In This Article:
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Hydro Generation Increase: 20% increase in hydro generation compared to last year.
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Factoring Executed: $630 million in factoring related to receivables.
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EBITDA: $1 billion for the first nine months, a 46% improvement compared to last year.
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Net Income: $446 million for the first nine months, 62% higher than last year.
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Net Electricity Generation: 18.6 terawatt hours as of September 2024, a 6% increase.
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Energy Sales: 25.3 terawatt hours as of September 2024, 9% higher than last year.
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CapEx: $46 million during the first nine months, 16% lower than last year.
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Gross Debt: $4.8 billion by the end of September 2024, an 8% increase from December 2023.
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Net Debt-to-EBITDA Ratio: 2.9 as of September 2024.
Release Date: October 30, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Enel Chile SA (NYSE:ENIC) reported a robust performance in hydro generation, increasing by 20% compared to the previous year due to favorable hydrological conditions.
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The Los Condores project is nearing completion, with expectations to be connected by the end of the year, enhancing the company's generation capacity.
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EBITDA and net income results improved compared to last year, confirming the company's financial guidance for the year.
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The company successfully executed a factoring of $630 million, improving liquidity and reducing short-term debt.
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Enel Chile SA (NYSE:ENIC) increased its renewable capacity, with 77% of its total net installed capacity being renewable, demonstrating a strong commitment to sustainable energy.
Negative Points
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Extreme weather events in August caused significant damage to the electricity distribution network, leading to widespread power outages and increased operational expenses.
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The company faces regulatory uncertainties, including ongoing discussions about electricity subsidies for vulnerable customers and potential impacts from proposed regulatory changes.
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Despite improvements, the company still has a significant amount of regulatory receivables, with expectations to recover the pending amount over the next few years.
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The distribution business was negatively impacted by the extreme weather events, with potential fines or compensations for service interruptions still under evaluation.
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Higher financial expenses were reported due to exchange rate differences and increased tax payments, impacting the overall financial performance.
Q & A Highlights
Q: Can you elaborate on the latest guidance provided to the market in terms of net income and net debt, and the implications of increasing hydro guidance to 13 terawatt hours this year? A: We confirm our guidance for EBITDA to be in the upper side of the range between $1.3 billion and $1.5 billion. The net debt-to-EBITDA ratio will be below 3x. We expect to close the year with approximately 15 terawatt hours of hydro production.