Enel Spa · MIL:ENEL
Enel Spa — Q1 2011 Earnings Presentation
46 slides from Enel Spa's earnings presentation, May 12, 2011
Slide 1: 1Q2011 Results
Enel SpA Investor Relations 1Q2011 Results May 12, 2011
Slide 2: Agenda
Enel SpA Investor Relations Agenda • 1Q2011 results • Annexes 1
Slide 3: 1Q11 electricity demand vs. Plan assumptions
Enel SpA 1Q2011 results Investor Relations 1Q11 electricity demand vs. Plan assumptions Electricity demand 1Q2011 Electricity demand 2010-2015 CAGR Italy +1.1% Italy +1.5% Spain1 -0.5% Spain1 +1.7% (3) (3) Russia +2.3% +2.2% Russia +1.4% +2.3% Slovakia +2.5% Slovakia +1.9% Latam2,3 +6.8% Latam2,3 +4
Slide 4: Financial highlights: consolidated
Enel SpA 1Q2011 results Investor Relations Financial highlights: consolidated €mn 1Q10 1Q11 % Revenues 18,117 19,536 +7.8 EBITDA 4,478 , 4,399 , -1.8 EBIT 3,130 3,036 -3.0 Group net income 1,050 1,201 +14.4 Net debt 44,924 45,563 +1.4 (1),(2) (2) 1. As of December 31, 2010 2. Excluding net debt of a
Slide 5: From EBIT to Net Income
Enel SpA 1Q2011 results Investor Relations From EBIT to Net Income €mn 1Q10 1Q11 % EBIT 3,130 3,036 -3.0 Net financial charges 937 738 -21.2 Interest charges 653 667 +2.1 Other 284 71 -74.9 Net et income co e from o equity equ ty investments est e ts using equity method (2) ( ) (58) n.m. EBT 2,195 2
Slide 6: Focus on forward electricity sales
Enel SpA 1Q2011 results Investor Relations Focus on forward electricity sales Level of total production hedged (%) Italy Spain 100 100 100 100 ~ 45 ~ 55-50 ~ 55(1) ~ 45-50 2011(1) 2012 2011 2012(2) Latam Slovakia 100 100 100 100 ~ 25-20 ~ 35-30 ~ 40 ~75-80 ~ 65 65-70 70 ~ 60 2011 2012 2011 2012 Unhe
Slide 7: Group EBITDA evolution (€mn)
Enel SpA 1Q2011 results Investor Relations Group EBITDA evolution (€mn) -1.8% 4,478 -102 +22 +63 +72 -181 4,399 +64 -17 36 19 326 390 2,001 1 820 1,820 S&H1 EGP 3 377 449 Iberia & Latam International I&N 921 Market 984 G&EM 157 179 660 558 1 1Q10 G&EM Market I&N Inter- Iberia & EGP S&H 1Q11 Italy It
Slide 8: EBITDA evolution: G&EM Italy (€mn)
Enel SpA 1Q2011 results Investor Relations EBITDA evolution: G&EM Italy (€mn) -15.5% 660 -88 88 -10 -1 -3 558 1Q10 Generation Trading Ancillary Other 1Q11 margin margin services 7
Slide 9: EBITDA evolution: Market Italy (€mn)
Enel SpA 1Q2011 results Investor Relations EBITDA evolution: Market Italy (€mn) +14.0% +29 -6 179 157 1Q10 Free Regulated 1Q11 market market 8
Slide 10: EBITDA evolution: Infrastructure & Networks Italy (€mn)
Enel SpA 1Q2011 results Investor Relations EBITDA evolution: Infrastructure & Networks Italy (€mn) +6.8% +52 +31 984 921 -20 1Q10 Energy Connection Other 1Q11 margin fees 9
Slide 11: EBITDA evolution: International (€mn)
Enel SpA 1Q2011 results Investor Relations EBITDA evolution: International (€mn) +19.1% +32 449 +21 +17 +2 2 377 121 89 41 20 71 69 Russia France & Belgium SEE Centrel 216 199 1Q10 Centrel1 SEE2 France Russia 1Q11 & Belgium 1. Slovenské Elektrárne 2. Romanian and Bulgarian operations 10
Slide 12: Focus on Russia
Enel SpA 1Q2011 results Investor Relations Focus on Russia1 Unitary price2 (€/MWh) Capacity payment (€/MW per month) 23.6 3,241 19.5 2,894 1Q10 1Q11 1Q10 1Q11 Dark spread (€/MWh) Spark spread (€/MWh) 11.2 8.1 3.4 3 1.8 1Q10 1Q11 1Q10 1Q11 1. Average 1Q11 exchange rate: 40.0 Rub/Eur 2. Average price
Slide 13: EBITDA evolution: Endesa - Iberia (€mn)
Enel SpA 1Q2011 results Investor Relations EBITDA evolution1: Endesa - Iberia (€mn) -11.8% 1,284 -88 -31 -32 1,133 1Q10 Generation Distribution Other 1Q11 & supply 1. Enel’s GAAP figures 12
Slide 14: EBITDA evolution: Endesa - Latam (€mn)
Enel SpA 1Q2011 results Investor Relations EBITDA evolution1: Endesa - Latam (€mn) -4.2% +65 -16 -113 717 +34 687 1Q10 Generation Distribution Other Forex 1Q11 effect 1. Enel’s GAAP figures 13
Slide 15: EBITDA evolution: Enel Green Power (€mn)
Enel SpA 1Q2011 results Investor Relations EBITDA evolution: Enel Green Power (€mn) +19.6% +12 -1 1 390 +74 40 326 -22 28 137 63 Enel.si North America 235 Iberia and Latin America 213 Italy and Europe -1 1Q10 Italy and Iberia and North Enel.si 1Q11 Europe Latin America America 14
Slide 16: Net debt evolution (€mn)
Enel SpA 1Q2011 results Investor Relations Net debt evolution (€mn) -639 (1) December 31, Cash-flow from Capex Net financial Dividends3 Extra- March 31, 2010 operations charges2 ordinary 2010 activities -44,924 -45,563 -636 (4) +1,446 -1,136 -738 -266 +31 -660 (4) 1. Net debt change calculated on co
Slide 17: Agenda
Enel SpA Investor Relations Agenda • 1Q2011 results • Annexes 16
Slide 18: Production mix
Enel SpA 1Q2011 results - Operational annexes Investor Relations Production mix -4.8% 20.7 (TWh) 19.7 (TWh) 2.2% 1.2% Group production mix 23.4% 23.2% Italy 37.0% +1.2% 38.5% 7.1% 7.7% 72.6 (TWh) 73.5 (TWh) 30.3% 29.4% 27.0% 24.7% 15 1% 15.1% 13 1% 13.1% 1Q10 1Q11 13.3% 16.7% +3.7% 26.5% 28.0% 14.1%
Slide 19: 1Q2011 Group total net installed capacity: breakdown by source and location
Enel SpA 1Q2011 results - Operational annexes Investor Relations 1Q2011 Group total net installed capacity1: breakdown by source and location MW Hydro RES Nuclear Coal CCGT Oil & gas TOTAL - other ST/OCGT Italy 14,403 1,317 - 6,804 5,973 12,021 40,518 Iberia 4,691 1,555 3,531 5,474 4,308(2) 5,946(3)
Slide 20: 1Q2011 Group total net production: breakdown by source and location
Enel SpA 1Q2011 results - Operational annexes Investor Relations 1Q2011 Group total net production1: breakdown by source and location GWh Hydro RES Nuclear Coal CCGT Oil & gas TOTAL - other ST/OCGT Italy 5,791 1,516 - 7,593 4,571 233 19,704 Iberia 2,292 949 5,819 5,503 2,307(2) 2,523(3) 19,393 Centr
Slide 21: 1Q2011 renewables net installed capacity: breakdown by source and location
Enel SpA 1Q2011 results - Operational annexes Investor Relations 1Q2011 renewables net installed capacity: breakdown by source and location MW Hydro Geothermal Wind Other TOTAL Italy & Europe 1,523 728 876 10 3,137 Iberia & Latam 702 - 1,472 107 2,281 North America 314 47 406 21 788 TOTAL 2,539 775
Slide 22: 1Q2011 renewables net production: breakdown by source and location
Enel SpA 1Q2011 results - Operational annexes Investor Relations 1Q2011 renewables net production: breakdown by source and location GWh H d o Hydro Geothe mal Geothermal Wind Othe Other TOTAL Italy & Europe 1,482 1,320 360 - 3,162 Iberia & Latam 969 - 858 116 1,943 North America 260 77 360 48 745 TO
Slide 23: Group EBITDA: regulated/unregulated activities
Enel SpA 1Q2011 results - Financial annexes Investor Relations Group EBITDA: regulated/unregulated activities 1Q11 EBITDA 4,399 €mn Stability and high visibility 46% 9% 45% Forward sales and hedging procurement contracts to protect Unregulated margin Regulated EGP 22
Slide 24: EBITDA evolution - Services & Holding (€mn)
Enel SpA 1Q2011 results - Financial annexes Investor Relations EBITDA evolution - Services & Holding1 (€mn) -17 36 -8 -9 19 1Q10 Import Other 1Q11 1. Including Engineering and Innovation division and intercompany adjustments 23
Slide 25: Capex by business area (€mn)
Enel SpA 1Q2011 results - Financial annexes Investor Relations Capex by business area (€mn)1 -0.1% 0.1% 1,133 1,132 25 4 150 204 381 417 204 S&H 229 EGP Iberia & Latam 238 International I&N 4 238 Market 131 G&EM 1 39 1Q10 1Q11 1. Continuing operations, gross of connection fees. 24
Slide 26: Enel's long-term debt maturity profile (€mn)
Enel SpA 1Q2011 results - Financial annexes Investor Relations Enel’s Enel s long long-term term debt maturity profile (€mn) 28,411 Endesa Enel Group (excluding Endesa) 3,629 24,782 6,926 5,393 4,733 4 119 4,119 3,589 3,396 1,080 3,278 1,051 613 3,039 3,337 3,682 2,783 2,115 2011 2012 2013 2014 2015
Slide 27: Enel Group liquidity analysis (€mn)
Enel SpA 1Q2011 results - Financial annexes Investor Relations Enel Group liquidity analysis (€mn) Amount Outstanding Available Committed credit lines 25,573 6,946 18,627(1) Cash and cash equivalents - (5,194) 5,194 Total 25,573 1,752 23,821 Uncommitted lines 2 886 2,886 891 1,995 Commercial paper 1
Slide 28: Debt structure
Enel SpA 1Q2011 results - Financial annexes Investor Relations Debt structure1 • Average debt maturity: 6 years and 7 months • Average cost of gross debt2: 4.8% • (Fixed+hedged)/Total long-term debt: 92% • (Fixed+hedged)/Total net debt: 89% • Rating: S&P’s = A-/A-2 Stable outlook; Moody’s = A2/P-1 S
Slide 29: Enel's group financial debt evolution
Enel SpA 1Q2011 results - Financial annexes Investor Relations Enel’s Enel s group financial debt evolution1 Enel Group p((excluding g Endesa) ) Endesa Group p - Total €mn 12.31.2010 03.31.2011 12.31.2010 03.31.2011 03.31.2011 Bank loans – maturities > 12m 10,778 8,385 4,806 4,056 12,441 Bonds – mat
Slide 30: Enel's group financial debt by subsidiary
Enel SpA 1Q2011 results - Financial annexes Investor Relations Enel’s Enel s group financial debt by subsidiary1 €mn Enel SpA Endesa EFI2 EIH2 Slovenské EP2 ED2 Other Total Bonds 16,114 6,420 12,650 297 195 - - 242 35,918 Bank loans 3,856 4,483 1,506 - 243 651 2,221 1,376 14,336 Preference shares -
Slide 31: Enel's group financial debt
Enel SpA 1Q2011 results - Financial annexes Investor Relations Enel’s Enel s group financial debt Average cost of net debt Average residual maturity (years:months) (1) 5,5% 5.7% 5,1% 5,0% 5.5% 7:7 7:7 7:1 6:8 6:7 4,7% 6:4 4,4% 4,4% 4,3% 4,6% 5:10 5:2 4:11 4:4 (2) (2) 2002 2003 2004 2005 2006 2007 20
Slide 32: Enel's long-term debt maturity profile (€mn)
Enel SpA 1Q2011 results - Financial annexes Investor Relations Enel’s Enel s long long-term term debt maturity profile (€mn) Enel Group (excluding Endesa) €mn 2011 2012 2013 2014 2015 After 2015 Bank loans 1,872 2,223 459 1,733 401 3,165 Bonds 1,139 1,073 1,626 1,919 2,346 21,395 Other 28 41 30 30 3
Slide 33: Enel Group liquidity analysis excluding Endesa (€mn)
Enel SpA 1Q2011 results - Financial annexes Investor Relations Enel Group liquidity analysis excluding Endesa (€mn)1 Amount Outstanding Available 60M credit facility for Endesa acquisition 1,933 1,933 - 2009 credit facility for Endesa acquisition (2014) 1,359 1,359 - 2009 credit facility for Endesa
Slide 34: Endesa liquidity analysis (€mn)
Enel SpA 1Q2011 results - Financial annexes Investor Relations Endesa liquidity analysis (€mn)1 Amount Outstanding Available Total committed credit lines 7,188 , 1,104 , 6,084 , Other short-term bank debt – uncommitted lines 1,719 406 1,313 Total credit lines 8,907 1,510 7,397 Commercial paper issue
Slide 35: Balance sheet
Enel SpA 1Q2011 results - Financial annexes Investor Relations Balance sheet €mn FY10 1Q11 % Net financial debt 44 924 44,924 45 563 45,563 +1 4 +1.4 Shareholders’ equity 53,545 54,173 +1.2 Net capital p employed p y 98,469 , 99,736 , +1.3 34
Slide 36: Generation & Energy Management - Italy
Enel SpA 1Q2011 results - Financial annexes Investor Relations Generation & Energy Management - Italy €mn 1Q10 1Q11 % Revenues 4,468 5,095 +14.0 EBITDA 660 558 -15.5 EBIT 520 418 -19.6 19 6 Capex 131 39 -70.2 (1) Headcount 6 601 6,601 6 564 6,564 -0 6 -0.6 1. As of December 31st, 2010 35
Slide 37: Market - Italy
Enel SpA 1Q2011 results - Financial annexes Investor Relations Market - Italy €mn 1Q10 1Q11 % Revenues 5,088 4,930 -3.1 EBITDA 157 179 +14.0 EBIT 78 122 +56 4 +56.4 Capex 4 1 -75.0 (1) Headcount 3 823 3,823 3 817 3,817 -0 2 -0.2 1. As of December 31st, 2010 36
Slide 38: Infrastructure & Network - Italy
Enel SpA 1Q2011 results - Financial annexes Investor Relations Infrastructure & Network - Italy €mn 1Q10 1Q11 % Revenues 1,697 1,783 +5.1 EBITDA 921 984 +6.8 EBIT 708 759 +7 2 +7.2 Capex 238 238 - (1) Headcount 19 152 19,152 19 022 19,022 -0 7 -0.7 1. As of December 31st, 2010 37
Slide 39: International
Enel SpA 1Q2011 results - Financial annexes Investor Relations International €mn 1Q10 1Q11 % Revenues 1,638 2,025 +23.6 EBITDA 377 449 +19.1 EBIT 236 294 +24 6 +24.6 Capex 204 229 +12.3 (1) Headcount 14 876 14,876 14 839 14,839 -0 2 -0.2 1. As of December 31st, 2010 38
Slide 40: Iberia & Latam
Enel SpA 1Q2011 results - Financial annexes Investor Relations Iberia & Latam €mn 1Q10 1Q11 % Revenues 7,495 8,097 +8.0 EBITDA 2,001 1,820 -9.0 EBIT 1 317 1,317 1 152 1,152 -12.5 12 5 Capex 381 417 +9.5 (1) Headcount 24 731 24,731 23 177 23,177 -6 3 -6.3 1. As of December 31st, 2010 39
Slide 41: Enel Green Power
Enel SpA 1Q2011 results - Financial annexes Investor Relations Enel Green Power €mn 1Q10 1Q11 % Revenues 457 606 +32.6 EBITDA 326 390 +19.6 EBIT 262 299 +14 1 +14.1 Capex 150 204 +36.0 (1) Headcount 2 955 2,955 3 027 3,027 +2 4 +2.4 1. As of December 31st, 2010 40
Slide 42: Services & Holding
Enel SpA 1Q2011 results - Financial annexes Investor Relations Services & Holding1 €mn 1Q10 1Q11 % Revenues 558 504 -9.7 Holding 136 158 +16.2 Services 248 251 +1 2 +1.2 Engineering & Innovation 174 95 -45.4 EBITDA2 36 19 -47.2 Holding 2 (17) - Services 32 36 +12.5 Engineering & Innovation 2 3 +50.0
Slide 43: Services & Holding - Continued
Enel SpA 1Q2011 results - Financial annexes Investor Relations Services & Holding1 - Continued € €mn 1Q10 1Q11 % EBIT2 9 (8) - Holding 1 (19) - Services 7 12 +71.4 Engineering & Innovation 1 2 +100.0 Capex 25 4 -84.0 Holding 0 1 +100.0 Services & other 24 3 -87.5 Engineering & Innovation 1 0 -100.0
Slide 44: EBIT by business area (€mn)
Enel SpA 1Q2011 results - Financial annexes Investor Relations EBIT by business area (€mn) -3.0% 3,130 3,036 9 262 +14.1% 299 1,317 , 1,152 -12.5% EGP Iberia & Latam 236 294 +24.6% International I&N Market 708 759 +7.2% G&EM S&H1 78 +56.4% 122 520 418 -19.6% -8 n.m. 1Q10 1Q11 1. Including Engineerin
Slide 45: Disclaimer
Enel SpA Investor Relations Disclaimer This presentation may contain certain statements that are neither reported financial results nor other historical information (“forward-looking statements”). These forward-looking statements are based on Enel S.p.A.’s current expectations and projections about
Slide 46: Contact us
Enel SpA Investor Relations Contact us Investor Relations Team (investor.relations@enel.com) • Luca Torchia (Head of IR) +39 06 83053437 • Pedro Cañamero (Equity IR) +39 06 83055292 • Elisabetta Ghezzi (Fixed income IR) +39 06 83052708 Visit our website at: www.enel.com (Investor Relations) 45