ENIC Enel Chile SA

FORM 6-K  
SECURITIES AND EXCHANGE COMMISSION  
Washington, D.C. 20549  

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934

For the month of July, 2019

Commission File Number: 001-37723

Enel Chile S.A.  
(Translation of Registrant’s Name into English)

Santa Rosa 76
Santiago, Chile  
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file
annual reports under cover of Form 20-F or Form 40-F:

Form 20-F  [X]   Form 40-F  [   ]

Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes    [  ]      No    [X]

Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes    [  ]      No    [X]

Indicate by check mark whether by furnishing the information
ontained in this Form, the Registrant is also thereby furnishing the
information to the Commission
pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

Yes    [  ]      No    [X]

If °;Yes” is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): N/A

§   Procurement and services costs of Enel Chile amounted to Ch$ 739,411 million, equivalent to a 12.8% increase, partly explained by greater thermal dispatch and higher gas commercialization costs.

§   Consequently, the EBITDA of the Company increased 59.4% when compared to June 2018, totaling Ch$ 541,738 million. Excluding the extraordinary effect mentioned previously (termination of contracts with Anglo American Sur), the EBITDA of the Company increased 23.8% to Ch$ 420,620 million when compared to June 2018.

§   The financial result went from a Ch$ 38,355 million net expense to a Ch$ 75,743 million net expense as of June 2019, partly due to financing the reorganization carried out in 2018 (Elqui Project) and the consolidation of EGP Chile operations.

SUMMARY BY BUSINESS

Generation

§   Net electricity generation increased 13.1% when compared to June 2018 (+ 1,212 GWh) reaching 10,474 GWh mainly due to higher generation from renewable energy sources (+ 790 GWh), especially wind (+ 419 GWh) and solar (+320 GWh), in addition to higher thermal dispatch (+423 GWh).

§   Operating revenues increased 31.7% to Ch$ 923,040 million as of June 2019, fundamentally explained by higher physical energy sales and a higher average energy sales price when expressed in Chilean pesos due to a greater exchange rate, together with higher gas commercialization sales and the extraordinary income generated by the early termination of three contracts with Anglo American Sur.

§   Procurement and services costs reached Ch$ 381,921 million, equivalent to a 4.6% increase, due to higher fuel expenses related to higher gas commercialization costs and higher transportation costs, both partially offset by lower energy purchase costs.

§   As a result of the abovementioned, EBITDA of the generation business increased 73.1% to Ch$ 454,941 million, while operating income totaled Ch$ 79,647 million, which includes the impairment provision related to the shutdown of Bocamina I and Tarapacá thermal power plants for Ch$ 277,748 million.

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Distribution

§    Physical sales reached 8,519 GWh as of June 2019, representing a 2.7% increase compared to the same period of last year, mainly explained by higher sales in the residential segment.

§   The total number of customers grew 2.5% to 1,949,508 when compared to June 2018, mainly residential and commercial customers. Annual energy losses declined from 5.1% to 5.0%.

§   Operating revenues increased 13.1% to Ch$ 686,685 million as of June 2019, mainly due to a higher average sales price and higher physical energy sales.

§   EBITDA of the distribution business increased 9.0% to Ch$ 96,758 million, explained primarily by higher energy sales revenues.

FINANCIAL SUMMARY- ENEL CHILE

§   Gross financial debt of the Company decreased US$ 169 million to US$ 3,755 million when compared to June 2018. This variation was mainly explained by the total amortization of the bridge loan obtained to fund the Elqui Project that was partially offset by the disbursement of the committed credit lines available with EFI for US$ 400 million.

§   Liquidity available to Enel Chile is composed of the following:

·        Cash and cash equivalents                   US$ 188 million.

·        Undisbursed committed credit lines (*) US$ 200 million. 

(*) includes Enel Chile´s US$ 400 million and US$50 million committed credit lines with related party Enel Finance International. The first completely disbursed and the second completely undisbursed.

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§   The average cost of Enel Chile’s debt as of June 2019 was 5.7%.

§   Hedging and protection:

To mitigate the risks associated with exchange rate and interest rate variations, Enel Chile has established policies and procedures to protect its financial statements against the volatility of these variables.

Enel Chile’s exchange rate hedging policy states that there should be a balance between the currencies of each company’s operations and the currency of its debt.  Therefore, we have cross currency swap and forward contracts that amount to US$ 777 million and US$ 1,335 million, respectively.

To reduce financial statement volatility caused by interest rate variations, the Enel Chile Group maintains an adequate debt structure balance. Therefore, the Company has interest rate swaps for US$ 780 million.

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INFORMATION RELEVANT TO THE ANALYSIS OF THESE FINANCIAL STATEMENTS

Change in Scope of Consolidation:

Corporate Reorganization Project

On August 25, 2017, Enel Chile proposed a corporate reorganization (“the Reorganization”)  to Enel S.p.A that involved integrating the Enel Green Power Latin America Ltda. (EGPL”) renewable energy assets in Chile into Enel Chile, which controls the conventional electricity generation assets owned by Enel Generacion Chile S.A. (“Enel Generación Chile”) and the electricity distribution assets owned by Enel Distribución Chile S.A.

The proposed Reorganization involved the following stages: (i) Public Tender Offer (“PTO”) for the shares of Enel generación Chile, (ii) Capital Increase to issue the shares to be exchanges for the shares of Enel Generación Chile and EGPL, and (iii) Merger of EGPL, parent of EGP Chile,  with Enel Chile, each stage conditioned to the implementation of the others.

On December 20, 2017, the Extraordinary Shareholders’ Meeting of Enel Chile approved the Reorganization subject to complying with the conditions established for the PTO, Capital Increase, and Merger. The Shareholders’ Meeting also approved the Ch$ 1,891,727,278,668 capital increase of Enel Chile through the issuance of 23,069,844,862 new common shares, all of one same series and without par value, for a price and other terms approved by the Shareholders’ Meeting.

Finally, on March 25, 2018, the amendments to the articles of incorporation of Enel Chile to include the agreements related to the Merger, Capital Increase and changes to the corporate purpose of Enel Chile, among other provisions, were approved. The PTO took place between February 16 and March 22 of 2018, the subscription of preferred shares related to the Capital Increase took place between February 15 and March 16 of 2018 and the Renewable Assets Reorganization (including the Merger) concluded and became effective on April 2, 2018 and led to the increase in Enel Chile’s shareholding in Enel Generacion Chile from 59.98% to 93.55%. The merger of Enel Chile and EGPL from that date on increased Enel S.p.A total shareholding in Enel Chile to 61.93%.

As a consequence of the aforementioned, the results of the Enel Chile Group include the results of the EGP Chile Group since April 2, 2018 and the increased ownership share of Enel Generación Chile from that same date on. For additional information see Note N ^o 6 to the Interim Consolidated Financial Statements of Enel Chile as of June 30, 2019.

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MARKETS IN WHICH ENEL CHILE S.A. OPERATES

Generation business

We own and operate 130 generation units in Chile through our subsidiaries Enel Generación Chile, Pehuenche, Gas Atacama, and EGP Chile, which combined, have a total 7,463 MW installed capacity as of June 30, 2019. Of this total, 40 are hydroelectric units with 3,548 MW installed capacity, 22 are thermal units that operate using gas, coal or fuel oil and together have an installed capacity of 2,740 MW, 59 are wind generation units with 642 MW installed capacity, 8 are solar generation units with 492 MW installed capacity and 1 generation unit is geothermal with 41 MW installed capacity. Consequently, 63% of our installed capacity is renewable energy and 37% is thermal.

The following chart summarizes the physical information of our generation business segment for the period ended June 30, 2019 compared to the same period of 2018:

Distribution business

Our distribution business is carried out by our subsidiary Enel Distribución Chile S.A.

Enel Distribución Chile is one of the largest electricity distribution companies in Chile in terms of the number of regulated customers, distribution assets, and electricity sales. It operates in a 2,105 square kilometer concession area.  The Chilean Government granted the concession agreement to transmit and distribute electricity to 33 districts of the Metropolitan Region, including the concession areas of our subsidiaries Eléctrica de Colina Ltda., Luz Andes Ltda. and Empresa de Transmisión Chena S.A., for an unlimited period of time. Its service area, from the Chilean tariff regulation perspective, is considered primarily a densely populated area.

The following chart summarizes the physical information of our distribution business segment for the period ended June 30, 2019 compared to the same period of 2018:

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The following chart shows the electricity sales revenues per business segment and customer type:

CONSOLIDATED FINANCIAL STATEMENT ANALYSIS

1.      Statement of Comprehensive Income Analysis

Net income attributable to the controlling shareholders of Enel Chile as of June 30, 2019, reached Ch$ 49,054 million, 60% lower than the Ch$ 122,504 million booked for the same period in 2018.

The following chart compares the figure of each item of the income statement as of June 30, 2019 and 2018:

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GENERATION BUSINESS EBITDA

The EBITDA of our Generation Business Segment reached Ch$ 454,941 million as of June 30, 2019, which represents a Ch$ 192,113 million increase, or 73.1%, when compared to the same period of the previous year. The main variables that explain this result are described below:

Operating revenues amounted to Ch$ 923,040 million as of June 30, 2019, a Ch$ 222,213 million, or 31.7% increase when compared to the same period of the previous year, mainly due to the following:

·        A Ch$ 65,228 million increase in electricity sales, mainly due to a higher average sales price expressed in Chilean pesos due to a higher average exchange rate for the period, together with higher physical sales of + 359 GWh (+1,578 GWh to non-regulated customers, +257 GWh in spot sales, offset by lower physical sales of -1,476 GWh to regulated customers).  This variation includes the revenue from energy sales of EGP Chile that amounted to Ch$ 23,116 million.

·        A Ch$ 45,119 million increase in other sales , mainly due to a Ch$ 45,152 million increase in gas sales.

·        A Ch$ 111,853 million increase in other operating revenues , mainly due to extraordinary income of Ch$ 121,118 million generated by the early termination of three energy supply contracts with Anglo American Sur, partially offset by lower revenue from insurance claims for Ch$ 8,612 million related to an incident at Central Tarapacá in 2018.

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Operating costs increased to Ch$ 381,921 million as of June 30, 2019, a Ch$ 16,855 million increase, equivalent to 4.6%, due to the following:

·        A Ch$ 57,222 million reduction in energy purchases primarily explained by lower physical energy purchases (-854 GWh), mainly contracted energy purchases (-438 GWh) and spot market purchases (-416 GWh). This lower cost includes the positive effect of adding EGP Chile to Enel Chile, which led to a net Ch$ 46,087 million reduction in Enel Chile’s cost of energy purchases as a consequence of the elimination of related party transactions (sales of EGP Chile to Enel Generación Chile).

·        A Ch$ 9,028 million increase in fuel costs , primarily due to higher gas consumption for Ch$ 8,491 million, higher coal consumption for Ch$ 3,681 million partially offset by lower fuel oil consumption for Ch$ 3,061 million.

·        Other procurement and services costs increased Ch$ 41,327 million, mainly due to greater commercialization costs of gas sales amounting to Ch$ 31,619 million, higher thermal emissions tax costs for Ch$ 5,125 million related to greater coal and gas fueled thermal generation and a higher commodity derivative costs for Ch$ 2,818 million.

·        A Ch$ 23,721 million increase in transportation costs , mainly due to higher toll expenses for Ch$ 9,443 million, higher gas transportation costs for Ch$ 10,043 million and higher regasification costs for Ch$ 3,698 million.

Other expenses reached Ch$ 57,986 million as of June 30 , 2019, a Ch$ 13,634 million increase when compared to the same period in 2018, mainly due to Ch$ 8,205 million higher cost related to the addition of the EGP Chile Group to Enel Chile´s consolidating perimeter in April 2018. Also, the costs of repair and maintenance services of Enel Generación Chile increased Ch$ 2,430 million, technical and management services increased Ch$ 1,845 million and insurance costs increased Ch$ 958 million. 

DISTRIBUTION BUSINESS EBITDA:

The EBITDA of our Distribution Business Segment reached Ch$ 96,758 million as of June 30 , 2019, which represents a Ch$ 7,954 million, or 9%, increase when compared to the same period in 2018. The main variables that explain this outcome are described below:

Operating revenues amounted to Ch$ 686,685 million , a Ch$ 79,615 million increase, equivalent to 13.1%, mainly due to (i) higher energy sales revenue for Ch$ 78,055 million as a result of a higher average sales price when expressed in Chilean pesos due to the higher exchange rate, the impact of the new technical norm

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on tariffs and higher physical energy sales (+227 GWh, or 2.7%), and (ii) higher toll revenue in the zonal transmission segment for Ch$ 3,260 million also due to the higher average sales price when expressed in Chilean pesos. The above mentioned was partially offset by a decrease in other services revenue for Ch$ 2,073 million.

Operating costs reached Ch$ 538,990 million, a Ch$ 66,534 million increase, primarily due to greater energy purchases for Ch$ 61,333 million, mainly resulting from a higher average energy purchase price and greater physical purchases in the period (+ 255 GWh, or 2.9%), higher zonal transmission transportation costs of Ch$ 4,270 million, as well as higher other procurements and services cost for Ch$ 930 million, primarily explained by higher fines and penalty expenses for Ch$ 1,085 million, offset by lower costs of value-added services for Ch$ 155 million. Additionally, there was a Ch$ 4,743 million increase in fixed costs due to the impact of the distribution business technical norm on operating and maintenance costs.

Depreciation, amortization and impairment costs amounted to Ch$ 398,850 million , a Ch$ 301,920 million increase when compared to the same period of the previous year. This variation is mainly explained by the impairment provision related to the Tarapacá and Bocamina I coal-fired units for Ch$ 195,809 million and Ch$ 81,939 million respectively, as a consequence of the Group´s decarbonization process, in addition to greater depreciation from EGP Chile that amounted to Ch$ 22,519 million.

The following chart presents consolidated non-operating income as of June 30, 2019, and 2018.

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Net Financial Result

The consolidated net financial income of Enel Chile, as of June 30, 2019, amounted to a Ch$ 75,743 million loss, Ch$ 37,388 million more than the Ch$ 38,355 million loss booked for the same period of 2018. This is primarily explained by the following:

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Financial income decreased Ch$ 2,705 million due to lower income on short-term fixed income investments for Ch$ 1,907 million and lower income related to debt refinancing for Ch$ 798 million.

Financial expenses increased Ch$ 24,454 million, primarily explained by (i) higher interest on bank loans amounting to Ch$ 11,749 million, mainly related to the corporate restructuring carried out in 2018 (Elqui Project) (ii) Ch$ 10,754 million higher interest expenses on the debt with Enel Financial International, and (iii) Ch$ 1,951 million increase in bank fees.

Income related to indexation decreased Ch$ 4,353 million, primarily due to (i) a greater negative impact of IAS 29 “Financial Reporting in Hyperinflationary Economies” on the branch of the Gas Atacama Group located in Argentina that amounted to a Ch$ 2,803 million, (ii ), l ower income from recoverable taxes for Ch$ 1,722 million, and (iii) lower income from hedging derivative contracts for Ch$ 231 million. The aforementioned was partially offset by lower losses as a result of indexation of financial liabilities recorded in U.F. for Ch$ 402 million.

Income from exchange rate differences decreased Ch$ 5,876 million, mainly due to greater negative exchange rate differences on forward contracts for Ch$ 4,200 million and on cash and cash equivalents for Ch$ 3,319 million. The aforementioned was partially offset by and a greater positive exchange rate difference on valuations of accounts payables and other foreign currency liabilities for Ch$ 1,644 million.

Corporate Taxes

Corporate income tax reached Ch$ 17,010 million as of June 30, 2019 , a Ch$ 34,757 million reduction when compared to the same period of the previous year, primarily explained by a Ch$ 74,922 million lower tax expenses due to the impairment loss related to the coal units of Tarapacá and Bocamina 1 power plants, offset by a higher tax expense as a result of extraordinary income generated by the early termination of three energy supply contracts with a Anglo American Sur and a Ch$ 6,180 million tax expense increase related to the holding company´s higher profits.

Current Assets increased Ch$ 92,531 million as of June 30, 2019. The variations in the main categories are presented below:

·        Cash and cash equivalents decreased Ch$ 117,533 million , explained by the following cash disbursements: (i) dividend payments for Ch$ 234,094 million, (ii) purchase of property, plant and equipment for Ch$ 201,843 million, (iii ) income tax payments for Ch$ 60,259 million, (iv) employee-related payments for Ch$ 69,141 million, (v) principal and interest payments on loans for Ch$ 298,812 million, (vi) insurance policy payments and collections for Ch$11,477 million (vii) net payments of forward contract liquidations for Ch$ 3,239 million, (viii) payments of financial leasing liabilities for Ch$ 2,318 million, (ix) other cash disbursements related to investment activities for Ch$ 32 million, and (x) lower other cash inflows related to financing activities for Ch$ 7,254 million. All the above was offset by (i) other operational cash inflows for Ch$ 478,715 million, primarily from customer collections net of payments to suppliers, (ii) loans from related companies for Ch$ 283,827 million, (iii) net interest cash inflow for Ch$ 4,291 million, and (iv) dividends received for Ch$ 4,070 million.

·        Other current non-financial assets increased Ch$ 23,916 million, mainly due to (i) an increase in Value added tax credit for Ch$ 12,118 million. and (ii) Enel Generación Chile´s anticipated insurance premium expenses for Ch$ 2,451 million , and (iii) project accounts receivables of Enel Distribucion Chile for Ch$ 8,422 million.

·        Trade accounts receivables and other current accounts receivables increased Ch$ 197,123 million, mainly due to (i) a Ch$ 104,861 million and Ch$ 87,854 million increase in the generation and distribution segments trade accounts receivables, respectively, primarily related to the pending application of tariff decrees to end customers, and (ii) a Ch$ 4,408 million increase in trade accounts receivables from Enel X Chile.

·        Inventories decreased by Ch$ 15,486 million, mainly due to (i) a Ch$ 11,375 million reduction in inventories of the generation business namely coal and other fuels for Ch$ 16,541 million, offset by an increase in spare parts and other inventory for Ch$ 5,194 million, (ii) a Ch$ 3,132 million reduction in the level of inventories of Enel X Chile, and (iii) a Ch$ 1,307 million decrease of electric supplies and materials.

Non-Current Assets decreased Ch$ 208,249 million as of June 30, 2019. The variations in the main categories are presented below:

·        A Ch$ 5,093 million decrease in Other non-financial non-current assets, mainly due to the use of the remaining value added tax credit of the EGP Group for Ch$ 9,404 million, offset by the reclassification of spare parts as

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long term inventory rather than short term inventory that amounted to Ch$ 3,767 million (consumption plan over one year)

·        Trade accounts receivables and other non-current accounts receivables increase Ch$ 6,056 million, mainly related to higher Enel X Chile leasing receivables booked for Ch$ 5,193 million.

·        Investments accounted for using the equity method decreased Ch$ 4,650 million, mainly explained by the dividends paid by GNL Chile and Transmisora Eléctrica de Quillota for Ch$ 5,192 million.

·        Intangible assets other than goodwill decreased Ch$ 1,508 million, mainly due to new investments in software for Ch$ 4,508 million, offset by (i) amortization for the period amounting to of Ch$ 5,104 million and (ii) the effects of exchange differences for Ch$ 912 million. 

·        Property, plant and equipment decreased by Ch$ 206,104 million, mainly due to (i) depreciation of Ch$ 111,000 million during the period, (ii) currency translation effects for Ch$ 31,255 million and (iii) Ch$ 278,611 million due to asset impairment losses. All offset by (i) asset additions during the period for Ch$ 121,075 million, (ii) an increase related to recognizing registered land use rights due to the application of IFRS 16 “Leasing” that amounted to Ch$ 37,294 million, and (iii) a Ch$ 51,375 million increase related to asset dismantling provisions.

·        Other current financial liabilities decrease Ch$ 233,901 million , mainly (i) bank loan principal amortization for Ch$ 213,759 million (bridge loan to finance PTO), (ii) a reduction in liabilities due to hedging derivatives for Ch$ 22,403 million, all partially offset by an increase in financial liabilities due to the effect of applying IFRS 16 “Leasing” for Ch$ 2,252 million.

·        Trade accounts payable and other current accounts payable decreased Ch$ 81,574 million , mainly (i) lower accounts payable to suppliers of goods, services and fixed assets for Ch$ 71,042 million in the generation business, (ii) lower dividends payable for Ch$ 50,002 million, and (iii) lower personnel accounts payable for Ch$ 7,587 million. The above mentioned was partially offset by (i) greater debt due to the purchase of energy and fuel for Ch$ 43,433 million, and (ii) an increase in other accounts payable for Ch$ 3,624 million.

·        Related party accounts payable decreased Ch$ 35,653 million , primarily due to lower accounts payable to Enel SpA for Ch$ 64,141 million, mainly due to Ch$ 67,198 million in dividend payments and Ch$ 3,057 million in other services received pending payment. The above was offset partly by (i) greater accounts payable to GNL Chile S.A. for Ch$ 21,115 million for gas purchases (ii) greater accounts payable to Enel Global Trading for Ch$ 2,209 million, mainly commodity derivatives, and (iii) greater accounts payable to Enel Green Power SpA of Ch$ 2,653 million for technical and other services.

·        Current tax liabilities increased Ch$ 47,434 million , mainly due to higher income tax provisions.

·        Other non-financial current liabilities decrease Ch$ 21,493 million, primarily a reduction in value added tax debits.

Non-Current Liabilities increased Ch$ 239,014 million as of June 30, 2019, which is explained by the following:

·        Other non-current financial liabilities decreased Ch$ 5,071 million , mainly due to (i) the effect of exchange rate differences on debt in US dollars for Ch$ 26,242 million, and (ii) amortization of debt principal denominated in U.F. for Ch$ 15,520 million. The aforementioned is partially compensated by (i) a Ch$ 32,115 million increase in financial liabilities due to effect of the application of IFRS 16 “Leasing” of which Ch$ 29,552 million originate in Grupo EGP Chile and (ii) the increase in liabilites due to hedging derivatives for Ch$ 4,600 million.

·        Non-current accounts payable to related parties increased Ch$ 260,369 million mainly explained by Enel Chile´s new loan provided by Enel Financial International for Ch$ 271,660 million (US$ 400 million).

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·        Other non-current provisions increased Ch$ 54,485 million mainly explained by (i) a Ch$ 53,129 million increase in dismantling costs related to the programmed shutdown of Tarapacá and Bocamina I coal fired generation units, and (ii) an increase in legal claim provisions for Ch$ 1,356 million.

·        Deferred tax liabilities decreased Ch$ 71,626 million mainly due to the Ch$ 74,992 million tax effect of the impairment loss booked due to the shutdown of the Tarapacá and Bocamina I power plants.

Total Equity amounted to Ch$ 3,644,603 million as of June 30, 2018

Equity attributable to owners of Enel Chile amounted to Ch$ 3,395,851 million , comprised of the following: Issued capital for Ch$ 3,882,103 million, Retained earnings for Ch$ 1,855,338 million, and Other reserves for Ch$ -2,341,590 million.

Retained earmings decreased during the period by Ch$ 59,459 million mainly due to dividends for the period amounting to Ch$ 108,513 million, offset by profit for the period amounting to Ch$ 49,054 million.

Other reserves increased by Ch$ 34,082 million mainly due to cash flow hedge reserves for Ch$ 49,272 million, compensated by lower conversion reserves for Ch$ 17,477 million.

Equity attributable to non-controlling shareholdings amounted to Ch$ 248,752 million , which considers an initial Ch$ 252,935 million balance, plus the transactions booked throughout the year up to June 30, 2019, related to net income of the period for Ch$ 3,294 million, greater other comprehensive income for Ch$ 267 million, and other increments for Ch$ 801 million. The aforementioned was offset by a Ch$ 8,546 million reduction in dividends.

The performance of main financial ratios is the following:

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The current ratio, as of June 30, 2019, reached 1.22 times, which represents a 48.8% increase when compared to December 2018.  This increase is mainly due to the reduction of short-term financial liabilities.

Acid test or quick ratio , as of June 30, 2019 , was 1.17 times, which represents a 52% increase when compared to December 31, 2018, which is also due to the reduction of short-term financial liabilities.

Working capital, as of June 30, 2019 , amounted to Ch$ 197,186 million, which represents a Ch$ 417,702 million positive variation when compared to December 31, 2018, also due to the reduction of short-term financial liabilities.

The debt ratio was 1.02 times, which means that the level of commitment of Enel Chile equity was 1.02 times for the first semester of 2019. This improvement is due to the lower level of deferred tax liabilities as a consequence of the impairment loss related to Central Tarapacá and Bocamina I.

The financial expenses coverage ratio for the period ended June 30, 2019 , was 6.45 times, which represents the ability to cover all financial expenses with the EBITDA margin obtained during the period ended June 2019. If the impact of the early termination of the Anglo American Sur contracts was excluded, the financial expense coverage ratio would have reached 5.01 times.

The profitability index , calculated by dividing operating income by operating revenues, decreased 53.4% when compared to the same period of the previous year, reaching 10.0% as of June 30, 2019, due to lower operating income booked this period when compared to the same period of last year. If the impact of the early termination of the Anglo American Sur contracts, and the impairment loss related to Central Tarapacá and Bocamina I were excluded, this index would have increased 23%.

Return on equity of the owners of the controlling shareholder (dominant) was 8.7% for the six-month period ended June 30, 2019. If the impact of the early termination of the Anglo American Sur contracts, and the impairment loss related to Central Tarapacá and Bocamina I were excluded, return on equity would have reached 11.6%.

Return on assets was 4.4% for the six-month period ended June 30, 2019. If the impact of the early termination of the Anglo American Sur contracts, and the impairment loss related to Central Tarapacá and Bocamina I were excluded, return on assets would have reached 6.1%.

MAIN CASH FLOWS

The net cash flow of Enel Group Chile reached a negative Ch$ 111,473 million as of June 30, 2019, which represents a Ch$ 206,883 million increase when compared to the same period of the previous year.  The main factors that explain this cash flow,

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The Ch$ 1,485,155 million negative variation in the Company´s financial cash flow, when compared to last year, is primarily due to the funding obtained during the first semester of 2018, specifically a capital increase, bond placement and bank loans amounting to a total Ch$ 1,581,495 million to finance the PTO for Enel Generacion Chile shares.

The following table presents the cash disbursements related to additional Property, Plant and Equipment and its Depreciation for the six-month period ended June 30, 2019 and 2018.