ENEL CHILE S.A. (Exact Name of Registrant As Specified in Its Charter)
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report, Commission file number: 001-37723 ENEL CHILE S.A. (Exact name of Registrant as specified in its charter) ENEL CHILE S.A. (Translation of Registrant’s name into English) CHILE (Jurisdiction of incorporation or organization) Santa Rosa 76, Santiago, Chile (Address of principal executive offices) Nicolás Billikopf, phone: (56-9) 9343 5500, [email protected], Av. Santa Rosa 76, Piso 15, Comuna de Santiago, Santiago, Chile (Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person) Securities registered or to be registered pursuant to Section 12(b) of the Act: Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered American Depositary Shares Representing Common Stock ENIC New York Stock Exchange Common Stock, no par value * * New York Stock Exchange US$ 1,000,000,000 4.875% Notes due June 12, 2028 ENIC28 New York Stock Exchange _____________________ * Listed, not for trading, but only in connection with the registration of American Depositary Shares, pursuant to the requirements of the Securities and Exchange Commission. Securities registered or to be registered pursuant to Section 12(g) of the Act: None Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report Shares of Common Stock: 69,166,557,220 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☒ Yes ☐ No If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. ☐ Yes ☒ No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Emerging growth company ☐ If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards † provided pursuant to Section 13(a) of the Exchange Act. † The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: U.S. GAAP ☐ International Financial Reporting Standards as issued Other ☐ by the International Accounting Standards Board ☒ If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.☐ Item 17 ☐ Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No Enel Chile’s Simplified Organizational Structure (1) As of the date of this Report (1) Only principal operating consolidated entities are presented here. (2) As of December 31, 2019 and the date of this Report, Enel S.p.A. owned 61.9% of Enel Chile. Upon the termination and settlement on May 13, 2020 of a swap transaction entered into by Enel S.p.A. with respect to Enel Chile’s American Depositary Shares, Enel S.p.A.’s beneficial ownership interest in Enel Chile is expected to increase to 62.4%. 1 TABLE OF CONTENTS Page GLOSSARY 3 INTRODUCTION 6 PRESENTATION OF INFORMATION 7 FORWARD-LOOKING STATEMENTS 9 PART I Item 1. Identity of Directors, Senior Management and Advisers 10 Item 2. Offer Statistics and Expected Timetable 10 Item 3. Key Information 10 Item 4. Information on the Company 24 Item 4A. Unresolved Staff Comments 59 Item 5. Operating and Financial Review and Prospects 59 Item 6. Directors, Senior Management and Employees 92 Item 7. Major Shareholders and Related Party Transactions 99 Item 8. Financial Information 102 Item 9. The Offer and Listing 104 Item 10. Additional Information 106 Item 11. Quantitative and Qualitative Disclosures About Market Risk 122 Item 12. Description of Securities Other Than Equity Securities 127 PART II Item 13. Defaults, Dividend Arrearages and Delinquencies 129 Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 129 Item 15. Controls and Procedures 129 Item 16. Reserved 130 Item 16A. Audit Committee Financial Expert 130 Item 16B. Code of Ethics 130 Item 16C. Principal Accountant Fees and Services 131 Item 16D. Exemptions from the Listing Standards for Audit Committees 132 Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 132 Item 16F. Change in Registrant’s Certifying Accountant 132 Item 16G. Corporate Governance 133 Item 16H. Mine Safety Disclosure 133 PART III Item 17. Financial Statements 134 Item 18. Financial Statements 134 Item 19. Exhibits 134 2 GLOSSARY AFP Administradora de Fondos de A legal entity that manages one of the private sector Pensiones Chilean pension funds in a fully funded capitalization system implemented in 1980. CDEC Centro de Despacho Económico The autonomous entity in charge of coordinating the de Carga efficient operation and dispatch of generation units to satisfy demand in the SIC and SING that was replaced by CEN in November 2017. Celta Compañía Eléctrica Tarapacá Celta was a former Chilean generation subsidiary of S.A. Enel Generation that operated plants in the SING and the SIC. Celta merged into GasAtacama in November 2016. CEN Coordinador Eléctrico Nacional An autonomous entity in charge of coordinating the efficient operation of the SEN, dispatching generation units to satisfy demand and known as the National Electricity Coordinator. It replaced the CDEC for both the SIC and SING in November 2017. Chilean Stock Chilean Stock Exchanges The two stock exchanges located in Chile: the Santiago Exchanges Stock Exchange and the Electronic Stock Exchange. CMF Comisión para el Mercado Chilean Financial Market Commission, the Financiero governmental authority that supervises the financial markets. Formerly known as the Chilean Superintendence of Securities and Insurance, or SVS in its Spanish acronym. CNE Comisión Nacional de Energía Chilean National Energy Commission, governmental entity with responsibilities under the Chilean regulatory framework. DCV Depósito Central de Valores Chilean Central Securities Depositary. S.A. The successor by merger to Enel Green Power Chile Ltda., a subsidiary of Enel Chile engaged in non- conventional renewable electricity generation. On EGP Chile Enel Green Power Chile S.A. March 1, 2020, Enel Green Power Chile Ltda. merged into Enel Green Power del Sur SpA. On April 14, 2020, the name of Enel Green Power del Sur SpA was changed to Enel Green Power Chile S.A. EGPL Enel Green Power Latin Formerly a Chilean closely held limited liability stock America S.A. corporation that held Enel Green Power Chile Ltda. and that merged with us on April 2, 2018. As a result, we consolidate Enel Green Power Chile Ltda. 3 Enel Enel S.p.A. An Italian energy company with multinational operations in the power and gas markets. A 61.9% beneficial owner of Enel Chile and our ultimate parent company. Enel Américas Enel Américas S.A. An affiliated Chilean publicly held limited liability stock corporation headquartered in Chile, with subsidiaries engaged primarily in the generation, transmission and distribution of electricity in Argentina, Brazil, Colombia, and Peru, and which is controlled by Enel. Enel Chile Enel Chile S.A. Our company, a Chilean publicly held limited liability stock corporation, with subsidiaries engaged primarily in the generation and distribution of electricity in Chile. Registrant of this Report. Formerly known on an interim basis as Enersis Chile S.A. Enel Distribution Enel Distribución Chile S.A. A publicly held limited liability stock corporation and our electricity distribution subsidiary operating in the Santiago Metropolitan Region.