Slide 1: 1Q 2015 Results
1Q 2015 Results May 8, 2015 Enel
Slide 2: Highlights of the period
1Q 2015 results Highlights of the period Enel Group Investor Relations Good operating results: recurring EBITDA +4% Latam: confirmed positive trends, EBITDA +33% yoy and reorganization kicked -off Renewables: +0.2 GW capacity addition in Mexico and Chile, +100% yoy Cash flow generation: material imp
Slide 3: Key pillars of strategic plan
1Q 2015 results Key pillars of strategic plan Enel Group Investor Relations 1 Efficiency plan in progress, results in Operational efficiencies line with expected trend for the full year 2 Achievements in the period: • + 0.2 GW in renewables Industrial growth • + 0.12 mn end users connected • +0.24 m
Slide 4: Operational efficiency: focus on opex
1Q 2015 results Operational efficiency: focus on opex Enel Group Investor Relations Conventional Networks €/client -6% k€/MW +1% Generation 44.6 58.4 58.8 42.1 FY14 LTM FY14 LTM • Higher inflation in Argentina • Closure of about 6 GW in Italy • Bad weather conditions in Italy Renewables k€/MW Staff
Slide 5: Key pillars of strategic plan: Industrial growth
1Q 2015 results Key pillars of strategic plan Enel Group Investor Relations Industrial growth 1Q15 1Q14 YoY Growth capex by business Growth capex (€bn) 0.7 0.6 +16.6% Renewables 61% Average spread over WACC for 0.7 Networks 15% ~200 bps projects approved in the period 23% Generation 1% Retail • + 0.
Slide 6: Key pillars of strategic plan: Active portfolio management
1Q 2015 results Key pillars of strategic plan Enel Group Investor Relations 1 440 $m from sale of 49% of North America renewables 345 €m disposal of hydropower assets ~ 2 €bn under execution in Italy1 Slovenske Elektrarne binding offer on the 9th May 2 Under execution: ~ 2 €bn already identified •EN
Slide 7: Latam reorganization: current and final structure
1Q 2015 results Key pillars of strategic plan Enel Group Investor Relations LATAM reorganization Current simplified structure Final structure ENEL SpA ENEL SpA 100% 100% Enel Enel Iberoamérica Iberoamérica 60,6% >50.0% 60.6% 99.1% 60.0% ENERSIS ENERSIS Chilectra Endesa Chile Americas Enersis (CHI) C
Slide 8: Latam reorganization: creating a purely Chilean operator
1Q 2015 results Key pillars of strategic plan Enel Group Investor Relations LATAM reorganization 1 2 3 Creating a purely Chilean operator Corporate reorganization of Endesa Consolidating the international and a growth platform in Latin Chile and Chilectra activities America Splitting the Chilean and
Slide 9: Market context in the period
1Q 2015 results Market context in the period Enel Group Investor Relations Electricity demand 1Q15 1Q14 3.7% 4.2% 2.3% 0.8% -0.1% -1.5% -1.9% -3.7% 1 2 Italy Spain Latam East Europe Spot power prices Italy €/Mwh Spot power price Spain €/Mwh 52.5 -1.4% 51.8 46 45.9 46 +76% 26.1 1Q14 1Q15 FY15E 1Q14 1
Slide 10: Forward sales
1Q 2015 results Forward sales Enel Group Investor Relations Italy Spain Latam 100% 77% 77% 77% 36% 7% 2015 2016 2015 2016 2015 2016 55 47 57 56 69 75 Hedged Average price €/MWh Unhedged 9
Slide 11: Operational highlights
1Q 2015 results Operational highlights Enel Group Investor Relations Generation capacity (GW) Net production (TWh) -6% +6% 96.1 90.3 72 68 Conventional 86.5 generation 80.5 Renewables 9.8 Load factor ~33% ~37% 9.6 EGP FY 2014 1Q 2015 1Q 2014 1Q 2015 Electricity distributed (TWh) Number of customers1
Slide 12: Financial highlights (€mn)
1Q 2015 results Financial highlights (€mn) Enel Group Investor Relations Revenues Recurring EBITDA +10% +4% 1 3,859 4,023 18,182 19,970 1Q 2014 1Q 2015 1Q 2014 1Q 2015 Group net ordinary income Net debt +7% +6% 810 2 755 39,514 2 37,383 1Q 2014 1Q 2015 FY 2014 1Q 2015 1. FX effect equal to ~55 €mn 2
Slide 13: Group recurring EBITDA (€mn)
1Q 2015 results Group recurring EBITDA (€mn) Enel Group Investor Relations +4.2% 3,859 -88 +184 -49 +55 -9 4,023 +71 1 2 1Q 2014 Italy Iberia Latam East Renewables Other 1Q 2015 Europe 1. Net of extraordinary items recorded in 2014 equal to +50 €mn 2. Net of extraordinary items recorded in 2014 equa
Slide 14: Group recurring EBITDA (€mn) by business
1Q 2015 results Group recurring EBITDA (€mn) Enel Group Investor Relations +4.2% +55 -147 +109 +198 -51 4,023 3,859 2 1Q 2014 Global Global Global Retail Other 1Q 2015 Infrastructure Generation & Renewables & Networks Trading 1 1. Net of extraordinary items recorded in 2014 equal to +50 €mn 2. Net o
Slide 15: From EBITDA to Net Income (€mn)
1Q 2015 results From EBITDA to Net Income(€mn) Enel Group Investor Relations 4,023 1,398 2,625 743 703 369 810 EBITDA D&A EBIT Net financial Income taxes Minorities Group net expenses and Income other 1 +4.2% yoy -2.1% yoy +8.0% yoy -4.2% yoy2 +7.5% yoy +51% yoy +7.2% yoy 1. Results from equity inve
Slide 16: Debt and financial expenses
1Q 2015 results Debt and financial expenses Enel Group Investor Relations Gross and Net Debt (€mn) Net Financial expenses on debt (€mn) -1,391 6.6% 6.4% 6.0% 5.0% 4.8% 57,032 55,641 5.0% 13,088 10,349 664 4.0% 6,561 5,778 653 3.0% Net debt 39,514 Financial receivables 2.0% 37,383 Cash 1.0% FY 2014 1
Slide 17: Net free cash flow (€mn)
1Q 2015 results Net free cash flow (€mn) Enel Group Investor Relations 4,023 -390 - 1,822 - 35 - 1,066 710 -1,340 -630 -278 -908 2 3 Recurring Provisions 1 Working Income Financial FFO Capex Free Net dividend Net free EBITDA capital taxes expenses cash paid cash change and paid and other flow flow
Slide 18: Net debt evolution (€mn)
1Q 2015 results Net debt evolution (€mn) Enel Group Investor Relations +2,1312 Mar 31, 2015 on Dec 31, Extraordinary Mar 31, Asset held continuing 2014 Net free cash flow activities FX effect 2015 for sale operations 37,383 620 1 38,003 -908 +259 39,514 -1,661 40,313 +799 1. Net debt as of 31 Decemb
Slide 19: Financial and operational annexes
Financial and operational annexes
Slide 20: Market context in the period
1Q 2015 results Market context in the period Enel Group Investor Relations Brent $/bbl Coal $/ton CO2 €/ton 108 79 7.1 61 63 6.8 54 55 6.2 1Q14 1Q15 FY15E 1Q14 1Q15 FY15E 1Q14 1Q15 FY15E Average FX USD/€ Average FX CLP/€ Average FX BRL/€ 1.37 756 3.24 3.22 1.13 1.14 718 703 3.03 1Q14 1Q15 FY15E 1Q14
Slide 21: Capex (€mn)
1Q 2015 results Capex1 (€mn) Enel Group Investor Relations By activity By business By region Growth Networks 714 483 Iberia 36% Latam 44% 53% 12% 1.340 1.340 1.340 47% 36% Generation2 25% 23% 9% 339 Renewables Italy2 East Europe2 475 9% 3% 1% 2% Other North Maintenance Retail Other America 626 9 33
Slide 22: Group recurring EBITDA analysis (€mn)
1Q 2015 results Group recurring EBITDA analysis (€mn) Enel Group Investor Relations By responsibility By business East Europe Latam Networks 233 736 18% 44% 6% Italy2 4,0231 24% Iberia 4,0231 1,541 39% 977 29% 13% Renewables Generation 13% 14% Renewables 536 Retail4 Regulated and quasi-regulated3 1.
Slide 23: EBITDA Global Infrastructure & Networks (€mn)
1Q 2015 results EBITDA Global Infrastructure & Networks (€mn) Enel Group Investor Relations +6.6% +147 -1 1,768 1,659 -43 +6 Italy 897 €mn Italy 940 €mn Iberia Iberia 442 €mn 436 €mn Latam Latam 374 €mn 227 €mn East Europe East Europe 56 €mn 55 €mn 1Q14 Italy Iberia Latam East Europe 1Q15 22
Slide 24: EBITDA Global Generation & Trading (€mn)
1Q 2015 results EBITDA Global Generation & Trading (€mn) Enel Group Investor Relations +20.6% +60 -51 1,157 +324 959 -135 Italy Italy 210 €mn 345 €mn1 Iberia Iberia 69 €mn 393 €mn Latam Latam 324 €mn 384 €mn East Europe East Europe 221 €mn 170 €mn 1Q14 Italy Iberia Latam East Europe 1Q15 1. Net of e
Slide 25: EBITDA Renewables (€mn)
1Q 2015 results EBITDA Renewables (€mn) Enel Group Investor Relations +11.4% 481 +1 +25 +29 536 65 94 62 87 North America Latin America 354 Europe 355 1Q14 Europe Latin North America 1Q15 America 24
Slide 26: EBITDA Italy (€mn)
1Q 2015 results EBITDA Italy (€mn) Enel Group Investor Relations -5.3% 1,639 -135 -43 +84 +6 1,551 Generation Generation 345 €mn1 210 €mn Networks Networks 940 €mn 897 €mn Retail Retail 330 €mn 414 €mn Other Other 24 €mn 30 €mn 1Q14 Generation & Networks Retail Services 1Q15 Trading 1. Net of extrao
Slide 27: EBITDA Latam (€mn)
1Q 2015 results EBITDA Latam (€mn) Enel Group Investor Relations +33.3% +147 -23 736 Peru 115 €mn +60 552 Peru Colombia 99 €mn 236 €mn Colombia 235 €mn Chile 146 €mn Chile 91€mn Brazil 172 €mn Brazil 186 €mn Argentina Argentina 67€mn -59 €mn 1Q14 Generation & Networks Other1 1Q15 Trading 1. It inclu
Slide 28: EBITDA Iberia (€mn)
1Q 2015 results EBITDA Iberia(€mn) Enel Group Investor Relations +7.8% +324 +6 -232 -27 977 906 Generation Generation 69 €mn 393 €mn Distribution 436 €mn Distribution 442 €mn Retail 385 €mn Retail Other 153 €mn 16 €mn Other -11€mn 1Q14 Generation & Networks Retail Other 1Q15 restated1 Trading 27
Slide 29: EBITDA East Europe (€mn)
1Q 2015 results EBITDA East Europe (€mn) Enel Group Investor Relations -17.4% 282 -362 -1 -17 +5 233 Russia 102 €mn Russia 66 €mn2 Romania 65 €mn Romania 64 €mn Slovakia 120 €mn Slovakia 103 €mn Other -5€mn 1Q14 Russia1 Romania1 Slovakia1 Other 1Q15 1. Generation business mainly in Slovakia and Russ
Slide 30: EBITDA matrix (€mn)
1Q 2015 results EBITDA matrix (€mn) Enel Group Investor Relations Global Global Services & Generation & Infrastructure & Renewables Retail TOT Other Trading Networks 1Q15 1Q14 1Q15 1Q14 1Q15 1Q14 1Q15 1Q14 1Q15 1Q14 1Q15 Italy 210 395 897 940 - - 414 330 30 24 1,551 Iberia 393 69 442 436 - - 153 385
Slide 31: Gross debt maturity profile and structure (€bn)
Financial annexes: 1Q 2015 Gross debt maturity profile and structure (€bn) Enel Group Investor Relations Debt maturity Interest rate composition Floating Maturity < 2017 23% 29% 55.6 55.6 71% 77% Fixed + Maturity Hedged > 2017 Currency composition1 Third party debt composition Other 2% East Europe 3
Slide 32: Debt Structure by Instrument
Financial annexes: 1Q 2015 Debt Structure by Instrument Enel Group Investor Relations Third Parties view Eastern Debt by instrument Enel Spa EFI Italy Iberia Latam Renewables Europe Total & Other Bonds 17.66 20.64 - 0.15 3.95 - 0.28 42.68 Bank Loans - - 3.60 0.46 0.48 3.04 0.47 8.05 Tax Partnership
Slide 33: Debt maturity coverage
Financial annexes: 1Q 2015 Debt maturity coverage Enel Group Investor Relations ~27.6 ~23.5 Long term committed credit lines1 ~13.2 ~4.9 ~7.0 ~5.1 ~5.4 ~5.6 Cash ~10.3 Short term ~2.8 Long term ~2.6 IQ 2015 2015 2016 2017 2018 2019 After 2019 1. Lines with maturities after March 2016 (including 9.4
Slide 34: Balance sheet
1Q 2015 Balance sheet Enel Group Investor Relations €mn 1Q15 FY 14 % Net financial debt 39,514 37,383 +5.7 Shareholders’ equity 53,498 51,145 +4.6 Net capital employed 93,012 88,528 +5.1 33
Slide 35: Italy
1Q 2015 Italy Enel Group Investor Relations Generation & Trading Infrastructure & Network Retail Other & elision TOTAL 1Q14 1Q14 1Q14 1Q14 1Q14 €mn 1Q15 % 1Q15 % 1Q15 % 1Q15 % 1Q15 % restated restated restated restated restated Revenues 6,279 5,016 +25.2 1,765 1,810 -2.5 4,312 4,422 -2.5 -1,999 -2,1
Slide 36: Iberia
1Q 2015 Iberia Enel Group Investor Relations Generation & Trading Infrastructure & Network Retail Other & elision TOTAL 1Q14 1Q14 1Q14 1Q14 1Q14 €mn 1Q15 % 1Q15 % 1Q15 % 1Q15 % 1Q15 % restated restated restated restated restated Revenues 1,586 1,111 +42.8 662 633 +4.6 4,171 4,040 +3.2 -1,061 -618 +7
Slide 37: Latam
1Q 2015 Latam Enel Group Investor Relations 1Q15 1Q14 €mn restated % Revenues 2,670 2,085 +28.1 EBITDA 736 552 +33.3 EBIT 491 334 +47.0 Capex 320 207 +54.6 Headcount 12,198 12,3011 -0.8 1. Data refers to FY2014 36
Slide 38: Focus on Latam: Chile
1Q 2015 - Focus on Latam Chile Enel Group Investor Relations Generation & Trading Infrastructure & Network Other TOTAL 1Q14 1Q14 1Q14 1Q14 €mn 1Q15 % 1Q15 % 1Q15 % 1Q15 % restated restated restated restated Revenues 519 348 +49.1 284 232 +22.4 14 21 -33.3 817 601 +35.9 EBITDA 102 41 n.s. 55 47 +17.0
Slide 39: Focus on Latam: Brazil
1Q 2015 - Focus on Latam Brazil Enel Group Investor Relations Generation & Trading Infrastructure & Network Other TOTAL 1Q14 1Q14 1Q14 1Q14 €mn 1Q15 % 1Q15 % 1Q15 % 1Q15 % restated restated restated restated Revenues 95 136 -30.1 656 526 +24.7 0 -1 -100 751 661 +13.6 EBITDA 49 73 -32.9 130 116 +12.1
Slide 40: Focus on Latam: Colombia
1Q 2015 - Focus on Latam Colombia Enel Group Investor Relations Generation & Trading Infrastructure & Network Other TOTAL 1Q14 1Q14 1Q14 1Q14 €mn 1Q15 % 1Q15 % 1Q15 % 1Q15 % restated restated restated restated Revenues 214 191 +12.0 292 261 +11.9 0 0 n.s. 506 452 +11.9 EBITDA 139 130 +6.9 101 105 -3
Slide 41: Focus on Latam: Peru
1Q 2015 - Focus on Latam Peru Enel Group Investor Relations Generation & Trading Infrastructure & Network Other TOTAL 1Q14 1Q14 1Q14 1Q14 €mn 1Q15 % 1Q15 % 1Q15 % 1Q15 % restated restated restated restated Revenues 137 121 +13.2 153 126 +21.4 0 -1 -100 290 246 +17.9 EBITDA 69 62 +11.3 46 37 +24.3 0
Slide 42: Focus on Latam: Argentina
1Q 2015 - Focus on Latam Argentina Enel Group Investor Relations Generation & Trading Infrastructure & Network Other TOTAL 1Q14 1Q14 1Q14 1Q14 €mn 1Q15 % 1Q15 % 1Q15 % 1Q15 % restated restated restated restated Revenues 77 60 +28.3 228 64 n.s. 1 1 0% 306 125 n.s. EBITDA 25 19 +31.6 42 -78 n.s. 0 0 n
Slide 43: Renewables
1Q 2015 Renewables Enel Group Investor Relations 1Q14 €mn 1Q15 % restated Revenues 812 702 +15.7 EBITDA 536 481 +11.4 EBIT 370 346 +6.9 Capex 475 314 +51.3 Headcount 4,034 3,6091 +11.8 1. Data refers to FY2014 42
Slide 44: East Europe
1Q 2015 East Europe Enel Group Investor Relations Slovakia Russia Romania Other & elision TOTAL 1Q14 1Q14 1Q14 1Q14 1Q14 €mn 1Q15 % 1Q15 % 1Q15 % 1Q15 % 1Q15 % restated restated restated restated restated Revenues 611 620 -1.5 274 409 -33.0 265 275 -3.6 89 69 +29.0 1,239 1,373 -9.8 EBITDA 103 120 -1
Slide 45: Other
1Q 2015 Other Enel Group Investor Relations Holding Upstream Total 1Q14 1Q14 1Q14 €mn 1Q15 % 1Q15 % 1Q15 % restated restated restated Revenues 145 149 -2.7 2 82 -97.6 147 231 -36.4 EBITDA -8 4 n.s. -2 77 n.s. -10 81 n.s. EBIT -14 -3 n.s. -2 77 n.s. -16 74 n.s. Capex 3 0 n.s. 8 2 n.s. 11 2 n.s. Headc
Slide 46: Capex by business area (€mn)
1Q 2015 Capex by business area (€mn)1 Enel Group Investor Relations +15.7% 1,253 11 1,083 n.s. 2 475 +51.3% S&H 314 Renewables Latam +54.6% 207 Iberia 320 East Europe 126 +22.2% Italy 154 203 36 -82.3% 231 257 +11.3% 1Q14 1Q15 1. Continuing operations, gross of contributions 45
Slide 47: Production mix (TWh)
1Q 2015 results: operational annexes Production mix (TWh) -3.4% Enel Group Investor Relations 17.9 17.3 0.7% 0.3% 7.1% 8.8% Group production mix 49.0% 53.8% Italy +5.7% 9.9% 11.0% 68.0 71.9 33.3% 26.1% 11.4% 10.2% 12.2% 14.7% 1Q14 1Q15 restated 25.8% 28.2% +9.0% 15.8% 15.1% 8.3% 50.1 54.6 8.4% 26.6%
Slide 48: Group total net installed capacity
1Q 2015 Group total net installed capacity1 Breakdown by source and location Enel Group Investor Relations Large Hydro Other Nuclear Coal CCGT Oil&Gas TOTAL MW Hydro EGP renewables ST/OCGT 11,141 1,512 1,662 - 6,478 6,356 3,909 31,058 Italy 4,721 43 1,793 3,318 5,306 5,445 2,923 23,549 Iberia 8,815
Slide 49: Group total net production
1Q 2015 Group total net production1 Breakdown by source and location Enel Group Investor Relations Large Hydro Other Nuclear Coal CCGT Oil&Gas TOTAL GWh Hydro EGP renewables ST/OCGT Italy 3,044 1,475 1,900 - 9,295 1,513 56 17,283 Iberia 2,356 33 1,259 7,103 5,385 1,627 1,548 19,311 Latam 7,732 945 6
Slide 50: Enel Green Power net installed capacity
1Q 2015 Enel Green Power net installed capacity: Breakdown by source and location Enel Group Investor Relations Hydro Geothermal Wind Other TOTAL MW Italy 1,512 761 720 140 3,133 Iberia 43 - 1,741 52 1,836 Latam 732 - 992 154 1,878 Romania - - 498 36 534 North America 318 72 1,665 28 2,083 Rest of E
Slide 51: Enel Green Power net production
1Q 2015 Enel Green Power net production Breakdown by source and location Enel Group Investor Relations Hydro Geothermal Wind Other TOTAL GWh Italy 1,475 1,439 430 29 3,373 Iberia 32 - 1,200 59 1,291 Latam 943 - 599 62 1,605 Romania - - 421 7 428 North America 209 114 1,451 11 1,785 Rest of Europe1 1
Slide 52: Contact us
Contact us Enel Group Investor Relations Investor Relations Team (investor.relations@enel.com) Tel. +39 06 8305 7975 Visit our website at: www.enel.com (Investor Relations) 51
Slide 53: Disclaimer
Disclaimer Enel Group Investor Relations This presentation contains certain forward-looking statements that reflect the Company’s management’s current views with respect to future events and financial and operational performance of the Company and its subsidiaries. These forward-looking statements a