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. | Page 4 |
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. | Page 5 |
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 |
- 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. | Page 6 |
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) |
- 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. | Page 7 |
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 |
- See Note 27.1
- See Note 27.2
- See Note 27.5
- See Note 27.6
The accompanying notes are an integral part of these consolidated financial statements. | Page 8 |
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Enel Americas SA published this content on 07 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 May 2024 22:13:06 UTC.