Slide 1: 1Q2012 Results
Enel SpA Investor Relations 1Q2012 Results May 10, 2012
Slide 2: Agenda
Enel SpA Investor Relations Agenda • 1Q2012 results • Annexes 1
Slide 3: 1Q12 electricity demand vs. Plan assumptions
Enel SpA 1Q2012 results Investor Relations 1Q12 electricity demand vs. Plan assumptions Electricity demand 1Q2012 Electricity demand 2011-2016 CAGR 1Q12 actual -1.9% 1.9% Italy +1 2% +1.2% Italy FY12 budget +0.4% 1Q12 actual -1.0% +1.5% Spain1 Spain1 FY12 budget b d t -0.8% 0 8% 1Q12 actual +2.8% Ru
Slide 4: Financial highlights: consolidated
Enel SpA 1Q2012 results Investor Relations Financial highlights: consolidated €mn 1Q11 1Q12 % Revenues 19,536 21,193 +8.5 EBITDA 4,399 4,302 -2.2 EBIT 3,036 2,902 -4.4 Group net income 1,201 1,184 -1.4 (1) Group net ordinary income 1,182 1,003 -15.2 (2),(3) (3) Net debt 44,629 45,617 +2.2 1. Excludi
Slide 5: From EBIT to Net Income
Enel SpA 1Q2012 results Investor Relations From EBIT to Net Income €mn 1Q11 1Q12 % EBIT 3,036 2,902 -4.4 Net financial charges 738 635 -14.0 Interest charges 667 747 +12.0 Other 71 (112) n.m. Net et income co e from o equity equ ty investments est e ts using equity method ( 8) (58) (26) -55.2 EBT 2,
Slide 6: Focus on forward electricity sales
Enel SpA 1Q2012 results Investor Relations Focus on forward electricity sales Level of total production hedged (%) Italy Spain 100 100 100 100 ~ 10 ~ 55 ~ 65-70 ~ 90(1) ~ 45(1) ~ 30-35 2012 2013 2012 2013(2) Latam Slovakia 100 100 100 100 ~ 20-25 ~ 35-40 ~ 60 ~75-80 75 80 ~ 60-65 60 65 ~ 40 2012 201
Slide 7: Group EBITDA evolution (€mn)
Enel SpA 1Q2012 results Investor Relations Group EBITDA evolution (€mn) -2.2% 4,399 -118 -3 -30 -26 +61 -11 +30 4,302 11 390 41 379 1 820 1,820 1,881 Other1 EGP 449 Iberia & Latam 423 International I&N 984 Market 954 G&EM 179 176 566 448 1Q11 G&EM Market I&N Inter- Iberia & EGP Other 1Q12 Italy Ital
Slide 8: EBITDA evolution: G&EM Italy (€mn)
Enel SpA 1Q2012 results Investor Relations EBITDA evolution: G&EM Italy (€mn) -20.8% 566 -81 81 +43 -80 448 1Q11 Generation Trading Other 1Q12 margin margin 7
Slide 9: EBITDA evolution: Market Italy (€mn)
Enel SpA 1Q2012 results Investor Relations EBITDA evolution: Market Italy (€mn) -1.7% 179 -5 5 +2 2 176 1Q11 Free Regulated 1Q12 market market 8
Slide 10: EBITDA evolution: Infrastructure & Networks Italy (€mn)
Enel SpA 1Q2012 results Investor Relations EBITDA evolution: Infrastructure & Networks Italy (€mn) -3.0% 984 +6 -2 -34 954 1Q11 Energy Connection Other 1Q12 margin fees 9
Slide 11: EBITDA evolution: International (€mn)
Enel SpA 1Q2012 results Investor Relations EBITDA evolution: International (€mn) -5.8% 449 +17 -54 -14 +25 423 121 146 41 27 71 17 Russia France & Belgium SEE Centrel 234 216 1Q11 Centrel1 SEE2 France Russia 1Q12 & Belgium3 1. Slovenské Elektrárne 2. Romanian, Bulgarian and Greek operations 3. Inclu
Slide 12: Focus on Russia: SeverEnergia
Enel SpA 1Q2012 results Investor Relations Focus on Russia: SeverEnergia Production (bcm) – Enel’s stake CAGR: ~ +200% 4.7 0.3 West Siberia Moscow 2012 2016 Noviy Urengoy SeverEnergia g to become the second independent p Russian gas producer 11
Slide 13: EBITDA evolution: Endesa - Iberia (€mn)
Enel SpA 1Q2012 results Investor Relations EBITDA evolution1: Endesa - Iberia2 (€mn) -2.3% 1,133 -5 -47 +26 1,107 1Q11 Liberalized Regulated Other 1Q12 business business 1. Enel’s GAAP figures 2. Including Ireland and Marocco 12
Slide 14: EBITDA evolution: Endesa - Latam (€mn)
Enel SpA 1Q2012 results Investor Relations EBITDA evolution1: Endesa - Latam (€mn) +12.7% +21 774 +67 687 -83 +82 1Q11 Generation Distribution Other Forex 1Q12 effect 1. Enel’s GAAP figures 13
Slide 15: EBITDA evolution: Enel Green Power (€mn)
Enel SpA 1Q2012 results Investor Relations EBITDA evolution: Enel Green Power (€mn) +8.0% 390 -39 +13 +2 379 351 -4 +17 2 40 37 24 137 114 131 Enel.si North America 213 213 Iberia and Latin America 209 Italy and Europe 1Q11 Other 1Q11 Italy and Iberia and North Enel.si 1Q12 adjusted Europe Latin Ame
Slide 16: Net debt evolution (€mn)
Enel SpA 1Q2012 results Investor Relations Net debt evolution (€mn) +988 (1) December 31, Cash-flow Capex Net financial Dividends3 Extra- March 31, 2011 from operations charges2 ordinary 2012 activities +1(4) +1(4) -44,629 -45,617 +1,019 ,0 9 -1 336 -1,336 -747 747 -78 78 +154 154 1. Net debt change
Slide 17: Agenda
Enel SpA Investor Relations Agenda • 1Q2012 results • Annexes 16
Slide 18: Production mix (TWh)
Enel SpA 1Q2012 results - Operational annexes Investor Relations Production mix (TWh) +0.0% 19.7 19.7 1.2% 2.7% 23.2% 18.0% Group production mix 38.5% Italy +6.1% 54 4% 54.4% 7.7% 8.0% 73.5 78.0 29.4% 16.9% 13.1% 11 9% 11.9% 1Q11 1Q12 16.7% 16.3% +8.4% 28.0% 33.3% 13.2% 53.8 58.3 14.3% 4.3% 4.8% 17.
Slide 19: 1Q12 Group total net installed capacity: breakdown by source and location
Enel SpA 1Q2012 results - Operational annexes Investor Relations 1Q12 Group total net installed capacity1: breakdown by source and location MW Hydro Other Nuclear Coal CCGT Oil & gas TOTAL ren. ST/OCGT Italy 13,648 1,463 - 6,746 5,916 12,022 39,795 Iberia 4,729 1,772 3,535 5,533 4,682(2) 4,757(3) 25
Slide 20: 1Q2012 Group total net production: breakdown by source and location
Enel SpA 1Q2012 results - Operational annexes Investor Relations 1Q2012 Group total net production1: breakdown by source and location GWh Hydro Other Nuclear Coal CCGT Oil & gas TOTAL ren. ST/OCGT Italy 3,327 1,576 - 10,717 3,543 531 19,694 Iberia 1,019 1,064 7,276 8,741 2,120(2) 2,416(3) 22,636 Cen
Slide 21: 1Q2012 renewables net installed capacity
Enel SpA 1Q2012 results - Operational annexes Investor Relations 1Q2012 renewables net installed capacity: breakdown by source and location MW Hydro Geothermal Wind Other TOTAL Italy & Europe 1,531 722 1,272 82 3,607 Iberia & Latam 786 - 1,675 120 2,581 North America 313 47 605 48 1 013 1,013 TOTAL
Slide 22: 1Q2012 renewables net production
Enel SpA 1Q2012 results - Operational annexes Investor Relations 1Q2012 renewables net production: breakdown by source and location GWh H d o Hydro Geothe mal Geothermal Wind Othe Other TOTAL Italy & 917 1,302 602 14 2,835 Europe Iberia & 914 - 975 120 2,009 Latam North 284 82 600 56 1 022 1,022 Ame
Slide 23: Group EBITDA: regulated/unregulated activities
Enel SpA 1Q2012 results - Financial annexes Investor Relations Group EBITDA: regulated/unregulated activities 1Q2012 EBITDA 4,302 €mn Stability and high visibility 48% 9% 43% Forward sales and hedging procurement contracts to protect Unregulated margin Regulated EGP 22
Slide 24: EBITDA evolution - Other (€mn)
Enel SpA 1Q2012 results - Financial annexes Investor Relations EBITDA evolution - Other1 (€mn) +31 +13 41 +18 10 1Q11 Services Other 1Q12 1. Including Services & Holding, Engineering & Innovation, upstream gas and nuclear activities 23
Slide 25: Enel's long-term debt maturity profile (€mn)
Enel SpA 1Q2012 results - Financial annexes Investor Relations Enel’s Enel s long long-term term debt maturity profile (€mn) Endesa E d Enel Group (excluding Endesa) 30,016 3 073 3,073 Bonds 3,051 Bank loans and others 3,970 7,021 26,943 6,477 5,825 5,106 , 3,750 1,121 805 2,139 683 4,704 5,672 3,27
Slide 26: Enel Group liquidity analysis (€mn)
Enel SpA 1Q2012 results - Financial annexes Investor Relations Enel Group liquidity analysis (€mn) Amount Outstanding Available Committed credit lines 23,995 5,516 18,439(1) Cash and cash equivalents - (8,994) 8,994 Total 23,955 (3,478) 27,443 Uncommitted lines 1 724 1,724 120 1,604 Commercial paper
Slide 27: Debt structure
Enel SpA 1Q2012 results - Financial annexes Investor Relations Debt structure1 • Average debt maturity: 6 years and 7 months • Average cost of gross debt2: 5.0% • (Fixed+hedged)/Total gross long-term debt: 82% • (Fixed+hedged)/Total net debt: 97% • Rating: Standard&Poor’s = BBB+/A-2 Stable Outlook M
Slide 28: Enel's group financial debt evolution
Enel SpA 1Q2012 results - Financial annexes Investor Relations Enel’s Enel s group financial debt evolution1 Enel Group p((excluding g Endesa) ) Endesa Group p - Total €mn 12.31.2011 03.31.2012 12.31.2011 03.31.2012 03.31.2012 Bank loans – maturities > 12m 8,333 7,904 1,585 1,597 9,501 Bonds – matur
Slide 29: Enel's group financial debt by subsidiary
Enel SpA 1Q2012 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 17,213 6,381 17,851 297 - - - 237 41,979 Bank loans 2,466 2,783 1,512 - 839 605 2,974 1,825 13,004 Preference shares - 18
Slide 30: Enel's group financial debt
Enel SpA 1Q2012 results - Financial annexes Investor Relations Enel’s Enel s group financial debt Average cost of net debt Average cost of gross debt Average residual maturity (years:months) 5.9% 6.5% 5.5% 4.9% 5.0% 6.8 4.6% 6.7 6.7 2010 2011 1Q12 2010 2011 1Q12 2010 2011 1Q12 Net financial debt (€b
Slide 31: Enel's long-term debt maturity profile (€mn)
Enel SpA 1Q2012 results - Financial annexes Investor Relations Enel’s Enel s long long-term term debt maturity profile (€mn) Enel Group (excluding Endesa) €mn <12m 2Q13-4Q13 2014 2015 2016 After 2016 Bank loans 2,317 360 2,557 653 1,110 3,224 Bonds 824 927 2,105 3,719 4,508 23,515 Other 130 59 42 51
Slide 32: Enel Group liquidity analysis excluding Endesa (€mn)
Enel SpA 1Q2012 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 33: Endesa liquidity analysis (€mn)
Enel SpA 1Q2012 results - Financial annexes Investor Relations Endesa liquidity analysis (€mn)1 Amount Outstanding Available Total committed credit lines , 5,775 280 5,495 , Other short-term bank debt – uncommitted lines 1,448 17 1,431 Total credit lines 7,223 297 6,926 Commercial paper issued by th
Slide 34: Capex by business area (€mn)
Enel SpA 1Q2012 results - Financial annexes Investor Relations Capex by business area (€mn)1 +16.1% 1,314 1 132 1,132 75 5 4 275 204 356 417 Other2 262 EGP 229 Iberia & Latam International I&N 309 238 Market G&EM 1 3 39 34 1Q11 1Q12 1. Continuing operations, gross of connection fees 2. Including Ser
Slide 35: Balance sheet
Enel SpA 1Q2012 results - Financial annexes Investor Relations Balance sheet €mn FY11 1Q12 % Net financial debt 44 629 44,629 45 617 45,617 +2 2 +2.2 Shareholders’ equity 54,440 55,577 +2.1 Net capital p employed p y 99,069 , 101,194 , +2.1 34
Slide 36: Generation & Energy Management - Italy
Enel SpA 1Q2012 results - Financial annexes Investor Relations Generation & Energy Management - Italy €mn 1Q11 1Q12 % Revenues 5,094 6,035 +18.5 EBITDA 566 448 -20.8 EBIT 426 296 -30.5 30 5 Capex 39 34 -12.8 (1) Headcount 6 277 6,277 6 225 6,225 -0 8 -0.8 1. As of December 31st, 2011 35
Slide 37: Market - Italy
Enel SpA 1Q2012 results - Financial annexes Investor Relations Market - Italy €mn 1Q11 1Q12 % Revenues 4,930 5,325 +8.0 EBITDA 179 176 -1.7 EBIT 122 94 -23.0 23 0 Capex 1 3 +200.0 (1) Headcount 3 745 3,745 3 696 3,696 -1 3 -1.3 1. As of December 31st, 2011 36
Slide 38: Infrastructure & Network - Italy
Enel SpA 1Q2012 results - Financial annexes Investor Relations Infrastructure & Network - Italy €mn 1Q11 1Q12 % Revenues 1,783 1,806 +1.3 EBITDA 984 954 -3.0 EBIT 759 724 -4.6 46 Capex 238 309 +29.8 (1) Headcount 18 951 18,951 18 883 18,883 -0 4 -0.4 1. As of December 31st, 2011 37
Slide 39: International
Enel SpA 1Q2012 results - Financial annexes Investor Relations International €mn 1Q11 1Q12 % Revenues 2,025 2,300 +13.6 EBITDA 449 423 -5.8 EBIT 294 335 +13 9 +13.9 Capex 229 262 +14.4 (1) Headcount 13 779 13,779 13 673 13,673 -0 8 -0.8 1. As of December 31st, 2011 38
Slide 40: Iberia & Latam
Enel SpA 1Q2012 results - Financial annexes Investor Relations Iberia & Latam €mn 1Q11 1Q12 % Revenues 8,097 8,491 +4.9 EBITDA 1,820 1,881 +3.4 EBIT 1 152 1,152 1 172 1,172 +1 7 +1.7 Capex 417 356 -14.6 (1) Headcount 22 877 22,877 22 985 22,985 +0 5 +0.5 1. As of December 31st, 2011 39
Slide 41: Enel Green Power
Enel SpA 1Q2012 results - Financial annexes Investor Relations Enel Green Power €mn 1Q11 1Q12 % Revenues 606 605 -0.2 EBITDA 390 379 -2.8 EBIT 299 266 -11.0 11 0 Capex 204 275 34.8 (1) Headcount 3 229 3,229 3 300 3,300 +2 2 +2.2 1. As of December 31st, 2011 40
Slide 42: Other
Enel SpA 1Q2012 results - Financial annexes Investor Relations Other1 €mn 1Q11 1Q12 % Revenues2 474 461 -2.7 Holding 158 73 -53.8 Services 251 335 +33.5 Engineering & Innovation 93 83 -10.8 10 8 Upstream 1 1 - EBITDA3 11 41 +272.7 Holding (17) (7) -58.8 Services 36 54 +50.0 Engineering i i & Innovat
Slide 43: Other - Continued
Enel SpA 1Q2012 results - Financial annexes Investor Relations Other1 - Continued € €mn 1Q11 1Q12 % EBIT2 (16) 15 n.m. H ldi Holding (19) (9) -52.6 52 6 Services & other 12 32 +166.7 Engineering & Innovation (2) (3) +50.0 Upstream (4) (5) +25.0 Capex 4 75 +1,775 Holding 1 0 n.m. Services & other 3 1
Slide 44: EBIT by business area (€mn)
Enel SpA 1Q2012 results - Financial annexes Investor Relations EBIT by business area (€mn) -4.4% 3,036 2,902 , 299 15 266 -11.0% 1,152 , Other1 Oth 1,172 +1.7% EGP Iberia & Latam International 294 335 +13 9% +13.9% I&N Market 759 G&EM 724 -4.6% 122 94 -23.0% 426 296 -30.5% -16 1Q11 1Q12 1. Including
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) (investor relations@enel com) • Luca Torchia (Head of IR) +39 06 8305 3437 • Pedro Cañamero (Equity IR) +39 06 8305 5292 • Elisabetta Ghezzi (Fixed income IR) +39 06 8305 2708 • Matteo Cavadini (Staff) +39 0