Enel Spa · MIL:ENEL
Enel Spa — Q1 2022 Earnings Presentation
44 slides from Enel Spa's earnings presentation, May 4, 2022
Slide 1: Q1 2022 Consolidated results
Q1 2022 Consolidated results May 4th, 2022
Slide 2: Key highlights of the period
Key highlights of the period Integrated 5.6 GW RES EBITDA capacity built A quarter +7% yoy portfolio that bodes well management over LTM drives Group’s for full year Net Income 13.1 GW targets +19% yoy performance in execution 1
Slide 3: Q1 2022 dynamics in a distressed energy scenario
Q1 2022 dynamics in a distressed energy scenario Profit & Loss… …Balance Sheet and Cash Flow +1.8mn additional clients in free market Ample liquidity of more than 25 €bn to thanks to appealing commercial offerings withstand a volatile scenario Low hydrology (-3 TWh vs. Q1 2021) Debt associated with
Slide 4: EBITDA up by 7% amidst energy crisis scenario
EBITDA up by 7% amidst energy crisis scenario… EBITDA evolution1 (€bn) Growth and efficiencies +7% • Growth driven by new capacity, high prices hedged, increasing conventional generation 0.24 volumes, regulatory improvements and beyond 0.93 commodity sales 0.05 4.5 4.2 • Efficiencies totalled 150 €m
Slide 5: Fueled growth in Net Income
…fueled growth in Net Income Net Ordinary Income evolution (€bn) +19% Double digit 1.6 0.3 1.4 - 0.1 increase 1.4 driven by growth, 1.2 (0.2) - 1.2 1.0 lower cost of debt & Group simplification 0.8 0.6 0.4 0.2 0.0 Q1 2021 EBITDA D&A Financial Taxes Minorities Q1 2022 charges1 4 1. It includes income
Slide 6: Cash flow impacted by Working Capital swings to be recovered along the year
Cash flow impacted by Working Capital swings to be recovered along the year Cash flow (€bn) 5.0 …o/w (3.6) €bn temporary: 0.1 ✓ (1.7) €bn capex seasonality 4.0 ✓ (1.4) €bn energy market context 3.0 ✓ (0.5) Q1 impact of government interventions 2.0 4.5 ( 4.7 ) 1.0 - (0.2) (0.6) (0.3) -1.0 Ordinary ∆
Slide 7: Net Debt adjusted for temporary items and FX stand at 52.8 €bn
Net Debt adjusted for temporary items and FX stand at 52.8 €bn Net debt1 (€bn) 0.8 Net Debt 1.1 Adjusted 2.1 59.1 2.5 (2.2) 0.6 (3.1) (1.0) 52.8 52.0 Temporary (5.3) €bn Dec. 31, '21 FFO Capex Dividends APM FX2 Mar. 31, '22 Government YE FX Mar. 31, '22 paid Net Debt Measures Recovery @hedges Net De
Slide 8: Solid and ample liquidity protects against market volatility
Solid and ample liquidity protects against market volatility Liquidity position Long Term debt maturities (€bn) 19.0 17.0 2022-24 Maturities 17.2 €bn 13.6 15.0 6.4 13.0 11.0 9.6 4.6 25.1 €bn 9.0 7.0 3.0 18.7 5.0 3.5 4.1 9.0 3.0 1.0 1.4 6.6 1.0 2.5 2.7 -1.0 2022 2023 2024 2025-2026 Available Cash com
Slide 9: Global Business Lines results
Q1 2022 Global Business Lines results
Slide 10: Wind and solar production up significantly thanks to LTM roll out
Wind and solar production up significantly thanks to LTM roll out Total production1 (TWh) Total capacity evolution1 (GW) 87.8 Total 91.8 +32% Wind & Thermal - Solar 28% 41% (2.0) 38.9 37.0 Q1 2022 0.5 +17% 62 TWh 0.4 5.6 0.1 0.7 GW 20% 11% 54.4 48.8 built in Hydro +3% -21% Q1 2022 Nuke XX ∆ vs PY Q1
Slide 11: Customer base in the free market increases together with beyond commodity sales
Our customer base in the free market increases remarkably together with beyond commodity sales Free market energy sold1 (TWh) Beyond commodity sales Q1 2021 Q1 2022 +1.8 +16% Customers Charging points2,3 (mn) 18.2 20.0 17.0 19.7 219 348 1.6x (k) 4.7 5.1 +9% +9% Italy 14.6 Storage behind 45 59 1.3x 6
Slide 12: Global Power Generation & Enel X Global Retail
Global Power Generation & Enel X Global Retail EBITDA evolution1 (€bn) +13% • c.200 €mn renewable additions and prices • c.550 €mn conventional generation benefitting from high prices and increasing volumes and regulatory 0.24 improvements on non mainland assets 0.80 0.02 • c.300 €mn customers and s
Slide 13: Networks volumes stabilizing after a post pandemic jump
Networks volumes stabilizing after a post pandemic jump Electricity distributed1 (TWh) SAIDI (min.) Smart meter Smart meter -% 260 .00 -6% 2.0 140 .00 127 127 250 .00 257 120 .00 Latam 34.0 34.3 Q1 2022 240 .00 23.0 22.1 45.1 mn 100 .00 242 80. 00 230 .00 60. 00 220 .00 Europe 92.6 92.4 40. 00 Smart
Slide 14: Infrastructure and Networks
Infrastructure and Networks EBITDA evolution1 (€bn) -2% • c.100 €mn tariff indexation in Latin America 1.8 0.10 • c.80 €mn efficiencies across all geographies 0.03 1.7 (0.10) • 30 €mn positive impact from FX 0.4 (0.08) 0.6 - 1.4 1.2 • 100 €mn impact from measures implemented in Romania • c.70 €mn WA
Slide 15: Closing remarks
Q1 2022 Closing remarks CNet
Slide 16: Closing remarks FY2022 guidance
Closing remarks AGM to A strong start Integration approve a of the year and FY2022 proposed DPS supporting diversification guidance future strategic as key drivers confirmed of 0.38 €/share ambitions of performance or >6% Dividend Yield1 15 1.Share price as of May 3rd, 2022.
Slide 17: First Quarter 2022 Consolidated results Annexes
First Quarter 2022 Consolidated results Annexes
Slide 18: Macroscenario
Q1 2022 consolidated results Macroscenario GDP (%) CPI (%) FX against €1 Spot Price (€/MWh) Electricity Demand (TWh) 2 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Italy 5.26 0.10 5.73 0.58 - - 249.27 59.31 80.43 78.63 Iberia 6.71 (4.09) 7.81 0.55 - - 230.33 44.41
Slide 19: Group consolidated net capacity by technology and geography
Q1 2022 consolidated results Group consolidated net capacity: breakdown by technology and geography Solar & MW Hydro Wind Geothermal Nuke Oil & Gas Coal CCGT TOTAL Other Italy 12,981 794 774 29 - 2,253 4,720 4,596 26,146 Iberia 4,746 2,602 - 1,098 3,328 2,333 1,644 5,445 21,196 Latin America 10,585
Slide 20: Group consolidated net production by technology and geography
Q1 2022 consolidated results Group consolidated net production: breakdown by technology and geography Solar & GWh Hydro Wind Geothermal Nuke Oil & Gas Coal CCGT TOTAL Other Italy 2,506 431 1,378 15 - 19 4,321 3,329 12,000 Iberia 1,137 1,551 - 292 7,113 1,048 250 4,072 15,462 Latin America 8,472 2,31
Slide 21: Group total additional capacity by technology and geography
Q1 2022 consolidated results Group total additional capacity1: breakdown by technology and geography Solar & MW Hydro Wind Geothermal Nuke Oil & Gas Coal CCGT TOTAL Other Italy 538 - - - - - - - 538 Iberia 5 57 - - - - - - 61 Latin America - - - 213 - 3 - - 216 Argentina - - - - - - - - - Brazil - -
Slide 22: Renewable projects in execution by technology and geography
Q1 2022 consolidated results Renewable projects in execution: breakdown by technology and geography1 Solar & MW Wind Hydro Geothermal BESS Total Other Italy 98 27 3 118 1,694 1,940 Iberia 259 22 - 1,690 25 1,996 Latin America 2,088 156 - 1,932 78 4,255 Rest of Europe 266 - - 158 - 425 North America
Slide 23: Renewables Pipeline
Q1 2022 consolidated results Pipeline Renewables Pipeline (GW) 2022-24 Additional capacity target2 Capacity in execution Built ~66 13.1 capacity 0.7 ~217 23 GW +40 GW ~395 vs PY 9.2 Residual target ~100 13.1 2022 target in execution 100% Gross Pipeline BESS 1 Early stage Mature In execution 2023 tar
Slide 24: EGP mature pipeline
Q1 2022 consolidated results EGP mature pipeline1 By technology By geography By COD 4% 12% 11% 7% 8% 38% 14% 25% ~100 GW ~100 GW ~100 GW 58% 31% 68% 24% Wind Italy North America 2023 Solar Iberia Rest of Europe 2024 Hydro & Others Latin America Africa, Asia & Oceania >2024 1. Excludes BESS mature pi
Slide 25: Infrastructure & Networks KPIs
Q1 2022 consolidated results Infrastructure & Networks KPIs Electricity distributed1 (TWh) Grid customers (mn) Smart meters (mn)1 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Italy 55.8 55.7 31.6 31.4 31.0 30.7 Iberia 32.5 32.7 12.4 12.3 12.5 12.4 Latin America 34.3 34.0 28.4 27.8 0.5 0.4 Argenti
Slide 26: Retail KPIs
Q1 2022 consolidated results Retail KPIs Power Gas Customers (mn) Volumes1 (TWh) Customers (mn) Volumes (bscm) Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Italy 21.8 22.4 24.4 23.9 4.3 4.1 2.1 2.0 Iberia 10.4 10.3 19.6 20.7 1.7 1.7 1.7 1.6 Latin America 28.3 27.8 33.3 31.9 0.0 0.
Slide 27: Enel X KPIs
Q1 2022 consolidated results Enel X KPIs Charging Points1,2 (k) Street lighting (mn) Electric buses2 (#) Storage BTM (MW) Demand Response (GW) Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Italy 43.2 29.5 1.5 1.6 17 - - - 0.6 0.5 Iberia 10.2 7.5 0.1 0.1 165 31 - - -
Slide 28: Baseload power price & production sold forward
Q1 2022 consolidated results Baseload power price & production sold forward Baseload price 2022 2023 2024 Italy (€/MWh) 88.1 78.9 75.0 Iberia (€/MWh) 82.9 69.4 59.0 Production sold forward 2022 2023 2024 price % price % price % 1 63.2 100% 85.8 51% 75.6 12% Italy (€/MWh) Iberia (€/MWh)1 65.0 100% 65
Slide 29: Capex
Q1 2022 consolidated results Capex1 (€mn) Conventional Generation & Infrastructure Services EGP Retail Enel X Total Global Trading & Networks & Other Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Italy 45 36 464 481 162 72 117 74 19 1
Slide 30: Asset development Capex
Q1 2022 consolidated results Asset development Capex1 (€mn) Conventional Generation & Infrastructure Services EGP Retail Enel X Total Global Trading & Networks & Other Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Italy 35 24 227 234
Slide 31: Revenues
Q1 2022 consolidated results Revenues1 (€mn) Conventional Generation & Infrastructure Services EGP Retail Enel X Total Global Trading & Networks & Other Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Italy 13,935 5,237 1,686 1,746 432
Slide 32: Reported EBITDA
Q1 2022 consolidated results Reported EBITDA1 (€mn) Conventional Generation & Infrastructure Services EGP Retail Enel X Total Global Trading & Networks & Other Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Italy 1,019 109 837 876 (183
Slide 33: Ordinary EBITDA
Q1 2022 consolidated results Ordinary EBITDA1 (€mn) Conventional Generation & Infrastructure Services EGP Retail Enel X Total Global Trading & Networks & Other Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Italy 1,019 111 841 896 (182
Slide 34: Reported EBIT
Q1 2022 consolidated results Reported EBIT1 (€mn) Conventional Generation & Infrastructure Services EGP Retail Enel X Total Global Trading & Networks & Other Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Italy 991 67 526 589 (254) 261
Slide 35: From EBITDA to net income
Q1 2022 consolidated results From EBITDA to net income1 (€mn) Q1 2022 Q1 2021 Q1 2022 Q1 2021 ∆ yoy ∆ yoy reported reported ordinary ordinary EBITDA 4,446 4,131 7.6% 4,486 4,199 6.8% D&A (1,767) (1,566) (1,765) (1,561) EBIT 2,679 2,565 4.4% 2,721 2,638 3.1% Net financial charges (411) (461) (429) (4
Slide 36: D&A reported
Q1 2022 consolidated results D&A reported (€mn) 1 0 Q1 2022 Q1 2021 ∆ yoy Generation and Trading 217 223 -3% Enel Green Power 354 310 14% Distribution 712 655 9% Retail 375 285 32% Enel X 49 40 23% Others and adjustments 60 53 13% Total 1,767 1,566 13% 35
Slide 37: Gross Debt structure
Q1 2022 consolidated results Gross Debt1 structure Long-term debt By currency Interest rate Long term by currency After swap composition credit ratings Rating Outlook 56% 31% 83% S&P BBB+ Stable 62.4 €bn 2% 62.4 €bn 76.8 €bn Moody’s Baa1 Stable 6% 2% 3% 1% 5% 2% 3% 7% 69% Fitch BBB+ Stable 1% 29% EU
Slide 38: Debt structure by instrument
Q1 2022 consolidated results Debt structure by instrument (€bn) EGP SpA and Latin North Africa, Asia Debt by instrument Enel Spa EFI Italy Iberia Europe Total Central America America and Oceania Others Bonds 4.44 35.62 - - 0.02 4.79 - 0.02 0.01 44.90 Bank Loans 1.71 - 0.29 3.74 4.19 2.68 0.31 0.38 0
Slide 39: Debt maturity coverage split by typology
Q1 2022 consolidated results Debt maturity coverage split by typology (€bn) Available liquidity 31.0 6.9 6.4 25.1 €bn 17.8 18.7 9.6 24.1 14.3 8.2 3.0 5.4 4.1 3.0 1.0 1.4 1.6 6.6 5.2 Available committed 2.5 2.7 3.8 credit lines1 2022 2023 2024 2025 2026 After 2026 Cash Short Term Bank Loans and Other
Slide 40: Balance sheet
Q1 2022 consolidated results Balance sheet (€mn) Q1 2022 FY 2021 Δ Net financial debt 59,130 51,952 13.8% Shareholders' equity 45,912 42,342 8.4% Net capital employed 105,042 94,294 11.4% 39
Slide 41: Balance sheet structure
Q1 2022 consolidated results Balance sheet structure (€bn) Net fixed assets 118.7 14.7 0.6 0.4 (3.6) 103.5 (10.5) 105.0 45.9 59.1 Assets WIP (tangible Equity NWC Provisions Assets held Net capital Equity Net Debt & intangible) Investment for sale employed Net debt / 56% Net capital employed 40
Slide 42: Headcount
Q1 2022 consolidated results Headcount 1 0 Q1 2022 FY 2021 ∆ yoy Generation and Trading 7,802 7,847 -1% Enel Green Power 9,432 8,989 5% Distribution 33,338 33,263 0% Retail 6,157 6,148 0% Enel X 3,418 3,352 2% Others and adjustments 6,720 6,680 1% Total 66,867 66,279 1% 41
Slide 43: Disclaimer
Q1 2022 consolidated results Disclaimer 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 ar
Slide 44: Contact us
Q1 2022 Consolidated results Contact us Contacts Email investor.relations@enel.com Phone +39 06 8305 7975 Investor Relations App Monica Girardi iOS Android Head of Group Investor Relations Investor Relations team Federico Baroncelli Serena Carioti Federica Dori Matteo Marengon Federica Pozzi Channel