Peru
PERU
|
EBITDA (million US$)
|
Subsidiaries
|
|
1Q 2021
|
1Q 2020
|
Change
|
% Change
|
|
|
|
|
|
Enel Distribución Perú
|
61
|
55
|
6
|
10.1%
|
|
|
|
|
|
EBITDA Distribution Business
|
61
|
55
|
6
|
10.1%
|
EBITDA of our subsidiary Enel
Distribución Perú S.A. reached US$ 61 million as of March 2020, representing an increase of US$ 6 million compared
to the same period of the previous year.
Enel Distribución
Perú S.A.: Higher EBITDA of US$ 6 million, mainly due to an increase in sales prices offset by lower results due to the conversion
effect of the devaluation of the new Peruvian sol against the US dollar.
Enel Distribución Peru's Operating
income in Enel Distribución Peru decreased by US$ 3 million, mainly explained by US$ 18
million, due to the conversion effects of the devaluation of the new Peruvian sol against the US dollar, partially
offset by higher energy sales of US$ 15 million due to an increase in average sales
prices, despite lower physical sales of (-13 GWh).
Enel Distribución Peru's Operating costs
decreased by US$ 6 million which is mainly explained by US$ 12 million as a
result of the devaluation of the new Peruvian sol against the US dollar, an effect that was partially offset by US$ 6 million for
higher energy purchases, the result of the increase of the average purchase prices.
Enel Distribución Peru's staff costs were in line in
relation to the same period of last year.
Enel Distribución Peru's other expenses
by nature decreased by US$ 3 million, mainly because of lower fixed operating and maintenance service costs.
PERU
|
Subsidiaries
|
Energy Losses (%)
|
Clients (million)
|
March 2021
|
March 2020
|
% Change
|
|
March 2021
|
March 2020
|
% Change
|
|
|
|
|
|
|
|
|
Enel Distribución Perú
|
8.6%
|
8.4%
|
2.4%
|
|
1.47
|
1.44
|
1.9%
|
|
|
|
|
|
|
|
|
Total Distribution Business
|
8.6%
|
8.4%
|
2.4%
|
|
1.47
|
1.44
|
1.9%
|
23
|
|
PRESS RELEASE
ENEL AMÉRICAS GROUP’S CONSOLIDATED FINANCIAL STATEMENTS
AS OF MARCH 31, 2021
|
|
Depreciation, Amortization, Impairment
Below we present a summary of EBITDA, Depreciation,
Amortization and Impairment Expenses, and EBIT for Enel Américas Group´s subsidiaries in quarterly and cumulative terms as
of March 31, 2021 and 2020.
Segment
|
(million US$)
|
EBITDA
|
Depreciation, amortization and impairment
|
EBIT
|
EBITDA
|
Depreciation, amortization and impairment
|
EBIT
|
1Q 2021
|
1Q 2020
|
|
|
|
|
|
|
|
Generation and Transmission:
|
|
|
|
|
|
|
Argentina
|
22
|
(22)
|
(0)
|
56
|
(24)
|
32
|
Brazil
|
52
|
(5)
|
47
|
78
|
(7)
|
71
|
Colombia
|
180
|
(17)
|
163
|
184
|
(18)
|
166
|
Peru
|
77
|
(13)
|
64
|
79
|
(16)
|
63
|
Total Generation and Transmission
|
331
|
(57)
|
274
|
397
|
(65)
|
331
|
|
|
|
|
|
|
|
Distribution:
|
|
|
|
|
|
|
Argentina
|
3
|
(33)
|
(30)
|
7
|
(25)
|
(18)
|
Brazil
|
231
|
(131)
|
100
|
280
|
(162)
|
118
|
Colombia
|
137
|
(33)
|
104
|
129
|
(35)
|
94
|
Peru
|
61
|
(17)
|
44
|
55
|
(16)
|
39
|
Total Distribution
|
432
|
(214)
|
218
|
471
|
(238)
|
233
|
Less: consolidation adjustments and other activities
|
(22)
|
-
|
(22)
|
(20)
|
-
|
(20)
|
|
|
|
|
|
|
|
Total Consolidated Enel Américas
|
741
|
(271)
|
470
|
848
|
(303)
|
545
|
Depreciation, amortization, and impairment reached
US$ 271 million for the period ended on March 31, 2021, with a US$ 32 million decrease in relation to the same period of
the previous year.
Depreciation and amortization totaled
US$ 221 million as of March 2021, which represents a US$ 2 million decrease as compared to March 2020. This is mainly explained
by the following decreases: (i) Enel Distribución Sao Paulo for US$ 8 million,
due to the conversion effects of the devaluation of the Brazilian real against the US dollar; (ii) US$ 1 million in Enel Distribución
Río composed of US$ 5 million due to the conversion effects of the devaluation
of the Brazilian real against the US dollar, offset by US$ 4 million for higher depreciations for higher activations; (iii)
Enel Distribución Ceará of US$ 1 million, composed of US$ 4 million due
to the conversion effects of the devaluation of the Brazilian real against the US dollar, offset by US$ 3 million for higher depreciations
for higher activations; (iv) Enel Generación Costanera for US$ 4 million due to the conversion effects of the devaluation
of the Argentine peso against the US dollar, (v) Enel Generación Peru for US$ 2 million as a result of US$ 1 million
from the conversion effects as a result of the devaluation of the new Peruvian sol against the US dollar and US$ 1 million for
lower fixed asset depreciations; (vi) Central Dock Sud for US$ 3 million stemming from the conversion effects as a result
of the devaluation of the Argentine peso against the US dollar.
All these decreases were partially offset
by the increase in (i) Edesur of US$ 17 million, consisting of a US$ 29 million increase from higher depreciations for the
new investments required by regulatory bodies, minus US$ 12 million as a result of the devaluation of the Argentine peso against
the US dollar.
24
|
|
PRESS RELEASE
ENEL AMÉRICAS GROUP’S CONSOLIDATED FINANCIAL STATEMENTS
AS OF MARCH 31, 2021
|
|
At the same time, impairment losses from the application
of IFRS 9, on financial assets, totaling US$ 50 million as of March 2021, representing a US$ 30 million decrease compared
to the same period of the previous year, which is mainly explained by decreases in: (i) Enel Distribución Goiás of
US$ 22 million; (ii) Enel Distribución Ceará of US$ 9 million; (iii) US$ 8 million in Edesur;
(iv) US$ 9 million, due to the conversion effects of functional currencies with respect to the US dollar. This was partially offset
by a US$ 18 million deterioration loss in Enel Distribución Rio.
25
|
|
PRESS RELEASE
ENEL AMÉRICAS GROUP’S CONSOLIDATED FINANCIAL STATEMENTS
AS OF MARCH 31, 2021
|
|
The following table presents the non-operating consolidated
income for periods that ended on March 31, 2021 and 2020:
NON OPERATING INCOME CONTINUING OPERATIONS
|
(million US$)
|
1Q 2021
|
1Q 2020
|
Change
|
% Change
|
|
|
|
Financial Income
|
|
|
|
|
Argentina
|
17
|
14
|
3
|
21.4%
|
Brazil
|
79
|
57
|
22
|
38.6%
|
Colombia
|
3
|
4
|
(1)
|
(25.0%)
|
Peru
|
1
|
3
|
(2)
|
(66.7%)
|
Consolidation adjustments and other activities
|
1
|
2
|
(1)
|
(50.0%)
|
Total Financial Income
|
101
|
80
|
21
|
26.3%
|
|
|
|
|
|
Financial Costs
|
|
|
|
|
Argentina
|
(43)
|
(22)
|
(21)
|
95.5%
|
Brazil
|
(118)
|
(119)
|
1
|
(0.8%)
|
Colombia
|
(24)
|
(30)
|
6
|
(20.0%)
|
Peru
|
(8)
|
(8)
|
-
|
0.0%
|
Consolidation adjustments and other activities
|
(6)
|
(6)
|
-
|
0.0%
|
Total Financial Costs
|
(199)
|
(185)
|
(14)
|
7.3%
|
|
|
|
|
|
Foreign currency exchange differences, net
|
|
|
|
|
Argentina
|
10
|
15
|
(5)
|
(33.3%)
|
Brazil
|
(48)
|
(99)
|
51
|
(51.5%)
|
Colombia
|
(2)
|
(7)
|
5
|
(71.4%)
|
Peru
|
(2)
|
-
|
(2)
|
0.0%
|
Consolidation adjustments and other activities
|
38
|
64
|
(26)
|
(40.6%)
|
Total Foreign currency exchange differences, net
|
(4)
|
(27)
|
23
|
(86.9%)
|
|
|
|
|
|
Total results by adjustment units (hyperinflation - Argentina)
|
21
|
19
|
2
|
14.1%
|
|
|
|
|
|
Net Financial Income Enel Américas
|
(81)
|
(114)
|
33
|
(29.2%)
|
|
|
|
|
|
Net Income Before Taxes
|
389
|
432
|
(43)
|
(10.0%)
|
|
|
|
|
|
Income Tax
|
|
|
|
|
Argentina
|
19
|
(24)
|
43
|
(179.2%)
|
Brazil
|
(16)
|
(14)
|
(2)
|
14.3%
|
Colombia
|
(69)
|
(71)
|
2
|
(2.8%)
|
Peru
|
(34)
|
(19)
|
(15)
|
79.0%
|
Less: consolidation adjustments and other activities
|
(1)
|
6
|
(7)
|
(116.7%)
|
Total Income Tax
|
(101)
|
(122)
|
21
|
(17.1%)
|
|
|
|
|
|
Net Income after taxes
|
288
|
310
|
(22)
|
(6.9%)
|
Net Income attributable to owners of parent
|
183
|
208
|
(25)
|
(11.8%)
|
Net income attributable to non-controlling interest
|
105
|
102
|
3
|
3.1%
|
26
|
|
PRESS RELEASE
ENEL AMÉRICAS GROUP’S CONSOLIDATED FINANCIAL STATEMENTS
AS OF MARCH 31, 2021
|
|
Financial Income
Financial income reached a US$
81 million loss as of March 31, 2021 which represents a US$ 33 million decrease in relation to the same period of the previous
year. The foregoing is mostly explained by:
|
(a)
|
Higher financial income of US$ 21 million, mainly explained
by US$ 37 million attributable to the update of financial assets associated with assets under the IFRS 12 concession in Enel
Distribución Rio, Enel Distribución Sao Paulo, Enel Distribución Goiás, and Enel Distribución Ceará.
This effect was partially offset by US$ 16 million, as a result of the conversion effect stemming from the devaluation of the Brazilian
real against the US dollar.
|
|
(b)
|
US$ 13 million in higher financial expenses mainly attributable to Edesur
for US$ 20 million, mostly explained by financial update for debts for energy purchase
from supplier (CAMMESA) partially offset by Emgesa for US$ 7 million lower financial expenses due to lower financial debt at the
close of March 31, 2021.
|
|
(c)
|
The results for adjustments increased by US$ 2 million and correspond to the financial income generated
by the application of IAS 29 Financial Information in Hyperinflationary Economies in Argentina.
They reflect the net balance that arises from applying inflation to non-monetary assets and liabilities and to income statements that
are not determined on an updated basis, converted to the US dollar at the closing exchange rate.
|
|
(d)
|
US$ 23 million lower negative results from exchange differences as compared to the previous year,
mainly due to: (i) US$ 19 million lower negative exchange differences in Enel Américas Holding, mainly due to lower placements
in national currency compared to the same period of the previous year, and (ii) US$ 10 million lower negative exchange differences
related to accounts receivable in foreign currency for VOSA credits in Argentina. This was partially offset by the conversion effects
of the currencies in the various countries in which we operate, of approximately US$ 6 million.
|
The gains tax levied on companies’ profits
reached US$ 101 million as of March 31, 2021, which represents a US$ 21 million decrease in expenditure as compared to the
same period of the previous year. This decrease is mainly explained by: (i) lower expenditures in Argentine subsidiaries: Edesur
for US$9 million, mainly because of the US$ 27 million inflation tax on immobilized assets offset by the conversion effects
of the Argentine peso against the US dollar; Enel Generación Costanera, Central Dock Sud and Enel Generación el
Chocón for US$ 10 million, US$ 11 million, and US$ 10 million respectively for lower results for the period as
compared to 2020, and (ii) US$ 12 million in EGP Cachoeira Dourada mainly by lower results for the period as compared to 2020.
The above was partially offset by higher tax expenses in Enel Brasil for US$ 15 million, due to lower accounting losses
compared to better results of the period compared to the previous year, and US$ 12 million in Enel Generación Peru,
mainly from the US$ 9 million of tax profit recorded in 2020 and better results in 2021 compared to the same period of the previous
year.
27
|
|
PRESS RELEASE
ENEL AMÉRICAS GROUP’S CONSOLIDATED FINANCIAL STATEMENTS
AS OF MARCH 31, 2021
|
|
ANALYSIS OF THE
FINANCIAL STATEMENT
Assets
|
March 2021
|
December 2020
|
Change
|
% Change
|
(US$ million)
|
|
|
|
|
|
|
Current Assets
|
5,657
|
6,179
|
(523)
|
(8.5%)
|
Non current Assets
|
19,579
|
20,754
|
(1,175)
|
(5.7%)
|
|
|
|
|
|
Total Assets
|
25,236
|
26,934
|
(1,698)
|
(6.3%)
|
Enel Américas' total assets as of March 31,
2021 decreased by US$ 1,698 million compared to the total assets as of December 31, 2020, mainly as a result of:
|
|
Current Assets decreased by US$ 523 million, equivalent to 8.5% mainly explained
by:
|
|
|
A US$ 337
million decrease in cash and cash equivalents consisting mainly of: (1) Net income from operating flows of US$ 278 million
corresponding to collections for sales and services, net of payment to suppliers and others; (2) US$ 91 million net outgoing from flows
of financing activities corresponding to: (i) US$ 798 million loan payments and obligations to the public; (ii) US$ 124
million dividend payments; (iii) US$ 111 million interest payment; and (iv) US $13 million in financial lease liability
payments. This was partially offset by US$ 508 million in financing, including EFI loans to Enel Américas, Enel Distribución
Goiás and Enel Distribución Ceará of US$113 million, US$110 million and US$91 million, respectively;
(3) US$ 402 million net outgoings from investment activities corresponding to: US$ 252 million disbursements for the incorporation
of plant and equipment properties, US$ 153 million payments for incorporation of intangible asset, investments of 90 days + for
US$ 21 million, US$ 4 million payments of derivatives operations and US$ 7 million other cash outings. These investment
cash flow outgoings were offset by US$ 6 million interest received and investment rescue for 90 days + for US$ 28 million;
and a US$ 122 million decrease as a result of the variation in cash exchange rates and cash equivalents.
|
|
·
|
A US$ 32 million increase of other current financial assets mainly attributable to a decrease
of assets from Enel Distribution Rio's fair value hedging derivatives operations totaling US$ 36 million, which includes
US$ 7 million the conversion effects related to the devaluation of the Brazilian real against the US dollar.
|
|
·
|
A US$ 95 million increase in Other Current non-financial assets mainly attributable to higher
taxes to recover from PIS and COFINS in our Brazilian subsidiaries Enel Distribución Goiás of US$ 103 million,
partially offset by the conversion effects of the devaluation of the different currencies in which we operate.
|
|
·
|
A US$ 252 million decrease in Commercial Receivables and other current receivables mainly explained
the effects of the devaluation of the foreign currencies in which we operate against the US dollar.
|
28
|
|
PRESS RELEASE
ENEL AMÉRICAS GROUP’S CONSOLIDATED FINANCIAL STATEMENTS
AS OF MARCH 31, 2021
|
|
|
|
A US$ 1,175 million decrease in Non-Current Assets equivalent to 5.7%
mainly in:
|
|
·
|
A US$ 211 million decrease in other non-current financial assets mainly explained by the effects
of the devaluation of the Brazilian real against the US dollar which mainly affected receivables from the application of IFRS 12 in Brazilian
distribution companies totaling US$ 247 million. This was offset by an increase of US$ 36 million for larger investments.
|
|
·
|
A US$ 142 million increase of other non-current non-financial assets mainly explained by higher
recoverable taxes from PIS and COFINS in Enel Distribución Goias
totaling US$ 336 million and higher construction assets according to the IFRS 12
agreement totaling US$ 23 million. This is partially offset by US$ 217million from
the conversion effects of the devaluation of the Brazilian real against the US dollar.
|
A US$ 56 million
decrease in receivables and other non-current receivables which are mainly explained by the effects of the devaluation of foreign
currencies against the US dollar.
|
·
|
A US$ 471 million decrease in intangible assets other than capital gains composed mainly of: (i)
A US$ 443 million decrease in the conversion effects of the US dollar from the functional
currencies of each subsidiary, mainly in Brazil; (ii) US$ 100 million amortization for the period; (iii) US$ 9 million other
decreases; mainly in relation to transfers to financial assets for the estimated amount to be recovered at the end of electricity distribution
concessions. This was partially offset by a US$ 81 million increase for new investments.
|
|
·
|
A US$ 80 million decrease in goodwill mainly explained by the effects of conversion to US dollar
from the functional currencies of each subsidiary.
|
|
·
|
A US$ 411 million decrease in properties, plants and equipment consisting mainly of (i) a US$
612 million decrease from the conversion effects of the functional currencies of each subsidiary to the US dollar; (ii) US$ 118
million depreciation of the period; and (iii) US$ 2 million other decreases. This
was partially offset by: (i) a US$ 133 million increase in new investments;
and (ii) US$ 188 million other inflation increases as a result of the implementation of IAS 29 in our Argentine subsidiaries.
|
·
A US$ 75 million decrease in Assets from Deferred Taxes explained mainly by the conversion effects to US dollars from the
functional currencies of each subsidiary.
29
|
|
PRESS RELEASE
ENEL AMÉRICAS GROUP’S CONSOLIDATED FINANCIAL STATEMENTS
AS OF MARCH 31, 2021
|
|
Liabilities and Equity
|
March 2021
|
December 2020
|
Change
|
% Change
|
(US$ million)
|
|
|
|
|
|
|
Current Liabilities
|
6,711
|
7,277
|
(566)
|
(7.8%)
|
Non Current Liabilities
|
9,041
|
9,323
|
(281)
|
(3.0%)
|
|
|
|
|
|
Total Equity
|
9,484
|
10,334
|
(850)
|
(8.2%)
|
attributable to owners of parent company
|
7,563
|
8,106
|
(543)
|
(6.7%)
|
attributable to non-controlling interest
|
1,921
|
2,228
|
(307)
|
(13.8%)
|
|
|
|
|
|
Total Liabilities and Equity
|
25,236
|
26,934
|
(1,698)
|
(6.3%)
|
Total Enel Américas liabilities
and assets as of March 31 30, 2021 decreased by US$ 1,698 million as compared to December 2020, mainly as a result of:
|
Ø
|
Current Liabilities decreased by US$ 566 million, mainly explained by:
|
|
·
|
A US$ 360 million decrease in other current financial liabilities explained primarily by: (i)
a US$ 155 million decrease in Emgesa, mainly for bond payments of US$ 234 million (capital and interest),plus the conversion
effects resulting from the devaluation of the Colombian peso against the US dollar of US$ 15 million, effects that were partially
offset by obtaining new credits for the amount of US$ 84 million and US$ 10 million due to interest accrual on current debt; (ii)
a US$ 144 million decrease in Enel Distribución Sao Paulo mainly due to US$ 134 million bank loan payments
(capital and interest), plus US$ 32 million from the conversion effects resulting from the devaluation of the Brazilian real against
the US dollar, effects that were partially offset by the US$ 22 million increase for interest accrual on current debt; and (iii)
a US$ 58 million decrease in Enel Américas mainly for debt payments with banks for the amount of US$ 215 million,
offset by new credits totaling US$ 153 million.
|
|
·
|
A US$ 273 million decrease in commercial accounts and other current payables mainly explained
by: (i) US$ 177 million conversion effects from the functional currencies of each subsidiary to US dollar; (ii) a US$
249 million decrease in EGP Cachoeira Dourada mainly due to lower accounts payable for energy purchases and suppliers; and
(iii) a US$ 78 million decrease in Enel Distribución Sao Paulo mainly due to lower accounts payable for energy
purchases and suppliers. This was partially offset by a US$ 130 million increase in Emgesa and US$ 101 million in Codensa
mainly explained by dividends payable to third parties.
|
|
·
|
A US$ 143 million increase in current accounts payable to related entities mainly (i)
a US$ 113 million increase corresponding to EFI's Enel Américas loan; (ii) a US$ 60 million increase in accounts
payable for energy purchases for EGP subsidiaries in Brazil; and (iii) US$ 12 million higher accounts payable to Enel Global Infrastructure
and Network, for technical and IT services. This was partially offset by US$ 48 million in lower accounts payable corresponding
to lower dividend payments to Enel SpA.
|
30
|
|
PRESS RELEASE
ENEL AMÉRICAS GROUP’S CONSOLIDATED FINANCIAL STATEMENTS
AS OF MARCH 31, 2021
|
|
|
·
|
A US$ 17 million increase in other current provisions mainly related to (i) a US$27
million increase in Enel Distribución Rio from transfer from non-current provisions to current flows for Cofins taxes,
in relation to the change of status in claims; (ii) US$10 million increase in Enel Distribución Sao Paulo mainly
explained by restructuring provision. These effects were offset by of US$ 17 million arising from the conversion effects resulting
from the devaluation of the local currencies of the countries where we operate against the US dollar.
|
|
·
|
A US$ 62 million decrease in current tax liabilities mainly explained by lower taxes payable in
subsidiaries Enel Distribución Ceará for the amount of US$ 27 million, EGP Cachoeira Dourada for US$ 5
million and in Enel Generación Peru for US$8 million, plus US$ 22 million from the conversion effects of the
devaluation of foreign currencies against the US dollar.
|
|
·
|
A US$ 33 million decrease in other current provisions mainly related to the conversion effects
of the devaluation of foreign currencies against the US dollar.
|
|
|
Non-Current Liabilities decreased by US$ 281 equivalent to 3% of the variation explained
mainly by:
|
·
A US$ 240 million decrease in other non-current financial liabilities (financial debt and derivative) mainly
explained by (i) US$125 million decrease in Codensa mainly due to the US$ 55 million effect
of conversion effects related to the devaluation of the Colombian peso against the US dollar , a US$ 82 million short-term
transfers of financial debt and a US$ 12 million increase in new bank debt; (ii) a US$45
million decrease in Emgesa mainly due to the conversion effects
due to the devaluation of the Colombian peso; (iii) a US$ 37 million decrease in Enel
Distribución Río mainly due to the devaluation of the Brazilian real against the US dollar;
and (iv) a US$ 16 million decrease in Enel Distribución Rio mainly
due to the US$ 72 million devaluation of the Brazilian real offset by US$ 56 million loans.
·
A US$ 83 million increase in commercial accounts and other non-current payable accounts
which is explained by higher taxes payable from PIS COFINS
in Enel Distribución Goiás for
US$ 336 million, these liabilities represent the obligation
to refund recovered taxes to final clients (see Note No.
7.3 of the Financial Statements). This is partially offset by US$ 253 million, mainly because
of the devaluation of foreign currencies against the US dollar.
·
A US$ 176 million increase in non-current payable accounts to related entities explained by EFI
loans to Enel Distribución Goiás worth US$ 110 million and US$ 91 million
for Enel Distribution Ceará. This was offset by the conversion effects that originated from the
currency devaluations of the countries where we operate against the US dollar.
|
·
|
A US$ 75 million decrease in other non-current mainly due to the conversion effects resulting from
the devaluation of foreign currencies against the US dollar.
|
|
·
|
A US$ 38 million decrease in deferred tax liabilities mainly due to the conversion effects resulting
from the devaluation of foreign currencies against the US dollar.
|
31
|
|
PRESS RELEASE
ENEL AMÉRICAS GROUP’S CONSOLIDATED FINANCIAL STATEMENTS
AS OF MARCH 31, 2021
|
|
|
·
|
A US$ 167 million decrease in Provisions for benefits to
non-current employees mainly explained by the conversion effects of the functional currencies of each subsidiary to US dollar
from.
|
|
·
|
Total Equity decreased by US$ 850 million explained by:
|
Equity attributable to the property (shareholders)
of the controller decreased by US$ 543 million mainly due to a US$ 726 million decrease in other reserves attributable to:
(i) US$ 818 million
negative conversion differences; (ii) US$ 10 million negative cash flow
hedge reserves; and (iii) US$ 102 million positive reserves from the application of
IAS 29 "hyperinflationary economies" in Argentina.
This
is partly offset by the US$183 million profit for the period.
Non-controlling shareholding decreased
by US$ 307 million mainly explained by (i) a US$ 286 million decrease
in dividend payment and (ii) a US$ 177 million decrease in comprehensive results mainly due to conversion differences. These
effects were offset by: (i) a US$ 105 million increase in the profit for the period; and (iii) a US$ 51
million increase of several other reserves due to the application of IAS 29 "hyperinflationary economies" in Argentina.
32
|
|
PRESS RELEASE
ENEL AMÉRICAS GROUP’S CONSOLIDATED FINANCIAL STATEMENTS
AS OF MARCH 31, 2021
|
|
The development of the main financial
indicators is as follows
Financial Indicator
|
Unit
|
March 2021
|
December 2020
|
March 2020
|
Change
|
% Change
|
|
|
|
|
|
|
|
|
Liquidity
|
Current liquidity (1)
|
Times
|
0.84
|
0.85
|
|
(0.01)
|
(0.7%)
|
|
Acid ratio test (2)
|
Times
|
0.77
|
0.78
|
|
(0.01)
|
(1.6%)
|
|
Working Capital
|
MMUSD
|
(1,054)
|
(1,098)
|
|
44
|
(4.0%)
|
Leverage
|
Leverage (3)
|
Times
|
1.66
|
1.61
|
|
0.05
|
3.4%
|
|
Short Term Debt (4)
|
%
|
42.6%
|
43.8%
|
|
(1.2%)
|
(2.8%)
|
|
Long Term Debt (5)
|
%
|
57.4%
|
56.2%
|
|
1.2%
|
2.2%
|
|
Financial Expenses Coverage (6)
|
Times
|
4.09
|
|
4.37
|
(0.28)
|
(6.4%)
|
Profitability
|
Operating Income/Operating Revenues
|
%
|
14.6%
|
|
16.9%
|
(2.4%)
|
(14.0%)
|
|
ROE (annualized) (7)
|
%
|
10.2%
|
|
17.7%
|
(7.5%)
|
(42.2%)
|
|
ROA (annualized) (8)
|
%
|
4.1%
|
|
7.9%
|
(3.7%)
|
(47.3%)
|
(1) Corresponds to the ratio between (i) Current Assets and (ii) Current Liabilities.
|
(2) Corresponds to the ratio between (i) Current Assets net of Inventories and anticipated Expenses and (ii) Current Liabilities.
|
(3) Corresponds to the ratio between (i) Total Liabilities and (ii) Total Equity.
|
|
|
|
|
|
(4) Corresponds to the proportion of (i) Current Liabilities in relation to (ii) Total Liabilities
|
|
|
|
|
(5) Corresponds to the proportion of (i) Non-Current Liabilities in relation to (ii) Total Liabilities.
|
|
|
|
|
(6) Corresponds to the ratio between (i) the Gross Operating Income and (ii) Net financial result of Financial Income.
|
|
|
|
(7) Corresponds to the ratio between (i) Net Income attributable to owners of parent as of March 31, 2021 and (ii) the average between Equity attributable to owners of parent at the beginning of the period and at the end of the period.
|
(8) Corresponds to the ratio between (i) total result as of March 31, 2021 and (ii) the average of total assets at the beginning of the period and at the end of the period.
|
-
The Company’s Current liquidity as of March 31, 2021 reached 0.84 times, showing a 0,7 %
decrease in relation to December 2020, mostly explained by the decrease in current assets, mainly in cash and cash equivalents.
-
The Company’s Acid Test as of March 31, 2021 reached 0.77 times, showing a 1.6 % decrease
in relation to December 31, 2020, also mostly explained by the increase in current assets, mainly in cash and cash equivalents.
-
The Company’s Working capital as of March 31, 2021 was negative US$ 1,054 million showing a
slight improvement in relation to December 31, 2020 when it reached a negative value of US$ 1,098.
-
The Company’s Leverage (indebtedness ratio) stood at 1.66 times as of March 31, 2021, a 3.4
% increase in relation to December 31, 2020 explained by lower dominant shareholding equity, mainly because of the conversion effects.
-
The Hedging of financial costs as of the period that ended on March 31, 2021 was 4.09 times, which
represents a 6.4% decrease as compared to the same period of the previous year, mainly because of reduced operating income in relation
to the same period of the year before.
-
The Return-on-equity (profitability) index, measured in terms of operating income over operating revenues
reached 14.6% as of March 31, 2021.
-
The Return-on-equity of the controller’s property owners (shareholders) reached 10.2% representing
a 42.2 % decrease as a result of a decrease in the income attributable to the property owners for the last 12 months in relation
to the previous period.
-
The Return-on-assets stood at 4.1% as of March 31, 2021 representing a 47.3 % decrease mostly
due to total income increase in the last twelve months as compared to the previous period.
33
|
|
PRESS RELEASE
ENEL AMÉRICAS GROUP’S CONSOLIDATED FINANCIAL STATEMENTS
AS OF MARCH 31, 2021
|
|
MAIN CASH FLOWS
The Company’s net cash flows were negative
as of March 31, 2021 and reached US$ 215 million which represents a US$ 94 million decrease in relation to the same period
of the previous year.
The main variables on account of the flows of the operation,
investment and financing activities that explain this decrease in net cash flows, as compared to March 2020 are described below:
Net Cash Flow
|
March 2021
|
March 2020
|
Change
|
% Change
|
(US$ million)
|
|
|
|
|
|
|
From Operating Activities
|
278
|
306
|
(28)
|
(9.2%)
|
From Investing Activities
|
(402)
|
(374)
|
(28)
|
7.5%
|
From Financing Activities
|
(91)
|
(53)
|
(38)
|
71.7%
|
|
|
|
|
|
Total Net Cash Flow
|
(215)
|
(121)
|
(94)
|
77.7%
|
The net cash flows stemming from operating
activities totaled US$ 278 million as of March 2021, representing a 9.2% decrease as compared to March of the previous
year. The variation is explained by a net decrease in the Types of collections for operating activities, mainly in (i) lower charges from
sales and provision of services totaling US$ 459 million; (ii) lower charges from premiums and benefits, annuities and other benefits
of underwritten policies for the amount of US$ 21 million; (iii) a US$ 26 million increase in payments to suppliers for
the supply of goods and services; (iv) US$ 57 million less in employee payments; (v) and US$ 162 million less in payments
for other activities of the operation.
The cash flows coming from (used in) investment
activities were net outgoings totaling US$ 402 million as of March 2021, which is mainly explained by: (i) US$ 252 million
disbursements for the incorporation of plant properties and equipment ; (ii) US$ 153 million incorporation of intangible assets;
(iii) US$ 21 million investments of more than 90 days; and (iv) US$ 7 million other cash income and outgoings. These investment
cash outgoings were offset by interest received for US$ 6 million and by investment
rescue for 90 days+ for US$ 28 million.
The net cash flows coming from (used in)
financing activities were net outgoings of US$ 91 million in March 2021, mainly coming from (i)
US$798 million in loan payments; (ii) US$ 124 million in dividend payments; (iii) US$ 111
million interest payment; and (iv) US$ 13 million liability
payments for financial leases. This was partially
offset by: (i) US$ 508 million
new financing; (ii) US$ 314 million loans from related companies; and (iii) US$
133 million in other cash inflows and outgoings.
34
|
|
PRESS RELEASE
ENEL AMÉRICAS GROUP’S CONSOLIDATED FINANCIAL STATEMENTS
AS OF MARCH 31, 2021
|
|
Below are the disbursements from the Incorporation of
Properties, Plant and Equipment and their depreciation, for the periods of March 2021 and 2020.
PROPERTY, PLANTS AND EQUIPMENT INFORMATION BY COMPANY
|
|
(million US$)
|
|
Company
|
Payments for additions of Property, plant and equipment
|
|
Depreciation
|
March 2021
|
March 2020
|
% Change
|
|
March 2021
|
March 2020
|
% Change
|
|
|
|
|
|
|
|
|
Enel Generación Chocon S.A.
|
-
|
-
|
0.0%
|
|
4
|
-
|
0.0%
|
Enel Generación Costanera
|
8
|
-
|
0.0%
|
|
10
|
15
|
(33.3%)
|
Emgesa S.A.E.S.P
|
26
|
29
|
(10.3%)
|
|
17
|
17
|
0.0%
|
Enel Generación Perú
|
18
|
13
|
38.5%
|
|
10
|
12
|
(16.7%)
|
Chinango
|
1
|
-
|
0.0%
|
|
1
|
-
|
0.0%
|
Enel Distribución Goiás (Celg) (*)
|
49
|
41
|
19.5%
|
|
18
|
19
|
(5.3%)
|
EGP Cachoeira Dourada
|
-
|
-
|
0.0%
|
|
1
|
1
|
0.0%
|
EGP Volta Grande
|
3
|
-
|
0.0%
|
|
-
|
-
|
0.0%
|
Enel Generación Fortaleza
|
2
|
2
|
0.0%
|
|
2
|
3
|
(33.3%)
|
Enel Cien
|
-
|
-
|
0.0%
|
|
1
|
3
|
(66.7%)
|
Enel Distribución Sao Paulo S.A. (*)
|
46
|
45
|
2.2%
|
|
36
|
45
|
(20.0%)
|
Edesur S.A.
|
51
|
23
|
121.7%
|
|
28
|
11
|
154.5%
|
Enel Distribución Perú S.A.
|
41
|
47
|
(12.8%)
|
|
14
|
15
|
(6.7%)
|
Enel Distribución Rio (Ampla) (*)
|
26
|
40
|
(35.0%)
|
|
21
|
22
|
(4.5%)
|
Enel Distribución Ceara (Coelce) (*)
|
26
|
45
|
(42.2%)
|
|
16
|
15
|
6.7%
|
Codensa S.A.
|
94
|
97
|
(3.1%)
|
|
30
|
31
|
(3.2%)
|
Central Dock Sud S.A.
|
-
|
-
|
0.0%
|
|
7
|
8
|
(12.5%)
|
Enel Generación Piura S.A.
|
7
|
3
|
133.3%
|
|
3
|
3
|
0.0%
|
Holding Enel Americas y Sociedades de Inversión
|
6
|
4
|
50.0%
|
|
2
|
3
|
(33.3%)
|
|
|
|
|
|
|
|
|
Total
|
404
|
389
|
3.9%
|
|
221
|
223
|
(0.9%)
|
|
|
|
|
|
|
|
|
(*) Includes intangible assets concessions
|
35
|
|
PRESS RELEASE
ENEL AMÉRICAS GROUP’S CONSOLIDATED FINANCIAL STATEMENTS
AS OF MARCH 31, 2021
|
|
MAIN
RISKS RELATED TO THE ACTIVITIES OF ENEL AMÉRICAS GROUP SA
The Group’s operations are subject to a broad
set of governmental regulations, and any changes introduced in them might affect their operations, economic situation, and operating income.
The Group’s operative subsidiaries are subject
to a wide range of tariff regulations and other aspects that govern their operations in the countries in which they operate. Consequently,
the introduction of new laws or regulations, such as the modification of laws or regulations currently in effect, could impact their operations,
economic situation, and operating results.
Such new laws or regulations sometimes modify regulatory
aspects that may affect existing entitlements; which, as the case might be, may adversely affect the group’s future results.
The Group’s activities are subject to wide-ranging
environmental regulations that Enel Américas continuously complies with. Eventual modifications introduced to such regulations
could impact its operations, economic situation and operating income.
Enel Américas and its operative subsidiaries
are subject to environmental regulations, which, among other things, require preparing and submitting Environmental Impact Studies for
projects under study, obtaining licenses, permits and other mandatory authorizations and complying with all the requirements imposed by
such licenses, permits and regulations. Just as with any regulated company, Enel Américas cannot guarantee that:
|
|
Public authorities will approve such environmental impact studies.
|
|
|
Public opposition will not derive in delays or modifications to any proposed project.
|
|
|
Laws or regulations will not be modified or interpreted in a manner such as to increase expenses or affect
the Group’s operations, plants, or plans.
|
The Group’s Commercial activity
has been planned to moderate eventual impacts resulting from changes in the hydrologic conditions.
Enel Américas
Group’s operations include hydroelectric generation and, therefore, they depend on the hydrological conditions that exist at each
moment in the broad geographical areas where the Group’s hydroelectric generation facilities are located. If the hydrological conditions
generate droughts or other conditions that may negatively impact hydroelectric generation, then, the outcome will be adversely affected,
reason why Enel Américas has established -as an essential part of its commercial policy - to refrain from contractually committing
100% of its generation capacity. The electric business, in turn, is also affected by atmospheric conditions such as mean temperatures
that condition consumption.
Depending on weather
conditions, differences may arise in the margins obtained by the business.
The financial situation and commercial
outcome of may be adversely affected if exposure to interest rate risk, commodities and currency exchange rates are not effectively managed.
36
|
|
PRESS RELEASE
ENEL AMÉRICAS GROUP’S CONSOLIDATED FINANCIAL STATEMENTS
AS OF MARCH 31, 2021
|
|
RISK MANAGEMENT
POLICY
The companies that make up the Enel Américas
Group follow the guidelines of the Risk Management Control System (RMCS) established at the Holding level (Enel Spa), which sets the guidelines
for risk management through the respective standards, procedures, systems, etc., to be applied at the different levels of the Company,
in the processes of identification, analysis, evaluation, treatment and communication of risks that the business must continuously face.
These are approved by the Board of Directors of Enel SpA, which houses a Controls and Risks Committee which, in turn, supports the Enel
Américas Board's assessment and decisions regarding internal controls and risk management system, as well as those related to the
approval of periodic financial statements.
To comply with the above, there is a specific Risk
Management and Control Management policy within each Company, reviewed and approved at the beginning of each year by the Enel Américas
Board, observing and applying local requirements in terms of risk culture.
The company seeks protection for all risks that can
affect achieving business objectives. A new risk taxonomy for the entire Enel Group, which considers 6 macro categories and 37 sub-categories.
The Enel Group's risk management system considers three
lines of action (defense) to obtain effective and efficient risk and control management. Each of these three "lines" plays a
different role within the organization´s broader governance structure (business and internal control areas, acting as the first
line, Risk Control, acting as second line and Audit as the third line of defense). Each line of defense has an obligation to inform and
keep senior management and Directors up to date on risk management, with Senior Administration being informed by the first and second
line of defense and the Board of Directors in turn by the second and third line of defense.
Within each company in the group, the risk management
process is decentralized. Each manager responsible for the operational process in which the risk originates is also responsible for the
treatment and adoption of risk control and mitigation measures.
Interest Rate Risk
Interest rate fluctuations modify the fair value of
those assets and liabilities that accrue a fixed rate of interest, as well as the future flows of assets and liabilities indexed at a
variable rate of interest.
The aim of managing the interest rate risk is to reach
a debt structure equilibrium that would enable minimizing debt costs while reducing Income Statement volatility.
Depending on the Group’s estimates and on the
objectives of its debt structure, various hedging operations are performed by contracting derivatives to mitigate such risks. The instruments
currently used are rate swaps of variable rates to fixed rates.
The comparative structure of the financial debt of
the Enel Américas Group, according to fixed and/or protected and variable rates of interest over total gross debt, after the derivative
contracts, is the following:
37
|
|
PRESS RELEASE
ENEL AMÉRICAS GROUP’S CONSOLIDATED FINANCIAL STATEMENTS
AS OF MARCH 31, 2021
|
|
Gross position
Risk control through specific processes
and indicators allows to limit potential adverse financial impacts while optimizing the debt structure with an adequate degree of flexibility.
During the pandemic, financial markets have been characterized by interest rate volatility, which has been offset by risk mitigation actions
through derivative financial instruments.
Foreign exchange rate
risk
Foreign exchange rate risks are primarily
inherent to the following transactions:
|
-
|
Debt contracted by Group companies denominated in currencies other than those in which their cash flows
are indexed.
|
|
-
|
Payments to be made in currencies other than those in which their cash flows are indexed, for material
purchases associated to projects and payment of corporate insurance policy premiums, amongst others.
|
|
-
|
Income of the Group’s companies directly linked to the fluctuation of currencies other than those
of its own cash flows.
|
|
-
|
Cash flows from foreign subsidiaries to parent companies in Chile exposed to foreign exchange rate variations.
|
To mitigate the foreign exchange rate risk, the hedging
policy of the Enel Américas Group regarding foreign exchange rates is based on cash flows and aims at maintaining a balance between
US$-indexed flows, or local currencies if there are any, and the level of assets and liabilities in such currency. The objective is to
minimize the exposure of cash flows to foreign exchange rate variations.
The instruments currently used in compliance with the
policy are cross-currency swaps and foreign exchange rate forwards. Similarly, the policy seeks to refinance debt in each company’s
operating currency.
During the first quarter
of 2021, the exchange rate risk management continued in the context of compliance with the risk management policy mentioned above, without
difficulty accessing the derivatives market. During the pandemic, financial markets have been characterized by exchange rate volatility,
which has been offset by risk mitigation actions through derivative financial instruments.
38
|
|
PRESS RELEASE
ENEL AMÉRICAS GROUP’S CONSOLIDATED FINANCIAL STATEMENTS
AS OF MARCH 31, 2021
|
|
Commodities risk.
The Enel Américas Group might be exposed to
the risk of price variations of certain commodities, primarily through:
|
-
|
Fuel purchases in the process of electric energy generation.
|
|
-
|
Spot energy purchases in local markets.
|
In order to reduce the risk under extreme drought conditions,
the Group has designed a commercial policy that defines sale commitment levels in line with the capacity of its generating centrals during
a dry year, by including risk mitigation clauses in some contracts with free clients. In the case of regulated clients subject to long-term
tender processes, indexing polynomials are determined in order to reduce commodity exposure.
In consideration of the operative conditions confronted
by the electricity generation market, plus the drought and commodity price volatility in international markets, the Company is continuously
checking the convenience of hedging the impact of these price variations in its income.
As of March 31, 2021 and December 31, 2020 there were
no operations to buy or sell energy futures for the purpose of hedging the procurement portfolio.
Thanks to the mitigation strategies implemented, the
Group was able to minimize the effects of commodity price volatility in the results of the first quarter of 2021.
Liquidity Risk
The Group maintains a liquidity policy that consists
in contracting long-term credit commitment facilities and temporary financial investments for amounts sufficient to support the projected
needs of a given period, which, in turn, is a function of the overall situation and expectations of the debt and capital markets.
The above-mentioned projected needs include maturities
of net financial debt; namely, after financial derivatives. For additional information regarding the characteristics and the terms and
conditions of such financial debt and financial derivatives see notes 18 and 21.
As of March 31, 2021, the Enel Américas Group
held a liquidity position of US$ 1,170 million in cash and other equivalents. As of December 31, 2020, the Enel Américas Group’s
liquidity position totaled US$ 1,507 million in cash and cash equivalents.
39
|
|
PRESS RELEASE
ENEL AMÉRICAS GROUP’S CONSOLIDATED FINANCIAL STATEMENTS
AS OF MARCH 31, 2021
|
|
Credit Risk
The Enel Américas Group monitors its credit
risks continuously and in detail.
Commercial accounts receivable:
In relation to the credit risks of accounts receivable
from commercial activities, this is a risk that has been historically quite limited since the short collection term afforded our clients
prevents significant individual accumulation. The foregoing is applied to both our electricity generation and distribution lines of business.
In our electricity generation line of business, in
certain countries, when confronted to payment defaults it is possible to cut off supply, and almost every contract establishes non-payment
as a cause for contract termination. To that effect, we continuously monitor the credit risk and measure the maximum amounts exposed to
payment risk, which, as said earlier, are limited.
In the case of our electricity distribution companies,
cutting access to electricity, in all cases, is the attribution of our companies in case of payment default on part of our customers,
which is applied in accordance with the regulations in force in each country, which facilitates the process of evaluation and control
of credit risk, which by the way is also limited. Nonetheless, the cut-off measure in the face of defaults from vulnerable customers was
suspended during the health emergency period in the countries in which Enel Américas operates. In Argentina, in accordance with
Decree 311/2020 issued on March 24, 2020, and subsequently extended, the measure shall be in force until March 2021. In Brazil, according
to Resolution 878 issued on March 24, 2020, however, the disconnection of services has now been resumed, with the exception of Rio de
Janeiro, which will maintain the measure until July 2021. In Colombia, in accordance with Decrees 417 and 457 issued on March 17, 2020,
and in Peru, in accordance with Decree 35-20 issued on March 16, 2020. To date, both countries have resumed disconnection of services
as normal.
Regarding the Covid-19 impact, specific internal analysis
results did not reveal significant statistical correlations between major economic indicators (GDP, unemployment rate, etc.) and solvency.
Assets of a financial nature:
Cash surpluses are invested in top domestic and foreign
financial institutions with pre-established limits per institution.
In our selection of banks for investments, we consider
those ranked with investment grade according to the three top international risk classification agencies (Moody’s, S&P and Fitch).
Our placements may be backed up with treasury bonds
of those countries in which we operate and/or bank notes issued by top banks, preferring the latter since they offer better returns (always
framed within current placement policies).
It can be seen that the falling macroeconomic scenarios
affected by COVID-19 did not have a significant impact on the credit quality of counterparts.
40
|
|
PRESS RELEASE
ENEL AMÉRICAS GROUP’S CONSOLIDATED FINANCIAL STATEMENTS
AS OF MARCH 31, 2021
|
|
Risk measurement
The Enel Américas Group prepares a Value at
Risk measurement for its own debt positions and financial derivatives, with the purpose of monitoring the risk assumed by the company,
thus circumscribing Income Statement volatility.
The portfolio of the positions included for the purposes
of calculating the present Value at Risk, is comprised of:
-
Financial debt.
-
Derivatives for debt hedging
The calculated Value at Risk represents the possible
value variation of the above-described positions portfolio within one quarter and with 95% certainty. To that effect we have studied the
volatility of the risk variables that affect the value of the position’s portfolio, in relation to the Chilean peso, which includes:
-
The USS Libor rate of interest.
-
|
The various currencies in which our companies operate, the habitual local indices
of bank practices.
|
-
The exchange rates of the different currencies implied in the calculation.
The Value at Risk calculation is based on the extrapolation
of future market value scenarios (one quarter out) of the risk variables based on real observations for the same period (quarter) through
a 5-year period.
The Value at Risk for the next quarter, with 95% confidence
level, is calculated as the percentile of the most adverse 5% of the possible quarterly variations.
Considering the scenarios described above the Risk
Value in a quarter, of the above-mentioned positions, is attributable to US$ 384 million.
This value represents the potential increase in the
debt and derivatives portfolio, therefore this value at risk is intrinsically related, among other factors, to the value of the portfolio
at the end of each quarter.
41
|
|
PRESS RELEASE
ENEL AMÉRICAS GROUP’S CONSOLIDATED FINANCIAL STATEMENTS
AS OF MARCH 31, 2021
|
|
BOOK VALUE AND ECONOMIC VALUE OF ASSETS
In relation to the assets of higher importance, the
following should be noted:
Real estate properties, plant and equipment are valued
at their purchasing cost, net of their corresponding accumulated depreciation and losses experienced on account of depreciation. Properties,
plant and equipment, net of their residual value, as the case might be, are depreciated lineally by distributing the cost of their different
integral elements over their estimated useful life, which is the period during which the companies expect to use them. Such useful life
estimate is reviewed periodically.
The goodwill (lower value of investments or commercial
funds) generated in the consolidation exercise represents the excess acquisition cost over the group’s participation in the fair
value of assets and liabilities, including contingent liabilities and any non-controlling shareholdings identifiable in a subsidiary company
as of the date of acquisition. Goodwill is not amortized, but rather, at the closing of each fiscal year it is estimated whether it has
been the subject of any depreciation that might reduce its recoverable value for an amount below its registered net cost, in which case
its value is restated accordingly. (See Note 3.e of the Financial Statements).
Throughout the year and, primarily at its closing date,
an evaluation is performed to determine whether there is any indication that any given asset would have possibly suffered a loss due to
impairment. Should there be such an indication, we estimate the recoverable amount of such asset to determine, as the case might be, the
amount of such impairment. If these are identifiable assets that do not generate independent cash flows, we then estimate the recoverability
of the cash generating unit to which such asset belongs, understanding as such the smallest identifiable group of assets that generates
independent cash inflows.
Foreign-currency-denominated assets are shown at their
rate of exchange at the closing of the period.
Notes and accounts receivable from related companies
are classified according to their short and long-term maturities. Operations adhere to fair conditions like those that prevail in the
market.
In short, assets are valued pursuant to the International
Financial Reporting Standards (IFRS), whose criteria are set forth in Notes No. 2 and 3 of these Enel Américas’ Consolidated
Financial Statements.
42
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SIGNATURES
Pursuant to the requirements of
the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
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Enel Américas S.A.
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By: /s/ Maurizio Bezzeccheri
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Title: Chief Executive Officer
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Date: May 3, 2021
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