1Q2011 Results May 12, 2011
Agenda 1Q2011 results Annexes 1
1Q2011 results 1Q11 electricity demand vs. Plan assumptions Electricity demand 1Q2011 Electricity demand 20102015 CAGR Italy +1.1% Italy +1.5% Spain 1 0.5% Spain 1 +1.7% Russia +2.3% +2.2% (3) Russia +1.4% +2.3% (3) Slovakia +2.5% Slovakia +1.9% Latam 2,3 +6.8% Latam 2,3 +4.7% 1. Peninsular 2. Brazil, Chile (CIS), Colombia, Peru, Argentina 3. Average demand growth weighted by production 2
1Q2011 results Financial highlights: consolidated mn 1Q10 1Q11 % Revenues 18,117 19,536 +7.8 EBITDA 4,478 4,399 1.8 EBIT 3,130 3,036 3.0 Group net income 1,050 1,201 +14.4 (1),(2) Net debt 44,924 45,563 (2) +1.4 1. As of December 31, 2010 2. Excluding net debt of assets held for sale 3
1Q2011 results From EBIT to Net Income mn EBIT 1Q10 1Q11 % 3,130 3,036 3.0 Net financial charges 937 738 21.2 Interest charges Other Net income from equity investments e ts using equity method 653 284 (2) 667 71 (58) +2.1 74.9 n.m. EBT 2,195 2,356 +7.3 Income tax 869 830 4.5 Net income (continuing operations & including third parties) 1,326 1,526 +15.1 Minorities 276 325 +17.6 Group net income 1,050 1,201 +14.44 4
1Q2011 results Focus on forward electricity sales Level of total production hedged (%) Italy Spain 100 100 100 100 ~ 45 ~ 5550 ~ 55 (1) ~ 4550 2011 (1) 2012 2011 2012 (2) Latam Slovakia 100 100 100 100 ~ 2520 ~7580 ~ 3530 ~ 6570 ~ 40 ~ 60 Unhedged Hedged 2011 2012 2011 2012 1. Including rollover 2. Not including domestic coal output 5
1Q2011 results Group EBITDA evolution ( mn) 1.8% 36 4,478 102 +22 +63 +72 181 +64 17 4,399 326 390 19 2,001 1,820 S&H 1 377 EGP Iberia & Latam 449 International 921 I&N Market 984 G&EM 157 179 660 558 1Q10 G&EM Market I&N Inter Iberia & EGP S&H 1 1Q11 Italy Italy Italy national Latam 1. Including the Engineering & Innovation division 6
1Q2011 results EBITDA evolution: G&EM Italy ( mn) 15.5% 660 88 10 1 3 558 1Q10 Generation margin Trading margin Ancillary services Other 1Q11 7
1Q2011 results EBITDA evolution: Market Italy ( mn) +14.0% 157 6 +29 179 1Q10 Free market Regulated market 1Q11 8
1Q2011 results EBITDA evolution: Infrastructure & Networks Italy ( mn) +6.8% 921 20 +52 +31 984 1Q10 Energy margin Connection fees Other 1Q11 9
1Q2011 results EBITDA evolution: International ( mn) +19.1% 377 +17 +2 +21 +32 449 121 89 20 69 41 71 Russia France & Belgium SEE 199 Centrel 216 1Q10 Centrel 1 SEE 2 France & Belgium Russia 1Q11 1. Slovenské Elektrárne 2. Romanian and Bulgarian operations 10
1Q2011 results Focus on Russia 1 Unitary price 2 ( /MWh) Capacity payment ( /MW per month) 19.5 23.6 2,894 3,241 1Q10 1Q11 1Q10 1Q11 Dark spread ( /MWh) Spark spread ( /MWh) 8.1 11.2 1.8 3.4 1Q10 1Q11 1Q10 1Q11 1. Average 1Q11 exchange rate: 40.0 Rub/Eur 2. Average price excluding capacity payment 11
1Q2011 results EBITDA evolution 1 : Endesa Iberia ( mn) 11.8% 1,284 88 31 32 1,133 1Q10 Generation & supply Distribution Other 1Q11 1. Enel s GAAP figures 12
1Q2011 results EBITDA evolution 1 : Endesa Latam ( mn) 4.2% 717 +65 16 113 +34 687 1Q10 Generation Distribution Other Forex 1Q11 effect 1. Enel s GAAP figures 13
1Q2011 results EBITDA evolution: Enel Green Power ( mn) +19.6% 326 22 28 63 +74 +12 1 390 40 137 235 Enel.si North America Iberia and Latin America Italy and Europe 213 1 1Q10 Italy and Europe Iberia and Latin America North America Enel.si 1Q11 14
1Q2011 results Net debt evolution ( mn) 639 (1) December 31, Cashflow from Capex Net financial Dividends 3 Extra 2010 operations charges 2 ordinary activities March 31, 2010 44,924 45,563 (4) (4) 636 +1,446 1,136 738 266 +31 660 1. Net debt change calculated on continuing operations 2. Net financial charges due to interest expenses 3. Dividends paid to minorities 4. Net financial debt of assets held for sale 15
Agenda 1Q2011 results Annexes 16
1Q2011 results Operational annexes Production mix 4.8% Group production mix +1.2% Italy 20.7 (TWh) 19.7 (TWh) 2.2% 1.2% 23.4% 23.2% 37.0% 38.5% 7.1% 7.7% 72.6 (TWh) 73.5 (TWh) 30.3% 29.4% 15.1% 1% 13.1% 1% 13.3% 16.7% 26.5% 28.0% 27.0% 24.7% 1Q10 +3.7% 1Q11 14.1% 13.2% 4.0% 4.3% 51.9 (TWh) 53.8 (TWh) 27.0% 24.7% 20.2% 17.5% 9.3% 14.3% 1Q10 1Q11 International 22.3% 24.2% Other renewables Hydro Coal Nuclear Oil & gas CCGT 19.7% 18.0% 2.9% 3.1% 25.6% 22.9% 1Q10 1Q11 17
1Q2011 results Operational annexes 1Q2011 Group total net installed capacity 1 : breakdown by source and location MW Hydro RES Nuclear Coal CCGT Oil & gas other ST/OCGT TOTAL Italy 14,403 1,317 6,804 5,973 12,021 40,518 Iberia 4,691 1,555 3,531 5,474 4,308 (2) 5,946 (3) 25,505 Centrel 2,329 4 1,818 850 400 5,401 SEE 14 337 (4) 808 (5) 1,159159 Americas 9,574 584 494 3,868 2,498 17,018 Russia 3,623 4,600 8,223 TOTAL 31,011 3,797 5,349 18,053 14,149 25,465 97,824 1. Including Group renewable capacity 2. Including 123 MW of installed capacity in Morocco 3. Including 1,013 MW of installed capacity in Ireland 4. Including 102 MW other renewable capacity in France 5. Classified as assets held for sale 18
1Q2011 results Operational annexes 1Q2011 Group total net production 1 : breakdown by source and location GWh Hydro RES Nuclear Coal CCGT Oil & gas other ST/OCGT TOTAL Italy 5,791 1,516 7,593 233 4,571 19,704 Iberia 2,292 949 5,819 5,503 2,307 (2) 2,523 (3) 19,393 Centrel 1,217 7 3,865 625 5,714 SEE 12 165 (4) 1,320 1,497 Americas 8,802 554 574 5,362 1,433 16,725 Russia 4,991 5,434 10,425 TOTAL 18,114 3,191 9,684 20,606 12,240 9,623 73,458 1. Including Group renewable production 2. Including 213 GWh of net production in Morocco 3. Including 34 GWh of net production in Ireland 4. Including 53 GWh of net production in France 19
1Q2011 results Operational annexes 1Q2011 renewables net installed capacity: breakdown by source and location MW Hydro Geothermal Wind Other TOTAL Italy & Europe 1,523 728 876 10 3,137 Iberia & Latam 702 1,472 107 2,281 North America 314 47 406 21 788 TOTAL 2,539 775 2,754 138 6,206 20
1Q2011 results Operational annexes 1Q2011 renewables net production: breakdown by source and location GWh Hydro Geothermal Wind Other TOTAL Italy & Europe 1,482 1,320 360 3,162 Iberia & Latam 969 858 116 1,943 North America 260 77 360 48 745 TOTAL 2,711 1,397 1,578 164 5,850 21
1Q2011 results Financial annexes Group EBITDA: regulated/unregulated activities 1Q11 EBITDA 4,399 mn 9% 46% Stability and high visibility 45% Forward sales and hedging procurement contracts to protect margin Unregulated Regulated EGP 22
1Q2011 results Financial annexes EBITDA evolution Services & Holding 1 ( mn) 17 36 8 9 19 1Q10 Import Other 1Q11 1. Including Engineering and Innovation division and intercompany adjustments 23
1Q2011 results Financial annexes Capex by business area ( mn) 1 0.1% 1,133 1,132 25 4 150 204 381 417 204 238 131 1Q10 4 229 238 39 1Q11 1 S&H EGP Iberia & Latam International I&N Market G&EM 1. Continuing operations, gross of connection fees. 24
1Q2011 results Financial annexes Enel s longterm debt maturity profile ( mn) Endesa Enel Group (excluding Endesa) 28,411 3,629 4,119 6,926 5,393 4,733 3,396 3,589 1,080 3,278 1,051 613 3,039 3,337 3,682 2,115 2,783 24,782 2011 2012 2013 2014 2015 After 2015 6years and 7 month Average cost of net debt: 5.7% 25
1Q2011 results Financial annexes Enel Group liquidity analysis ( mn) Amount Outstanding Available Committed credit lines 25,573 6,946 18,627 (1) Cash and cash equivalents (5,194) 5,194 Total 25,573 1,752 23,821 Uncommitted lines 2,886 891 1,995 Commercial paper 11,245 7,228 4,017 Total liquidity 39,704 9,871 29,833 1. Of which 12 bn with maturity after 2012 26
1Q2011 results Financial annexes Debt structure 1 Average debt maturity: 6 years and 7 months Average cost of gross debt 2 : 4.8% (Fixed+hedged)/Total longterm debt: 92% (Fixed+hedged)/Total net debt: 89% Rating: S&P s = A/A2 Stable outlook; Moody s = A2/P1 Stable outlook Fitch = A/F2 Stable outlook mn December 31, 2010 March 31, 2011 % Longterm 49,873 45,556 8.7 Shortterm 3 11,208 13,144 +17.3 Cash 4 (16,157) (13,137) 18.7 Net debt 44,924 45,563 +1.4 1. As of March 31st, 2011 2. Average cost of net debt equal to 5.7% 3. Including current maturities of longterm debt 4. Including factoring and other current receivables 27
1Q2011 results Financial annexes Enel s group financial debt evolution 1 mn Enel Group p( (excluding Endesa) Endesa 12.31.2010 03.31.2011 12.31.2010 03.31.2011 Group Total 03.31.2011 Bank loans maturities > 12m Bonds maturities > 12m Preference shares > 12m Other loans maturities > 12m Financial receivables maturities > 12m 10,778 28,655 257 1,439 8,385 27,360 349 1,451 4,806 5,746 1,474 724 1,128 4,056 5,803 1,477 692 1,115 12,441 33,163 1,477 1,041 2,566 Total net LT debt maturities > 12m 38,251 34,643 11,622 10,913 45,556 Bank loans maturities < 12m Bonds maturities < 12m Preference shares < 12m Other loans maturities < 12m Financial receivables maturities < 12m Total net LT debt maturities < 12m 465 1,138 27 25 1,605 1,468 2,138 38 34 3,610 484 716 169 9,265 7,896 427 617 168 6,288 5,076 1,895 2,755 206 6,322 1,466 Other ST bank debt Commercial paper Cash Collateral and other derivatives payables Other ST financial debt ST debt 211 5,343 343 129 6,026 579 5,692 240 129 6,640 70 2,062 51 2,183 75 1,519 54 1,648 654 7,211 240 183 8,288 Factoring receivables Cash Collateral and other derivatives receivables Other ST financial receivables Cash at banks and marketable securities Total net ST debt (incl. current maturities) 319 671 415 3,427 2,799 267 754 346 2,266 6,617 47 156 1,832 7,748 47 166 2,969 6,610 267 801 512 5,235 7 Net financial i debt 41,050 41,260 3,874 4,303 45,563 563 1. As of March 31st, 2011 28
1Q2011 results Financial annexes Enel s group financial debt by subsidiary 1 mn Endesa EFI 2 EIH 2 Slovenské EP 2 ED 2 Other Total Bonds 16,114 6,420 12,650 297 195 242 35,918 Bank loans Preference shares Other loans Commercial paper Other 3,856 (154) (1,282) 4,483 1,477 (6,543) 1,519 (3,053) 1,506 5,671 (41) 243 (508) 651 (7) 2,221 (54) 1,376 (375) 14,336 1,477 (7,641) 7,211 (5,738) Total 18,534 4,303 19,786 228 (96) 650 2,022 136 45,563 (69) (26) 6 (145) 21 (1,128) 1. As of March 31st, 2011 2. EFI: Enel Financial International; EIH: Enel Investments Holding; EP: Enel Produzione; ED: Enel Distribuzione 29
1Q2011 results Financial annexes Enel s group financial debt Average cost of net debt Average residual maturity (years:months) 4,7% 5,1% 4,4% 4,4% 4,3% 4,6% 5,5% 5,0% 5.5% 5.7% (1) 4:4 5:2 6:4 7:7 7:7 5:10 4:11 7:1 6:8 6:7 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 (2) (2) 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 24.5 24.2 Net financial debt ( bn) 55.8 50.0 50.9 44.9 45.6 24.5 12 3 Fixed + Hedged/Total net debt 93.0%89.0% 81,0% 80,0% 0% 80,0% 0% 60,0% 58,0% 53,0% 47,0% 44,0% 12.3 11.7 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 (2) 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 (2) 1. Average cost of gross debt equal to 4.8% 2. As of March 31st, 2011 30
1Q2011 results Financial annexes Enel s longterm debt maturity profile ( mn) Enel Group (excluding Endesa) mn 2011 2012 2013 2014 2015 After 2015 Bank loans Bonds Other Total 1,872 1,139 28 3,039 2,223 1,073 41 3,337 459 1,626 30 2,115 1,733 1,919 30 3,682 401 2,346 36 2,783 3,165 21,395 222 24,782 Endesa mn 2011 2012 2013 2014 2015 After 2015 Bank loans Bonds Other 1 Total 363 600 117 1,080 2,114 1,324 151 3,589 504 1,204 1,570 3,278 380 573 98 1,051 238 348 27 613 884 2,371 374 3,629 1. Including preference shares 31
1Q2011 results Financial annexes Enel Group liquidity analysis excluding Endesa ( mn) 1 Amount Outstanding Available 60M credit facility for Endesa acquisition 2009 credit facility for Endesa acquisition (2014) 2009 credit facility for Endesa acquisition (2016) Other committed credit lines 2 1,933 1,359 617 14,476 1,933 1,359 617 1,933 12,543 Total committed credit lines 18,385 5,842 12,543 Other shortterm te bank debt uncommitted lines 1,167167 485 682 Total credit lines 19,552 6,327 13,225 Commercial paper 6,023 5,708 315 Total credit lines + CP 25,575 12,035 13,540 Cash and cash equivalents Total liquidity 25,575 (2,226) 9,809 2,226 15,766 1. As of March 31st, 2011 2. Including 1,325 mn relating to a committed line pertaining to Slovenske Elektrarne 32
1Q2011 results Financial annexes Endesa liquidity analysis ( mn) 1 Amount Outstanding Available Total committed credit lines 7,188 1,104 6,084 Other shortterm bank debt uncommitted lines 1,719 406 1,313 Total credit lines 8,907 1,510 7,397 Commercial paper issued by the Endesa Group 5,222 1,520 3,702 Total credit lines + CP 14,129 3,030 11,099 Cash and cash equivalents (2,968) 2,968 Total liquidity 14,129 62 14,067 1. As of March 31st, 2011 33
1Q2011 results Financial annexes Balance sheet mn FY10 1Q11 % Net financial debt 44,924 45,563563 +1.4 Shareholders equity 53,545 54,173 +1.2 Net capital employed 98,469 99,736 +1.3 34
1Q2011 results Financial annexes Generation & Energy Management Italy mn 1Q10 1Q11 % Revenues 4,468 5,095 +14.0 EBITDA 660 558 15.5 EBIT 520 418 19.6 Capex 131 39 70.2 Headcount 6,601601 (1) 6,564 0.6 1. As of December 31st, 2010 35
1Q2011 results Financial annexes Market Italy mn 1Q10 1Q11 % Revenues 5,088 4,930 3.1 EBITDA 157 179 +14.0 EBIT 78 122 +56.4 Capex 4 1 75.0 Headcount 3,823 (1) 3,817 0.2 1. As of December 31st, 2010 36
1Q2011 results Financial annexes Infrastructure & Network Italy mn 1Q10 1Q11 % Revenues 1,697 1,783 +5.1 EBITDA 921 984 +6.8 EBIT 708 759 +7.2 Capex 238 238 Headcount 19,152152 (1) 19,022 0.7 1. As of December 31st, 2010 37
1Q2011 results Financial annexes International mn 1Q10 1Q11 % Revenues 1,638 2,025 +23.6 EBITDA 377 449 +19.1 EBIT 236 294 +24.6 Capex 204 229 +12.3 Headcount 14,876 (1) 14,839 0.2 1. As of December 31st, 2010 38
1Q2011 results Financial annexes Iberia & Latam mn 1Q10 1Q11 % Revenues 7,495 8,097 +8.0 EBITDA 2,001 1,820 9.0 EBIT 1,317 1,152152 12.5 Capex 381 417 +9.5 Headcount 24,731 (1) 23,177 6.3 1. As of December 31st, 2010 39
1Q2011 results Financial annexes Enel Green Power mn 1Q10 1Q11 % Revenues 457 606 +32.6 EBITDA 326 390 +19.6 EBIT 262 299 +14.11 Capex 150 204 +36.0 Headcount 2,955 (1) 3,027 +2.4 1. As of December 31st, 2010 40
1Q2011 results Financial annexes Services & Holding 1 mn 1Q10 1Q11 % Revenues 558 504 9.7 Holding 136 158 +16.2 Services 248 251 +1.2 Engineering & Innovation 174 95 45.4 EBITDA 2 36 19 47.2 Holding Services Engineering & Innovation 2 (17) 32 36 +12.5 2 3 +50.0 1. Including the Engineering & Innovation division 2. Including Other & Elisions of 3 mn in 1Q11 and 0 mn in 1Q10 41
1Q2011 results Financial annexes Services & Holding 1 Continued mn 1Q10 1Q11 % EBIT 2 9 (8) Holding 1 (19) Services 7 12 +71.4 Engineering & Innovation 1 2 +100.0 Capex 25 4 84.0 Holding 0 1 +100.0 Services & other 24 3 87.5 Engineering & Innovation 1 0 100.0 Headcount 6,175 (3) 6,177 Holding Services & other 803 4,033 840 3,994 +46.1 1.0 Engineering & Innovation 1,343 +0.3 1,339 1. Including the Engineering & Innovation division 2. Including Other & Elisions of 3 mn in 1Q11 and 0 mn in 1Q10 3. As of December 31st, 2010 42
1Q2011 results Financial annexes EBIT by business area ( mn) 3.0% 9 3,130 3,036 262 299 +14.1% 1,317 1,152 12.5% EGP Iberia & Latam International I&N Market G&EM S&H 1 236 294 708 759 78 122 520 418 +24.6% +7.2% +56.4% 19.6% 1Q10 1Q11 8 n.m. 1. Including Engineering and Innovation division and intercompany adjustments 43
Disclaimer This presentation may contain certain statements that are neither reported financial results nor other historical information ( forwardlooking statements ). These forwardlooking statements are based on Enel S.p.A. s current expectations and projections about future events. Because these forwardlooking statements are subject to risks and uncertainties, actual future results 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 forwardlooking statements contained herein, which are made only as of the date of this presentation. ti Enel S.p.A. does not undertake any obligation to publicly release any revisions to any forwardlooking statements to reflect events or circumstances after the date of this presentation. Pursuant to art. 154BIS, par. 2, of the Unified Financial Act of February 24, 1998, the executive in charge of preparing the corporate accounting documents at Enel, Luigi Ferraris, declares that the accounting information contained herein correspond to document results, books and accounting records. 44
Contact us Team (investor.relations@enel.com) Luca Torchia (Head of IR) Pedro Cañamero (Equity IR) +39 06 83053437 +39 06 83055292 Elisabetta Ghezzi (Fixed income IR) +39 06 83052708 Visit our website at: www.enel.com () 45