Slide 1: 2011 Results 2012-2016 Plan
Enel SpA Investor Relations 2011 Results 2012-2016 Plan Rome - March 8, 2012
Slide 2: Agenda
Enel SpA 2011 Results & 2012-2016 Plan Investor Relations Agenda • 2011 macro scenario F. Conti CEO › Worldwide › Energy industry • 2011 results L. Ferraris CFO • 2012 outlook F. Conti • 2012-2016 strategic update “ › Macro assumptions › Key priorities › Divisional targets • Managerial actions “ › M
Slide 3: 2011 macro scenario: Worldwide
Enel SpA Group Strategy 2012-2016 Plan Investor Relations 2011 macro scenario Worldwide GDP and industrial production evolution1 Mature markets GDP growth Industrial production growth +4.0% +3.0% +2.2% +2.0% +6.2% +2.0% +5.3% +1.0% +3.7% +3.7% +3.6% +1.0% +2.9% 0.0% -1.0% -0.4% 4Q11 1Q12 1Q 2Q 3Q 4Q
Slide 4: 2011 macro scenario: Energy industry
Enel SpA Group Strategy 2012-2016 Plan Investor Relations 2011 macro scenario Energy industry Electricity demand evolution1 110 105 102 2008 level = 100 99 99 98 98 98 98 97 96 95 95 94 93 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 Italy Spain2 Latam Slovakia Russia 1
Slide 5: 2011 results
Enel SpA 2011 Results Investor Relations 2011 results 4
Slide 6: Financial highlights
Enel SpA 2011 Results Investor Relations Financial highlights Consolidated results €mn FY10 FY11 % Revenues 73,377 79,514 +8.4 EBITDA 17,480 17,717 +1.4 - recurring1 17,410 17,416 - EBIT 11,258 11,366 +1.0 Group net income 4,390 4,148 -5.5 Group net ordinary income1 4,405 4,097 -7.0 Net debt2 44,924
Slide 7: From EBIT to Net Income
Enel SpA 2011 Results Investor Relations From EBIT to Net Income €mn FY10 FY11 % EBIT 11,258 11,366 +1.0 Net financial charges (3,198) (3,024) -5.4 Interest charges 2,850 2,776 -2.6 Other 348 248 -28.7 Net income from equity investments using equity method 14 96 n.m. EBT 8,074 8,438 +4.5 Income tax
Slide 8: Focus on forward electricity sales
Enel SpA 2011 Results Investor Relations Focus on forward electricity sales Level of total production hedged (%) Italy Spain2 100 100 100 100 ~ 15 ~ 55 - 60 ~ 90 - 95 ~ 85 ~40 - 45(1) ~ 5 - 10 2012 2013 2012 2013 Latam Slovakia 100 100 100 100 ~ 25 - 30 ~ 35 - 40 ~ 60 Unhedged ~ 70 - 75 ~ 60 - 65 He
Slide 9: Group EBITDA evolution (€mn)
Enel SpA 2011 Results Investor Relations Group EBITDA evolution (€mn) +1.4% 17,480 -210 +78 +472 +122 -645 +275 +145 17,717 66 211 1,310 1,585 7,896 7,251 S&H1 EGP Iberia & Latam 1,642 1,520 International I&N Market 3,813 G&EM 4,285 483 561 2,392 2,182 FY10 G&EM Market I&N Inter- Iberia & EGP S&H1 F
Slide 10: EBITDA evolution: G&EM Italy (€mn)
Enel SpA 2011 Results Investor Relations EBITDA evolution: G&EM Italy (€mn) -8.8% 2,392 -408 +318 2,182 -84 -36 FY10 Generation Gas & Trading Ancillary Other FY11 margin margin services 9
Slide 11: EBITDA evolution: Infrastructure & Networks Italy (€mn)
Enel SpA 2011 Results Investor Relations EBITDA evolution: Infrastructure & Networks Italy (€mn) +12.4% +286 4,285 +220 3,813 -34 FY10 Energy Connection Other FY11 margin fees 10
Slide 12: EBITDA evolution: International (€mn)
Enel SpA 2011 Results Investor Relations EBITDA evolution: International (€mn) +8.0% +99 -29 +57 1,642 1,520 -5 490 433 52 57 289 318 Russia France & Belgium SEE Centrel 811 712 FY10 Centrel1 SEE2 France Russia FY11 & Belgium3 1. Slovenské Elektrárne 2. Romanian, Bulgarian and Greek operations 3. In
Slide 13: EBITDA evolution: Endesa - Iberia (€mn)
Enel SpA 2011 Results Investor Relations EBITDA evolution1: Endesa - Iberia (€mn) -11.0% 4,487 -262 -122 -240 +70 +61 3,994 FY10 Perimeter Net capital Liberalized Regulated Others FY11 effect gains business business 1. Enel’s GAAP figures 12
Slide 14: EBITDA evolution: Endesa - Latam (€mn)
Enel SpA 2011 Results Investor Relations EBITDA evolution1: Endesa - Latam (€mn) -4.5% 3,409 -89 -109 3,257 +24 +22 FY10 Forex Net-worth Generation Distribution FY11 effect tax business business Colombia 1. Enel’s GAAP figures 13
Slide 15: EBITDA evolution: Enel Green Power (€mn)
Enel SpA 2011 Results Investor Relations EBITDA evolution: Enel Green Power (€mn) +21.0% +184 1,585 +23 +22 184 -7 +53 1,310 34 12 107 84 336 389 Enel.si North America 878 Iberia and Latin America 871 Italy and Europe FY10 Italy and Iberia and North Enel.si Other FY11 Europe Latin America America 14
Slide 16: Net debt evolution (€mn)
Enel SpA 2011 Results Investor Relations Net debt evolution (€mn) -295 (1) December 31, Cash-flow Capex Net financial Taxes Dividends3 Extra- December 31, 2010 from operations charges2 ordinary 2011 activities4 +1(5) -44,924 -44,629 -7,589 -2,526 -2,371 (5) -636 -3,517 +518 +16,417 1. Net debt chang
Slide 17: Enel's debt maturity profile (€bn)
Enel SpA 2011 Results Investor Relations Enel‟s debt maturity profile (€bn) Total liquidity available Debt maturity profile ~30 Other1 ~0.8 Long term committed ~13 credit lines2 ~26.5 Tariff Deficit cash in3 ~1.7 ~14.5 New term loans signed ~3.7 ~4.8(6) in February 2012 Bonds4 ~3.4 ~6.1 ~6.6 ~5.7 ~9
Slide 18: 2012 outlook
Enel SpA Group Strategy 2012-2016 Plan Investor Relations 2012 outlook 17
Slide 19: 2012 outlook: Focus on Italy: GEM division
Enel SpA Group Strategy 2012-2016 Plan Investor Relations 2012 outlook Focus on Italy: GEM division Electricity demand (TWh) 339 332 ~334 Slow demand EBITDA (€bn) recovery (CAGR 2008-12: -0.4%) 1.9(1) 2008 2011 2012 Net installed capacity (GW) 1.3 ~121 117 Overcapacity & 99 45% >45% PV peak shaving
Slide 20: 2012 outlook: Focus on Spain
Enel SpA Group Strategy 2012-2016 Plan Investor Relations 2012 outlook Focus on Spain1 Electricity demand (TWh) CAGR 2008-2012: -1.1% 264 255 ~ 253 EBITDA (€bn) ~4.0 ~3.7 2008 2011 2012 ~33% ~28% Endesa‟s 2012 EBITDA main parameters ~67% ~72% ● LRT + social bonus 2011 2012 ● Lower islands margin ● G
Slide 21: 2012 outlook: Focus on Latam
Enel SpA Group Strategy 2012-2016 Plan Investor Relations 2012 outlook Focus on Latam Electricity demand1 (TWh) ~833 803 EBITDA (€bn) ~3.6 ~3.3 2011 2012 ~50% ~53% Endesa output (TWh) ~50% 66.1 ~47% 62.8 2011 2012 Unregulated business Regulated business 2011 2012 Organic growth to increase profitabi
Slide 22: 2012 outlook: Focus on Russia & Slovakia
Enel SpA Group Strategy 2012-2016 Plan Investor Relations 2012 outlook Focus on Russia & Slovakia Russia: change in Plan assumptions Russia EBITDA (€mn) New Old Plan Plan ~500 ~500 ● Gas net back parity: 2023 vs. 2015 ● Electricity demand CAGR: +1.3%(1) vs. +1.4%(2) 2011 2012 Slovakia: change in Pla
Slide 23: 2012 outlook: Focus on Renewables
Enel SpA Group Strategy 2012-2016 Plan Investor Relations 2012 outlook Focus on Renewables Enel Green Power net installed capacity (GW) ~8.1 7.1 EBITDA (€bn) ~1.7 2011 2012 ~1.4 Enel Green Power load factor ~40% ~40% 2011(1) 2012 2011 2012 Organic growth to increase profitability 1. Excluding non re
Slide 24: 2012-2016 strategic update
Enel SpA Group Strategy 2012-2016 Plan Investor Relations 2012-2016 strategic update 23
Slide 25: Base assumptions of Enel Group's Plan
Enel SpA Group Strategy 2012-2016 Plan Investor Relations 2012-2016 strategic update Base assumptions of Enel Group‟s Plan GDP1 CAGR 2011-2016 Electricity demand CAGR 2011-2016 Italy +0.6% Italy +1.2% Spain +1.0% Spain 2 +1.5% Russia +3.6% Russia +1.3% Slovakia +3.4% Slovakia +1.8% 3,4 Latam 3 +4.4%
Slide 26: Balanced net exposure to CO2 prices
Enel SpA Group Strategy 2012-2016 Plan Investor Relations 2012-2016 strategic update Base assumptions of Enel Group‟s Plan Focus on CO2 CO2 Emissions1 Margin correlation to Emission hedged (Mtons) CO2 price increase with CO2 portfolio Italy 185 Negative ~60% Iberia 150 Positive 15 Positive Slovakia
Slide 27: Key priorities: a consistent overall strategic approach
Enel SpA Group Strategy 2012-2016 Plan Investor Relations 2012-2016 strategic update Key priorities Maintaining our leadership in mature energy markets Deliver organic growth in: renewables, Latam, Russia and Eastern Europe Accelerate efficiencies and operational excellence Tight control on capex Le
Slide 28: Italian operations: focus on efficiencies and capex optimization
Enel SpA Group Strategy 2012-2016 Plan Investor Relations 2012-2016 strategic update Italian operations ● Best practice sharing, synergies and zenith plan on-going Operational excellence ● Working capital optimization ● “Just in time” approach in the investment decisions Tight control in capex ● Mar
Slide 29: Italian operations: less uncertainties looking forward
Enel SpA Group Strategy 2012-2016 Plan Investor Relations 2012-2016 strategic update Italian operations Divisional targets (€bn) Capex1 EBITDA2 ~7.1 ~5.7 Growth: ~20% ~5.3 ~5.3 ~0.5 ~0.5 ~0.5 5% 31% ~1.3 ~1.1 ~1.3 Maintenance: ~80% 64% I&N ~3.9 ~3.7 G&EM ~3.5 Market 2012-2016 2012 2014 2016 Less unc
Slide 30: Iberian operations: focus on profitability and leadership
Enel SpA Group Strategy 2012-2016 Plan Investor Relations 2012-2016 strategic update Iberian operations Operational excellence ● Proactive with regulation ● Synergies & Zenith plan Tight control in capex ● Cash optimization: selective “just in time” investments ● Energy management: leverage on “shor
Slide 31: Iberian operations: targets
Enel SpA Group Strategy 2012-2016 Plan Investor Relations 2012-2016 strategic update Iberian operations Targets (€bn) Capex1 ~5.3 EBITDA Growth: ~18% ~4.0 ~3.7 ~3.8 45% ~26% ~28% ~26% Maintenance: ~82% 55% ~74% ~74% ~72% Unregulated business Regulated business2 2012-2016 2012 2014 2016 Regulated bus
Slide 32: Latam operations: consolidate leadership position
Enel SpA Group Strategy 2012-2016 Plan Investor Relations 2012-2016 strategic update Latam operations Organic growth opportunities ● Generation: ~1.1 GW additional capacity & increasing pipeline Cash optimization ● Distribution: ~1.8 mn new clients over the period ● Pursue new regulatory model in Ar
Slide 33: Latam operations: targets
Enel SpA Group Strategy 2012-2016 Plan Investor Relations 2012-2016 strategic update Latam operations Targets (€bn) Capex EBITDA ~5.4 ~4.6 Regulated ~3.9 ~60% Maintenance ~3.6 Growth ~51% ~50% ~50% 47% Unregulated ~50% ~50% ~49% ~40% 53% 2012 2014 2016 2012 – 2016 Regulated Unregulated Democracy, De
Slide 34: International operations: margin growth
Enel SpA Group Strategy 2012-2016 Plan Investor Relations 2012-2016 strategic update International operations Slovakia Strengthen market position Increase sales to ● Organic growth and margins protection Centrel area Russia ● Strict financial discipline in investment decisions Strengthen market posi
Slide 35: International operations: divisional targets
Enel SpA Group Strategy 2012-2016 Plan Investor Relations 2012-2016 strategic update International operations Divisional targets (€bn) Capex1 EBITDA ~4.0 ~2.4 Growth: ~0.4 55% 15% ~1.8 ~1.6 ~0.3 30% ~0.8 ~0.3 ~0.6 ~0.5 55% Maintenance: 45% Other2 ~1.2 ~0.9 Russia ~0.8 Slovakia 2012-2016 2012 2014 20
Slide 36: Renewable operations: diversified platform
Enel SpA Group Strategy 2012-2016 Plan Investor Relations 2012-2016 strategic update Renewable operations Focus on fast-growing and new markets with a selective approach ● Selective growth by technology, geography and quality of the natural resource ● Economy of scales in procurement and know how sh
Slide 37: Renewable operations: targets
Enel SpA Group Strategy 2012-2016 Plan Investor Relations 2012-2016 strategic update Renewable operations Targets (€bn) Capex EBITDA 6.1 22% ~2.6 29% Growth: ~2.2 ~90% 4% ~1.7 34% 11% Italy Latam Maintenance: Iberia North America ~10% Rest of Europe 2012-2016 2012 2014 2016 Steady growing profitabil
Slide 38: Managerial actions
Enel SpA Group Strategy 2012-2016 Plan Investor Relations Managerial actions 37
Slide 39: Maintaining leadership in core energy markets
Enel SpA Group Strategy 2012-2016 Plan Investor Relations Managerial actions Mature markets • Gas sourcing diversification and flexibility o Upstream gas Upward vertical integration o LNG midstream (Porto Empedocle) • Generation portfolio flexibility and competitiveness o New pumping storage opportu
Slide 40: Solid growth in attractive business and geographies
Enel SpA Group Strategy 2012-2016 Plan Investor Relations Managerial actions Growth markets Worldwide ● New capacity added: ~ 4.5 GW Renewables Latin America • New capacity added: ~ 1.1 GW • Russia: revamping initiatives Russia and • Slovakia: ca. + 1 GW new nuclear capacity East. Europe • Romania:
Slide 41: Efficiencies: a more focused capex programme
Enel SpA Group Strategy 2012-2016 Plan Investor Relations Managerial actions Efficiencies: cash flow optimization Focus on asset allocation (€bn)1 ~31 Capex optimization ~27 ~48% Asset ● -3€bn: lower capex in Italy&Spain allocation (mainly in liberalized business) ~62% ~52% ~38% Efficiencies ● -1€bn
Slide 42: Enhancing efficiencies and cost savings
Enel SpA Group Strategy 2012-2016 Plan Investor Relations Managerial actions Efficiencies: cash flow optimization Enel-Endesa synergies, Zenith programmes, One Company Project(€mn) Enel-Endesa ● 2011 target of ca. 1.3 €bn achieved synergies programme1 ● Ca. 1.3 €bn maintained from 2012 onward Zenith
Slide 43: Financial targets
Enel SpA Group Strategy 2012-2016 Plan Investor Relations Financial targets 42
Slide 44: Balance sheet strength, flexibility and growth
Enel SpA Group Strategy 2012-2016 Plan Investor Relations Financial targets Dividends Dividend pay-out policies New dividend policy Based on Based on 2011 results 2012-16 results ~ 11 €bn Enel 60%(1) 40%(2) as a floor ~ 3.5 €bn To be decided year Endesa2 30% on year EGP2 30% 30% ~ 7.5 €bn Other divi
Slide 45: Financial discipline confirmed as a priority
Enel SpA Group Strategy 2012-2016 Plan Investor Relations Financial targets 2012-2016 cumulated cash flow available to net debt reduction (€bn) ~66 ~27 ~14 ~11 ~1.8 ~1.3 ~14.5 ~14 Cash flow from Capex Net financial Dividends3 Cash flow Disposals Minority Total cash flow operations1 programme2 charge
Slide 46: Overall financial targets (€bn)
Enel SpA Group Strategy 2012-2016 Plan Investor Relations Overall financial targets (€bn) 2012 2014 2016 • EBITDA1 • ~ 16.5 • ~ 17.0 • ~ 19.0 • Ordinary net income • ~ 3.4 • ~ 3.8 • ~ 5.0 (40% dividend pay-out) • Net debt • ~ 43 • ~ 39 • ~ 30 1. Recurring Ebitda, excluding non-cash items and capital
Slide 47: Annexes
Enel SpA Investor Relations Annexes
Slide 48: Production mix (TWh)
Enel SpA 2011 results - Operational annexes Investor Relations Production mix (TWh) -3.2% 81.6 79.0 2.8% 1.5% 21.6% 21.7% Group production mix 34.1% Italy 41.0% +1.3% 7.1% 7.8% 290.2 293.9 34.4% 28.0% 15.6% 12.9% FY10 FY11 13.2% 16.2% +3.0% 25.2% 29.3% 14.2% 3.9% 13.4% 208.6 214.9 4.3% 20.7% 17.2% 2
Slide 49: FY2011 Group total net installed capacity
Enel SpA 2011 results - Operational annexes Investor Relations FY2011 Group total net installed capacity1: breakdown by source and location MW Hydro Other Nuclear Coal CCGT Oil & gas TOTAL ren. ST/OCGT Italy 13,647 1,445 - 6,804 5,964 12,022 39,882 Iberia 4,684 1,760 3,526 5,455 4,746(2) 4,936(3) 25
Slide 50: FY2011 Group total net production
Enel SpA 2011 results - Operational annexes Investor Relations FY2011 Group total net production1: breakdown by source and location GWh Hydro Other Nuclear Coal CCGT Oil & gas TOTAL ren. ST/OCGT Italy 22,144 6,136 - 32,423 17,137 1,148 78,988 Iberia 6,311 3,579 25,177 26,728 7,939(2) 9,923(3) 79,657
Slide 51: FY2011 renewables net installed capacity
Enel SpA 2011 results - Operational annexes Investor Relations FY2011 renewables net installed capacity: breakdown by source and location MW Hydro Geothermal Wind Other TOTAL Italy & Europe 1,525 722 1,272 64 3,583 Iberia & Latam 701 - 1,664 121 2,486 North America 313 47 605 45 1,010 TOTAL 2,539 76
Slide 52: FY2011 renewables net production
Enel SpA 2011 results - Operational annexes Investor Relations FY2011 renewables net production: breakdown by source and location GWh Hydro Geothermal Wind Other TOTAL Italy & 5,689 5,300 1,572 22 12,583 Europe Iberia & 3,339 - 3,161 476 6,976 Latam North 1,069 268 1,409 175 2,921 America TOTAL 10,0
Slide 53: Group EBITDA: regulated/unregulated activities
Enel SpA 2011 results - Financial annexes Investor Relations Group EBITDA: regulated/unregulated activities FY2011 EBITDA 17,717 €mn Stability and high visibility 9% 49% 42% Forward sales and hedging procurement contracts to protect Unregulated margin Regulated EGP 52
Slide 54: EBITDA evolution - Services & Holding
Enel SpA 2011 results - Financial annexes Investor Relations EBITDA evolution - Services & Holding1 (€mn) +145 +115 211 +30 66 FY10 Import Other FY11 1. Including Engineering and Innovation division and and Other & Elisions 53
Slide 55: EBITDA evolution: Market Italy
Enel SpA 2011 results - Financial annexes Investor Relations EBITDA evolution: Market Italy (€mn) +16.1% +166 -88 561 483 FY10 Free Regulated FY11 market market 54
Slide 56: Enel's long-term debt maturity profile
Enel SpA 2011 results - Financial annexes Investor Relations Enel‟s long-term debt maturity profile (€mn) Endesa Enel Group (excluding Endesa) 26,529 3,010 Bonds 2,473 Bank loans and others 7,199 9,672 23,519 6,061 6,574 4,259 5,673 841 3,866 1,192 688 5,413 1,796 5,373 5,733 4,481 2,070 <12m 2013 2
Slide 57: Enel Group liquidity analysis
Enel SpA 2011 results - Financial annexes Investor Relations Enel Group liquidity analysis (€mn) Amount Outstanding Available Committed credit lines 25,505 9,649 15,856(1) Cash and cash equivalents - (7,015) 7,015 Total 25,505 2,634 22,871 Uncommitted lines 2,745 798 1,947 Commercial paper 9,309 3,2
Slide 58: Debt structure
Enel SpA 2011 results - Financial annexes Investor Relations Debt structure1 • Average debt maturity: 6 years and 7 months • Average cost of gross debt2: 4.9% • (Fixed+hedged)/Total gross long-term debt: 78% • (Fixed+hedged)/Total net debt: 96% • Rating: Standard&Poor‟s = A-/A-2 Negative credit watc
Slide 59: Enel's group financial debt evolution
Enel SpA 2011 results - Financial annexes Investor Relations Enel‟s group financial debt evolution1 Enel Group (excluding Endesa) Endesa Group - Total €mn 12.31.2010 12.31.2011 12.31.2010 12.31.2011 12.31.2011 Bank loans – maturities > 12m 10,778 8,333 4,806 1,585 9,918 Bonds – maturities > 12m 28,6
Slide 60: Enel's group financial debt by subsidiary
Enel SpA 2011 results - Financial annexes Investor Relations Enel‟s group financial debt by subsidiary1 €mn Enel SpA Endesa EFI2 EIH2 Slovenské EP2 ED2 Other Total Bonds 15,332 6,414 17,668 297 - - - 223 39,934 Bank loans 4,363 4,280 2,510 - 627 627 2,657 1,748 16,812 Preference shares - 180 - - - -
Slide 61: Enel's group financial debt
Enel SpA 2011 results - Financial annexes Investor Relations Enel‟s group financial debt Average cost of net debt Average cost of gross debt Average residual maturity (years:months) 5.9% 5.5% 4.9% 5.0% 4.6% 4.6% 7:1 6:8 6:7 2009 2010 2011 2009 2010 2011 2009 2010 2011 Net financial debt (€bn) Fixed
Slide 62: Enel's long-term debt maturity profile (€mn)
Enel SpA 2011 results - Financial annexes Investor Relations Enel‟s long-term debt maturity profile (€mn) Enel Group (excluding Endesa) €mn <12m 2013 2014 2015 2016 After 2016 Bank loans 4,199 417 2,327 1,492 1,182 2,915 Bonds 1,075 1,600 2,102 3,837 4,504 20,402 Other 139 53 52 44 47 202 Total 5,41
Slide 63: Enel Group liquidity analysis excluding Endesa
Enel SpA 2011 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 ac
Slide 64: Endesa liquidity analysis
Enel SpA 2011 results - Financial annexes Investor Relations Endesa liquidity analysis (€mn)1 Amount Outstanding Available Total committed credit lines 7,237 1,832 5,405 Other short-term bank debt – uncommitted lines 1,522 20 1,502 Total credit lines 8,759 1,852 6,907 Commercial paper issued by the
Slide 65: Capex by business area (€mn)
Enel SpA 2011 results - Financial annexes Investor Relations Capex by business area (€mn)1 +5.6% 7,484 7,090 81 92 1,557 1,065 2,491 2,866 S&H 1,450 EGP 1,210 Iberia & Latam International 1,147 I&N 1,383 Market 62 90 G&EM 648 432 FY10 FY11 1. Continuing operations, gross of connection fees 64
Slide 66: Balance sheet
Enel SpA 2011 results - Financial annexes Investor Relations Balance sheet €mn FY10 FY11 % Net financial debt 44,924 44,629 -0.7 Shareholders‟ equity 53,866 54,440 +1.1 Net capital employed 98,790 99,069 +0.3 65
Slide 67: Generation & Energy Management - Italy
Enel SpA 2011 results - Financial annexes Investor Relations Generation & Energy Management - Italy €mn FY10 FY11 % Revenues 17,540 23,146 +32.0 EBITDA 2,392 2,182 -8.8 EBIT 1,832 1,590 -13.2 Capex 648 432 -33.3 Headcount 6,601 6,334 -4.0 66
Slide 68: Market - Italy
Enel SpA 2011 results - Financial annexes Investor Relations Market - Italy €mn FY10 FY11 % Revenues 18,697 17,731 -5.2 EBITDA 483 561 +16.1 EBIT 58 141 +143.1 Capex 62 90 +45.2 Headcount 3,823 3,745 -2.0 67
Slide 69: Infrastructure & Network - Italy
Enel SpA 2011 results - Financial annexes Investor Relations Infrastructure & Network - Italy €mn FY10 FY11 % Revenues 7,427 7,460 +0.4 EBITDA 3,813 4,285 +12.4 EBIT 2,911 3,347 +15.0 Capex 1,147 1,383 +20.6 Headcount 19,152 18,951 -1.0 68
Slide 70: International
Enel SpA 2011 results - Financial annexes Investor Relations International €mn FY10 FY11 % Revenues 6,360 7,715 +21.3 EBITDA 1,520 1,642 +8.0 EBIT 903 1,062 +17.6 Capex 1,210 1,450 +19.8 Headcount 14,876 13,779 -7.4 69
Slide 71: Iberia & Latam
Enel SpA 2011 results - Financial annexes Investor Relations Iberia & Latam €mn FY10 FY11 % Revenues 31,263 32,647 +4.4 EBITDA 7,896 7,251 -8.2 EBIT 4,643 4,057 -12.6 Capex 2,866 2,491 -13.1 Headcount 24,731 22,877 -7.5 70
Slide 72: Enel Green Power
Enel SpA 2011 results - Financial annexes Investor Relations Enel Green Power €mn FY10 FY11 % Revenues 2,179 2,539 +16.5 EBITDA 1,310 1,585 +21.0 EBIT 966 1,080 +11.8 Capex 1,065 1,557 +46.2 Headcount 2,955 3,229 +9.3 71
Slide 73: Services & Holding
Enel SpA 2011 results - Financial annexes Investor Relations Services & Holding1 €mn FY10 FY11 % Revenues 2,420 2,515 +3.9 Holding 679 762 +12.2 Services 1,133 1,356 +19.7 Engineering & Innovation 608 397 -34.7 EBITDA2 66 211 +219.7 Holding (68) (38) - Services 136 237 +74.3 Engineering & Innovation
Slide 74: Services & Holding - Continued
Enel SpA 2011 results - Financial annexes Investor Relations Services & Holding1 - Continued €mn FY10 FY11 % EBIT2 (55) 89 - Holding (75) (52) - Services 26 132 +407.7 Engineering & Innovation 10 9 -10.0 Capex 92 81 -12.0 Holding 7 13 +85.7 Services & other 80 64 -20.0 Engineering & Innovation 5 4 -
Slide 75: EBIT by business area (€mn)
Enel SpA 2011 results - Financial annexes Investor Relations EBIT by business area (€mn) +1.0% 11,258 11,366 89 n.m. 966 1,080 +11.8% 4,057 -12.6% 4,643 EGP Iberia & Latam 1,062 +17.6% 903 International I&N Market 2,911 3,347 +15.0% G&EM S&H1 +143.1% 58 141 1,832 1,590 -13.2% -55 FY10 FY11 1. Includ
Slide 76: 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 77: 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) 76