Enel Americas S A : Financial Statements - Q1 2024

Enel Américas

ANNUAL CONSOLIDATES FINANCIAL STATEMENTS ENEL AMERICAS AND SUBSIDIARIES 2023

This sheet is intentionally without content

CONTENTS

I. INDEPENDENT AUDITOR'S REPORT

II. CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME, BY NATURE CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY CONSOLIDATED STATEMENTS OF CASH FLOWS, DIRECT

III. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

	In thousands	Description
US$	ThUS$	U.S. dollars
CLP	ThCh$	Chilean pesos
EUR	Th€	Euros
ARS	ThARS	Argentine pesos
BRL	ThBRL	Brazilian reals
COP	ThCOP	Colombian pesos
PEN	ThPEN	Peruvian soles
UF		"Unidades de Fomento" - A Chilean
		inflation-indexed, Chilean peso-
		denominated monetary unit that is set
		daily in advance based on the previous
		month's inflation rate.
UTM		"Unidad Tributaria Mensual" - Chilean
		inflation-indexed monthly tax unit
		used to define fines, among other
		purposes.
UTA		"Unidad Tributaria Annual" - Chilean
		inflation-indexed annual tax unit. One
		UTA equals 12 UTM.

Independent Auditors' Report

The Shareholders and Directors of

Enel Américas S.A.:

Opinion

We have audited the accompanying consolidated financial statements of Enel Américas S.A. and its Subsidiaries, which comprise the consolidated statements of financial position as of December 31, 2023 and 2022, and the related consolidated statements of comprehensive income, changes in equity and cash flows for the years ended December 31, 2023, 2022 and 2021 and the related notes to the consolidated financial statements.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Enel Américas S.A. and its Subsidiaries as of December 31, 2023 and 2022, and the results of their operations and their cash flows for the years ended December 31, 2023, 2022 and 2021 in accordance with IFRS Accounting Standards issued by the International Accounting Standards Board (IASB).

Basis for the opinion

We conducted our audits in accordance with Auditing Standards Generally Accepted in Chile. Our responsibilities under those standards are further described in paragraphs under section "Auditors' Responsibilities for the Audit of the Consolidated Financial Statements" of our report. In accordance with the ethical requirements relevant to our audits of the consolidated financial statements, we are required to be independent of Enel Américas S.A. and its Subsidiaries and to comply with other ethical responsibilities in accordance with such requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

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 IFRS Accounting Standards, issued by the International Accounting Standards Board (IASB). This responsibility 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.

In preparing the consolidated financial statements, Management is responsible for assessing whether events or conditions exist, which, considered as a whole, may cast significant doubt as to Enel Américas S.A. and its Subsidiaries' ability to continue as a going concern for, at least, twelve months from the reporting period, without limiting to such period.

© 2024 KPMG Auditores Consultores Limitada, a Chilean limited liability company (sociedad de responsabilidad limitada) and a member firm of the KPMG global organization of independent members firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved.

Auditors' responsibilities for the audit of the consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high, but not absolute, level of assurance and, accordingly, does not guarantee that an audit performed in accordance with Generally Accepted Auditing Standards in Chile will always detect a material misstatement when it exists. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting a material misstatement due to error, as fraud may involve collusion, forgery, intentional omissions, concealment, misrepresentations or Management's override of controls. A material misstatement is considered material if, individually or in the aggregate, it could influence the judgment of a reasonable user of these consolidated financial statements.

As part of an audit conducted in accordance with Generally Accepted Auditing Standards in Chile, we:

• Exercise our professional judgment and maintain our professional skepticism throughout the audit.
• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks. Those procedures include an examination, on a test basis, of evidence supporting the amounts and disclosures in the consolidated financial statements.
• Obtain an understanding of internal control relevant to an audit 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 internal control of Enel Américas S.A. and its Subsidiaries. Accordingly, we express no such opinion.
• We evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by Management, as well as the appropriateness of the overall presentation of the consolidated financial statements.
• We conclude whether, in our judgment, events or conditions exist that may cast significant doubt on Enel Américas S.A. and its Subsidiaries' ability to continue as a going concern for a reasonable period of time.

We are required to communicate to those charged with governance, among other matters, the planned timing and scope of the audit, and significant audit findings, including any significant deficiencies and material weaknesses in internal control that we identified during our audit.

Nolberto Pezzati

KPMG Ltda.

Santiago, February 29, 2024

© 2024 KPMG Auditores Consultores Limitada, a Chilean limited liability company (sociedad de responsabilidad limitada) and a member firm of the KPMG global organization of independent members firms affiliated with KPMG International Limited, a private English co mpany limited by guarantee. All rights reserved.

ENEL AMÉRICAS S.A. AND SUBSIDIARIES
Consolidated Statements of Financial Position
As of December 31, 2023 and 2022
In thousands of U.S. dollars - ThUS$
ASSETS	Note	12-31-2023	12-31-2022
CURRENT ASSETS
Cash and cash equivalents	7	1,500,184	1,121,693
Other current financial assets	8	154,679	215,301
Other current non-financial assets	9	753,276	727,387
Trade and other receivables, current	10	3,033,039	4,434,832
Current accounts receivable from related parties	11	17,343	15,951
Inventories	12	497,890	547,447
Current tax assets	13	142,986	122,078
Total current assets other than assets or groups of assets for disposal		6,099,397	7,184,689
classified as held for sale or as held for distribution to owners
Non-current assets or disposal groups held for sale	6	4,220,062	579,141
Non-current assets or disposal groups held for sale		4,220,062	579,141
TOTAL CURRENT ASSETS	[Subtotal]	10,319,459	7,763,830
NON-CURRENT ASSETS
Other non-current financial assets	8	5,085,227	4,169,809
Other non-currentnon-financial assets	9	1,863,282	2,315,593
Trade and other non-current receivables	10	424,900	479,627
Non-current accounts receivable from related parties	11	3	3,692
Investments accounted for using the equity method	14	16,575	5,438
Intangible assets other than goodwill	15	3,868,827	3,623,120
Goodwill	16	1,367,918	1,512,845
Property, plant and equipment	17	12,811,169	13,682,190
Investment property		7,621	7,341
Right-of-use assets	18	185,672	345,939
Deferred tax assets	19	904,027	864,223
TOTAL NON-CURRENT ASSETS	[Subtotal]	26,535,221	27,009,817
TOTAL ASSETS		36,854,680	34,773,647

The accompanying notes are an integral part of these consolidated financial statements.

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ENEL AMÉRICAS S.A. AND SUBSIDIARIES

Consolidated Statements of Financial Position (continued)

As of December 31, 2023 and 2022

In thousands of U.S. dollars - ThUS$

LIABILITIES AND EQUITY	Note	12-31-2023	12-31-2022
CURRENT LIABILITIES
Other current financial liabilities	20	1,706,373	1,313,879
Current lease liabilities	21	26,143	34,905
Trade and other payables, current	24	3,685,645	4,305,679
Current accounts payable to related parties	11	1,839,784	1,351,875
Other current provisions	25	166,597	180,410
Current tax liabilities	13	139,940	295,063
Other current non-financial liabilities	9	220,068	264,406
Total current liabilities other than liabilities or groups of liabilities for disposal classified as		7,784,550	7,746,217
held for sale or as held for distribution to owners
Non-current liabilities or groups of assets for disposal classified as held for sale	6	1,942,870	180,755
Total non-current liabilities or groups of assets for disposal classified as held for sale		1,942,870	180,755
TOTAL CURRENT LIABILITIES	[Subtotal]	9,727,420	7,926,972
NON-CURRENT LIABILITIES
Other non-current financial liabilities	20	5,039,173	5,271,125
Non-current lease liabilities	21	169,862	176,686
Trade and other payables, non-current	24	1,648,541	1,964,650
Non-current accounts payable to related parties	11	313,063	860,651
Other long-term provisions	25	639,022	639,533
Deferred tax liabilities	19	600,518	1,030,052
Non-current provisions for employee benefits	26	1,600,122	1,388,421
Other non-currentnon-financial liabilities	9	96,164	68,439
TOTAL NON-CURRENT LIABILITIES	[Subtotal]	10,106,465	11,399,557
TOTAL LIABILITIES		19,833,885	19,326,529
EQUITY
Share and paid-in capital	27.1.1	15,799,227	15,799,499
Retained earnings		6,200,229	5,715,317
Treasury shares in portfolio		-	(272)
Other reserves	27.5	(7,494,819)	(8,557,394)
Equity attributable to shareholders of Enel Américas	[Subtotal]	14,504,637	12,957,150
Non-controlling interests	27.6	2,516,158	2,489,968
TOTAL EQUITY		17,020,795	15,447,118
TOTAL LIABILITIES AND EQUITY		36,854,680	34,773,647

The accompanying notes are an integral part of these consolidated financial statements.

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ENEL AMÉRICAS S.A. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income, by Nature

For the years ended December 31, 2023, 2022 and 2021

In thousands of U.S. dollars - ThUS$

			2022	2021
STATEMENTS OF PROFIT (LOSS)	Note	2023	(Restated)	(Restated)
			(1)	(1)
Revenue	28	11,768,430	12,040,111	13,230,278
Other operating income	28	1,119,609	2,147,092	1,645,337
Revenues and other operating income	[Subtotal]	12,888,039	14,187,203	14,875,615
Raw materials and consumables used	29	(7,671,711)	(8,369,738)	(9,798,987)
Contribution Margin	[Subtotal]	5,216,328	5,817,465	5,076,628
Other work performed by the entity and capitalized		166,243	222,839	196,209
Employee benefit expenses	30	(639,215)	(727,797)	(665,946)
Depreciation and amortization expense	31	(949,161)	(982,733)	(874,929)
Impairment (loss) reversal recognized in profit or loss	31	(155,622)	(1,260,639)	(92,615)
Impairment (loss) impairment gain and reversal of impairment loss determined in	31	(256,513)	(286,301)	(338,317)
accordance with IFRS 9
Other expenses, by nature	32	(994,781)	(1,143,349)	(1,026,911)
Operating income	[Subtotal]	2,387,279	1,639,485	2,274,119
Other gains (losses)	33	(194,790)	(337,436)	3,192
Financial income	34	475,475	498,918	289,649
Financial costs	34	(1,635,259)	(1,506,385)	(1,024,084)
Share of profit (loss) of associates and joint ventures accounted for using the equity	14	(428)	169	1,181
method
Foreign currency exchange differences	34	84,993	23,714	3,621
Gains or loss from indexed assets and liabilities	34	333,192	336,796	30,667
Profit (loss) before taxes	[Subtotal]	1,450,462	655,261	1,578,345
Income tax expense	19	(672,901)	(691,710)	(680,701)
Profit (loss) from continuing operations		777,561	(36,449)	897,644
Profit (loss) from discontinued operations		394,957	339,548	236,867
PROFIT (LOSS)	[Subtotal]	1,172,518	303,099	1,134,511
Profit (loss) attributable to:
Profit (loss) attributable to owners of the parent		864,269	(44,145)	740,859
Profit (loss) attributable to non-controlling interests	27.6	308,249	347,244	393,652
PROFIT (LOSS)		1,172,518	303,099	1,134,511
Earnings per basic share
Earnings (loss) per basic share from continuing operations	US$ /	0.00534	(0.00305)	0.00548
share
Earnings (loss) per basic share from discontinued operations	US$ /	0.00272	0.00263	0.00195
share
Earnings (loss) per basic share	US$ /	0.00806	(0.00041)	0.00744
share
Weighted average number of outstanding shares	Thousands	107,279,890	107,279,890	99,587,960
Diluted earnings per share
Diluted earnings (loss) per share from continuing operations	US$ /	0.00534	(0.00305)	0.00548
share
Diluted earnings (loss) per share from discontinued operations	US$ /	0.00272	0.00263	0.00195
share
Diluted earnings (loss) per share	US$ /	0.00806	(0.00041)	0.00744
share
Weighted average number of outstanding shares	Thousands	107,279,890	107,279,890	99,587,960

1. The consolidated statements of income included in these consolidated financial statements for comparison purposes, do not coincide with those approved as of December 2022 and 2021 year-end, since revenue and expenses generated in those years for operations that have now been discontinued have been reclassified to profit (loss) from discontinued operations. See Note 6.1 i)

The accompanying notes are an integral part of these consolidated financial statements.

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ENEL AMÉRICAS S.A. AND SUBSIDIARIES

Consolidated Statements of Comprehensive Income, by Nature (continued)

For the years ended December 31, 2023, 2022 and 2021

In thousands of U.S. dollars - ThUS$

			2022	2021
STATEMENTS OF COMPREHENSIVE INCOME	Note	2023	(Restated)	(Restated)
			(1)	(1)
Gains (losses)		1,172,518	303,099	1,134,511
Profit (loss) from defined benefit plans	26	(194,239)	(16,747)	9,312
Other comprehensive income that will not be reclassified subsequently to profit or loss	[Subtotal]	(194,239)	(16,747)	9,312
Components of other comprehensive income that will be reclassified subsequently to profit or
loss before taxes
Gains (losses) from foreign currency translation differences	2.9	446,980	(409,980)	(1,193,451)
Losses from measuring financial assets at fair value through other comprehensive income		(9,308)	(903)	(9)
Share of other comprehensive income from associates and joint ventures accounted for using		(389)	(346)	-
the equity method
Gains (losses) from cash flow hedges		(32,074)	30,293	18,205
Adjustments from reclassification of cash flow hedges, transferred to profit or loss		(32,519)	(64,519)	2,570
Other comprehensive income that will be reclassified subsequently to profit or loss	[Subtotal]	372,690	(445,455)	(1,172,685)
Total components of other comprehensive income (loss) before taxes	[Subtotal]	178,451	(462,202)	(1,163,373)
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		65,402	2,787	(3,023)
Income tax related to components of other comprehensive income that will not be reclassified	[Subtotal]	65,402	2,787	(3,023)
subsequently to profit or loss
Income tax related to cash flow hedges		18,122	(7,593)	(8,826)
Income tax related to financial assets at fair value through other comprehensive income		-	12	-
Income tax related to components of other comprehensive income that will be reclassified	[Subtotal]	18,122	(7,581)	(8,826)
subsequently to profit or loss
Total other comprehensive (loss) income		261,975	(466,996)	(1,175,222)
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)		1,434,493	(163,897)	(40,711)
Comprehensive income (loss) attributable to:
Owners of Enel Américas		1,161,375	(228,040)	(131,803)
Non-controlling interests		273,118	64,143	91,092
TOTAL COMPREHENSIVE INCOME (LOSS)		1,434,493	(163,897)	(40,711)

1. The consolidated statements of income included in these consolidated financial statements for comparison purposes, do not coincide with those approved as of December 2022 and 2021 year-end, since revenue and expenses generated in those years for operations that have now been discontinued have been reclassified to profit (loss) from discontinued operations. See Note 6.1 i)

The accompanying notes are an integral part of these consolidated financial statements.

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ENEL AMÉRICAS S.A. AND SUBSIDIARIES

Consolidated Statements of Changes in Equity

For the years ended December 31, 2023, 2022 and 2021

In thousands of U.S. dollars - ThUS$

						Changes in Other Reserves
							Amounts
						Reserve for	recognized in
						Gains and	other
			Reserve for	Reserves for	Reserve for Gains	Losses on	comprehensive					Equity	Non-
Consolidated Statement of Changes in Equity	Share and		Remeasuring	income and	Other	Other	Total Other		Attributable
Treasury	Exchange	and Losses for	Retained	controlling
paid-in	Cash Flow	Financial Asset	accumulated in	Comprehensive	Miscellaneous	Reserves	to Owners	Total Equity
	Shares	Differences in	Defined Benefit	Earnings	interests
	capital (1)	Hedges	at Fair Value	equity related to	Income	Reserves	(3)	of Enel
		Translation (2)	Plans		(4)
				through Other	non-current					Américas
						Comprehensive	assets or asset
						Income	groups held for
							sale
Equity at beginning of period 01-01-2021	9,763,078	-	(4,411,549)	855	-	(692)	93,015	(4,318,371)	(2,754,546)	(7,072,917)	5,415,698	8,105,859	2,227,804	10,333,663
Changes in equity
Comprehensive income:												-	-	-
Profit (loss)	-	-	-	-	-	-		-	-	-	740,859	740,859	393,652	1,134,511
Other comprehensive income (loss)	-	-	(850,123)	11,253	(568)	(5)	(33,219)	(872,662)	-	(872,662)	-	(872,662)	(302,560)	(1,175,222)
Comprehensive income	-	-	-	-	-	-		-	-	-	-	(131,803)	91,092	(40,711)
Share issuance	6,036,421	-	-	-	-	-	-	-	-	-	-	6,036,421		6,036,421
Dividends	-	-	-	-	-	-	-	-	-	-	(387,298)	(387,298)	(534,870)	(922,168)
Increase (decrease) due to other changes	-	-	-	-	568	-	-	568	(790,250)	(789,682)	(568)	(790,250)	413,410	(376,840)
Increase (decrease) due to treasury share	-	(272)	-	-	-	-	-	-		-	-	(272)	-	(272)
transactions
Total changes in equity	6,036,421	(272)	(850,123)	11,253	-	(5)	(33,219)	(872,094)	(790,250)	(1,662,344)	352,993	4,726,798	(30,368)	4,696,430
Equity at end of period 12-31-2021	15,799,499	(272)	(5,261,672)	12,108	-	(697)	59,796	(5,190,465)	(3,544,796)	(8,735,261)	5,768,691	12,832,657	2,197,436	15,030,093
Changes in equity
Comprehensive Income	-	-	-	-	-	-		-	-	-	-	-	-	-
Profit (loss)	-	-	-	-	-	-		-	-	-	(44,145)	(44,145)	347,244	303,099
Other comprehensive income (loss)	-	-	(150,439)	(77,953)	(9,229)	(669)	54,395	(183,895)	-	(183,895)	-	(183,895)	(283,101)	(466,996)
Comprehensive income	-	-	-	-	-	-	-	-	-	-	-	(228,040)	64,143	(163,897)
Dividends	-	-	-	-	-	-	-	-	-	-	-	-	(489,011)	(489,011)
Increase (decrease) due to other changes	-	-	607,690	815	9,229	-	(298,066)	319,668	42,094	361,762	(9,229)	352,533	717,400	1,069,933
Total changes in equity	-	-	457,251	(77,138)	-	(669)	(243,671)	135,773	42,094	177,867	(53,374)	124,493	292,532	417,025
Equity at end of period 12-31-2022	15,799,499	(272)	(4,804,421)	(65,030)	-	(1,366)	(183,875)	(5,054,692)	(3,502,702)	(8,557,394)	5,715,317	12,957,150	2,489,968	15,447,118
Changes in equity
Comprehensive Income	-	-	-	-	-	-		-	-	-	-	-	-	-
Profit (loss)	-	-	-	-	-	-		-	-	-	864,269	864,269	308,249	1,172,518
Other comprehensive income (loss)	-	-	454,093	(19,771)	(120,076)	(6,105)	(11,035)	297,106	-	297,106	-	297,106	(35,131)	261,975
Comprehensive income	-	-	-	-	-	-		-	-	-	-	1,161,375	273,118	1,434,493
Dividends	-	-	-	-	-	-		-	-	-	(259,281)	(259,281)	(342,619)	(601,900)
Increase (decrease) due to other changes	-	-	(211,563)	-	120,076		491,320	399,833	365,636	765,469	(120,076)	645,393	95,691	741,084
Increase (decrease) due to treasury share	(272)	272	-	-	-	-		-	-	-	-	-	-	-
transactions
Total changes in equity	(272)	272	242,530	(19,771)	-	(6,105)	480,285	696,939	365,636	1,062,575	484,912	1,547,487	26,190	1,573,677
Equity at end of period 12-31-2023	15,799,227	-	(4,561,891)	(84,801)	-	(7,471)	296,410	(4,357,753)	(3,137,066)	(7,494,819)	6,200,229	14,504,637	2,516,158	17,020,795

1. See Note 27.1
2. See Note 27.2
3. See Note 27.5
4. See Note 27.6

The accompanying notes are an integral part of these consolidated financial statements.

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