Slide 1: 2010 Results 2011-2015 Plan
Enel SpA Investor Relations 2010 Results 2011-2015 Plan ”Growth and rewarding returns with financial discipline” London - March 15, 2011
Slide 2: Agenda
Enel SpA Investor Relations Agenda • Group strategy 2011-2015 Plan F. Conti › Opening remarks › Key priorities • 2010 Results L. Ferraris • 2011-2015 Plan F. Conti › Italian operations › International operations › Endesa A. Brentan › Enel Green Power F. Starace • Closing remarks F. Conti › Overall f
Slide 3: Group strategy 2011-2015 – Fulvio Conti
Enel SpA Group strategy 2011-2015 Plan Investor Relations Fulvio Conti Chief Executive Officer 3
Slide 4: Opening remarks: Delivering outperformance
Enel SpA Group strategy 2011-2015 Plan Investor Relations Opening remarks Delivering outperformance EBITDA vs demand growth Net Debt/EBITDA & dividend yield EBITDA achieved (€mn) Net Debt/EBITDA Demand growth1 Dividend yield2 +22% 17,480 16,371 3.5x 14,318 3.1x 2.6x 2008 2009(3) 2010 2008 2009 2010
Slide 5: Key priorities
Enel SpA Group strategy 2011-2015 Plan Investor Relations Opening remarks Key priorities Leadership in core energy markets Strong operational Multiple platforms for organic growth: performance renewables Latam, renewables, Latam Russia and Eastern Europe coupled with Consolidation, integration and o
Slide 6: Key priorities: Leadership in core markets
Enel SpA Group strategy 2011-2015 Plan Investor Relations Key priorities Leadership in core markets • Gas sourcing diversification and flexibility o Upstream gas Upward vertical o LNG midstream integration • Generation portfolio flexibility and competitiveness o Clean coal & initial nuclear activiti
Slide 7: Key priorities: Growth in renewables, Latam, Russia, Eastern Europe
Enel SpA Group strategy 2011-2015 Plan Investor Relations Key priorities Growth: renewables, Latam, Russia and Eastern Europe • High cash flow generation and low dependence on subsidies Worldwide • Geographical diversification Renewables • Well balanced technological mix • Vertical integration in so
Slide 8: Consolidation, Integration and Operational excellence: capex programme
Enel SpA Group strategy 2011-2015 Plan Investor Relations Key priorities Consolidation, Integration and Operational excellence Capex programme (€mn) 1.2 €bn 30,870 29,704 13,941 14,820 6,963 6 818 6,818 6,212 5,726 5,151 3,414 3,220 2,931 2,658 2,596 15,763 16,050 Maintenance & 3,549 3,598 3,281 man
Slide 9: Enel-Endesa synergy programme and targets
Enel SpA Group strategy 2011-2015 Plan Investor Relations Key priorities Consolidation, Integration and Operational excellence Enel-Endesa’s synergy programme and targets ~1,270 +45% 239 ~1,050 145 994 862 108 +13% 145 >700 685 72 ~600 548 8 +69% 494 436 717 266 313 613 157 225 >300 338 >300 41 181
Slide 10: Cash flow optimization: Zenith
Enel SpA Group strategy 2011-2015 Plan Investor Relations Key priorities Consolidation, Integration and Operational excellence Cash flow optimization1: Zenith (€mn) Working Capital and Capex optimization vs. 2008 Cumulated savings2 vs. 2008 ~600 ~600 ~3,500 ~300 ~1,500 ~2,700 Already achieved 2009 2
Slide 11: Leadership in innovation
Enel SpA Group strategy 2011-2015 Plan Investor Relations Key priorities Leadership in innovation • CCS testing and demo plant Efficient and sustainable generation • Higher efficiency in coal generation • Preparing ground for III generation nuclear in Italy • Archimede p project j ( (CSP) ) Renewabl
Slide 12: Financial stability: cash flow 2011-2015
Enel SpA Group strategy 2011-2015 Plan Investor Relations Key priorities Financial stability Cash flow 2011-2015 (€bn) ~73 ~31 ~14 ~19 ~9 Cash flow from Capex Net financial Dividends3 Cash flow operations1 programme2 charges available Coupling growth with financial discipline 1. Post-tax 2. Net of c
Slide 13: Luigi Ferraris, Chief Financial Officer
Enel SpA 2010 Results Investor Relations Luigi u g Ferraris e a s Chief Financial Officer 13
Slide 14: Financial highlights: Consolidated results
Enel SpA 2010 Results Investor Relations Financial highlights Consolidated results FY09 €mn FY09 1 FY10 % Restated Revenues 64,035 64,362 73,377 +14.0 EBITDA 16,044 16,371 17,480 +6.8 - recurring i 2 15 581 15,581 15 908 15,908 17 410 17,410 +9 4 +9.4 EBIT 10,755 11,032 11,258 +2.0 Group net income
Slide 15: From EBIT to Net Income
Enel SpA 2010 Results Investor Relations From EBIT to Net Income €mn FY09 FY09 FY10 % restated EBIT 10,755 11,032 11,258 +2.0 Net financial charges (1,741) (1,741) (3,198) n.m. 2,654 2,654 2,850 7.4 Interest charges Fair value of Acciona’s put option (970) (970) - n.m. Other 57 57 348 n.m. Net incom
Slide 16: Focus on forward electricity sales
Enel SpA 2010 Results Investor Relations Focus on forward electricity sales Level of total production hedged (%) Italy Spain 100 100 100 100 ~ 10 ~ 50 ~ 75-70 ~ 90 ~ 50(1) ~ 25-30 2011 2012 2011 2012(2) Latam Slovakia 100 100 100 100 ~ 30-25 ~ 35-30 ~ 64 ~ 70-75 ~ 65-70 ~ 36 2011 2012 2011 2012 Unhe
Slide 17: Group EBITDA evolution
Enel SpA 2010 Results Investor Relations Group EBITDA evolution (€mn) +6.8% +1,700 +132 -45 17,480 16,371 -632 66 +90 -204 +68 1,310 111 1,178 6,196 7,896 1,452 S&H 1 1,520 EGP 4,017 Iberia & Latam 3,813 International 393 I&N Market 483 3,024 G&EM 2,392 FY09 G&EM Market I&N Inter- Iberia & EGP S&H F
Slide 18: EBITDA evolution: G&EM Italy
Enel SpA 2010 Results Investor Relations EBITDA evolution: G&EM Italy (€mn) -20.9% 3,024 -24 -133 -71 -151 -253 2,392 FY09 Generation Trading Ancillary Delta Other FY10 margin margin services Fair value 18
Slide 19: EBITDA evolution: Infrastructure & Networks Italy
Enel SpA 2010 Results Investor Relations EBITDA evolution: Infrastructure & Networks Italy (€mn) -5.1% +293 -14 -295 4,017 -188 3,813 FY09 Energy Connection HV Grid Other FY10 margin fees capital gain 19
Slide 20: EBITDA evolution: International
Enel SpA 2010 Results Investor Relations EBITDA evolution: International (€mn) +4.7% 1,452 -114 +181 1,520 +30 -28 252 433 83 55 291 321 Russia France & Belgium 826 SEE Centrel 712 FY09 Centrel SEE France Russia FY10 & Belgium 20
Slide 21: Focus on Russia
Enel SpA 2010 Results Investor Relations Focus on Russia1 Unitary price2 (€/MWh) Capacity payment (€/MW per month) 19.9 15.9 2,854 2,804 FY09 FY10 FY09 FY10 Dark spread (€/MWh) Spark spread (€/MWh) 8.3 4.8 2.1 1.1 FY09 FY10 FY09 FY10 1. Average exchange rate: 40.3 Rub/Eur 2. Average price excluding
Slide 22: EBITDA evolution: Endesa
Enel SpA 2010 Results Investor Relations EBITDA evolution: Endesa (€mn) +6.9% +292 +221 7,896 7,383(1) 3,409 3,188 Latam 4,195 Iberia 4,487 FY09 Iberia Latam FY10 1. Endesa 100% - Enel’s GAAP figures 22
Slide 23: EBITDA evolution: Enel Green Power
Enel SpA 2010 Results Investor Relations EBITDA evolution: focus on Enel Green Power (€mn) +11.2% +124 +23 +5 +1,310(1) 1,178 -20 84 12 7 61 336 212 Enel.si North America 878 898 Iberia and Latin America Italy and Europe FY09 Italy and Iberia and North Enel.si FY10 Europe Latin America America 1. En
Slide 24: Net debt evolution
Enel SpA 2010 Results Investor Relations Net debt evolution (€mn) +5,946 (1) Dec. 31 Cash-flow from Capex Net financial Taxes3 Dividends4 Extra- Dec. 31 2009 operations charges2 ordinary 2010 activities -50,870 -44,924 -7,187 -2,824 -636 (5) -3,275 -3,147 +4,850 (5) -63 +17,529 Net operating cash fl
Slide 25: 2011-2015 – Fulvio Conti
Enel SpA 2011 - 2015 Plan Investor Relations Fulvio u o Conti Co t Chief Executive Officer 25
Slide 26: Base assumptions of Enel Group's plan
Enel SpA 2011 - 2015 Plan Investor Relations Group strategy Base assumptions of Enel Group’s plan Macro scenario Electricity demand 2010-2015 CAGR Italy 1.5% Iberia1 1.7% +2.3%(3) Russia 1.4% Slovakia 1.9% Latam2,3 4.7% Commodities Brent ($/bbl) Coal4 ($/ton) 109 113 87 92 100 84 2011 2013 2015 2011
Slide 27: Italian operations
Enel SpA Italy 2011 - 2015 Plan Investor Relations Group strategy Italian operations 1 Variable costs Thermal production mix (%) (€/MWh) 5 1 37 35 Enhanced competitiveness in >50 Oil generation through technological mix 58 64 CCGT ~30 Coal Clean coal CCGT 2010 2015 Clients on free markets (mn)2 CAGR
Slide 28: Italian operations: capex and EBITDA targets
Enel SpA Italy 2011 - 2015 Plan Investor Relations Group strategy Italian operations1(€bn) Targets Enel domestic capex Enel domestic EBITDA ~9.7 6.5 6.5 59% 16% 38% 46% 41% 2011-15 2013 2015 G&EM Maintenance & mandatory I&N Growth Market & other Confirming our leadership 1. Including G&EM, Markets,
Slide 29: International operations overview
Enel SpA International 2011 - 2015 Plan Investor Relations Group strategy International operations1 Overview RUSSIA • First vertically integrated non-Russian operator (upstream gas, generation, sales) SLOVAKIA • First operator in generation (79% market share) ) • Growing retail sector FRANCE • EPR n
Slide 30: International operations: Focus on Russia
Enel SpA International 2011 - 2015 Plan Investor Relations Group strategy International operations Focus on Russia Capex (€bn)1 Technological mix (GW)2 8.6 8.2 0.8 ~0.9 3.6 3.7 3.6 95% Investment plan 4.6 4.6 4.1 5% 2011-2015 2010 2015 Maintenance & mandatory Coal Growth Oil & Gas CCGT Upstream gas
Slide 31: International operations: Focus on Slovakia
Enel SpA International 2011 - 2015 Plan Investor Relations Group strategy International operations Focus on Slovakia Capex (€bn) Technological mix (GW)1 6.0 5.4 ~2.7 0.9 0.4 11% 0.9 2.3 2.3 Strengthen market position 89% 2.8 1.8 2011-2015 2010 2015 Maintenance & mandatory Nuclear Hydro Growth Coal O
Slide 32: International operations: overall targets
Enel SpA International 2011 - 2015 Plan Investor Relations Group strategy International operations (€bn) Overall targets International capex1 International EBITDA ~4.2 2.9 47% 1.1 15% 1.9 21% 0.9 64% 1.4 53% 0.7 0.3 0.4 2013 2015 2011-15 Slovakia Slovakia Maintenance & mandatory Russia Russia Growth
Slide 33: Endesa – Andrea Brentan
Enel SpA Endesa 2011 - 2015 Plan Investor Relations Andrea Brentan Endesa Chief Executive Officer 33
Slide 34: Endesa - Iberia: market scenario
Enel SpA Endesa 2011 - 2015 Plan Investor Relations Group strategy Endesa - Iberia Market scenario Demand evolution1 Wholesale price2 evolution (€/MWh) CAGR: 1.7% TWh 2015 61 +2.5% CAGR +10.4% +3 3% +3.3% 2010 37 2010 2011 2012 2013 2014 2015 Thermal gap3 31% 31% 1. Mainland 2010 2015 2. Arithmetic
Slide 35: Endesa - Iberia: strategic guidelines
Enel SpA Endesa 2011 - 2015 Plan Investor Relations Group strategy Endesa - Iberia Strategic guidelines • Synergy Plan Synergies and • Zenith Plan efficiency • Best Practice Sharing • Distribution Operational • Nuclear excellence • Customer focus Regulatory • Regulatory improvements management • Mil
Slide 36: Endesa - Iberia: operational excellence projects
Enel SpA Endesa 2011 - 2015 Plan Investor Relations Group strategy Endesa - Iberia Operational Excellence Projects • Cash-cost optimization Distribution • Over 13 million digital meters operating by 2015 • Maintaining current high quality service (SAIDI1) Plant availability (%) 91% 74% Nuclear 2009
Slide 37: Endesa - Iberia: regulatory management
Enel SpA Endesa 2011 - 2015 Plan Investor Relations Group strategy Endesa - Iberia Regulatory management • Improvement in distribution remuneration scheme • Corrections of renewables incentive inconsistencies • Clear understanding that thermal plants are needed to back up renewables Major improvemen
Slide 38: Endesa - Iberia: liberalized business strategy
Enel SpA Endesa 2011 - 2015 Plan Investor Relations Group strategy Endesa - Iberia Liberalized business strategy (generation and supply) • Tejo II CCGT in Portugal: 400 MW (800MW) in 2011 • Moralets pumped storage: 400 MW in 2014 • Start construction of two additional pumped storage plants New capac
Slide 39: Endesa - Iberia: energy management optimization
Enel SpA Endesa 2011 - 2015 Plan Investor Relations Group strategy Endesa - Iberia Energy management optimization strategy Energy management position, liberalized market (TWh)1 • Optimization of energy purchases & own Sales 75 81 production Energy Energy 27 purchases purchases 31 • Continuous monito
Slide 40: Endesa - Latin America: market scenario
Enel SpA Endesa 2011 - 2015 Plan Investor Relations Group strategy Endesa - Latin America Market scenario Demand CAGR to 20201 Macroeconomic and risk scenario3 2011 GDP Country Country Power Gas forecast risk rating India & China Brazil 4.1% 5.2 BBB- 5.6% 7.6% Argentina 4.0% 7.5 B Latin America 2.5%
Slide 41: Endesa - Latin America: strategic guidelines
Enel SpA Endesa 2011 - 2015 Plan Investor Relations Group strategy Endesa - Latin America Strategic guidelines • Synergy Plan • Zenith Plan Operational excellence & synergies • Generation: - Power plant projects pipeline improvement - Best in class in new capacity deployment • Generation: total of ~
Slide 42: Endesa - Latin America: Andean region
Enel SpA Endesa 2011 - 2015 Plan Investor Relations Group strategy Endesa - Latin America Andean region Endesa market shares Chile: Colombia: Peru: • Generation: 35% • Generation: 22% • Generation: 28% • Distribution: 32% • Distribution: 25% • Distribution: 19% Market context Generation project pipe
Slide 43: Endesa - Latin America: Focus on Brazil
Enel SpA Endesa 2011 - 2015 Plan Investor Relations Group strategy Endesa - Latin America Focus on Brazil Generation Endesa market share: • Generation: <1% • A project pipeline being built • Distribution: 5% Market context TWh Distribution 700 +4.5% • Organic growth over the period: 650 3% - +4.9 TW
Slide 44: Endesa - Latin America: Focus on Argentina
Enel SpA Endesa 2011 - 2015 Plan Investor Relations Group strategy Endesa - Latin America Focus on Argentina Distribution Endesa market share: • Generation: 22% • Organic growth over the period: • Distribution: 20% - +3.4 TWh, CAGR 3.7% - ~100,000 new customers • Efficiency improvements: Market cont
Slide 45: Endesa: overall targets
Enel SpA Endesa 2011 - 2015 Plan Investor Relations Group strategy Endesa Overall targets1 (€bn) Capex programme2 EBITDA ~10.3 8.1 8.2 64% 46% 4.0 4.1 54% 36% 4.1 4.1 2011-2015 2013 2015 Maintenance & mandatory Latam Latam Growth Iberia Iberia Conservative and flexible investment profile adaptable t
Slide 46: Enel Green Power – Francesco Starace
Enel SpA Enel Green Power 2011 - 2015 Plan Investor Relations Francesco a cesco Sta Starace ace Enel Green Power Chief Executive Officer 46
Slide 47: EGP: opening remarks
Enel SpA Enel Green Power 2011 - 2015 Plan Investor Relations Group strategy EGP: opening remarks Strong growth in 2010 of the renewable industry 2010 targets t t delivered d li d 2010-2014 growth plan already addressed New plan relies on high quality pipeline 47
Slide 48: EGP: strong growth of renewable industry
Enel SpA Enel Green Power 2011 - 2015 Plan Investor Relations Group strategy EGP: strong growth of renewable industry (GW) By technology By geography Global Global Delta Expected Invest- EGP tech. 2020 2020 Expected Technology installed installed Geography 2010 capacity growth ments presence Min Max
Slide 49: EGP: 2010-2014 plan already addressed
Enel SpA Enel Green Power 2011 - 2015 Plan Investor Relations Group strategy EGP: 2010-2014 plan already addressed (MW) In execution by geography Capacity evolution 20% 36% Italy & Europe 1,600 9,200 Iberia & Latin America North America 44% 1,495 ~7,600 6,102 In execution by technology 3% 1% 10% 201
Slide 50: EGP: new plan strategic guidelines
Enel SpA Enel Green Power 2011 - 2015 Plan Investor Relations Group strategy EGP: new plan strategic guidelines Higher capex programme Technology: more growth in hydro, geo and solar Geography: less Italy & Iberia - more RoE1 and Latam Continuing opex and plant performance optimization programme 1.
Slide 51: EGP: higher capex programme 1/2
Enel SpA Enel Green Power 2011 - 2015 Plan Investor Relations Group strategy EGP: higher capex programme (€bn) – 1/2 Capex by geography Capex programme1 2010-2014 plan 2011-2015 plan 19% 17% ~6.4 29% 38% 10% 9% 26% 9% ~5.2 12% 21% 19% 10% Additional MW by geography 2010-2014 plan 2011-2015 plan 90%
Slide 52: EGP: higher capex programme 2/2
Enel SpA Enel Green Power 2011 - 2015 Plan Investor Relations Group strategy EGP: higher capex programme – 2/2 Capex by technology 2010-2014 plan 2011-2015 plan 6% 8% 16% 14% 51% Additional capacity (GW) 10% 68% 13% 14% 4.3 3.5 Additional capacity by technology 2010-2014 plan 2011-2015 plan 2% 5% 1%
Slide 53: EGP: distinctive operating KPIs
Enel SpA Enel Green Power 2011 - 2015 Plan Investor Relations Group strategy EGP: distinctive operating KPIs Load Factor (%) Average energy revenues1 (€/MWh) 44.4 CAGR: +2% 38.2 93.8 84.2 2010 2015 2010 2015 Revenues from incentives1 (%) Opex/MW (k€/MW) CAGR: -3% 22.0 22.9 87.8 75.5 2010 2015 2010 2
Slide 54: EGP: overall targets
Enel SpA Enel Green Power 2011 - 2015 Plan Investor Relations Group strategy EGP Overall targets1 (€bn) Capex programme Installed capacity (GW) EBITDA 10.4 2.4 ~6.4 0.2 0.5 9% 0.9 2.9 6.1 0.1 2.0 0.8 91% 2.5 5.9 2.7 2011-2015 2010 2015 2013 2015 Maintenance & mandatory Wind Solar Growth Hydro Other
Slide 55: Closing remarks – Fulvio Conti
Enel SpA Closing remarks Investor Relations Fulvio u o Conti Co t Chief Executive Officer 55
Slide 56: Overall financial targets
Enel SpA Closing remarks Investor Relations Group strategy Overall financial targets (€bn) Old New 2011 2011 2013 2015 CAGR2 • EBITDA1 • 16.0 • 17.4 • 18.5 • 20.0 +3.5% • Ordinary net income • 4.1 • 4.5 • 4.9 • 5.8 +6.6% (60% dividend pay-out) • Net debt/EBITDA • 2.8x • 2.5x • 2.3x • 1.8x Growing pr
Slide 57: Annexes
Enel SpA Investor Relations Annexes
Slide 58: Production mix
Enel SpA 2010 Results – Operational annexes Investor Relations Production mix -2.9% 84.0 (TWh) 81.6 (TWh) 5.4% 2.8% 20.4% 21.6% Group production mix Domestic 33.9% 34.1% +8.4% 6.6% 7.1% 33.7% 34.4% 267.8 (TWh) 290.2 (TWh) 15 3% 15.3% 15 6% 15.6% FY09 FY10 12.9% 13.2% 27.6% 25.2% +13.5% 11.9% 14.2% 3
Slide 59: FY2010 Group total net installed capacity
Enel SpA 2010 Results – Operational annexes Investor Relations FY2010 Group total net installed capacity1: breakdown by source and location MW Hydro RES Nuclear Coal CCGT Oil & gas TOTAL - other ST/OCGT Italy 14,417 1,307 - 6,804 5,973 12,021 40,522 Iberia 4,700 1,461 3,514 5,528 3,407(2) 6,337(3) 2
Slide 60: FY2010 Group total net production
Enel SpA 2010 Results – Operational annexes Investor Relations FY2010 Group total net production1: breakdown by source and location GWh Hydro RES Nuclear Coal CCGT Oil & gas TOTAL - other ST/OCGT Italy 28,068 5,758 - 27,798 17,632 2,313 81,569 Iberia 9,374 3,273 27,619 14,546 4,604(2) 11,503(3) 70,9
Slide 61: FY2010 renewables net installed capacity
Enel SpA 2010 Results – Operational annexes Investor Relations FY2010 renewables net installed capacity: breakdown by source and location MW Hydro Geothermal Wind Other TOTAL Italy & Europe 1,523 728 870 6 3,127 Iberia & Latam 702 - 1,378 107 2,187 North America 314 47 406 21 788 TOTAL 2,539 775 2,6
Slide 62: FY2010 renewables net production
Enel SpA 2010 Results – Operational annexes Investor Relations FY2010 renewables net production: breakdown by source and location GWh Hydro Geothermal Wind Other TOTAL Italy & Europe 6,457 5,029 1,217 1 12,704 Iberia & Latam 3,694 - 2,412 378 6,484 North America 919 248 1,297 182 2,646 TOTAL 11,070
Slide 63: EGP pipeline
Enel SpA 2010 Results – Operational annexes Investor Relations EGP pipeline (GW) Gross pipeline by probability of success Gross pipeline by COD 18.5 29.2 0.5 1.7 0.1 29.2 26.2 0.7 7.8 (1) 2.9 Highly Likely Potential 2010 Wind Hydro Geothermal Solar Other 2010 confident (50%) (20%) total total (90%)
Slide 64: Group EBITDA: regulated/unregulated activities
Enel SpA 2010 Results – Financial annexes Investor Relations Group EBITDA: regulated/unregulated activities FY10 EBITDA 17,480 €mn Stability and high visibility 8% 49% 43% Forward sales and hedging procurement contracts to protect Unregulated margin Regulated EGP 64
Slide 65: Net financial charges
Enel SpA 2010 Results – Financial annexes Investor Relations Net financial charges (€mn) 87 3,198 204 348 2,711 196 57 2,654 2,850 Net financial Perimeter Tariff deficit Other Net financial charges FY09(1) effect2 regularization charges FY10 Interest charges Non recurring charges3 1. Adjusted as per
Slide 66: Fuel cost evolution: G&EM Italy
Enel SpA 2010 Results – Financial annexes Investor Relations Fuel cost evolution: G&EM Italy (€mn) 0% 51.7 51.9 Average fuel cost (€/MWh) FY09 FY10 +12% +9% 0% 371.8 29.4 32.0 89.2 89 330.6 FY09 FY10 FY09 FY10 FY09 FY10 Oil (€/ton) Gas (c€/mc) Coal (€/ton) 66
Slide 67: EBITDA evolution: Market Italy
Enel SpA 2010 Results – Financial annexes Investor Relations EBITDA evolution: Market Italy (€mn) +22.9% +88 483 393 +2 FY09 Free Regulated FY10 market market 67
Slide 68: EBITDA evolution - Services & Holding
Enel SpA 2010 Results – Financial annexes Investor Relations EBITDA evolution - Services & Holding1 (€mn) -45 111 -12 -33 66 FY09 Import Other FY10 1. Including Engineering and Innovation division and intercompany adjustments 68
Slide 69: Focus on capex by business area
Enel SpA 2010 Results – Financial annexes Investor Relations Focus on capex by business area (€mn)1 +3.9% 7,090(2) 6,825 92 103 771 1,065 2 962 2,962 2 866 2,866 S&H 1,014 1,210 EGP Iberia & Latam International 1,112 1,147 I&N 80 Market 62 783 648 G&EM FY09 FY10 1. Continuing operations only 2. Gros
Slide 70: Enel's long-term debt maturity profile
Enel SpA 2010 Results – Financial annexes Investor Relations Enel’s long-term debt maturity profile (€mn) Endesa 29,045 Enel Group (excluding Endesa) 3,723 25,322 8,855 5,282 5,830 2,999 4,027 3,428 1,089 3,256 655 1,369 4,828 4,741 1,630 2,026 2,773 After <12m 2012 2013 2014 2015 2015 6 years and 8
Slide 71: Enel Group liquidity analysis
Enel SpA 2010 Results – Financial annexes Investor Relations Enel Group liquidity analysis (€mn) Amount Outstanding Available Committed credit lines 29,232 9,075 20,157(1) Cash and cash equivalents - (5,164) 5,164 Total 29,232 3,911 25,321 Uncommitted lines 2 733 2,733 496 2,237 Commercial paper 11,
Slide 72: Debt structure
Enel SpA 2010 Results – Financial annexes Investor Relations Debt structure1 • Average debt maturity: 6 years and 8 months • Average cost of net debt2: 5.5% • (Fixed+hedged)/Total long-term debt: 96% • (Fixed+hedged)/Total net debt: 93% g • Rating: S&P’s = A-/A-2 / Stable outlook;; Moody’s y = A2/P-
Slide 73: Enel's group financial debt evolution
Enel SpA 2010 Results – Financial annexes Investor Relations Enel’s group financial debt evolution1 Enel Group (excluding Endesa) Endesa Group - Total €mn 12.31.2009 12.31.2010 12.31.2009 12.31.2010 12.31.2010 Bank loans – maturities > 12m 14,227 10,778 7,405 4,806 15,584 Bonds – maturities > 12m 26
Slide 74: Enel's group financial debt by subsidiary
Enel SpA 2010 Results – Financial annexes Investor Relations Enel’s group financial debt by subsidiary1 €mn Enel SpA Endesa EFI2 EIH2 Slovenské EP2 ED2 Other Total Bonds 16,172 6,462 12,887 297 195 - - 242 36,255 Bank loans 4,162 5,291 2,660 - 96 673 2,243 1,407 16,532 Preference shares - 1,474 - -
Slide 75: Enel's group financial debt
Enel SpA 2010 Results – Financial annexes Investor Relations Enel’s group financial debt Average cost of net debt Average residual maturity (year:month) 5.5% 1 5.5% 7:7 7:7 7:1 5.1% 5.0% 6:8 4.7% 6:4 4.4% 4.4% 4.3% 4.6% 5:10 5:2 4:11 4:4 2002 2003 2004 2005 2006 2007 2008 2009 2010 Net financial deb
Slide 76: Enel's long-term debt maturity profile
Enel SpA 2010 Results – Financial annexes Investor Relations Enel’s long-term debt maturity profile (€mn) Enel Group (excluding Endesa) €mn <12m 2012 2013 2014 2015 After 2015 Bank loans 465 3,714 323 2,743 396 3,601 Bonds 1,138 1,075 1,672 1,975 2,344 21,589 Other 27 39 31 23 33 132 Total 1,630 4,8
Slide 77: Enel Group liquidity analysis excluding Endesa
Enel SpA 2010 Results – Financial annexes Investor Relations Enel Group liquidity analysis excluding Endesa (€mn)1 Amount Outstanding Available 60M credit facility for Endesa acquisition 3,417 3,417 - 2009 credit facility for Endesa acquisition (2014) 2,401 2,401 - 2009 credit facility for Endesa ac
Slide 78: Endesa liquidity analysis
Enel SpA 2010 Results – Financial annexes Investor Relations Endesa liquidity analysis (€mn)1 Amount Outstanding Available Total committed credit lines 8,597 1,843 6,754 Other short-term bank debt – uncommitted lines 1,567 423 1,144 Total credit lines 10,164 2,266 7,898 Commercial paper issued by th
Slide 79: Balance sheet
Enel SpA 2010 Results – Financial annexes Investor Relations Balance sheet €mn 2009 2010 % Net financial debt 50,870 44,924 -11.7 Shareholders’ equity 45,933 53,545 +16.6 Net capital p employed p y , 96,803 98,469 , +1.7 79
Slide 80: Generation & Energy Management - Italy
Enel SpA 2010 Results – Financial annexes Investor Relations Generation & Energy Management - Italy €mn 2009 2010 % Revenues 18,377 17,540 -4.6 EBITDA 3,024 2,392 -20.9 EBIT 2 482 2,482 1 832 1,832 -26.2 26 2 Capex 783 648 -17.4 Headcount 6,703 6,601 -1.5 80
Slide 81: Market - Italy
Enel SpA 2010 Results – Financial annexes Investor Relations Market - Italy €mn 2009 2010 % Revenues 20,330 18,697 -8.0 EBITDA 393 483 +22.9 EBIT 10 58 +480 0 +480.0 Capex 80 62 -22.5 Headcount 3,962 3,823 -3.5 81
Slide 82: Infrastructure & Network - Italy
Enel SpA 2010 Results – Financial annexes Investor Relations Infrastructure & Network - Italy 2009 €mn 2009 2010 % restated Revenues 7,242 7,273 7,427 +2.1 EBITDA 3,986 4,017 3,813 -5.1 EBIT 3 106 3,106 3 137 3,137 2 911 2,911 -7.2 72 Capex 1,112 1,112 1,147 +3.1 Headcount 19,700 19,700 19,152 -2.8
Slide 83: International
Enel SpA 2010 Results – Financial annexes Investor Relations International 2009 €mn 2009 2010 % restated Revenues 5,540 5,568 6,360 +14.2 EBITDA 1,424 1,452 1,520 +4.7 EBIT 780 808 903 +11 8 +11.8 Capex 1,014 1,014 1,210 +19.3 Headcount 15,752 15,752 14,876 -5.6 83
Slide 84: Iberia & Latam
Enel SpA 2010 Results – Financial annexes Investor Relations Iberia & Latam 2009 €mn 2009 2010 % restated Revenues 21,532 21,800 31,263 +43.4 EBITDA 5,928 6,196 7,896 +27.4 EBIT 3 441 3,441 3 659 3,659 4 643 4,643 +26 9 +26.9 Capex 2,962 2,962 2,866 -3.2 Headcount 26,305 26,305 24,731 -6.0 84
Slide 85: Enel Green Power
Enel SpA 2010 Results – Financial annexes Investor Relations Enel Green Power €mn 2009 2010 % Revenues 1,751 2,179 +24.4 EBITDA 1,178 1,310 +11.2 EBIT 938 966 +3 0 +3.0 Capex 771 1,065 +38.1 Headcount 2,685 2,955 +10.1 85
Slide 86: Services & Holding
Enel SpA 2010 Results – Financial annexes Investor Relations Services & Holding €mn 2009 2010 % Revenues 2,632 2,420 -8.0 Holding 637 679 +6.6 Services 1,092 1,133 +3 7 +3.7 Engineering & Innovation 903 608 -32.7 EBITDA 116 82 -29.3 Holding (25) (68) - Services 124 136 +9.7 Engineering & Innovation
Slide 87: Services & Holding - Continued
Enel SpA 2010 Results – Financial annexes Investor Relations Services & Holding - Continued €mn 2009 2010 % EBIT +3 (39) - Holding (34) (75) - Services 23 26 +13.0 Engineering & Innovation 14 10 -28.6 28 6 Capex 103 92 -10.7 Holding 6 7 +16.7 Services & other 92 80 -13.0 Engeneering & Innovation 5 5
Slide 88: EBIT by business area
Enel SpA 2010 Results – Financial annexes Investor Relations EBIT by business area (€mn) +2.0% 11,258 11,032 966 +3.0% 938 4,643 3,659 +26.9% 808 EGP +11.8% Iberia & Latam 903 International I&N 3,137 2,911 -7.2% Market G&EM 10 S&H1 58 +480.0% 2,482 1,832 -26.2% -2 -55 n.m. FY09 FY10 1. Including Eng
Slide 89: 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 90: 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) 90