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Annual Report 2018

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Annual Report 2018 Annual Report Enel Américas 2018 Santiago Stock Exchange ENELAM New York Stock Exchange ENIA Enel Américas was initially established under the name Compañía Chilena Metropolitana de Distribución Eléctrica S.A. On December 1, 2016 the company changed its name to Enel Américas S.A. The Company’s paid- in capital on December 31, 2018 reached $6,763,204,424 and was represented by 57,452,641,516 shares. These shares are traded in the Chilean stock exchanges and in the New York Stock Exchange in the form of American Depositary Receipts (ADR). The main business of the Company is the operation, development, generation, distribution, transmission, transfor- mation and/ or sale of energy in any of its forms or nature, directly of through other companies. The Company can also exercise activities in the telecommunications sector, provide engineering advisory in the country and abroad, and also can invest and manage its investments in its subsidiaries and associate companies. Total assets amounted to $27,396,356 thousand on December 31, 2018. Enel Américas controls and manages a group of companies that operates in the electricity markets in four countries in Latin America (Argentina, Brazil, Colombia and Peru). In 2018, net income attributable to the controlling company reached $1,201,381 thousand and operational income was $2,434,520 thousand. By the end of 2018, the Company employed 18,3931 people through its subsidiaries companies in Latin America. 1 Includes senior executives shared with Enel Chile. Annual Report Enel Américas 2018 2 Annual Report Enel Américas 2018 Content > Letter From the Chairman ...................................................................................................... 4 > Enel Américas is Open Power .................................................................................................. 6 > Milestones in 2018 ................................................................................................................... 8 > Main financial indicators ......................................................................................................... 13 > Identification of the company and constituent documents ................................................... 17 > Property and control ............................................................................................................... 21 > Administration ........................................................................................................................ 27 > People and organization ......................................................................................................... 41 > Exchange Transactions ........................................................................................................... 51 > Dividends .............................................................................................................................. 57 > Investment and financing policy for 2018 .............................................................................. 61 > Business of the Company ...................................................................................................... 65 > Investments and financial activities ....................................................................................... 73 > Risk Factors ........................................................................................................................... 83 > Regulatory framework of the electricity industry ..................................................................101 > Description of the electricity business by country ............................................................. 131 > Sustainability ........................................................................................................................ 159 > Direct and Indirect Economic Participations ........................................................................ 165 > Significant Events of the Company ...................................................................................... 171 > Identification of subsidiaries and associate companies ....................................................... 179 > Statement of Responsibility ................................................................................................. 195 Content 3 1. Letter From the Chairman Dear shareholders: Industrial growth You are holding the Annual Report and Financial State- 2018 was a positive year in terms of industrial growth, ments of Enel Américas S.A. for to the year 2018, in which while revenues amounted to US$13,184 million, meaning you will find the main actions taken by the company. This 26.3% growth in relation to 2017. This result is mainly ex- was a period where important milestones were achieved in plained by the revenues obtained in Brazil, country where accordance with our business strategy. the year was particularly good, which also resulted in im- portant consolidation of our clients’ base in the country. The year 2018 has been determined by events that are transforming the social, political and economic context in Enel Brasil Investimentos Sudeste was awarded the ac- the countries where we operate, being sometimes hard to quisition of Eletropaulo Metropolitana Eletricidade de Sao predict, which also brought other long-term change factors Paulo, becoming the largest energy distribution operator in and deep long-term consequences, such as technological the country, with more than 17 million clients and a mar- advances, growing digitalization…. All of the aforemen- ket share of nearly 20% in the distribution business. This tioned circumstances are constantly challenging the ability acquisition meant the brand name change of Eletropaulo of the companies to achieve their goals. to Enel Distribuição São Paulo. In addition, this transaction proves a fundamental commitment in our growth strate- In any case, our company has been able to achieve excel- gy, while the first results show that it will become a great lent economic and financial results, thus being capable to investment. Also the company Celg changed its name to meet its commitments, all of which are detailed below. Enel Distribuição Goiás, firm acquired in 2017, which added new 2.9 million clients to our clients’ base. Results of the period In Argentina, we carried out large investments that im- proved the quality of supply for our clients in different ar- Enel Américas showed fairly positive financial results. Ac- eas of the country. In this country, our works plan for 2018 tually, the company´s EBITDA grew 13.9% compared to reached 5,000 million Argentinean pesos. As such, Ede- 2017, mainly explained by the accomplishments of our sur commissioned three Substations: Móvil Puesto Roca, companies in Argentina and the actions carried out in Bra- in Temperley, benefiting 90,000 clients; Padre Novak, in zil, particularly through the incorporation of Eletropaulo and Florencio Varela, benefiting 42,000 clients; and finally the the good results of Enel Distribución Río and Enel Distribu- Substation in Sarandí, meaning an improvement in service ción Goiás. quality for more than 150,000 people. Enel Américas’ net results increased 69.4% compared to In Peru, we also had a year of strong investments in distri- the previous year, reaching US$ 1,201 million. bution, with the construction of the new Electricity Trans- mission Substation Izaguirre, which will supply energy to large businesses and also improve service to 110,000 cli- ents in North Lima. 4 Annual Report Enel Américas 2018 In Colombia, through our subsidiary Codensa, we inaugu- Our company is living a positive development cycle. Our rated a modern service center in Bogotá, located in Re- achievements consolidate our growth and stability. This is, strepo neighborhood, which required and investment of without any doubt, a reason for satisfaction, but at the same 2,900 million Colombian pesos. time means to take great current and future responsibilities, while maintaining high standards of corporate behavior, being capable of combining competition, skills and ethics in the ex- Our future pansion of our business. In 2018 Enel Américas consolidated as one of the largest Finally, I would like to express my gratitude to the Directors, private electricity companies in Latin America, achievement CEO, executives, professionals, technicians and employees based on steady growth both in energy generation and dis- of Enel Américas for their permanent effort and dedication. tribution businesses. Nevertheless, we have the challenge to All of them have been absolutely essential for the develop- keep our long-term position, following the path of looking for ment of the company in 2018. With nothing more to add, I new opportunities in the region which will enable us to con- invite you to continue making positive contributions to the tinue growing. future of Enel Américas as an energy leader in Latin America. These efforts have greatly paid off. We are very proud to in- Thank you. form you that in 2018 Enel Américas was included in Dow Jones Sustainability Emerging Markets Index and in Dow Jones Sustainability MILA Pacific Alliance INDEX, in addition to the confirmation for the second consecutive year of our presence in Dow Jones Sustainability Chile. Francisco de Borja Acha The continued safety of our collaborators, with no distinc- Chairman of the Board tion between own employees and contractors, is other fun- Enel Américas damental pillar of Enel Américas. We need to redouble our efforts to achieve
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