above-mentioned amendments, as well as others that
transaction. The above, taking into consideration the
may be agreed upon on at the Meeting. The agreements
following information to be used as the basis of the
taken at the Meeting on this point shall become effective
operation and which, before this date or from this date,
together with the Merger.
has been made available to the shareholders at the
company’s corporate office (Santa Rosa 76, Floor 15
4. Other Necessary Agreements and Powers of Enel
(Investment Management), Santiago de Chile) and on the
Americas’ Board of Directors. To adopt any other
website of Enel Américas (www.enelamericas.com):
agreements that might be necessary or relevant,
amongst others, to legalize and implement the above-
a) Financial statements of Enel Américas and EGP
mentioned amendments. In addition, to permit the Board
Américas as of September 30, 2020, both duly
of Directors of Enel Américas to carry out all actions that
audited by KPMG, their external auditors;
are necessary or relevant in the context of the Merger,
b) Expert reports prepared by independent experts
the Related-Party Transaction, and Bylaw Amendments
appointed, respectively, by Enel Américas and EGP
as indicated, including requesting the recording of the
Américas specifically for the purpose of the Merger;
actions representative of the capital increase in the
c) Two reports prepared by independent evaluators
Securities Register of the Financial Market Commission
appointed, respectively, by the Board and the
and, in general, to complete all other actions related to
Directors Committee of Enel Américas;
the Merger, both in Chile and abroad, with broad powers.
d) Collective Pronouncement of
the Directors
Committee of Enel Américas;
470470470
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information 5. Information about other related-party transactions.
• On December 01, 2020, the following was reported as a
To inform shareholders of agreements related to other
Significant Event:
operations with Related Parties referred to in Title XVI of
Law No. 18,046 on Limited Liability Corporations other
In relation to the merger through which Enel Américas
than the Merger, completed during the period since the
will absorb EGP Américas SpA and
incorporate the
last Enel Américas’ shareholders meeting indicating the
unconventional renewable energy generation subsidiaries
Directors who approved them.
that Enel Green Power (Italy) owns in Central and South
America
(except Chile), as of today the Company's
• On November 26, 2020, the following was reported as a
management has published a presentation on the
Significant Event:
Company´s website www.enelamericas.com, providing
additional information regarding the proposed operation
In its session held on November 26, 2020, the Board of
and making it available to our shareholders and the market
Directors of Enel Américas, agreed to distribute an interim
in general.
dividend of US$ 0.000959327860769386 per share. Said
amount corresponds to 15% of the net income of the
• On December 17, 2020, the following was reported as a
Company as of September 30, 2020, determined based on
Significant Event:
the Financial Statements of the Company as of said date.
The aforementioned dividend will be paid in Chilean pesos,
Securities Market Law No. 18,045, and as established under
the legal currency, converted according to the Observed
General Norm No. 30 of the Financial Market Commission,
Dollar exchange rate published in the Official Gazette on
I, duly authorized, hereby inform you in the attached
In accordance with articles 9 and 10, paragraph two, under
January 22, 2021.
Significant Event of a letter sent today by our parent
company, Enel SpA, where said Company reports its plan to
This dividend will be paid beginning January 29, 2021, to all
launch a voluntary public offer for the acquisition of shares
shareholders of record at midnight of the fifth business day
and American Depositary Shares ("ADS") of Enel Américas
prior to the indicated date.
for up to a maximum of 10% of its current share capital. The
public offer for the acquisition of shares will be launched at
The publication of the dividend announcement shall be
the price of 140 Chilean pesos per share (or its equivalent in
made in the newspaper El Mercurio de Santiago, on January
US dollars at the time of payment in the case of the ADSs).
15, 2021.
• On November 26, 2020, the following was reported as a
shareholders the opportunity to sell their shares at
The public offer for the acquisition of shares offers
Significant Event:
a price higher than 109.79 Chilean pesos per share
which, in accordance with the law, Enel Américas must
The Board of Directors of Enel Américas S.A. ("Enel
offer shareholders who decide to exercise their right of
Américas" or the "Company"), in an ordinary session held
withdrawal at the time of the merger.
on November 26, 2020, unanimously agreed to update the
document entitled "Terms and Conditions of the Merger"
As indicated by Enel SpA in the accompanying letter,
regarding the fulfillment of the conditions precedent to
the public offer for the acquisition of shares will not be
carry out the merger and preserve the value between
launched if the merger by incorporation of EGP Américas
the companies to be merged. Accordingly, the Board has
S.p.A. into Enel Américas and the amendment of the Enel
requested the updated version of said document to be
Américas´ bylaws do not become valid before December
uploaded to the company's website, www.enelamericas.
31, 2021.
com, making it available to shareholders and the market
in general.
Further details can be found in the above-mentioned letter,
which is attached.
471
Annual Report Enel Américas 2020 INTERNAL
Administrator Delegato e Direttore Generale
Viale Regina Margherita 137-00198 Roma
T + 39 0683054665
Enel-Cor-17/12/20-0025166
Enel Américas S.A.
Santa Rosa 76
Santiago
Chile
Rome
Borja Acha December 17, 2020
For the attention of Francisco de
Chairman
Dear Mr. Chairman,
Regarding the integration process in Enel Américas S.A. ("Enel Américas") of Enel SpA's ("Enel")
business in the unconventional renewable energy sector in Central and South America, except
Chile, I hereby would like to inform you that Enel has decided to make available a liquidity
mechanism to minority shareholders who wish to reduce their stake in Enel Américas as a result of
the above-mentioned process on better terms than those offered to dissident shareholders by their
right to withdrawal.
To this end, and in the event that all the agreements submitted for the approval of the Extraordinary
Shareholders' Meeting of Enel Américas on December 18, 2021 are approved and the other
conditions precedent which the merger of Enel Américas and EGP Américas SpA is subject to,
pursuant to the document entitled "Merger Terms and Conditions", Enel would make a public share
acquisition offer, in relation to all Enel Américas´ shares and American Depositary Shares
("ADSs"), for the acquisition of shares that represent up to a maximum of 10% of its current share
capital. The public share acquisition offer would be priced at 140 Chilean pesos per share (or its
equivalent in US dollars at the time of payment in the case of ADSs). The public share acquisition
offer would become effective immediately after the merger is concluded and would be subject to
the compliance with all the requirements stemming from Chilean and US regulations and others
that might apply.
This commitment shall subsequently lose its value and effect if the merger of Enel Américas and
EGP Américas SpA and the amendment of Enel Américas´ bylaws is not carried out by December
31, 2021 under the terms approved at said Extraordinary Shareholders' Meeting.
Finally, I would kindly request that the content of this letter is duly made public and disseminated
in order to become known to all Enel Américas shareholders and other interested parties.
Yours truly
Francesco Starace
Enel SpA – Sede Legale: 00198 Roma, Viale Regina Margherita 137 – Registro Imprese di Roma e Codice Fiscale 00811720580 –
R.E.A. 756032
Partita IVA 00934061003 – Capitale sociale Euro 9.403.357.795 i.v.
472472472
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
• On December 18, 2020, the following was reported as a
In order to carry out the Merger, the Meeting approved
Significant Event:
increasing Enel Américas’ capital by US$6,036,419,845,
by issuing 31,195,387,525 new common registered shares,
At an Extraordinary Shareholders Meeting held today
all of the same series and with no par value, which will be
(the “Meeting”), the ' 'Company's shareholders approved
fully subscribed and paid from the incorporation of the
the merger by incorporation of EGP Américas SpA (“EGP
assets of EGP Américas, as an absorbed company, once
Américas”) into Enel Américas (the “Merger”). As a result,
the Merger becomes effective. For this purpose, 0.41 Enel
Enel Américas will acquire all the assets and liabilities of
Américas shares shall be awarded for each EGP Américas
EGP Américas and succeed in all its rights and obligations.
share belonging to the sole shareholder of the latter,
It will allow the Company to control and consolidate
without considering share fractions.
the ownership of the business and the unconventional
renewable energy generation assets that Enel Green
Finally, pursuant to article 69 of Law No. 18.046 on Limited
Power S.p.A. uses and owns in Central and South America
Liability Corporations, shareholders who do not agree with
(except Chile). Furthermore, the Merger was approved as
the Merger Agreement shall have the right to withdraw
an operation with related parties governed by Title XVI of
from Enel Américas, prior payment by the last of the
the Law on Limited Liability Corporations. In addition, all
value of their shares. The details on how to exercise the
proposed statutory changes to make the Merger feasible
right of withdrawal, its price and the methods of payment
were approved, including the elimination of articles under
of the price will be informed in a notification published
Title XII of Decree Law 3,500, particularly the article that
in El Mercurio, a Santiago newspaper, and on Enel
establishes that a shareholder may not concentrate more
Américas’ website (www.enelamericas.com). In addition,
than 65% of the voting capital in Enel Américas, with the
it will be informed to all entitled shareholders by written
exception of those related to the Investment and Financing
communication delivered to the domicile registered with
Policy that, as proposed by the Board of Directors, shall
Enel Américas.
remain in force. The aforementioned statutory amendments
shall become effective together with the Merger.
• On December 21, 2020, the following was reported as a
Significant Event:
The Merger
is subject to compliance with certain
conditions precedent agreed by the Board, detailed in the
In relation to the Merger by incorporation through which
Merger Terms and Conditions available on the Company’s
Enel Américas shall acquire the ownership and control
website: www.enelamericas.com. Once compliance with
of the unconventional renewable energy generation
the approved conditions precedent has been verified,
subsidiaries that its related company, Enel Green Power,
Enel Américas and EGP Américas will issue the same and
owns
in Central and South America
(except Chile),
unique declarative public deed, announcing compliance
hereinafter the Merger, which was approved by Enel
with these conditions (the “Public Deed of Compliance
Américas’ shareholders at the Extraordinary Shareholders
with Merger Conditions”), which must be recorded in
Meeting held on December 18, 2020, at 10 a.m., we have
addition to the corporate registration of EGP Américas and
been informed that the Shareholders Meeting of EGP
Enel Américas in the Commerce Register of the Santiago
Américas SpA ("EGP Américas"), held on December 18, 2020,
Property Registration Administrator. The Merger shall
at 2:15 p.m., approved the Merger under the same terms
become effective on the first day of the month following the
as those approved by the shareholders of Enel Américas
date on which the Public Deed of Compliance with Merger
S.A. as published on the company’s website, https://www.
Conditions is issued, unless the Public Deed of Compliance
enelgreenpower.com/es/paises/egp-americas.
with Merger Conditions is issued after March 31, 2021,
in which case the date on which the Merger becomes
effective shall be the day following the date of issuing the
Public Deed of Compliance with Merger Conditions.
473
Annual Report Enel Américas 2020
Codensa
Colombian distribution company that operates mainly in
Bogota and is controlled by us.
COES
Comité de Operación Económica del Sistema. Peruvian
entity responsible for coordinating the efficient operation
and dispatch of generation units to meet demand.
Costanera
Enel Generación Costanera S.A. Argentine generation
company, Public Limited Company controlled by us.
Formerly known as Endesa Costanera.
CREG
Energy and Gas Regulatory Commission Colombian
Commission responsible for energy and gas regulation.
CTM
Compañía de Transmisión del Mercosur S.A. Argentine
transmission company and subsidiaries of Enel Brasil.
DCV
Central Securities Deposit of Chile.
Dock Sud
Central Dock Sud S.A. Argentine generation company and
our subsidiary.
Edesur
Empresa Distribuidora del Sur S.A. Argentine distribution
company, with a concession area in the southern area
of the metropolitan area of Greater Buenos Aires; our
subsidiary.
El Chocón
Enel Generación El Chocón S.A. Argentine generation
company, owner of two hydroelectric plants, El Chocón
and Arroyito, both located on the Limay River, Argentina,
and our subsidiary. Formerly known as Hidroeléctrica El
Chocón S.A.
Glossary
AFP
Pension Fund Manager. A legal entity that manages a
Chilean pension fund.
ANEEL
Brazilian state agency for electricity management.
BNDES
National Bank for Economic and Social Development is the
main development agent in Brazil, focused on sustainable
social and environmental development.
Cachoeira Dourada
Enel Green Power Cachoeira Dourada S.A. A Brazilian
generating company owned by Enel Brasil, formerly
Centrais Elétricas Cachoeira Dourada S.A.
CAMMESA
Compañía Administradora del Mercado Mayorista Eléctrico
S.A. Argentine autonomous entity irresponsible for the
operation of the Wholesale Electricity Market, or MEM.
CAMMESA shareholders are generation, distribution and
transmission companies, large users, and the Ministry of
Energy.
CCEE
Electricity marketing chamber or clearing house in Brazil.
Chilean Stock Exchanges
The two main stock exchanges in Chile: the Santiago Stock
Exchange and the Chilean Electronic Exchange.
Cien
Enel CIEN S.A. Brazilian transmission company, wholly
owned by Enel Brasil, our subsidiary, formerly Companhia
de Interconexcao Energética S.A.
CND
Centro Nacional de Despacho Colombiano, responsible
for coordinating the efficient operation and dispatch of
generation units to meet demand.
474474474
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information Emgesa
Colombian generation company controlled by us.
Enel Generación Perú
Peruvian Public Limited Company in the generation sector
Enel
Italian energy company with multinational operations in
the energy and gas markets. As of December 31, 2020, it
Enel Generación Piura
Peruvian Public Limited Company dedicated to electricity
owned 61.5% of Enel Américas ' share capital. Enel is our
generation and our subsidiary. Formerly Empresa Eléctrica
parent company.
de Piura S.A. o EEPSA.
and our subsidiary, formerly Edegel S.A.A.
Enel Américas
Public Limited Company incorporated under the laws of
Enel Trading Argentina
Energy trading company, with operations in Argentina
the Republic of Chile and based in Chile. It has subsidiaries
and our subsidiary, formerly Central Comercializadora de
mainly dedicated to the generation, transmission, and
Energía S.A. or CEMSA.
distribution of electricity in Argentina, Brazil, Colombia, and
Peru. Controlled by Enel, the entity presenting this report, it
was formerly known as Enersis S.A.
Enel X
Enel's Dvision, which seeks to meet the needs of customers
through four lines of business: e-City, e-Home, e-Industries,
Enel Brasil
Brazilian holding company and our subsidiary, formerly
e-Mobility.
Endesa Brasil S.A.
Enel Distribución Ceará
Name of Brazilian distribution company, which operates in
the state of Ceará, controlled by Enel Brasil, our subsidiary.
Its current trade name is Companhía Energética Do Ceara-
Coelce .
Enel Distribución Goiás
Name of a Brazilian distribution company that operates a
concession in the state of Goiás, owned by Enel Brasil, our
subsidiary. Its current trade name is Celg Distribucao S.A.-
Celg D.
Enel Distribución Perú
Public Limited Company in the distribution sector in Peru
with a concession area in the northern sector of Lima, and
our subsidiary, formerly Empresa de Distribución Eléctrica
de Lima Norte S.A. or Edelnor.
Enel Distribución Rio
Ampla Energia e Serviços S.A. Public Limited Company in
the Brazilian distribution sector operating in Rio de Janeiro,
owned by Enel Brasil, and our subsidiary. Its current trade
name is Enel Distribución Rio.
ENRE
Ente Nacional Regulador de
la Electricidad. National
regulatory authority for the Argentine energy sector.
FONINVEMEM
Fund for Necessary Investments to Increase the Supply
of Electricity in the Wholesale Electricity Market. It is an
Argentine Fund created to increase the electricity supply
in the MEM.
FMC
Comision de Mercado Financiero - Financial Market
Commission
for
the Chilean Financial Market, a
government entity that audits public limited companies,
banks, securities, and the insurance business. It replaced
the Superintendency of Securities and Insurance.
Fortaleza
Central Generadora Termoelétrica Fortaleza S.A.
is a
Brazilian generation company operating in the state of
Ceará. Enel Brasil, our subsidiary wholly owned by Fortaleza.
Currently, its trade name is Enel Generación Fortaleza.
LNG
Liquid Natural Gas
475
Annual Report Enel Américas 2020 MEM
Wholesale Electricity Market of Argentina, Colombia, and
SEE
Secretaría de Energía Eléctrica is the Argentine Ministry
Peru.
MINEM
Ministry of Energy and Mines.
NCRE
Non-conventional Renewable Energy. Energy sources that
are continuously recharged by natural processes, such
as wind energy, biomass, mini hydroelectric, geothermal,
solar, or tidal.
OEF
Firm Energy Obligation
of Energy and Mining manages the electricity industry
through the Ministry of Electricity.
SEIN
Sistema Eléctrico Interconectado Nacional Peru's national
interconnected electrical system.
SENACE
Servicio Nacional de Certificación Ambiental para las
Inversiones Sostenibles
is the autonomous Peruvian
environmental certification
service
for
sustainable
investments that depends on the Peruvian Ministry of
refers
to
firm energy
Environment.
commitment of Colombian generators to guarantee
long-term energy supply.
OSM
Ordinary Shareholders´ Meeting
SIN
Sistema Interconectado Nacional. National interconnected
electrical system. This type of system also exists in
Argentina, Brazil, and Colombia.
PLD
Difference settlement price in its Spanish acronym. It is the
TESA
Transportadora de Energía S.A. – a transmission company
price allocated to energy sales in the Brazilian spot market.
with operations in Argentina and a subsidiary of Enel Brasil.
SAIDI
English acronym for “System Average Interruption Duration
VAD
Distribution Aggregate Value - it is established based on
Index” is the average outage duration index of the electrical
an efficient model company scheme and the concept of a
system and indicates the total duration of the outage for
typical area.
the customer over a predefined period. It is commonly
measured in minutes or hours of customer disruption.
SAIFI
English acronym
for
“System Average
Interruption
real-time management services in the electrical, financial
XM
Expertos de Mercado S.A. E.S.P. A subsidiary of Interconexión
Eléctrica S.A. (ISA), a Colombian company that provides
Frequency Index” - the index that measures the frequency
and transport sectors.
of interruptions in electrical installations of electrical
systems, in case of component failures, maneuvers and
unavailability affecting electrical systems, these can be
internal (protection systems, network design, condition of
installations) and external (environment and third parties).
476476476
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information
477
Annual Report Enel Américas 2020 9
Statement of
Responsibility
478478
479
Annual Report Enel Américas 2020 480
798Statement of ResponsibilityAnnexesOther Regulatory Corporate Information Statement of Responsibility
The Directors and the General Manger of Enel Américas S.A., signatories of this Statement, are responsible under oath for the
veracity of the information provided in this Annual Report, in compliance with General Norm No. 30, issued by the Financial
Market Commission.
Chairman
Borja Acha Besga
DNI: 05263174-S
Director
José Antonio Vargas Lleras
CI: 79.312.642
Director
Hernán Somerville Senn
Rut: 4.132.185-7
Director
Patricio Gómez Sabaini
Pasaporte: 16941675N
Director
Enrico Viale
DNI: AU 2580379
Director
Domingo Cruzat Amunátegui
Rut: 6.989.304-K
Gerente General
Maurizio Bezzeccheri
Rut: 26.490.357-2
481
Annual Report Enel Américas 2020