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Enel Chile Annual Report 2018

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Enel Chile Annual Report 2018 Annual Report Enel Chile 2018 Santiago Stock Exchange ENELCHILE New York Stock Exchange ENIC Enel Chile S.A. was initially incorporated as Enersis Chile S.A., on March 1, 2016. On October 18, of the same year, the company changed its name to Enel Chile S.A. As of December 31, 2018 the company´s total subscribed and paid capital amounted to Ch$ 3,954,491,478,786 represented by 70,134,077,818 ¹ shares. These shares are traded on the Santiago Stock Exchange and, as American Depository Receipts (ADR) on the New York Stock Exchange. The company's business is to exploit, develop, operate, generate, distribute, transform and/or sell energy, in any form and nature, directly or through other companies. Total assets as of December 31, 2018, amounted to ThCh$ 7,488,020,164. Enel Chile controls and manages a group of companies that operate in the Chilean electricity market. In 2018, net income attributable to the con- trolling shareholder reached ThCh$ 361,709,937 and operating income was ThCh$ 670,604,721. At year end 2018, a total 2,062 people were directly employed by its subsidiaries in Chile. (¹) : Total shares consider 967,520,599 shares of treasury stock generated by the process of withdrawal right carried out during the Elqui project. Annual Report Enel Chile 2018 2 Annual Report Enel Chile 2018 Content > Letter from the Chairman ......................................................................................................... 4 > Open Power ............................................................................................................................. 8 > Milestones 2018 .................................................................................................................... 10 > Main Financial and Operating Data ........................................................................................ 15 > Identification of the Company and Documents of Incorporation ........................................... 19 > Ownership and Control .......................................................................................................... 23 > Management .......................................................................................................................... 29 > People and Organization ........................................................................................................ 43 > Stock Markets Transactions ................................................................................................... 53 > Dividends .............................................................................................................................. 61 > Investment and Financing Policy ........................................................................................... 67 > Historical Background............................................................................................................. 71 > Investments and Financial Activity ......................................................................................... 75 > Risk Factors ........................................................................................................................... 81 > Company Reorganization "Elqui Project" ................................................................................ 95 > Industry Regulation and Electricity Industry Operations ........................................................ 99 > Electricity Generation ........................................................................................................... 109 > Electricity Distribution .......................................................................................................... 125 > Environment and Sustainability ............................................................................................ 133 > Participation in subsidiaries & associates and schematic table ............................................ 143 > Significant Events ................................................................................................................ 149 > Identification of Subsidiaries and Associate Companies ...................................................... 157 > Statement of Responsibility ................................................................................................. 167 Content 3 1. Letter from the Chairman Dear shareholders, We are the most diversified company in the market. The I hereby present the Annual Report and Financial State- reorganization, known as the Elqui Project, was a success. ments of Enel Chile for 2018. You will find a description of The Public Tender (PTO) for Enel Generación, left us with the main activities carried out by the Enel Group during the 93.55% of the capital of Enel Generación. This gave way year through Enel Generación, Enel Green Power (EGP), to a corporate restructuring that meant involving Enel Chile Enel Distribución, and Enel X. in all the projects Enel Green Power Latin America has in the country. As a result, we now control all generation op- I would like to thank the directors, managers, and collab- erations, including both conventional and non-conventional orators who work with us for everything they have done plants. for the company throughout the year. I would also like to thank them for the trust they have placed in the company´s Within the context of the Elqui Project, in June the com- management, and for supporting the new directions we pany issued its first bond in the United States, a one mil- are taking. lion-dollar, 10 year bond, with a 4.875% coupon rate. The demand was over 2.5 times the amount allocated. The During 2018, EBITDA grew 20.6%, reaching Ch$ 891,355 funds will be used to refinance a large portion of the shares million by year end. This growth is mainly due to the that were acquired through the PTO launched for Enel Gen- addition of EGP and to a more efficient generation mix eración. because of greater hydroelectric dispatch. It was a year of growth and changes in the organization, beginning with the In Enel Generación we take on big challenges when it designation of our new CEO, Paolo Pallotti that has been in comes to the environment and sustainability. In January, Enel for almost three decades. He took on this challenge our Bocamina thermoelectric plant became the first gen- following the departure of Nicola Cotugno, who´s commit- erator in the company to participate in a pilot project im- ment to the company was remarkable. plemented by the Government Environmental Agency to 4 Annual Report Enel Chile 2018 monitor emissions in real time. Also, in 2018, Bocamina In August, the Enel Distribution Board appointed Ramón finished installing the second dome to store 140,000 tons Castañeda as the new CEO, replacing Andreas Gebhart, of coal in its facility. who worked for the Group for 25 years. I would like to per- sonally thank Andreas for his excellent contribution to the We have reached a good understanding with our power company and wish Ramón a successful administration. plant´s neighboring communities. We took four women from the Cerro Obligado area in Coronel to Italy to share Throughout 2018, the distribution business focused on their eco-construction experiences as part of the Enel improving service standards. As an example, the massive Group´s International Encounter program. In the Antofa- 1,250-kilometer helicopter inspection of medium and high gasta region, located in northern Chile, we inaugurated one voltage lines. This allowed us to detect sensitive spots in of the first sustainable light posts built by the community the network, repair them, and prevent potential future ser- along with the fishermen of Caleta Paposo, Additionally, as vice interruptions. a result of our work with the farmers of the Maule river ba- sin related to water management, the Recyclapolis Foun- We also installed 180 thousand smart meters in the dation gave Enel Generación the National Environmental Metropolitan Region this year, reaching a total of almost Award in the water category of Large Companies. 292 thousand meters installed this far, contributing to the efficiency of the electricity industry in the country. The energy we generated during 2018 reached a total 20,046 GWh, increasing 17% when compared to the previ- We want to be a diversified company that goes beyond ous period. This growth is mainly due to the incorporation electricity generation and distribution by promoting elec- of Enel Green Power´s generation capacity, and due to fa- tromobility, among other things. In February, we launched vorable hydrology. Enel X, the new brand and division of products and services that, with innovative, sustainable and digital solutions, of- EPG´s Cerro Pabellón plant was recognized in the Geolac fers new applications to energy, with four new business Awards with the Latin-American award for the Best Geo- lines: e-City, e-Home, e-Industries, and E-Mobility. thermic Project. The prize was received for being the first plant of its kind in South America in a remote geographical Additionally, seeking to promote technological develop- location, and at the highest altitude in the world. We have ments in infrastructure and electric mobility, we participat- also kept our promise to create job opportunities and sup- ed as the Official Power Partner in the Formula E, which ply local nearby communities with electricity. took place in Santiago for the first time. We inaugurated the first Renewable Energy Control Room, We offered our workers electric vehicles and also inaugu- where all our NCRE
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