1Q 2015 Results. May 8, 2015
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1 1Q 2015 Results May 8, 2015
2 Highlights of the period 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 improvement in FFO 1 Moody s upgraded outlook from negative to stable, S&P from stable to positive 1. Funds from operations after working capital change 1
3 Key pillars of strategic plan 1 Operational efficiencies Efficiency plan in progress, results in line with expected trend for the full year 2 3 Industrial growth Active portfolio management Achievements in the period: GW in renewables mn end users connected mn free customers 1 st block of disposals:~40% completed Slovenske Elektrarne binding bids Latam reorganization kicked-off Tracking delivery 2
4 Operational efficiency: focus on opex Conventional Generation k /MW Networks -6% +1% /client FY14 LTM FY14 LTM Closure of about 6 GW in Italy Higher inflation in Argentina Bad weather conditions in Italy Renewables -3% k /MW Staff % of Total Fixed +0% Costs % 24% FY14 LTM FY14 LTM Efficiency projects in progress, results in line with year trajectory 3
5 Key pillars of strategic plan Industrial growth 1Q15 YoY Growth capex by business Growth capex ( bn) % 61% Renewables Average spread over WACC for projects approved in the period GW in Central and Latin America vs GW in, +100% yoy ~+120,000 end users 2 connected, mainly in Latam ~+225,000 digital meters installed in Europe and Latam ~+235,000 free customers 2 in Europe ~200 bps Networks 15% Generation RoW 1 Italy 15% 11% % Iberia 5% North 4% America 11% Rest of Europe 0.7 1% Retail Growth capex by geography 54% Latam Tracking value drivers 1. Mainly South Africa 2. Figures as of end of period 4
6 Key pillars of strategic plan $m from sale of 49% of North America renewables ~ 2 bn under execution 345 m disposal of hydropower assets in Italy ~ 2 bn already identified ~ 1 bn to be identified Slovenske Elektrarne binding offer on the 9 th May Under execution: ENEOP Renewable assets in Portugal Gas upstream assets 5 bn total capital recycle 1 st block under execution 40% completed 2 nd block 50% already under execution 1. Cash in occurred on April
7 Key pillars of strategic plan LATAM reorganization Current simplified structure Final structure ENEL SpA ENEL SpA 100% Enel Iberoamérica 60,6% 100% Enel Iberoamérica >50.0% Chilectra (CHI) 60.6% 99.1% 60.0% Enersis Endesa Chile (EOC) ENERSIS Chile ENERSIS Americas 99,1% 60,0% Chile Argentina Brazil Columbia Peru CHI Chile EOC Chile Argentina Brazil Columbia Peru Unlisted companies Listed companies 6
8 Key pillars of strategic plan LATAM reorganization Creating a purely Chilean operator Corporate reorganization of Endesa and a growth platform in Latin Chile and Chilectra America Consolidating the international activities Splitting the Chilean and the international perimeters into two Chilean companies Splitting the Chilean assets of Enersis Americas into a Chilean NewCo (Enersis Chile) Merging EOC Americas and Chilectra Americas into Enersis Americas Enel SpA Enel SpA Enel SpA 100% 100% 100% Enel Iberoamérica Enel Iberoamérica Enel Iberoamérica 60,6% 60,6% 60,6% 60,6% >50,0% 99,1% Enersis 99,1% 60,0% 60,0% 99,1% Enersis Chile 60,0% 99,1% Enersis Américas 60,0% 99,1% Enersis Chile 60,0% Enersis Américas Chilectra EOC Américas Américas Chilectra Chile Chilectra Américas EOC Américas EOC Chile Chilectra Chile EOC Chile Chilectra Américas EOC Américas Chilectra Chile EOC Chile ARG BR COL PE Publicly held companies Dx and Gx International 7
9 Market context in the period Electricity demand 1Q15 2.3% 3.7% 4.2% 0.8% -3.7% -0.1% -1.5% -1.9% Italy Spain 1 2 Latam East Europe Spot power prices Italy /Mwh Spot power price Spain /Mwh % % Q15 FY15E 1Q15 FY15E 1. Argentina, Brazil, Chile (CIS), Colombia, Peru. Weighted average by Enel s production 2. Slovakia and Russia. Weighted average by Enel s production 8
10 Forward sales Italy Spain Latam 77% 36% % 7% % 77% Hedged Unhedged Average price /MWh 9
11 Operational highlights Generation capacity (GW) Net production (TWh) -6% +6% Conventional generation Renewables EGP FY Q 2015 Load factor ~33% ~37% 1Q Q 2015 Electricity distributed (TWh) +1% Number of customers 1 (mn) +4.7% # of end users (mn) Q Q Q Q Retail customers only (gas and free power market) 10
12 Financial highlights ( mn) Revenues Recurring EBITDA +10% +4% 18,182 19,970 3,859 4, Q Q 2015 Group net ordinary income +7% 1Q Q 2015 Net debt +6% , , Q Q FX effect equal to ~55 mn 2. Net of assets held for sale (-799 mn mainly for Slovenske Elektrarne in 1Q 2015 and -620 mn in FY 2014) FY Q
13 Group recurring EBITDA ( mn) +4.2% 3, , Q 2014 Italy Iberia Latam East Europe 2 Renewables Other 1Q Net of extraordinary items recorded in 2014 equal to +50 mn 2. Net of extraordinary items recorded in 2014 equal to +82 mn 12
14 Group recurring EBITDA ( mn) +4.2% 3, ,023 1Q 2014 Global Infrastructure & Networks Global Generation & Trading 1 Global Renewables 2 Retail Other 1Q Net of extraordinary items recorded in 2014 equal to +50 mn 2. Net of extraordinary items recorded in 2014 equal to +82 mn. Other includes Service and Holding 13
15 From EBITDA to Net Income( mn) 4,023 1,398 2, EBITDA D&A EBIT Net financial expenses and other 1 Income taxes Minorities Group net Income +4.2% yoy -2.1% yoy +8.0% yoy -4.2% yoy % yoy +51% yoy +7.2% yoy 1. Results from equity investments accounted for using the equity method 24 mn in 1Q15 and 4 mn in 2. Calculated only on net financial charges 14
16 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 1Q 2015 results Debt and financial expenses Gross and Net Debt ( mn) Net Financial expenses on debt ( mn) -1, % 6.4% 57,032 55, % 4.8% 13,088 10,349 6,561 5, ,383 39,514 Net debt Financial receivables Cash FY Q Q Q 2015 Net financial exp. on debt Cost of net debt Cost of gross debt Accelerating reduction in interest charges in the second half of the year 15
17 Net free cash flow ( mn) 4, , , , Recurring EBITDA Provisions 1 Working capital change and other Income taxes paid Financial expenses and other charges 2 3 FFO Capex Free cash flow Net dividend paid Net free cash flow -371 mn -1,749 mn 1. Accruals, releases, utilizations of provisions in EBITDA (i.e. personnel related and risks and charges). It includes bad debt provision accruals equal to 0.16 bn 2. Fund from operation after working capital change 3. Gross of contributions 16
18 Net debt evolution ( mn) +2,131 2 Dec 31, 2014 Net free cash flow Extraordinary activities FX effect Mar 31, 2015 Asset held for sale Mar 31, 2015 on continuing operations 37, , ,661 40, , Net debt as of 31 December 2014 including assets held for sale. 2. Calculated on debt at 31 December 2014 net of asset held for sale. 17
19 Financial and operational annexes
20 Market context in the period 108 Brent $/bbl Coal $/ton CO2 /ton Q15 FY15E 1Q15 FY15E 1Q15 FY15E Average FX USD/ Average FX CLP/ Average FX BRL/ Q15 FY15E 1Q15 FY15E 1Q15 FY15E 19
21 Capex 1 ( mn) By activity By business By region 47% Maintenance 626 Growth % 36% Networks 483 Generation 2 25% 36% 339 Renewables 475 1% 2% Retail 9 Other 33 Iberia 12% 23% Italy % Other 44% Latam 9% East Europe 2 3% North America 1. Gross of contributions equal to 153 mn 2. It includes assets held for sale 20
22 Group recurring EBITDA analysis ( mn) By responsibility By business East Europe 233 6% 18% Latam % Networks Italy 2 1,541 39% 4, % 24% Iberia 977 Generation 29% 4, % 13% Renewables Renewables 536 Retail 4 Regulated and quasi-regulated 3 1. It includes Other (mainly holding equal to-10 mn) 2. GEM, Market, Infrastructures and Networks 3. Networks, generation with long term PPA (power purchase agreement), renewables with PPA and generation in the Iberian islands 4. It includes Services equal to -3 mn 21
23 EBITDA Global Infrastructure & Networks ( mn) +6.6% 1, Italy 940 mn ,768 Italy 897 mn Iberia 436 mn Iberia 442 mn Latam 227 mn Latam 374 mn East Europe 56 mn East Europe 55 mn Italy Iberia Latam East Europe 1Q15 22
24 EBITDA Global Generation & Trading ( mn) +20.6% Italy 345 mn 1 Iberia 69 mn ,157 Italy 210 mn Iberia 393 mn Latam 324 mn Latam 384 mn East Europe 221 mn Italy Iberia Latam East Europe East Europe 170 mn 1Q15 1. Net of extraordinary items recorded in 2014 equal to +50 mn 23
25 EBITDA Renewables ( mn) +11.4% North America Latin America 354 Europe 355 Europe Latin America North America 1Q15 24
26 EBITDA Italy ( mn) -5.3% 1,639 Generation 345 mn 1 Networks 940 mn ,551 Generation 210 mn Networks 897 mn Retail 330 mn Other 24 mn Generation & Networks Retail Services Trading Retail 414 mn Other 30 mn 1Q15 1. Net of extraordinary items recorded in 2014 equal to +50 mn 25
27 EBITDA Latam ( mn) +33.3% Peru 115 mn Peru 99 mn Colombia 236 mn Colombia 235 mn Chile 91 mn Brazil 186 mn Argentina -59 mn Chile 146 mn Brazil 172 mn Argentina 67 mn Generation & Trading Networks Other 1 1Q15 1. It includes forex effect for +56 mn 26
28 EBITDA Iberia( mn) +7.8% Generation 69 mn Generation 393 mn Distribution 436 mn Distribution 442 mn Retail 385 mn Other 16 mn Retail 153 mn Other -11 mn 1 Generation & Trading Networks Retail Other 1Q15 27
29 EBITDA East Europe ( mn) -17.4% Russia 102 mn Romania 65 mn Slovakia 120 mn Other -5 mn Russia 66 mn 2 Romania 64 mn Slovakia 103 mn Russia 1 Romania 1 Slovakia 1 Other 1Q15 1. Generation business mainly in Slovakia and Russia, Networks and Retail business mainly in Romania. 2. FX effect equal to -30mn 28
30 EBITDA matrix ( mn) Global Generation & Trading Global Infrastructure & Networks Renewables Retail Services & Other 1Q15 1Q15 1Q15 1Q15 1Q15 1Q15 Italy ,551 Iberia Latam Argentina Brazil Chile Colombia Peru East Europe Romania Russia Slovakia Other Renewables Other TOT TOT 1,157 1,009 1,768 1, ,023 29
31 Financial annexes: 1Q 2015 Gross debt maturity profile and structure ( bn) Debt maturity Interest rate composition Maturity > % 29% Maturity < 2017 Floating 23% % Fixed + Hedged Currency composition 1 Third party debt composition Other Latam currencies GBP USD 2% 7% 11% 18% % EUR East Europe 1% Iberia 3% Italy 7% Renewables Latam 7% 9% % Enel EFI 1. Long term only 30
32 Financial annexes: 1Q 2015 Debt Structure by Instrument Third Parties view Debt by instrument Enel Spa EFI Italy Iberia Latam Renewables Eastern Europe & Other Total Bonds Bank Loans Tax Partnership Other Loans Other short term debt Commercial Paper Gross debt Financial Receivables Tariff Deficit Other short term financial receivables Cash Net Debt
33 Financial annexes: 1Q 2015 Debt maturity coverage ~23.5 ~27.6 Long term committed credit lines 1 ~13.2 Cash ~10.3 IQ 2015 Short term Long term ~5.4 ~2.8 ~2.6 ~5.6 ~4.9 ~7.0 ~ After Lines with maturities after March 2016 (including 9.4 bn revolving forward start credit facility) 32
34 1Q 2015 Balance sheet mn 1Q15 FY 14 % Net financial debt 39,514 37, Shareholders equity 53,498 51, Net capital employed 93,012 88,
35 1Q 2015 Italy mn Generation & Trading Infrastructure & Network Retail Other & elision TOTAL 1Q15 % Revenues 6,279 5, ,765 1, ,312 4, ,999-2, ,357 9, EBITDA EBIT ,059 1, Capex n.a Headcount 6,233 6, ,904 17, ,879 3, ,260 3, ,276 30, Data refers to FY
36 1Q 2015 Iberia mn Generation & Trading Infrastructure & Network Retail Other & elision TOTAL 1Q15 % Revenues 1,586 1, ,171 4, , ,358 5, EBITDA n.s n.s EBIT n.s n.s Capex Headcount 10,451 10, Data refers to FY
37 1Q 2015 Latam mn 1Q15 % Revenues 2,670 2, EBITDA EBIT Capex Headcount 12,198 12, Data refers to FY
38 1Q Focus on Latam Chile mn Generation & Trading Infrastructure & Network Other TOTAL 1Q15 % Revenues EBITDA n.s n.s EBIT 59 9 n.s n.s Unit margin ( /MWh)
39 1Q Focus on Latam Brazil mn 1Q15 Generation & Trading Infrastructure & Network Other TOTAL % Revenues EBITDA n.s EBIT n.s Unit margin ( /MWh)
40 1Q Focus on Latam Colombia mn 1Q15 Generation & Trading Infrastructure & Network Other TOTAL % Revenues n.s EBITDA n.s EBIT n.s Unit margin ( /MWh)
41 1Q Focus on Latam Peru mn 1Q15 Generation & Trading Infrastructure & Network Other TOTAL % Revenues EBITDA n.s EBIT n.s Unit margin ( /MWh)
42 1Q Focus on Latam Argentina mn 1Q15 Generation & Trading Infrastructure & Network Other TOTAL % Revenues n.s % n.s. EBITDA n.s. 0 0 n.s n.s. EBIT n.s n.s n.s. Unit margin ( /MWh)
43 1Q 2015 Renewables mn 1Q15 % Revenues EBITDA EBIT Capex Headcount 4,034 3, Data refers to FY
44 1Q 2015 East Europe mn 1Q15 Slovakia Russia Romania Other & elision TOTAL % Revenues ,239 1, EBITDA EBIT Capex Headcount 10,360 10, Data refers to FY
45 1Q 2015 Other mn 1Q15 Holding Upstream Total Revenues EBITDA -8 4 n.s n.s n.s. EBIT n.s n.s n.s. Capex 3 0 n.s. 8 2 n.s n.s. Headcount 1,526 1, ,573 1, % 1. Data refers to FY
46 1Q 2015 Capex by business area ( mn) % 2 1,083 1, n.s. S&H % Renewables Latam Iberia % East Europe Italy % -82.3% Q % 1. Continuing operations, gross of contributions 45
47 : operational annexes Production mix (TWh) -3.4% % 0.3% 7.1% 8.8% Group production mix +5.7% Italy 49.0% 9.9% % 53.8% 11.0% 26.1% 11.4% 10.2% 12.2% 14.7% 1Q % 15.8% 8.3% 28.2% 15.1% 8.4% 26.6% 23.5% 1Q15 Other countries +9.0% % 13.4% 13.9% 16.6% 17.5% 20.1% 21.4% 19.8% Other renewables Hydro Coal Nuclear Oil & gas CCGT 7.8% 7.6% 24.2% 22.6% 1Q15 46
48 1Q 2015 Group total net installed capacity 1 Breakdown by source and location MW Large Hydro Hydro EGP Other renewables Nuclear Coal CCGT Oil&Gas ST/OCGT TOTAL Italy Iberia Latam East Europe 11,141 1,512 1,662-6,478 6,356 3,909 31,058 4, ,793 3,318 5,306 5,445 2,923 23,549 8, , ,252 2,641 18,500 2, ,814 4, ,675 14,412 Slovakia 2, , ,771 Russia , ,675 9,107 Romania North America Rest of Europe 2 Other Countries (South Africa) TOTAL , , ,006 2,624 7,330 5,132 16,843 17,268 14,148 90, Including Group renewable capacity 2. Including Greece, Belgium, France and Bulgaria 47
49 1Q 2015 Group total net production 1 Breakdown by source and location GWh Large Hydro Hydro EGP Other renewables Nuclear Coal CCGT Oil&Gas ST/OCGT TOTAL Italy 3,044 1,475 1,900-9,295 1, ,283 Iberia 2, ,259 7,103 5,385 1,627 1,548 19,311 Latam 7, ,448 1,132 16,468 East Europe 1, ,712 5,051 1,650 4,624 16,526 Slovakia 1, , ,291 Russia ,533 1,650 4,624 10,807 Romania North America , ,785 Rest of Europe Other Countries (South Africa) 4 4 TOTAL 14,180 2,677 6,031 10,815 20,260 10,550 7,360 71, Including Group renewable production 2. Including Greece, Belgium, France and Bulgaria 48
50 1Q 2015 Enel Green Power net installed capacity: Breakdown by source and location MW Hydro Geothermal Wind Other TOTAL Italy 1, ,133 Iberia 43-1, ,836 Latam ,878 Romania North America , ,083 Rest of Europe Other Countries (South Africa) TOTAL 2, , , Including Greece and Bulgaria 49
51 1Q 2015 Enel Green Power net production Breakdown by source and location GWh Hydro Geothermal Wind Other TOTAL Italy 1,475 1, ,373 Iberia 32-1, ,291 Latam ,605 Romania North America , ,785 Rest of Europe Other Countries (South Africa) TOTAL 2,675 1,553 4, , Including Greece and Bulgaria 50
52 Contact us Team Tel Visit our website at: () 51
53 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 are based on Enel S.p.A. s current expectations and projections about future events. Because these forward-looking statements are subject to risks and uncertainties, actual future results or performance may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are beyond the ability of Enel S.p.A. to control or estimate precisely, including changes in the regulatory environment, future market developments, fluctuations in the price and availability of fuel and other risks. You are cautioned not to place undue reliance on the forward-looking statements contained herein, which are made only as of the date of this presentation. Enel S.p.A. does not undertake any obligation to publicly release any updates or revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation. This presentation does not constitute a recommendation regarding the securities of the Company. This presentation does not contain an offer to sell or a solicitation of any offer to buy any securities issued by Enel S.p.A. or any of its subsidiaries. Pursuant to art. 154-BIS, par. 2, of the Unified Financial Act of February 24, 1998, the executive in charge of preparing the corporate accounting documents at Enel, Alberto De Paoli, declares that the accounting information contained herein correspond to document results, books and accounting records. 52
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