Slide 1: 1Q2010 Results
Enel SpA Investor Relations 1Q2010 Results May 12, 2010
Slide 2: Agenda
Enel SpA Investor Relations Agenda • 1Q2010 results • Annexes 1
Slide 3: 1Q10 electricity demand vs. Plan assumptions
Enel SpA 1Q2010 results Investor Relations 1Q10 electricity demand vs. Plan assumptions Electricity Electricitydemand demand1Q2010 Electricity 1Q2010 Electricitydemand demand2009-2014 2009-2014CAGR CAGR Italy 1.9% Italy 1.8% Spain1 4.7% Spain1 1.9% (3) (3) +3.7% +2.4% Russia 6.4% Russia 1.7% Slovaki
Slide 4: Financial highlights: consolidated
Enel SpA 1Q2010 results Investor Relations Financial highlights: consolidated €mn 1Q09 1Q10 % Revenues 15,116 18,117 19.9 EBITDA 3,850 4,478 16.3 EBIT 2,740 3,130 14.2 (1) Group net income 1,908 1,050 -45.0 Net debt 50,870 51,945 2.1 (2),(3) (3) 1. Including effect of Acciona’s put option for 970 €m
Slide 5: From EBIT to Net Income
Enel SpA 1Q2010 results Investor Relations From EBIT to Net Income €mn 1Q09 1Q10 % EBIT 2,740 3,130 14.2 Net financial charges (316) 937 n.m. 585 653 n.m. Interest charges Fair value of Acciona’s put option (970) - n.m. Other 69 284 n.m. Net income from equity investments (9) (2) n.m. using equity m
Slide 6: Group EBITDA: regulated/unregulated activities
Enel SpA 1Q2010 results Investor Relations Group EBITDA: regulated/unregulated activities Production mix 1Q10 EBITDA 72.6 (TWh) 4,478 €mn Stability Stabilityand andhigh high visibility 15.1% visibility 13.3% 45% 8% 26.5% 47% 14.1% 4.0% Forward 27.0% Forwardsales salesand and Unregulated hedging proc
Slide 7: Focus on forward electricity sales
Enel SpA 1Q2010 results Investor Relations Focus on forward electricity sales Level of total production hedged (%) Italy Spain 100 100 100 100 ~56 ~ 60 - 55 ~44 ~ 40 - 45 2010 2011 2010 2011 Latam Slovakia 100 100 100 100 ~ 30 - 25 ~ 35 - 30 ~39 ~ 70 - 75 ~ 65 - 70 ~61 2010 2011 2010 2011 Unhedged H
Slide 8: Group EBITDA evolution (€mn)
Enel SpA 1Q2010 results Investor Relations Group EBITDA evolution (€mn) +16.3% +830 +33 -40 4,478 36 326 3,850 -258 76 +41 +26 -4 293 2,001 1,171 381 S&H1 EGP 377 Iberia & Latam International 895 I&N 921 Market 116 G&EM 157 918 660 1 1Q09 G&EM Market I&N Inter- Iberia & EGP S&H 1Q10 Italy Italy Ital
Slide 9: EBITDA evolution – G&EM Italy (€mn)
Enel SpA 1Q2010 results Investor Relations EBITDA evolution – G&EM Italy (€mn) -28.1% +39 918 -184 -34 -79 660 1Q09 Generation Trading Ancillary Other 1Q10 margin margin services 8
Slide 10: G&EM Italy: fuel cost evolution
Enel SpA 1Q2010 results Investor Relations G&EM Italy: fuel cost evolution -17.4% 59.9 49.5 Average fuel cost (€/MWh) 1Q09 1Q10 -1.5% -13.9% -9.1% 350.9 36.8 93.2 345.8 31.7 84.7 1Q09 1Q10 1Q09 1Q10 1Q09 1Q10 Oil (€/ton) Gas (c€/mc) Coal (€/ton) 9
Slide 11: EBITDA evolution – Market Italy (€mn)
Enel SpA 1Q2010 results Investor Relations EBITDA evolution – Market Italy (€mn) +35.3% +20 157 +21 116 1Q09 Free Regulated 1Q10 market market 10
Slide 12: EBITDA evolution: Infrastructure & Networks Italy (€mn)
Enel SpA 1Q2010 results Investor Relations EBITDA evolution: Infrastructure & Networks Italy (€mn) +2.9% +65 -4 -35 895 921 1Q09 Energy Connection Other 1Q10 margin fees 11
Slide 13: EBITDA evolution: International (€mn)
Enel SpA 1Q2010 results Investor Relations EBITDA evolution: International (€mn) -1.0% 381 -40 +38 377 +17 -19 51 89 39 20 52 69 Russia France & Belgium SEE 239 Centrel 199 1Q09 Centrel SEE France Russia 1Q10 & Belgium 12
Slide 14: Focus on Russia
Enel SpA 1Q2010 results Investor Relations Focus on Russia1 Unitary price2 (€/MWh) Capacity payment (€/MW per month) 19.0 2,809 2,785 14.5 1Q09 1Q10 1Q09 1Q10 Dark spread (€/MWh) Spark spread (€/MWh) 7.8 1.7 2.9 0.4 1Q09 1Q10 1Q09 1Q10 1. Average 1Q10 exchange rate: 41.3 Rub/Eur 13 2. Average price
Slide 15: EBITDA evolution: focus on Endesa (€mn)
Enel SpA 1Q2010 results Investor Relations EBITDA evolution: focus on Endesa1 (€mn) +14.5% +276 -21 2,001 1,747 717 738 2,001 1,747 Latam 1,284 1,008 Iberia 1Q09 Iberia Latam 1Q10 1. Enel’s GAAP figures 14
Slide 16: Focus on Enel Green Power EBITDA evolution (€mn)
Enel SpA 1Q2010 results Investor Relations Focus on Enel Green Power EBITDA evolution (€mn) +11.3% +8 326 11 +33 +4 293 -12 4 21 18 36 70 314 318 281 281 235 Spain 223 Americas Italy Other 1Q09 Italy Americas Spain Other 1Q10 15
Slide 17: Net debt evolution (€mn)
Enel SpA 1Q2010 results Investor Relations Net debt evolution (€mn) -1,075 (1) December 31, Cash-flow Capex Forex Net Dividends Extra- March 31, 2009 from effect financial ordinary 2010 operations charges2 activities -50,870 -49,163 -49,163 -50,303 -51,399 -51993 -52260 -51,945 Discontinued operatio
Slide 18: Agenda
Enel SpA Investor Relations Agenda • 1Q2010 results • Annexes 17
Slide 19: Production mix
Enel SpA 1Q2010 results – Operational annexes Investor Relations Production mix 0% 20.7 (TWh) 20.7 (TWh) 7.9% 2.2% 23.4% Group production mix 18.3% Domestic 33.8% 37.0% +14.9% Domestic 6.6% 7.1% 33.4% 63.2 (TWh) 72.6 (TWh) 30.3% 16.7% 15.1% 1Q09 1Q10 11.2% 13.3% +22.1% 28.8% 26.5% 12.9% 14.1% 4.0% 4
Slide 20: 1Q2010 Group total net installed capacity: breakdown by source and location
Enel SpA 1Q2010 results – Operational annexes Investor Relations 1Q2010 Group total net installed capacity1: breakdown by source and location MW Hydro RES Nuclear Coal CCGT Oil & gas TOTAL - other ST/OCGT Italy 14,430 1,150 - 6,838 5,946 12,056 40,420 Iberia 4,700 1,356 3,508 5,496 2,147(2) 6,228(3)
Slide 21: 1Q2010 Group total net production: breakdown by source and location
Enel SpA 1Q2010 results – Operational annexes Investor Relations 1Q2010 Group total net production1: breakdown by source and location GWh Hydro RES Nuclear Coal CCGT Oil & gas TOTAL - other ST/OCGT Italy 6,258 1,469 - 7,645 4,830 468 20,670 Iberia 3,316 859 6,493 3,165 1,040(2) 2,773(3) 17,646 Centr
Slide 22: 1Q2010 renewables net installed capacity: breakdown by source and location
Enel SpA 1Q2010 results – Operational annexes Investor Relations 1Q2010 renewables net installed capacity: breakdown by source and location MW Hydro Geothermal Wind Other TOTAL Italy 1,509 695 445 4 2,653 Iberia 57 - 1,247 109 1,413 SEE 10 - 212(1) - 222 North America 314 47 406 21 788 Latin America
Slide 23: 1Q2010 renewables net production: breakdown by source and location
Enel SpA 1Q2010 results – Operational annexes Investor Relations 1Q2010 renewables net production: breakdown by source and location GWh Hydro Geothermal Wind Other TOTAL Italy 1,431 1,248 220 - 2,899 Iberia 39 - 288 31 358 SEE 13 - 135(1) - 148 North America 267 79 282 46 674 Latin America 815 - 27
Slide 24: EBITDA evolution - Services & Holding (€mn)
Enel SpA 1Q2010 results – Financial annexes Investor Relations EBITDA evolution - Services & Holding1 (€mn) -52.6% 76 -17 -23 36 1Q09 Import Other 1Q10 1. Including Engineering and Innovation division and intercompany adjustments 23
Slide 25: EBIT by business area (€mn)
Enel SpA 1Q2010 results – Financial annexes Investor Relations EBIT by business area (€mn) +14.2% 3,130 2,740 262 9 -82.4 51 +10.1% 238 1,317 +85.8% 709 253 236 -6.7% EGP 685 Iberia & Latam 708 +3.4% International 55 I&N Market 78 +41.8% G&EM 749 520 S&H1 -30.6% 1Q09 1Q10 1. Including Engineering an
Slide 26: Balance sheet
Enel SpA 1Q2010 results – Financial annexes Investor Relations Balance sheet €mn FY09 1Q10 % Net financial debt 50,870 51,945 2.1 Shareholders’ equity 44,353 46,301 4.4 Net capital employed 95,223 98,246 3.2 25
Slide 27: Debt structure
Enel SpA 1Q2010 results – Financial annexes Investor Relations Debt structure1 • Average debt maturity: 6 years and 11 months • Average cost of debt2: 5.0% • (Fixed+hedged)/Total long-term debt: 82% • (Fixed+hedged)/Total net debt: 82% • Rating: S&P’s = A-/A-2 Stable outlook; Moody’s = A2/P-1 Negati
Slide 28: Enel's group financial debt evolution
Enel SpA 1Q2010 results – Financial annexes Investor Relations Enel’s group financial debt evolution1 Enel Group (excluding Endesa) Endesa Group - Total €mn 31.12.2009 31.03.2010 31.12.2009 31.03.2010 31.03.2010 Bank loans – maturities > 12m 14,227 14,302 7,405 6,454 20,756 Bonds – maturities > 12m
Slide 29: Enel's group financial debt by subsidiary
Enel SpA 1Q2010 results – Financial annexes Investor Relations Enel’s group financial debt by subsidiary1 €mn Enel SpA Endesa EFI2 EIH2 Slovenské EP2 ED2 Other Total Bonds 16,221 6,411 12,719 522 194 - - 161 36,228 Bank loans 5,954 6,892 3,806 - 54 696 2,356 1,779 21,537 Preference shares - 1,466 -
Slide 30: Enel's group financial debt
Enel SpA 1Q2010 results – Financial annexes Investor Relations Enel’s group financial debt Average cost of debt Average residual maturity 5,5% 5,0% 5,0% 7:7 7:7 7:1 4,7% 5,1% 6:11 4,4% 4,4% 4,3% 4,6% 6:4 5:10 5:2 4:11 4:4 2002 2003 2004 2005 2006 2007 2008 2009 IQ 2002 2003 2004 2005 2006 2007 2008
Slide 31: Enel's long-term debt maturity profile (€mn)
Enel SpA 1Q2010 results – Financial annexes Investor Relations Enel’s long-term debt maturity profile (€mn) Endesa Enel Group excluding Endesa • Actual I Q 2010 as released • I Q 2010 adjusted1 31,893 31,433 3.212 3,320 3,320 10,073 8,591 3,681 28,573 5,131 6,811 3,681 5,131 5,798 28,113 4,627 4,627
Slide 32: Enel's long-term debt maturity profile
Enel SpA 1Q2010 results – Financial annexes Investor Relations Enel’s long-term debt maturity profile1 Enel Group (excluding Endesa) €mn <12m I Q 2011 2012 2013 2014 After 2014 Bank loans 343 292 5,297 373 3,769 4,571 Bonds 293 1,140 1,072 1,564 1,965 23,783 Other 25 25 23 18 21 219 Total 661 1,457
Slide 33: Enel Group liquidity analysis excluding Endesa (€mn)
Enel SpA 1Q2010 results – Financial annexes Investor Relations Enel Group liquidity analysis excluding Endesa (€mn)1 Amount Outstanding Available 60M credit facility for Endesa acquisition 4,901 4,901 - 2009 credit facility for Endesa acquisition (2014) 3,443 3,443 - 2009 credit facility for Endesa
Slide 34: Endesa liquidity analysis (€mn)
Enel SpA 1Q2010 results – Financial annexes Investor Relations Endesa liquidity analysis (€mn) March 31, 2010 Amount Outstanding Available Total committed credit lines 9,237 1,230 8,007 Other short-term bank debt – uncommitted lines 1,486 414 1,072 Total credit lines 10,723 1,644 9,079 Commercial pa
Slide 35: Generation & Energy Management - Italy
Enel SpA 1Q2010 results – Financial annexes Investor Relations Generation & Energy Management - Italy €mn 1Q09 1Q10 % Revenues 5,270 4,468 -15.2 EBITDA 918 660 -28.1 EBIT 749 520 -30.6 Capex 169 131 -22.5 (1) Headcount 6,703 6,648 -0.8 1. As of December 31, 2009 34
Slide 36: Market - Italy
Enel SpA 1Q2010 results – Financial annexes Investor Relations Market - Italy €mn 1Q09 1Q10 % Revenues 5,998 5,088 -15.2 EBITDA 116 157 +35.3 EBIT 55 78 +41.8 Capex 7 4 -42.9 (1) Headcount 3,962 3,948 -0.4 1. As of December 31, 2009 35
Slide 37: Infrastructure & Network - Italy
Enel SpA 1Q2010 results – Financial annexes Investor Relations Infrastructure & Network - Italy €mn 1Q09 1Q10 % Revenues 1,558 1,697 +8.9 EBITDA 895 921 +2.9 EBIT 685 708 +3.4 Capex 249 238 -4.4 (1) Headcount 19,700 19,571 -0.7 1. As of December 31, 2009 36
Slide 38: International
Enel SpA 1Q2010 results – Financial annexes Investor Relations International €mn 1Q09 1Q10 % Revenues 1,398 1,638 +17.2 EBITDA 381 377 -1.0 EBIT 253 236 -6.7 Capex 177 204 +15.3 (1) Headcount 15,752 15,579 -1.1 1. As of December 31, 2009 37
Slide 39: Iberia & Latam
Enel SpA 1Q2010 results – Financial annexes Investor Relations Iberia & Latam €mn 1Q09 1Q10 % Revenues 3,729 7,495 +101.0 EBITDA 1,171 2,001 +70.9 EBIT 709 1,317 +85.8 Capex 386 381 -1.3 (1) Headcount 26,305 25,997 -1.2 1. As of December 31, 2009 38
Slide 40: Enel Green Power
Enel SpA 1Q2010 results – Financial annexes Investor Relations Enel Green Power €mn 1Q09 1Q10 % Revenues 415 457 +10.1 EBITDA 293 326 +11.3 EBIT 238 262 +10.1 Capex 106 150 +41.5 (1) Headcount 2,685 2,882 +7.3 1. As of December 31, 2009 39
Slide 41: Services & Holding
Enel SpA 1Q2010 results – Financial annexes Investor Relations Services & Holding €mn 1Q09 1Q10 % Revenues -3,252 -2,726 -16.2 Holding 183 136 -25.7 Services 250 248 -0.8 Engineering & Innovation 275 174 -36.7 Other & elisions (3,960) (3,284) EBITDA 76 36 -52.6 Holding 36 2 -94.4 Services 35 32 -8.6
Slide 42: Services & Holding - Continued
Enel SpA 1Q2010 results – Financial annexes Investor Relations Services & Holding - Continued €mn 1Q09 1Q10 % EBIT 51 9 -82.4 Holding 34 1 -97.1 Services 12 7 -41.7 Engineering & Innovation 3 1 -66.7 Other & elisions 2 - n.a. Capex 15 25 +66.7 Holding - - - Services & other 15 24 +60.0 Engeneering &
Slide 43: Focus on capex by business area (€mn)
Enel SpA 1Q2010 results – Financial annexes Investor Relations Focus on capex by business area (€mn)1 +2.2% 1,109 1,133 15 25 106 150 386 381 177 204 S&H EGP 249 Iberia & Latam 238 International 7 I&N 4 Market 169 131 G&EM 1Q09 1Q10 1. Continuing operations only 42
Slide 44: Disclaimer
Enel SpA Investor Relations Disclaimer This presentation contains 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 fut
Slide 45: 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 • Donatella Izzo (Fixed income IR) +39 06 83057449 Visit our website at: www.enel.com (Investor Relations) 44