Slide 1: 1Q2009 Results
Enel SpA Investor Relations 1Q2009 Results Rome, May 12, 2009
Slide 2: Agenda
Enel SpA Investor Relations Agenda • 1Q2009 results • Questions & answers • Annexes 1
Slide 3: Financial highlights: consolidated
Enel SpA 1Q2009 results Investor Relations Financial highlights: consolidated €mn 1Q08 1Q09 1Q08 % pro-forma Revenues 15,082 15,082 14,863 -1% EBITDA 3,445 3,374 3,850 14% EBIT 2,337 2,180 2,740 26% Group net income 1,004 947 1,908 n.m. Net debt 49,9671,2 49,9671,2 50,8312 2% 1. As of December 31, 2
Slide 4: From EBIT to net income
Enel SpA 1Q2009 results Investor Relations From EBIT to net income €mn 1Q08 1Q08 1Q09 % pro-forma EBIT 2,337 2,180 2,740 25.7 Net financial charges 748 740 (316) n.m. Interest charges 777 769 585 (23.9) Fair value of Acciona put option (110) (110) (970) n.m. Other 81 81 69 (14.8) Net income from equ
Slide 5: Group EBITDA breakdown: 1Q2008 pro-forma
Enel SpA 1Q2009 results Investor Relations Group EBITDA breakdown: 1Q2008 pro-forma €mn 1Q08 1Q08 pro-forma 1Q09 % G&EM - Italy 707 548 918 67.5 Market - Italy 189 192 116 -39.6 I&N - Italy 967 898 895 -0.3 International 289 272 381 40.1 Iberia&Latam 1,217 1,148 1,171 2.0 Enel Green Power - 241 293
Slide 6: Group EBITDA: regulated/unregulated activities
Enel SpA 1Q2009 results Investor Relations Group EBITDA: regulated/unregulated activities Production mix 63.2 (TWh) 1Q2009 EBITDA 16.7% Generation & sales Networks 3,850 €mn 11.2% 28.8% Forward Forwardsales salesand and 12.9% hedging 40% hedgingprocurement procurement Stability 4.2% contracts contra
Slide 7: Focus on forward electricity sales
Enel SpA 1Q2009 results Investor Relations Focus on forward electricity sales Level of total production hedged (%) Italy Spain 100 % 100 % 100 % 100 % ~40% ~70% ~53% 100% ~60% ~47% ~30% 2009 2010 2009 2010 Unhedged Hedged Latam Slovakia 100 % 100 % 100 % 100 % ~ 30% ~42% ~40% 100% ~ 70% ~58% ~60% 20
Slide 8: Group EBITDA evolution (€mn)
Enel SpA 1Q2009 results Investor Relations Group EBITDA evolution (€mn) +14.1% +370 -76 +23 +52 +1 3,850 -3 +109 76 3,374 293 75 241 1,171 1,148 382 S&H1 272 EGP Iberia & Latam 895 International 898 I&N 116 Market 192 G&EM 918 548 1Q08 G&EM Market I&N Inter- Iberia & EGP S&H1 1Q09 Italy Italy Italy
Slide 9: EBITDA evolution: G&EM Italy (€mn)
Enel SpA 1Q2009 results Investor Relations EBITDA evolution: G&EM Italy (€mn) +67.5% +189 918 +172 548 +9 1Q08 Generation Trading and Other 1Q09 margin Gas margin 8
Slide 10: G&EM – Italy: fuel cost evolution
Enel SpA 1Q2009 results Investor Relations G&EM – Italy: fuel cost evolution +10% 59.9 54.5 Average fuel cost (€/MWh) 1Q08 1Q09 -3% -0.2% +27% 351.7 350.9 36.8 95.8 93.2 29.0 1Q08 1Q09 1Q08 1Q09 1Q08 1Q09 Oil (€/ton) Gas (c€/mc) Coal (€/ton) 9
Slide 11: EBITDA evolution - Market Italy (€mn)
Enel SpA 1Q2009 results Investor Relations EBITDA evolution - Market Italy (€mn) -39.6% 192 -26 -50 116 1Q08 Free Regulated 1Q09 market market 10
Slide 12: EBITDA evolution - I&N Italy (€mn)
Enel SpA 1Q2009 results Investor Relations EBITDA evolution - I&N Italy (€mn) -0.33% 898 +20 -10 -13 895 1Q08 Energy Connection Other 1Q09 margin fees 11
Slide 13: EBITDA evolution - International (€mn)
Enel SpA 1Q2009 results Investor Relations EBITDA evolution - International (€mn) +40.1% +52 381 +21 +16 51 +21 272 39 18 52 37 Russia France & Belgium 239 218 SEE Centrel -1 1Q08 Centrel SEE France Russia 1Q09 & Belgium 12
Slide 14: Focus on Russia
Enel SpA 1Q2009 results Investor Relations Focus on Russia2 Unit price1 (€/MWh) Production (TWh) 13.5 13.1 11.3 9.7 1Q08 1Q09 1Q08 1Q09 Coal spark spread (€/MWh) Gas spark spread (€/MWh) 0.9 0.4 3.9 3.2 1Q08 1Q09 1Q08 1Q09 1. Wholesale unit price excluding capacity payment 13 2. Rub/Eur exchange rat
Slide 15: EBITDA evolution: focus on Endesa
Enel SpA Investor Relations 1Q2009 results EBITDA evolution: focus on Endesa1 +6.0% +68 +11 1,729 1,631 +19 14 3 728 660 Other 968 Latam 987 Iberia 1Q08 Iberia Latam Other 1Q09 1. 100% Endesa results as released on May 8, 2009. Endesa’s GAAP 14
Slide 16: EBITDA evolution: focus on Enel Green Power (€mn)
Enel SpA Investor Relations 1Q2009 results EBITDA evolution: focus on Enel Green Power (€mn) +21.6% -29 - +79 +2 - 293 241 1Q08 Italy North South Spain Other 1Q09 America America 15
Slide 17: Net debt evolution (€mn)
Enel SpA Investor Relations 1Q2009 results Net debt evolution (€mn) -864 December Cash-flow from Capex1 Forex Extraordinary Net financial March 31, 2008 operations 31, 2009 effect activities charges2 -49,967 -50,961 -50,831 Discontinued Discontinued operations operations -795 -499 +1,633 -1,133 -396
Slide 18: Agenda
Enel SpA Investor Relations Agenda • 1Q2009 results • Questions & answers • Annexes 17
Slide 19: Agenda
Enel SpA Investor Relations Agenda • 1Q2009 results • Questions & answers • Annexes 18
Slide 20: Production mix
Enel SpA 1Q2009 results - Operational annexes Investor Relations Production mix -10.0% 23.0 (TWh) 20.7 (TWh) 8.4% 7.9% Group production mix 18.3% 29.1% Domestic Domestic 33.8% +9.2% 35.0% 6.6% 6.5% 57.9 (TWh) 63.2 (TWh) 33.4% 21.0% 8.6% 16.7% 19.8% 1Q08 1Q09 11.2% +21.8% 28.0% 28.8% 16.2% 12.9% 34.9
Slide 21: 1Q2009 group installed capacity: breakdown by source and location
Enel SpA 1Q2009 results - Operational annexes Investor Relations 1Q2009 group installed capacity: breakdown by source and location MW Hydro RES Nuclear Coal CCGT Oil & gas TOTAL - other ST/OCGT Italy 14,424 1,051 - 5,575 5,946 13,342 40,338 Iberia 3,793 1,603 2,442 3,892 1,4731 4,2392 17,442 Centrel
Slide 22: 1Q2009 group net production: breakdown by source and location
Enel SpA 1Q2009 results - Operational annexes Investor Relations 1Q2009 group net production: breakdown by source and location GWh Hydro RES Nuclear Coal CCGT Oil & gas TOTAL - other ST/OCGT Italy 6,919 1,374 - 6,993 3,788 1,644 20,718 Iberia 1,774 850 4,571 4,343 6041 2,1982 14,340 Centrel 1,030 -
Slide 23: Generation mix - Italy
Enel SpA 1Q2009 results - Operational annexes Investor Relations Generation mix - Italy 40,338 13,342 5,946 20,718 1,644 5,575 3,788 1,051 6,993 14,424 1,374 6,919 Capacity (MW) Production (GWh) Other renewables Coal Oil & gas1 Hydro CCGT 1. Including turbogas 22
Slide 24: Generation mix - Centrel & South Eastern Europe
Enel SpA 1Q2009 results - Operational annexes Investor Relations Generation mix - Centrel & South Eastern Europe Slovakia Greece 5,295 5,178 1,254 567 1,712 3,581 105 77 2,329 1,030 Capacity (MW) Production (GWh) Capacity (MW) Production (GWh) Bulgaria 955 690 Other renewables Coal Hydro Nuclear Cap
Slide 25: Generation mix – Russia, North America & France
Enel SpA 1Q2009 results - Operational annexes Investor Relations Generation mix – Russia, North America & France Russia North America 742 9,721 8,198 557 4.722 428 4.575 333 4.999 314 3.623 224 Capacity (MW) Production (GWh) Capacity (MW) Production (GWh) France 12 Other renewables Coal Oil & gas 5
Slide 26: Electricity and gas
Enel SpA 1Q2009 results - Operational annexes Investor Relations Electricity and gas Electricity (TWh) Gas (bcm) 1.4% 7.3% 4.0% Sales: 21.4% Breakdown by country 37.7% 49.6% 78.6% Electricity (TWh) Gas (bcm) 3.8% 5.9% Distribution: 30.7% Breakdown by country 65.5% 94.1%1 Italy Iberia e Latam SEE Rus
Slide 27: Italian electricity sales market
Enel SpA 1Q2009 results - Operational annexes Investor Relations Italian electricity sales market1 Regulated market2 (TWh) Free market3 (TWh) Enel’s free customers4 (thousand) -3.0% 53.5 2,251 +14.6% 51.9 -17.3% 12.3 14.1 1,611 -8.3% 27.8 -4.6% 23.0 41.2 37.8 24.1 19.5 -0.2% 3.7 3.5 1Q08 1Q09 1Q08 1
Slide 28: Enel’s electricity and gas distribution
Enel SpA 1Q2009 results - Operational annexes Investor Relations Enel’s electricity and gas distribution Volumes distributed in Italy1 (TWh) Volumes distributed abroad (TWh) -7.7% -7.6% 65.2 60.2 34.3 31.7 1Q08 1Q09 1Q08 1Q09 Volumes distributed (bcm)2 Gas end users (thousand)2 +4.1% +6.2% 2,241 2,3
Slide 29: Enel’s gas sales
Enel SpA 1Q2009 results - Operational annexes Investor Relations Enel’s gas sales Volumes sold (bcm) Customers (thousand) +11.5% -3.4% 3,318 2,975 653 2.9 2.8 450 0.7 0.6 2,525 2,665 2.2 2.2 1Q08 1Q09 1Q08 1Q09 Italy International 28
Slide 30: EBITDA evolution - Services & Holding (€mn)
Enel SpA 1Q2009 results – Financial annexes Investor Relations EBITDA evolution - Services & Holding1 (€mn) +1.3% +20 -19 75 76 1Q08 Import Other 1Q09 1. Including Engineering and Innovation division 29
Slide 31: EBIT by business area (€mn)
Enel SpA 1Q2009 results - Financial annexes Investor Relations EBIT by business area (€mn) +25.7% 2,740 -1.9% 51 238 2,180 +20.8% S&H EGP Iberia & Latam 52 709 +25.0% 197 International I&N Market 567 253 +45.4% G&EM 174 685 -1.7% 697 55 -59.9% 137 749 356 +110.4% 1Q08 1Q09 30
Slide 32: Balance sheet
Enel SpA 1Q2009 results - Financial annexes Investor Relations Balance sheet €mn December 31, 2008 March 31,2009 % Net financial debt 49,967 50,831 +1.7 Shareholders’ equity 26,295 27,981 +6.4 Net capital employed 76,262 78,812 +3.3 31
Slide 33: Debt structure
Enel SpA 1Q2009 results - Financial annexes Investor Relations Debt structure • Average debt maturity: 5 years • Average cost of debt: 4.6%1 • (Fixed+hedged)/Total long-term debt: 57% • (Fixed+hedged)/Total net debt: 56% • Rating: S&P’s = A-/A-2 CW negative; Moody’s = A2/P-1 Outlook negative Fitch =
Slide 34: Enel’s group financial debt evolution as of March 31, 2009
Enel SpA 1Q2009 results - Financial annexes Investor Relations Enel’s group financial debt evolution as of March 31, 2009 Enel Group (excluding Endesa) Endesa – 67.05% Group - Total €mn 12.31.2008 03.31.2009 12.31.2008 03.31.2009 03.31.2009 Bank loans – maturities > 12m 25,867 21,968 3,525 6,471 28,
Slide 35: Enel’s group financial debt by subsidiary as of March 31, 2009
Enel SpA 1Q2009 results - Financial annexes Investor Relations Enel’s group financial debt by subsidiary as of March 31, 2009 €mn Enel SpA Endesa EFI EIH Slovenské EP ED Other Total Bonds 13,564 5,163 2,764 522 193 - - 159 22,365 Bank loans 11,825 6,961 6,739 - 68 742 1,693 1,196 29,224 Preferred sh
Slide 36: Enel’s group financial debt
Enel SpA 1Q2009 results - Financial annexes Investor Relations Enel’s group financial debt Average cost of debt Average residual maturity 5.2% 5.5% 4.7% 5.1% 7:7 7:7 4.4% 4.4% 4.3% 4.6% 4.6% 6:4 5:10 5:2 4:11 5:00 4:9 4:4 1 1 2001 2002 2003 2004 2005 2006 2007 2008 2009 2001 2002 2003 2004 2005 2006
Slide 37: Enel’s Group long-term maturity profile (€mn)
Enel SpA 1Q2009 results - Financial annexes Investor Relations Enel’s Group long-term maturity profile (€mn) Endesa1 Enel 17,698 2,784 12,952 13,457 1,653 4,173 14,914 11,299 9,284 3,889 3,031 2,432 1,966 2,165 1,027 1,405 1,923 866 1Q2010 2010 2011 2012 2013 After 2013 1. Relating to Endesa proport
Slide 38: Enel Group liquidity analysis excluding Endesa (€mn)
Enel SpA 1Q2009 results - Financial annexes Investor Relations Enel Group liquidity analysis excluding Endesa (€mn) March 31, 2009 Amount Outstanding Available 36M credit facility for Endesa acquisition 8,962 8,962 - 60M credit facility for Endesa acquisition 7,828 7,828 - Other committed credit lin
Slide 39: Endesa liquidity analysis (€mn)
Enel SpA 1Q2009 results - Financial annexes Investor Relations Endesa liquidity analysis1 (€mn) March 31, 2009 Amount Outstanding Available Total committed credit lines 9,961 6,252 3,709 Other short-term bank debt – uncommitted lines 1,278 477 801 Total credit lines 11,239 6,729 4,510 Commercial pap
Slide 40: Generation & Energy Management - Italy
Enel SpA 1Q2009 results - Financial annexes Investor Relations Generation & Energy Management - Italy €mn 1Q2008 1Q08 pro-forma 1Q09 % Revenues 5,573 5,368 5,270 1.8 EBITDA 707 548 918 67.5 EBIT 489 356 749 110.4 Capex 293 233 169 -27.5 Headcount 6,8291 6,8291 6,784 -0.7 1. Figure as of December 31,
Slide 41: Market - Italy
Enel SpA 1Q2009 results - Financial annexes Investor Relations Market - Italy €mn 1Q08 1Q08 pro-forma 1Q09 % Revenues 6,408 6,373 5,998 -5.9 EBITDA 189 192 116 -39.6 EBIT 134 137 55 -59.9 Capex 4 4 7 75.0 Headcount 4,7721 4,1701 4,133 -0.9 1. Figure as of December 31, 2008 40
Slide 42: Infrastructure & Network - Italy
Enel SpA 1Q2009 results - Financial annexes Investor Relations Infrastructure & Network - Italy €mn 1Q08 1Q08 pro-forma 1Q091 % Revenues 1,669 1,563 1,558 -0.3 EBITDA 967 898 895 -0.3 EBIT 743 697 685 -1.7 Capex 296 278 249 -10.4 Headcount 20,3941,2 20,3941,2 20,601 +1.0 1. Excluding assets held for
Slide 43: International
Enel SpA 1Q2009 results - Financial annexes Investor Relations International €mn 1Q08 1Q08 pro-forma 1Q09 % Revenues 944 917 1,398 52.5 EBITDA 289 272 382 40.4 EBIT 186 174 254 46.0 Capex 95 56 177 216.1 Headcount 16,8651 16,8651 16,631 -1.4 1. Figure as of December 31, 2008 42
Slide 44: Iberia & Latam
Enel SpA 1Q2009 results - Financial annexes Investor Relations Iberia & Latam €mn 1Q08 1Q08 pro-forma 1Q09 % Revenues 4,018 3,917 3,476 -11.3 EBITDA 1,217 1,148 1,171 2.0 EBIT 732 567 709 25.0 Capex 472 450 386 -14.2 Headcount 17,8271 17,8271 18,042 1.2 1. Figure as of December 31, 2008 43
Slide 45: Enel Green Power
Enel SpA 1Q2009 results - Financial annexes Investor Relations Enel Green Power €mn 1Q08 1Q08 pro-forma 1Q09 % Revenues - 383 415 8.4 EBITDA - 241 293 21.6 EBIT - 197 238 20.8 Capex - 121 106 -12.4 Headcount - 2,4321 2,614 7.5 1. Figure as of December 31, 2008 44
Slide 46: Services & Holding
Enel SpA 1Q2009 Results - Financial annexes Investor Relations Services & Holding €mn 1Q08 1Q08 pro-forma 1Q09 % Revenues 739 739 708 -4.2 Holding 164 164 183 11.6 Services & other 266 266 250 -6.0 Engineering & Innovation 309 309 275 11.0 EBITDA 76 75 76 1.3 Holding 8 8 36 - Services & other 56 56
Slide 47: Services & Holding - Continued
Enel SpA 1Q2009 Results - Financial annexes Investor Relations Services & Holding - Continued €mn 1Q08 1Q08 pro-forma 1Q09 % Capex 11 11 15 36.4 Holding 1 1 - - Services & other 10 10 15 50.0 Headcount 6,1751 6,1751 6,117 -0.9 Holding 749 749 719 -4.0 Services & other 4,406 4,406 4,358 -1.1 Engeneer
Slide 48: Focus on capex by business area (€mn)
Enel SpA 1Q2009 results Investor Relations Focus on capex by business area(€mn)1 -3.8% D&A 1,153 1,033 1,109 11 121 15 25 106 55 450 386 439 56 177 122 278 249 210 4 7 14 233 169 169 S&H 1Q08 1Q09 1Q09 EGP Iberia & Latam International I&N Market G&EM 47 1. Only continuing operations.
Slide 49: 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 50: 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 +39 06 83055292 • Elisabetta Ghezzi +39 06 83052708 • Donatella Izzo +39 06 83057449 • Federica Todaro +39 06 83059502 • Angela Tretola +39 06 830