Good day, ladies and gentlemen, and welcome to Enel Chile Third Quarter and 9 Months 2021 Results Conference Call. My name is Victor, and I will be your operator for today. During this conference call, we may make statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect only our current expectations, are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those anticipated in the forward-looking statements as a result of various factors. These factors are described in Enel Chile's press release reporting its third quarter and 9 months 2021 results. The presentation accompanying this conference call and Enel Chile's annual report on Form 20-F include under risk factors. You may access our third quarter and 9 months 2021 results press release and presentation on our website, www.enel.cl; and our 20-F on the SEC's website, www.sec.gov. Readers are cautioned not to place undue reliance on those forward-looking statements, which speak only as of their dates. Enel Chile undertakes no obligation to update these forward-looking statements or to disclose any development as a result of which these forward-looking statements become inaccurate, except as required by law. I will now turn the presentation over to Ms. Isabela Klemes, Head of Investor Relations of Enel Chile. Please proceed.

Thank you, Victor. Good morning, and welcome to Enel Chile's Third Quarter 2020 Results Presentation. Thanks to all for joining us today. I am Isabela Klemes, the Head of Investor Relations. Let me remind you that our presentation and related financial information are available on our website, www.enel.cl in the Investor section and in our investors. [Operator Instructions]. Joining me this morning, our CEO, Paolo Pallotti; and our CFO, Giuseppe Turchiarelli. In the following slides, Paolo, we will open the presentation with the main highlights of our strategy and operational performance of the quarter. Then Giuseppe will go through our financial results. A replay of this call will also be available. And as always, our IR team will be continue available to provide you with any other disclaimer that you need. [Operator Instructions] Thank you all for patience. And let me hand over to Paolo. Paolo?

Thank you, Isabela. Good morning, and thanks for joining us. Let me start with the main highlights of the period on Slide number 3. First, let me comment about the new usual situation of the Geneva market. In terms of hydrology, the country is facing the driest calendar year of its history. And as a consequence, the system is required and is still requiring an important support from thermal generation. At the same time, by the end of 2020 in the first month of 2020, Chile suffered a shortfall of Argentinian natural gas, followed by the rise of the LNG spot price. Considering this lack of resources in the system since the first month of 2021, we put in place some actions to improve gas availability, buying additional LNG and the current cost to supply our plants first and then to sell gas to the system. During the first period of 2021, we have been the largest importer of LNG gas in the country. At the same time, we launched a force to improve the performance of our power hydro plants to operate also with minimal conditions. Despite all the actions we put in place during 2021 the external scenario are worsened with escalation of commodity prices and very bad hydrology. Especially in July and the first half of August, leaving the authority to put in place a preventive rationing decree within today's March 2022. Consequently, our margin remained affected. Within this challenging scenario, investing in renewables to diversify our matrix, to reduce our exposure to the hydrology commodity has been confirmed to be a priority. With reference to our 1.3 gigawatt of new projects under construction, where key constructions are advancing. And during the last quarter, we also celebrated the start of the construction of the first green hydrogen…

Thanks, Paolo. Let me start with the summary of our financial highlights on Slide 8. Before starting, let me explain the extraordinary effect of the period. 2021 adjusted EBITDA and net income considered the effect arising from the coal stock impairment associated to Bocamina 2 and the voluntary retirement program announced last quarter. The coal stock impairment and the voluntary retirement program had an aggregated effect of $56 million and $39 million, respectively, in EBITDA and at the bottom line in cumulative figures. In the third quarter of 2021, the coal stock impairment amounted to $11 million in EBITDA and $8 million in the group net income. For cumulative figures in 2020, the adjustment coming from the coal stock impairment is $22 million in EBITDA. And the net effect of the impairment of Bocamina 2 is $659 million at the bottom line. All the things are described in the bottom of this slide. Now on CapEx deployment on Slide 9. 2021 accumulated CapEx reached $735 million, largely devoted to the construction of our new renewable capacity. Customer CapEx totaled $49 million, mainly allocated to build new commission into implementing the new commercial system. Asset management CapEx reached $86 million, 21% higher than 9 months 2020, mainly due to the maintenance of the new high voltage project awarded in 2021 and other digitalization project. Development CapEx reached $600 million, largely driven by our renewable expansion program and development of our distribution business to contain the digitalization of our network. Let's now start with the third Q adjusted EBITDA breakdown on Slide 10 that accounted $93 million, 71% lower versus 2020 figures, mainly due to higher PPA sales in the third Q 2021, primarily explained by the new agreement started in 2021 with mining companies, AngloAmerican and BHP. The adjustment due to…

Thank you, Giuseppe. Executing our investment plan will remain our priority and create -- to bring additional flexibility and resilience to our current portfolio. Last month, the regulator presented the proposal to define a new framework for storage remuneration in electrical system. Companies and associations submitted their feedbacks on the proposal, and we are waiting for the final version of this regulation, expected to be published in the next month. This is an important step ahead for the improvement of the use of effective technology, having resilience and flexibility into the system. We will continue to support our clients and communities to accelerate the electrification of the energy use in order to reach the net zero ambition. Our strategy will continue to be deployed under the highest ESG standards. For example, we have been awarded in a former report of 2021 as the best company in terms of reporting and purpose, and recognition in a PwC study as one of the companies with the best practice in corporate governance in Chile. Thank you for your attention. Now let's move into the Q&A session.

[Operator Instructions]. Our question will come from the line of Javier Suarez from Mediobanca.

I have 3 questions. The first one is on the -- obviously, on the margin for the generation activity this quarter that has been affected by hydro. And I guess that, that -- on that, the company is taking care, and also by the lack of Argentinian gas and a very high international gas prices. So I was wondering if you can give us an update on your gas supply -- natural gas supply strategy and outlook for the next couple of quarters because, obviously, that is going to be very relevant for your profitability in case of hydro conditions continues to be difficult. So any guidance on managerial action to improve natural gas supply for the next quarter and maybe mitigate that negative impact, could be helpful. Then second question is on the KPIs during the third quarter. There has been some deterioration on the collection. I think you mentioned that during the presentation. So you can kindly elaborate on the reason for the deterioration of the collection. And the third question is on Slide number 13 -- 12 and 13 on the -- on your factoring strategy or your factoring for the stabilization mechanism, if you can help us to understand how this is working and how that is accounted.

Okay. Thank you, Javier, for your questions. I will take the first 2 and the second one, we manage together, Giuseppe Turchiarelli -- and Giuseppe. Regarding the gas strategy, just to give you an update on the situation, starting from end of September, I would say, very early October, the gas -- Argentina gas has been available for the Chilean market. So we started to import to pipes Argentina gas, that is continuing until now. And just as an analysis, clearly, we don't have let's say, certainty 100%. But I can mention that today, the flow at beginning of October started with an amount of 2.5 million cubic meter per day. And then now it is increasing a little bit. We have -- and together with other player in the sector in the Chilean market, we have a firm contract with Argentinian counterparts. And considering the current situation and considering that during the recent times, the pressure on energy demand in Brazil is a little bit lower, demand from upside, so we're importing from Argentina to Brazil. We see some more stability for availability of the Argentina gas. It's hard to mention how it will end, but it is, let's say, a relief within this situation. And for additional elements during this period, we are analyzing our negotiation for -- with our counterpart in the LNG gas contract in order to define the availability of delivery for the vessels for the next years starting from early 2022. This is important because we are working to cover whole the period for 2022, including the, let's say, the early months where maybe the impact of growth is higher. And usually, if you look at the standard year, we used to, let's say burn only Argentina gas. Now we are doing, let's say,…

Yes. Well, let me say, first of all, that up to now, we sold $226 million of receivables coming from the price stabilization mechanism. And we have an agreement to sell up to around $350 million. So we have still a part of the equity that is going to be sold in the future. According to the release of the decree because as I -- we discussed it several times, we can sell the receivable only once the regulator will issue the decree in stating exactly how much credit each bank has in the portfolio. Having said that, the impact that we have in the profit and loss is pretty high because the discount of the receivable are made assuming a cash in of the receivable the last moment of 2027. So it means that the timing of the money from 2017 till this year is pretty important. And is the reason because we have a such high level of interest expense in this year that we made $226 million of factoring. This is the reason. We have an agreement based on which if the average of those will be paid in advance, so we have certain profit sharing. But in general, this is the reason because we have such an important amount in the interest expense.

[Operator Instructions]. Our next question will come from the line of Murilo Riccini from Santander.

I have some questions, and sorry if I repeat any -- that has already been answered. Could you comment on the production of your solar facilities? Are they producing accordingly to your estimate? And are you seeing some seasonal deviation in this regard? The second one is, are you having any deviation from CapEx versus the expected guidance? And could we see a lower-than-expected CapEx execution since most of it was left by the end of this year? And the last one, just to confirm the previous question about natural gas, you were not able to get more gas PPAs during the past year. Is that right or I misunderstood something here? That's it from my side.

Murilo, thank you for your questions. Regarding the production of solar facility, let me comment that if we look -- if we see the expected generation curve that we projected at the beginning of this year, the beginning of 2021, I believe there is [ remodulation ], in relation due to the execution of the project that has been affected, especially in 2021 from events derived from the pandemic. So in some cases, we had to wait until the opening of the border to have people onboard and working on the sites. And we managed -- this year, we managed it very well, all the problem regarding the delay in the terms from the hydrology. Now we are, let's say, almost at regime, even if clearly, each site has its peculiarity. So what we are projecting is to have at least 900 megawatts already connected by the end of this year. The remaining, considering 1.3 gigawatts, the remaining 250 megawatts connected in the early months of 2022. And the remaining plant, the [indiscernible] one, the south, is still requiring some more time because of transferring of the grid. So what I would say is that the work on site is advancing. We started to operate some megawatts that are already connected to the grid, clearly, with limited amount of the generation. The, let's say, full ramp-up will take place in the first part of 2022. We think as well to, let's say, reach approximately the expected level of CapEx that we have, let's say, forecast for this year. And we are also working for opening additional working areas for new projects. So the activity, the cities are advancing. We are very focused on this development. And we don't expect to have -- to lower the CapEx for this year, and…

[Operator Instructions] And I'm not showing any further questions in the queue. I'd like to turn the call back over to Isabela for any closing remarks.

Thank you all for your attention to be here with us today. As I anticipated, we received questions -- sorry. So thank you for your questions that we have already received. But if you have any other questions or any other comments, please let us know. Just send us a message for the IR team. Many thanks for your patience, and stay safe. Bye-bye.

Thank you. Bye-bye.

Thank you. Bye-bye.

And this concludes our conference call for today. Thank you for your participation. You may now disconnect. Have a great day.