Enel 2009 FY Results 2010 14 Plan

7/31/2019 Enel 2009 FY Results 2010 14 Plan

1/75

Enel SpA

I nves to r R ela t i ons

20 09 Resu l t s20 10 -20 14 Pl an

London - March 18, 2010

Resi l i ence, g row th and cash gene ra t i on


2/75

1

Enel SpA


Grou p st r a tegy

Open ing r emar k s

Key p r i o r i t i es

20 09 Resu l t s

201 0 -20 14 Pl an

I t a l ia n o p e r a t i on s

I n t e r n a t i o n a l o pe r at i o n s

Enel Green Pow er

Focu s on En desa

Financ ial t a rge t s

F. Con t i

L . Fer r ar is

F. Con t i

A . Bren tan

F. Con t i

Agenda


3/75

2

Enel SpA

I nves to r R ela t i ons2 0 1 0 2 0 1 4 Pl an

Ene l i s now a w o r l d ene rgy l eader

St r ong opera t i ona l pe r fo rm ance

St rong ope ra t i ona l pe r fo rm ance

Endesa success fu l l y i n teg ra t ed

Endesa successfu l l y i n t eg ra ted

Mark e t l ead ing pos it i ons

Marke t l ead ing pos it i ons

Secur e f in anc ia l pos i t ion

Secur e f in anc ial po s i t ion

M u l t i p le p la t f o r m s for o r g a n i c g r o w th

M u l t i p le p la t f o r m s for o r g a n i c g r o w th

Gr oup s t r a tegy

Key success fac t or s


4/75

3

Enel SpA


Conso l ida t i on & i n t eg ra t i onConso l ida t i on & i n t eg ra t i on

Renew ab les & i nnova t i onRenew ab les & i nn ova t i on

Leadersh ip i n s t ra t eg i c m arke t sLeade rsh ip i n s t ra t eg i c m arke t s

Con t i nue t o de l ive r o rgan i c g row t hand s takeho lde r va l ue

Opera t iona l ex cel lenceOpera t iona l exce l lence

Financ ia l s tab i l i t yFinanc ia l s tab i l i t y

Gr oup s t r a tegy

Key p r i o r i t i es


5/75

4

Enel SpA


RUSSI A

Cap tu r i ng g row th andva lue o f ou r i n teg ra tedpos i t ion

LATI N AMERI CA

S t reng then ing

lead ing pos i t ion

FRANCE

Focus on renew ables

and nu c lear

NORTH AMERI CA

Focus on

renew ab les

Key areas iden t i f i ed

Speci f i c s t r a t eg ic pa t hs ou t l i ned

I B ERI A

St reng t hen ing l ead ingpos i t ion

SLOV AK I A - ROM AN I A

Lead ing pos i t ion

in Slovak ian genera t ion

and Rom anian

d i s t r i bu t i on

2 0 1 0 2 0 1 4 Pl an

Gr oup s t r a tegy

Leade rsh ip i n st r a teg i c m arke t s

I TALY

St reng t hen ing l ead ingpos i t ion

GREECE

Focus on renew ables


6/75

5

Enel SpA


M a i n tenanc e

G r o w t h

32 ,625

2 0 0 9 - 1 3Plan

2 0 1 0 - 1 4New P lan

29 ,704

- 2 .9 bn

Gr oup s t r a tegyConso l i dat i on & i n t eg ra t i on

Cash f l ow o pt i m i zat i o n: Cap ex p r og r am m e ( m n )

2 0 1 0 2 0 1 4 Pl an

15 ,685

16 ,940

13 ,941

15 ,763

3 b n o f fu r t h e r f lex i b i l i t y s t ar t i n g f r om 2 0 1 1

2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4

3 ,820

3 ,0733 ,622

2 ,874 2 ,374

2 ,730

2 ,5172 ,426

3 ,0633 ,205

7 ,0256 ,685

5 ,8035 ,391

4 ,800


7/75

6

Enel SpA


St ron g i n t eg ra t i on w i t h Endesa is key t o

develop ou r st r a tegy

1. 35% IT & Others, 33% Distribution, 32% Generation & fuel

1 5 7

4 3 6

4 9 4

2 0 0 8t a rge t

2 0 0 9t a rge t

2 0 1 0t a rge t

6 1 3

7 17

2 0 1 1t a rge t

2 0 1 2t a rge t

8 1 3

Gr oup s t r a tegyConso l i dat i on & i n t eg ra t i on

En d esa s sy n er g y p r o gr a m m e a n d t a r g et s

2 0 1 0 2 0 1 4 Pl an

+ 1 3 %

+ 6 9 %

2 6 6

> 7 0 0

EBI TDA

CAPEX

> 3 0 0

> 1 , 0 0 0

2 0 1 2t a rge t upda ted

5 4 8

2 6 5

2 1 7

5 0 0

4 2 8

1 8 51 8 1

3 1 3

2 2 5

4 1

2 0 0 9ach ieved

2 0 0 8ach ieved

( 1 )


8/75

7

Enel SpA


3 2 %

1 8 %

1 4 %

1 4 %

2 1 %

2 7 %

1 9 %

1 2 %

1 9 %

2 3 %

~ 2 , 7 0 0

To ta l p re - taxcash f l ow op t im i sat i on

(v s . 2008 )

W o r k i n gcap i ta l

op t im i sa t i on

EBI TDA

i m p r o v e m e n t

W o r k i n g c ap it a l o p t i m i sa t io n 2 0 0 9 - 2 0 1 1

Cum u la t i ve EB I TDA 2009 - 2 011

~ 1 , 3 0 0

~ 1 , 4 0 0

Cred i t m anagem en t

Other

I n v e n t o r ym anagem en t

P rocu rem en t

I n te rna t i ona l best

prac t i ce shar ing

~ 1 , 3 0 0

~ 1 , 4 0 0

2 00 9 - 2 01 1

A l readyach ieved6 0 0 m n

A l ready

ach ieved

8 3 0 m n

Ef f i ci ency p rog ram m e as key pa r t o f ou r g r ow t h p l an

2 0 1 0 2 0 1 4 Pl an

Shared Serv ices opt im isa t ion

Other

Customerm anagem en t

Lean opera t ion s

I n te rna t i ona l bestprac t i ce shar ing

Gr oup s t r a tegyOper a t iona l exce l lence

Cash f l ow op t im iza t ion ( exclud ing Endesa ) : Zen i t h


9/75

8

Enel SpA


Gr oup s t r a tegyRenew ab les and i nnov a t i on

Focus on Enel Gr een Pow er

2 0 1 0 2 0 1 4 Pl an

Capaci ty(G W)

Produc t i on

( T W h )

2 0 0 9 o l d p e r i m e t e r

Pipe l ine

(G W) 1

4 .8

18 .9

Capaci ty

(G W)

Produc t i on

( T W h )

2 0 0 9 n e w p e r i m e t e r

5 .7

20 .7

I nc lud ing Endesa sr enew ab le ac t i v i t i es

1. Includes projects Under Construction

EBI TDA( b n )

1 .221.7

Pipe l ine

(G W)1

EBI TDA( b n )

1 .3

30.6

Crea ted a w o r l dw ide g reen cham p ion

5 .7

9 .2

2 0 0 9 2 0 1 4

O the rI b e r i a

I t a l y2 .6

3 .4

2 .6

3 .2

1 .4

Net i ns ta l l ed capac i ty by count r y (GW)

1 .7


10/75

9

Enel SpA


~ 1 b n t o su p po r t in n ov at i on

Ar ch i m e d epro jec t

R& I Ene l -Sharp JV

Docke lec t r i f i ca t ion

Oxycombus t i on

CSP d i rec ts team gene ra t i on

Sm a r t ci t yp ro jec t

CCS dev elop m ent

Higher e f f i c iency incoa l genera t ion

Elect r i c m ob i l i t y

Sm a r t g r i d s

Po w e r s to r a g e

Endesa

Enel

Gr oup s t r a tegyRenew ab les and i nnov a t i on

Focus on in nova t ion

2 0 1 0 2 0 1 4 Pl an

Nucleardeve lopmen t


11/75

10

Enel SpA


HV Gr idI t a l y

1Q09

Gas d is.I t a l y

3Q09

Upst reamGas Russia

3Q09

Po r t f o l i oOp t im iza t i o n

4Q09

Al readyd e l i ve r e d

FY09

HV Gr idSpain

1 H 1 0

EGPm i n o r i t y s t a k e

Oth e r n o ns t r a t e g i c

asse ts

To ta lc o m m i t t e d

FY10

Gr oup s t r a tegyFinan cia l s tab i l i t y

Disposal p lan : im pact on ne t deb t ( bn )

2 0 1 0 2 0 1 4 Pl an

3 .2

10 .0

1 .3

1 .2

0 .5

0 .2

Disposa l p rog r am m e con f i rm edCo m m i t t ed t o d el iv er f u r t h e r ~ 7 b n b y y ear e n d


12/75

11

Enel SpA



Disposa l p lan : fo cus on Ene l Green Pow er

2 0 1 0 2 0 1 4 Pl an

DUAL TRACK APPROACH

Fi l ing f o r I PO by Ap r i l 2 010

A ND / OR

Prepar in g t he f i l i ng p r ocess .

Tar ge t t o l i st : du r i ng 201 0 .

I PO Direct sa le

Con t i nu ing conve r sat i ons w i t h

th i r d pa r t i es.

Tar ge t bu ye r p r o f i l e: i ndus t r i a l /

s t r a teg i c i nves to r .


13/75

12

Enel SpA


Cash f low f romope ra t i ons 1

Capexp r o g r a m m e

Net f i nanc ia lc ha rges

D i v i dends2 2 0 1 4Net Debt

Ava i lab le cash tone t deb t

reduc t i on

~ 6 5

1. Net of taxes2. Ca. 13 bn to Enels shareholders and ca. 4 bn to minorities.

Cash gener a t i on f rom opera t i ng act i v i t i es i s a m us t

Operat ingcash f low


Ca sh f l o w 2 0 1 0 -1 4 : im p act o n n e t d e bt ( b n )

2 0 1 0 2 0 1 4 Pl an

~ 3 0

~ 1 3

~ 1 7

~ 1 26

~ 3 9

Disposalp lan ~ 7

~ 7 2


14/75

13

Enel SpA

I nves to r R ela t i ons200 9 Resu l t s

Lu ig i Fe r r a r i s

Ch ief Fin an c ia l Of f icer


15/75

14

Enel SpA


FY08 FY09 % m n

1. Excluding capital gains, losses and one-off items2. Excluding net debt of assets held for sale

Revenues

EBI TDA

- r ecu r r in g1

EBIT

Group ne t i ncome

Net deb t

6 1 ,1 8 4

1 4 ,3 1 8

1 4 ,0 9 9

9 ,541

5 ,293

4 9 ,9 6 7

64 ,035

16 ,044

15 ,581

10 ,755

5 ,395

50 ,870

+ 4 . 7

+ 1 2 . 1

+ 1 0 . 5

+ 1 2 . 7

+ 1 . 9

+ 1 . 8

200 9 Resu l t s

Finan c ia l h igh l igh t s : conso l ida ted

( 2 ) ( 2 )


16/75

15

Enel SpA


EBI T

Net f i n anc ia l charg es

Interest charges

Fair value of Accionas put option

Other

N et i n co m e f r o m e q u it y i n v e st m e n t su s in g e q u i t y m e t h o d

EBT

I n co m e t a x

Ne t i ncom e (continuing operations)

Net i ncom e (discontinued operations)

Net i ncom e (including third parties)

Mino r i t i e s

Gr oup n e t i ncome

FY0 8 FY0 9 % m n

9 ,541

3 ,2103,016

(34)

228

( 4 8 )

6 ,379

5 8 5

5 ,794

2 4 0

6 ,034

7 4 1

5 ,293

200 9 Resu l t s

Fr o m EBI T t o N e t I n co m e

10 ,755

1 ,7412,654

(970)

57

( 5 4 )

9 ,068

2 ,520

6 ,548

( 1 5 8 )

6 ,390

9 9 5

5 ,395

+ 1 2 . 7

- 45 .8-12.0

n.a.

-75.0

+ 1 2 . 5

+ 4 2 . 2

n.a .

+ 1 3 . 0

n.a .

+ 5 . 9

+ 3 4 . 3

+ 1 . 9


17/75

16

Enel SpA


Le vel o f t o ta l p r o d u ct i o n h e d g ed ( % )

I t a l y Sp ain

2 0 1 1

1 0 0

~ 2 0

1 0 0

2 0 1 0 2 0 1 1

1 0 0

~ 4 0

~ 6 0

1 0 0

2 0 1 0

2 0 1 1

1 0 0

~ 6 5

~ 3 5

~ 7 0

1 0 0

2 0 1 0

La tam

2 0 1 1

1 0 01 0 0

2 0 1 0

Slovak ia

~ 3 0

~ 6 0

200 9 Resu l t s

Focus on fo r w ard e lect r i c i t y sales

~ 5 5

~ 4 5

Unhedged

Hedged

~ 2 0 Rol led-over


18/75

17

Enel SpA


1 4 ,3 1 8 - 8 9 - 1 6 1 + 2 6 7 + 3 8 0

+ 1 , 2 8 1 16 ,044

1. Representation of EGP in Enels consolidated accounts, which differs from EGP representation on a stand-alone basis

2. Including the Engineering & Innovation division

FY0 8 G& EM

I t a l y

Mar ke t

I t a l y

I & N

I t a l y

I b er i a &

La tam

S& H 2 FY09

+ 1 2 . 1 %

I n t e r -

na t i ona l

+ 5 8

EGP 1

- 1 0

Marke t

I & N

S& H 2

G&EM

I b e r i a & La t a mI n t e r n a t i o n a l

EGP1

200 9 Resu l t s

Grou p EBI TDA evo lu t i on ( m n)

3 ,113

5 5 4

3 ,719

1 ,044

4 ,647

1 ,1885 3

3 ,024

3 9 3

3 ,986

1 ,424

5 ,928

1 ,1781 1 1


19/75

18

Enel SpA


- 3 2 8

FY0 8 Gen er at ionm a r g i n

FY09

3 ,113

+ 7 8

3 ,024

- 2 .9%

Anc i l l a ryserv ices

T r en tocap i ta l ga in 1

+ 2 4 3 - 2 1 1

Trad ingm a r g i n

+ 1 2 9

Other

200 9 Resu l t s

EBI TDA ev o lu t i o n G& EM I t a ly ( m n )

1. Recorded in 3Q2008


20/75

19

Enel SpA


393 .9

Oi l ( / t o n )

330 .634 .3

Ga s ( c / m c)

29 .4104 .6

Co al ( / t o n )

89 .2

63 .851 .7

Average fue l

co st ( / MW h )

FY0 8 FY0 9

FY0 8 FY0 9FY0 8 FY0 9 FY0 8 FY0 9

- 1 9 %

- 1 5 %- 1 4 %- 1 6 %

200 9 Resu l t s

G& EM I t a l y : f u el co st e v o lu t i on


21/75

20

Enel SpA


EBI TDA ev o lu t i o n : I n f r a st r u ct u r e & N et w o r k s I t a ly ( m n )

+ 3 9

FY0 8 Con n ect ionfees

FY09Energym a r g i n

3 ,719 - 5 83 ,986

+ 7 . 2 %

+ 2 8 6

Other 1

1. Including ELAT 295 mn capital gain.

E l S A


22/75

21

Enel SpA


1 ,044

+ 7 4+ 1 0 2

+ 2 8

1 ,424+ 1 7 6

FY0 8 FY0 9Russia1SEECen t r e l Fr an ce& Belg ium

SEEFrance & Be lg ium

Centre l

Russia1

1. Including 68 mn capital gain on the sale of Severenergia

+ 3 6 . 4 %

200 9 Resu l t s

EBI TD A ev o l u t i o n : I n t e r n at i o n a l ( m n )

7 2 4

1 8 8

5 67 6

8 2 6

2 6 2

8 4

2 5 2

Enel SpA


23/75

22

Enel SpA


FY0 8 FY0 9

3 .44 .0

D ar k sp r ea d ( / M W h )

FY0 8 FY0 9

0 .50 .6

Sp ar k sp r ead ( / MW h )

FY0 8 FY0 9

13 .514 .5

Un it p r ice 2 ( / MW h)

1. Average 2009 exchange rate: 44.1 Rub/Eur2. Average price excluding capacity payment

FY0 8 FY0 9

Cap aci t y p ay m e nt ( / MW p er m o nt h )

2 ,5622 ,313

200 9 Resu l t s

Focus o n Ru ssia 1

Enel SpA


24/75

23

Enel SpA


1. Endesa 100% - Enels GAAP figures

7 ,1166 ,985

FY08

+ 1 . 9 %

I b er ia Lat am FY0 9

- 6 6 + 1 9 7

LatamI b e r i a

200 9 Resu l t s

EBI TDA evo lu t ion : focus on En desa1 ( m n )

3 ,188

3 ,928

2 ,991

3 ,994

Enel SpA


25/75

24

Enel SpA


Fo cu s o n En e l Gr e en Po w er - ( 1 / 2 )EBI TDA evo lu t i on ( m n) 1

1. EGP stand-alone basis

2. EGP 2008 EBITDA is derived from carve-out financial statements and is currently under audit review

+ 5 . 8 %

FY08 2 I t a l y FY0 9Spain OtherAmer icas

1 ,141 + 5 2 - 8+ 1 4

+ 8

OtherI t a l y

Amer icas

Spain8 3 3

2 3 2

6 4

1 2 2 0

8 8 5

5 6

1 ,207

2 4 6

Enel SpA200 9 R l t


26/75

25

Enel SpA


Fo cu s o n En e l Gr e en Po w er - ( 2 / 2 )Spain

200 9 Resu l t s

I ns ta l led capaci ty494 M W

N et p roduc t i on0 .97 TW h

I ns ta l l ed capac it y 1

859 M W

N et p roduc t i on 2

1.8 TWh

New EGP s t ru c tu r e in theI be r i an pen insu la

89 %

2 0 0 9 20 09 20 09 2 0 0 9

5 0 % EUFER 1 0 0 % ECy R

Cogenera t ion

B i ogas/ B i om as s

W i n d

Pho tov o l t a i c

M i n i - hy d ro

I ns ta l led capaci ty1 ,353 M W

6%

5 %

79 %

6%

15 %

8 7%

3 %

5 %2 % 3 %

78 %

1% 4%

12 %

5%

8 8 %

4 %

5 %1 % 2 %

EGP

( 60 % )

Endesa

( 40 % )

1. Calculated according to EGP consolidation criteria; installed capacity is 803 MW according to ECyR consolidation criteria2. Excluding assets sold to Acciona from the beginning of the year


27/75

Enel SpA200 9 Resu l t s


28/75

27


1. Enels unaudited adjustment taking into account the bond retail issues for an agreement amount of 3.0bn and facility payment2. Including the impact to P&L of about 50mn related to fees paid for the Credit Agreement 2007 and 2009

200 9 Resu l t s

En el s l on g - t e r m d eb t m a t u r i t y p r o f i l e ( m n )

7 y e ar s an d 1 m o n t hAverage cost o f deb t : 5 .0% 2

7 y e ar s an d 2 m o n t h sAverage cost o f deb t : 5 .1% 2

EndesaEne l Group ( exc lud ing Endesa)

2 ,9094 ,953

28 ,426

10 ,777

4 ,9856 ,709

Actu a l FY09

30 ,937

4 ,985

FY09 ad j us ted 1

2 ,9094 ,953

9 ,291

5 ,636

3 ,449

4 ,386

3 ,083

9 8 5

5 ,724

25 ,214

3 ,212

1 ,796

1 ,113 1 ,504

6 ,391 3 ,4491 ,796

1 ,113 1 ,504

4 ,386

4 ,9051 ,902

3 ,0839 8 5

4 ,651

27 ,725

3 ,212

1 ,902< 1 2 m 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 A f te r 2014 < 1 2 m 2 0 1 1 20 1 2 2 0 1 3 2 0 1 4 A f te r 2014

Enel SpA2 0 1 0 2 0 1 4 Pl an


29/75

28


Fu l v i o Co n t i

Ch ief Ex ecut iv e Of f icer

Enel SpA

2 0 1 0 2 0 1 4 Pl an


30/75

29


Br en t ( $ / b bl ) Coal4 ( $ / t on )

1. Peninsular2. Brazil, Chile, Colombia, Peru, Argentina

4.0%

1.7%

1.7%

1.9%

1.8%

+ 2 . 4 % ( 3)

3. Average demand growth weighted by production4. CIF ARA (Rotterdam)

Elect r i c i t y dem and 20 09- 201 4 CAGRElect r i c i t y dem and 2 009 -20 14 CAGR

2 0 1 0 2 0 1 3 2 0 1 4 2 0 1 0 2 0 1 3 2 0 1 4

2 0 1 0 2 0 1 4 Pl an

Base assum pt ions o f ou r p lan

7 58 5

8 6

9 01 0 3

1 0 5

I t a l y

Spain 1

Russia

Slovak ia

Latam 2

C ommod i t i esC ommod i t i es

Enel SpA

I R l i2 0 1 0 2 0 1 4 Pl an


31/75

30


Gr oup s t r a tegyI t a l ia n o p er a t i o n s

St r a te g y a n d t a rg et s

2 0 1 0 - 1 4

9 .1

4 2

63 0

Main tenance

G r o wth

2 0 1 0 2 0 1 4 Pl an

Enhanced com pe t i t i veness t h rou gh

t echno log ical m ix

Enhanced com pe t i t i veness t h rou gh

techno log ica l m ix

6 .4

2 .7

1. Fuel based on market data 20092. Including G&EM, Markets, I&N, S&H, nuclear and research.

Ca pex a n d o r g an i c g r o w t hCa pe x a n d o r g an i c g r o w t h

Leadersh ip in f ree m arke t sLeadersh ip in f ree m arke t s

Opera t iona l ex cel lenceOpera t iona l ex cel lence

2 0 1 1 2 0 1 4

> 6 . 5> 6 . 3

Clean coal

Var iab le cos ts 1

( / MW h )

CCGT

~ 5 0

Enel dom est ic EBI TDA2

( b n )Ene l d om est ic capex 2

( b n )

2 0 1 0

Cash cost I &N( / cu st o m e r )

2 0 1 3 2 0 1 4

8 478

7 7

~ 2 0

T h er m a l p r o d u c t i o nm ix ( % )

Cl i e n t s o n f r e e m a r k e t ( m n )

Power Gas

3 .3

7 .6

3 .0

4 .5

2 0 0 9 2 0 1 4 2 0 0 9 2 0 1 4

CAGR 18 % CAGR 9%

2 0 0 9

6 5

1

3 4

Oi l

CCGTCoal

3 4

5 7

9

2 0 1 4

Enel SpA



32/75

31


Ca pe x ( b n )

Techno log ica l m ix(GW) 2

2 0 1 4

4 .5

5 .6

15.0

2 0 1 12 0 1 4

EBI TDA (bn )

1 .5

2 .7

2 0 1 0 - 1 4

5 .4

Conso l ida t i on and i n t eg ra t i on



Opera t iona l ex cel lence and

p rocess i n teg r a t i on

Opera t iona l ex cel lence and

p rocess i n t eg ra t i on

1 .8

3 .6

Maintenance

G r o w t h

Plant ava i l ab i l i t y I m p r ov e e f f i ci ency i n f u e l needs Ene l s tandar d SAP sys tem by end 2 010

2 .3

2 .62 0 0 9

5 .2

5 .0

14 .3

CCGT&OilCoalHyd r o

Nuclear

2 .3

1 .8

Gr oup s t r a tegyI n t e r n a t i on a l o p er a t i o n s1


1. Excluding Endesa.2. Net installed capacity

Enel SpA



33/75

32


Ca pex ( m n ) 2


2 0 1 4

3 .7

5 .1

8 .8

2 0 1 1 2 0 1 4

EB I TDA (m n)

4 8 7

1 ,099

2 0 1 0 - 1 4

9 8 2

Gr oup s t r a tegyFocu s on Ru ssia


Conso l ida t i on and i n teg r a t i on


Marg in p r o tec t i onMarg in p r o tec t i on

5 4 1

4 4 1

Main tenance

G r o w t h

CCGT&Oil

Coal

U p st r e a m g a s ( b cm )SeverEnerg ia3

2 0 1 3 20 141. Net installed capacity2. The change vs old plan has been calculated without considering upstream gas activities now consolidated on an equity basis.3. Current Enel stake 19.6%. Final closing of the deal with Gazprom during 1H2010.

1 .8

2 .8

M o n th l y s ca p ac i t y p a ym e n t( / MW )

2 0 1 0 2 0 1 1

2 ,578

4 ,020


3 .6

4 .6

8 .2

2 0 0 9

Enel SpA



34/75

33


Ca pe x ( b n )


2 0 1 4

0 .9

2 .6

2 .3

5 .8

2 0 1 1 2 0 1 4

EBI TDA (bn )

0 .8

1 .2

2 0 1 0 - 1 4

3 .1

Gr oup s t r a tegyFocus on Slov ak ia


Main tenance

G r o w t h

Hyd r o

Coal

Nuc lear

2 .9

0 .2

N uc lea r O&M i m pr ov em en t Pow er m anagem en t : s ha r i ng bes t p r ac t i ce Nuc lear SAP system f rom 201 0

Conso l ida t i on and i n teg r a t i on


Opera t iona l ex cel lenceOpera t iona l exce l lence


0 .8

1 .8

2 .3

5 .3

0 .4

Oil&Gas

1. Net installed capacity

2 0 0 9

Enel SpA



35/75

34


Ca pe x ( b n ) 1

2 0 1 1 2 0 1 4

EBI TDA (b n)

1 .4

2 .1

2 0 1 0 - 1 4

5 .1

Gr oup s t r a tegyEnel Gr een Pow er


Sus ta inab le and p ro f i t ab le g row thSus ta inab le and p ro f i t ab le g row t h

Di sp osa l o f a m i no r it y st a k eDi sp osa l o f a m i no r it y st a k e0 .6

4 .5

Main tenance

G r o w t h

Bal an ce b e tw e en g r o w th

and cash genera t ion

Bal an ce b e tw e en g r o w th

and cash genera t ion

N ew cap ex p r og r am m eN ew cap ex p r og r am m e

1. Excluding financial investments.

Pipel ine( M W )

5 4 7

Net ins ta l led capac i ty evo lu t ion(GW)

W indHyd r o

Geo the r ma lO the r

2 0 1 4 Cur r en t l y unde rcons t r uc t i on

2 0 0 9 ( 1 )

3 .3

2 .3

2 .5

0 .70 .2

5 .7

9 .23 .5

New capac i t y2 0 0 9 - 1 4

5 4 7

1 ,712

High l ycon f i den t

Enel SpA

I nves to r R ela t i ons2 0 1 0 2 0 1 4 Pl an2 0 1 0 2 0 1 4 Pl an


36/75

35

Andr ea Br en t an

En desa Ch ief Ex ecut iv e Of f icer

Gr oup s t r a tegyEndesa : Focus on I be r i a & La tam


Enel SpA



37/75

36

M ar k e t d r i ve r sM ar k e t d r i ve r s

Regu la t i on d r i ve rsRegu la t i on d r i ve rs

Sl o w g r o w t h i n e n e r g y d em a n d

I nc r ease i n r enew ab le capaci t y

The r m a l gap at l ow l evel s

Sl o w g r o w t h i n p r i c es

Genera t ion :

ex t ens ion o f nuc lear opera t ing l i censes

p r om o t i on o f dom est i c coa l

need f o r h i ghe r capac it y paym en ts

Dis t r i bu t i on :

i m p r o v e m e n t o f r e m u n e r a t i on s ch e m e

I m p lemen t a t i on o f T ar i f f De f ic it Decr ee

St r a tegy t o add ress a cha l leng ing env i r on m en t

Gr oup s t r a tegyEndesa : Focus on I be r i a ( 1 / 4 )

Mark e t , regu lat ion and st ra t egy

Enel SpA



38/75

37


Cont inu ous fo cus on e f f i ciency

A v ai l ab i l i t y i m p r o v e m e n t : 9 1 % b y 2 0 1 4 (60mn/yr of higher EBITDA)

Se cu r i t y i m p r o v e m e n t : security indicators among world top positions

Opera t iona l exce l lence : becoming the reference operator

OPEX op t im iza t ion ( CAGR 09-1 4) : -5%

CAPEX opt im iza t io n

Cash cost t a rget :


39/75

38


I n t e g rate d s t r a te g y i n g en e ra t i o n a n d sa le s

CAGR+ 3 . 1 %

CAGR

+ 2 . 5 %

Le ad e r in s u pp l y ( 4 2 % m a r k e t s h ar e )

M ar g i n o p t i m i z at i o n t h r o u g h :

ongo ing r o l l - ove r o f t he sa les po r t f o l i o

e f f ect i ve h edg ing s t r a tegy

w ho lesa le pu r chase op t im i zat i on

M ai n ta i n m a r ke t sh a r e an d m a r g i no p t i m i za t i o n

Genera t ion and l ibe ra l i zed sa les inm a in l an d ( TW h )

Gene ra t i on (o rd i na ry r eg i m e )

Sales1 ( g ros s )

1. Excluding last resort tariff

2 0 1 0 2 0 1 1

1 0 0

~ 4 0

Es t im a ted ma in land ou tpu t

a lr e ad y co m m i t t e d ( % )

5 86 3 6 4

2 0 1 0 2 0 1 3 2 0 1 4

6 9

7 67 8

Enel SpA


G


40/75

39


Genera t ion ou t look

St r ong p r esence i n hyd r o + nuc lear

g en e r at i o n : 5 8 % v s. 3 3 % r est o f t h esecto r i n 200 9

Main land o r d ina r y r eg ime un i t f ue l cost :1 9 / MW h v s 2 4 / MW h of th e sect or in2 0 0 9

Com pe t i t i ve gas con t r ac t p o r t f o l i o vs .sec to r :

compe t i t i ve p r i ces

f l ex i b l e on use and des t i na t i on

High v a lue Clean Deve lopm ent Mechan ism

pr o j ect po r t f o l i o

Com pe t i t i ve gene ra t i on cos t

Endesa 201 4 p r oduc t i on m ix i nm ai n lan d - o r d in ar y r eg im e 1

Main land : + 850 MW Bess, + 840 MW

Tej o I I ( Po r t u g al )

N o n - m a i n l an d : + 5 5 0 M W

1. Spain mainland, not including Portugal

CCGTNuclear

H ydro

Domest ic coa l

I m p o r t e d c o al

2 3 %9%

1 3 %

1 2 %43 %

Capaci t y p lan

Enel SpA


G t t

2 0 1 0 2 0 1 4 Pl an


41/75

40

Gr oup s t r a tegyEn d esa : Fo cu s on La t am ( 1 / 4 )

Mark e t con t ex t , regu la t ion and st r a tegy

M ar k e t d r i ve r sM ar k e t d r i ve r s

Regu la t i on d r i ve rsRegu la t i on d r i ve rs

Pos i t i ve econom ic and f inan c ial ou t loo k

Stab i l i t y o f i n f la t ion and cu r r enc ies

4 % d em a n d g r ow t h 1

Genera t ion :

co r r ect p r i ce si gna l s indexed t o m ar g ina l cos t , i n f l a t i on and com m od i t i es a t t r a ct i v e l o n g - t e r m t e n d e r s

capaci t y paym en ts

Dis t r i bu t i on :

a t t r act i ve and s tab le r e tu r ns

i ncen t i ves t o ach ieve e f f i c ienc ies

St ra tegy t o g row o rgan i ca l l y i n a st ab le env i r onm en t

1. Countries where Endesa operates weighted by TWh. CAGR 2009-2014

Enel SpA


Gr oup s t r a tegy


42/75

41


M arg in st a b il i t y w i t h l o w r i s k

~ 7 0

D is t r i bu t i on

EBI TDA 200 9

( m n )

2 0 1 0 2 0 1 1

4 0 - 4 5

~ 6 5

Count ry Expec ted ta r i f frev iew

Genera t i on ou t pu t a l readycom m i t t ed ( % )

D ist r i bu t i on ta r i f f r ev iew s a l readyin p lace

Ar gen t i na

N ov 12

- - -

A pr 1 1 - M ar 1 4

Oct 1 3

N ov 13

Braz i l5 7 2

Chi le

Peru6 5

2 0 8

1 0 7

3 1 3 Colombia

1 ,265 1

1. Enels GAAP

Enel SpA


Gr oup s t r a tegy


43/75

42


Leadersh ip in t he Paci f i c reg ion in g enera t ion and d is t r ibu t ion

Peru - Market leader

Genera t ion :

~ 9 ,9 0 0 GW h / y ear 1


Sa les : + 4 .7% 09 - 14 CAGR

+ 2 0 4 , 0 0 0 c li en t s ( v s . 2 0 0 9 )

Peru - Market leader

Genera t ion :

~ 9 ,9 0 0 GW h / y ea r1


Sa les : + 4 .7% 09 - 14 CAGR

+ 2 0 4 , 0 0 0 c li en t s ( v s . 2 0 0 9 )

Chile - Market leader

Genera t ion :

~ 1 9 ,7 00 GW h / y ear 1

+ 3 7 0 MW B ocam i n a I I ( c oa l)

A yse n i n p r o g r ess

D is t r i bu t i on :

Sa les : + 4 .3% 09 - 14 CAGR

+ 1 8 8 , 0 0 0 c li en t s ( v s . 2 0 0 9 )

Chile - Market leader

Genera t ion :

~ 1 9 ,7 00 GW h / y ear 1

+ 3 7 0 MW Bo ca m i na I I ( c oal )

Ay se n i n p r o g r ess


Sa les : + 4 .3% 09 - 14 CAGR

+ 188 ,000 c l ien t s ( vs . 2009 )

Colombia Market leader

Genera t ion :

~ 1 3 ,2 00 GW h / y ear 1

+ 4 0 0 M W Qu i m b o 2


Sa les : + 4 .1% 09 - 14 CAGR

+ 465 ,000 c li en t s ( vs . 2009 )

Colombia Market leader

Genera t ion :

~ 1 3 ,2 00 GW h / y ear1

+ 4 0 0 M W Qu i m b o 2


Sa les : + 4 .1% 09 - 14 CAGR

+ 4 6 5 , 0 0 0 c li en t s ( v s . 2 0 0 9 )

1. Estimated average 2009-2014 period2. Quimbo hydro plant: 200MW on stream in 2014, 200MW post 2014

Lead ing pos i t i on t h r ough o rgan i c g row th and e f f i ci enc ies

Enel SpA


Gr oup s t r a tegy


44/75

43


Brazi l and Argen t ina

Arg e n t i n a

Genera t ion :

~ 1 5 ,9 00 GW h / y ear 1

Dis t r ibu t ion Sales :

+ 3 , 4 % 0 9 - 1 4 CA GR

+ 1 0 5 , 0 0 0 c li en t s ( v s .2 0 0 9 )

L im i t ed r i sk :

accoun t i ng r i sk 255 m n

1% o f Gr oup EB I TD A

Sel f - f i nan ced bu s iness

Arg e n t i n a

Genera t ion : ~ 1 5 ,9 00 GW h / y ear 1

Dis t r ibu t ion Sa les:

+ 3 ,4 % 0 9 - 1 4 CA GR

+ 1 0 5 , 0 0 0 c li en t s ( v s .2 0 0 9 )

L im i t ed r i sk :

accoun t i ng r i sk 255 m n

1% o f Gr oup EB I TD A

Sel f - f i n anced bu s iness

1. Average 2009-2014 period

Braz i l

Genera t ion :

~ 5 ,3 0 0 GW h / y ear 1


sales: + 3 .9% 09 - 14 CAGR

+ 1 ,135 ,000 cl i en t s ( v s .2 0 0 9 )

Braz i l

Genera t ion :

~ 5 ,3 0 0 GW h / y ear 1


sales: + 3 .9% 09 - 14 CAGR

+ 1 ,135 ,000 cl i en t s ( vs .

2 0 0 9 )

Or g a n i c g r o w t h a n def f i c ienc ies

Lim i t ed exp osu r e ,ups ide po t en t i a l

Enel SpA


Gr oup s t r a tegy


45/75

44

Gr oup s t r a tegyEnd esa: Focus on I ber ia & La tam

Opera t iona l f i nancia l ta r ge ts

3 . 7 3 . 7

3 . 1

3 . 8

7 .56 .8

2 0 1 1 2 0 1 4

EBI TDA ( bn ) 22 0 1 0 - 2 0 1 4cap ex p r og r am m e ( b n)

2 0 1 0 - 1 4

10 .51

3 5 %

6 5 %

G r o w t hMain tenance Latam

I b e r i a

1. Includes 0.3 (bn) of financial investments2. Enels GAAP

Enel SpA



46/75

45

Fu l v i o Co n t i

Ch ief Ex ecut iv e Of f icer

Enel SpA


Grou p st ra t egy

2 0 1 0 2 0 1 4 Pl an


47/75

46

EBI TDA

Ord in a ry n e t i n c o m e( 6 0 % d i vi d en d p a y - ou t )

Grou p ne t deb t

2 0 1 0 t a r g e t s co n f i r m e dSt r o n g co m m i t m e n t t o d el iv er

2 0 1 1

1 6

4 .1

44 .5

2 0 1 4

1 9

5 .4

3 9

Grou p st ra t egyOvera l l f i nanc ia l t a rge t s

Opera t iona l f i nanc ia l t a rge ts ( bn )

2 0 1 0

1 6

4

4 5

N ew t a r g et s

+ 4 . 4

+ 7 . 1

n . m .

CAGR2 01 0- 14 ( % )

Enel SpA



48/75

Annexes20 09 Resu l t s and 20 10 - 20 14 Plan

Enel SpA


FY20 09 Gr oup t o ta l n e t i n st a l led capaci t y 1 : b r e ak d o w n b y so u r ce

2009 Resu l t s - Ope r a t i ona l annexes


49/75

48

7 7 5

5 ,345

RES- o t her

1 ,134

1 ,242

4

2 3 3 ( 4 )

5 8 5

3 ,198

FY20 09 Gr oup t o ta l n e t i n st a l led capaci t y 1 : b r e ak d o w n b y so u r ceand l ocat i on

MW H y d r o

14 ,431

4 ,689

2 ,329

1 0

9 ,560

31 ,019

Nuclear

-

3 ,522

1 ,762

-

-

5 ,284

Coal

6 ,212

5 ,436

8 5 0

5 0 4

17 ,400

Oi l & gasST/ OCGT

12 ,697

6 ,258 ( 3 )

4 0 0

-

2 ,518

26 ,448

I b e r i a

Cent re l

I t a l y

SEE

Amer icas

TOTAL

CCGT

5 ,946

2 ,163 ( 2 )

-

-

3 ,869

11 ,978

1. Including Group renwable capacity

2. Including 123 MW of installed capacity in Morocco

-- - 3 ,6 2 3 4 ,5 7 5Ru ssia -

TOTAL

40 ,420

23 ,310

1 ,018

17 ,036

8 ,198

95 ,327

3. Including 1,068 MW of installed capacity in Ireland4. Including 68 MW other renewable capacity in France

Enel SpA


FY200 9 Grou p t o ta l ne t p rodu ct i on 1 : b reakd ow n by sou rce and



50/75

49

-

2 ,400

RES- o t her

5 ,504

2 ,998

7

3 5 6 ( 4 )

1 ,596

1 0 ,4 6 1

FY200 9 Grou p t o ta l ne t p rodu ct i on : b reakd ow n by sou rce andloca t ion

GW h H y d r o

28 ,330

7 ,080

4 ,429

1 7

36 ,254

76 ,110

Nuclear

-

18 ,854

13 ,055

-

-

31 ,909

Coal

28 ,517

17 ,157

3 ,732

2 ,210

73 ,907

Oi l & gasST/ OCGT

4 ,548

10 ,192 ( 3 )

-

-

6 ,929

40 ,890

I b e r i a

Cent re l

I t a l y

SEE

Amer icas

TOTAL

CCGT

17 ,121

6 ,298 ( 2 )

-

11 ,112

34 ,531

1. Including Group renewable production

2. Including 768 GWh of net production in Morocco

-- - 1 9 ,8 9 1 1 9 ,2 2 1Ru ssia -

TOTAL

84 ,020

62 ,579

19 ,891

4 ,105

58 ,101

39 ,112

2 6 7 ,8 0 8

3. Including 506 GWh of net production in Ireland4. Including 66 GWh of net production in France

Enel SpA


FY200 9 renew ab les ne t i nsta l l ed capaci t y : b reakdow n by sou r ce



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50

G eo the r ma l

FY200 9 renew ab les ne t i nsta l l ed capaci t y : b reakdow n by sou r ceand l ocat i on

MW W in d Ot h er TOTAL

4 0 6

2 2 2

6 9 5

-

-

4 7

-

1 ,509

2 9

1 0

3 1 3

6 4 3

2 ,5 0 4 7 4 2

4 2 9

4 3 9

2 1 2

2 4

1 ,510

4

2 6

-

2 2

-

5 2

I b e r i a

SEE

I t a l y

N o r t hAmer i ca

La t inAmer ican

TOTAL

2 ,637

4 9 4

7 8 8

6 6 7

4 ,808

H y d r o

Enel SpA


FY2 0 0 9 r e n ew a bl es n e t p r o d u c t i o n : br e ak d o w n b y s ou r c e a n d

200 9 Resu l t s - Ope r a t i ona l annexes


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51

FY2 0 0 9 r e n ew a bl es n e t p r o d u c t i o n : br e ak d o w n b y s ou r c e a n dloca t ion

Hy d r o W in d Ot h er TOTAL

1 ,128

3 3 9

5 ,001

-

-

1 5 5

-

6 ,231

5 8

1 7

9 9 7

3 ,386

1 0 ,6 8 9 5 ,1 5 6

4 9 9

7 6 6

3 2 2

7 5

2 ,790

2

1 4 3

-

1 4 9

-

2 9 4

I b e r i a

SEE

I t a l y

N o r t hAmer i ca

La t inAmer ican

TOTAL

11 ,733

9 6 7

2 ,429

3 ,461

18 ,929

G eo the r ma lGW h

Enel SpA


P d i i



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52

Produc t i on m i x

Gr oup p r oduc t i on m ix

CCGT

Oil & gasCoal

Nuclear

Othe r r enew ab les

H yd r o

2 5 . 4 % 2 8 . 4 %

1 1 . 9 %

2 7 . 6 %

1 7 . 5 % 1 2 . 9 %

1 5 . 3 %

3 . 8 %3 . 9 %

1 3 . 0 %

2 6 . 8 %

1 3 . 5 %

2 6 7 . 8 ( T W h )2 5 3 . 2 ( T W h )

+ 5 . 8 %

2 7 . 0 %3 3 . 7 %

3 3 . 9 %

2 6 . 8 %2 0 . 4 %

5 . 4 %

6 . 6 %5 . 8 %

3 0 . 6 %

9 . 8 %

8 4 . 0 ( T W h )9 6 . 3 ( T W h )

- 12 .8%

2 4 . 5 % 2 6 . 0 %

1 7 . 3 %

2 4 . 7 %

9 . 5 %

2 . 6 % 2 . 7 %

2 1 . 0 %

2 4 . 4 %

1 1 . 7 %

1 9 . 8 %1 5 . 8 %

1 8 3 . 8 ( T W h )1 5 6 . 9 ( T W h )

+ 1 7 . 1 %

Domest i cDomes t i c

I n t e r n a t i o n a lI n t e r n a t i o n a lFY0 8 FY0 9 1

FY0 8 FY0 9

FY0 8 FY0 9 1

1. 2H09 Endesas 100% consolidated

Enel SpA

I nves to r R ela t i ons2009 Resu l t s - Financ ia l annexes

EBI TDA l t i M k t I t l ( )


54/75

53

- 8 3

FY08 Regula tedm a r k e t

FY09Freem a r k e t

5 5 4 - 7 8

3 9 3

- 2 9 %

EBI TDA ev olu t ion Mar k et I t a l y ( m n )

Enel SpA


EBI TDA ev o lu t i on Ser v ices & H ol d in g 1 ( m n )

200 9 Resu l t s - Financ ia l annexes


55/75

54

EBI TDA ev o lu t i on - Ser v ices & H ol d in g 1 ( m n )

1. Including Engineering and Innovation division and intercompany adjustments

+ 5 8

5 3 - 1

+ 5 9 1 1 1

FY0 8 I m po r t FY0 9Other

Enel SpA


EBI T by bu siness a rea ( m n)

2009 Resu l t s - Financ ia l annexes


56/75

55

2 , 2 5 9 2 , 4 8 2

2 , 8 4 43 , 1 0 6

5 5 6

7 8 0

2 , 8 4 8

3 , 4 4 1

1 1 5 1 0

9 3 8

9 8 1

- 2- 6 2FY0 8 FY0 9

+ 1 2 . 7 %

9 ,541

1 0 ,7 5 5

I b e r ia & L a t a m

Mar ke tI & N

S& H

1

G&EM

I n t e r n a t i o n a l

EGP

- 91 .3%

+ 4 0 . 3 %

+ 9 . 9 %

n.a.

+ 2 0 . 8 %

+ 9 . 2 %

EBI T by bu siness a rea ( m n)

- 4 .4 % .

1. Including Engineering and Innovation division and intercompany adjustments

Enel SpA


Balance sheet



57/75

56

Balance sheet

2 0 0 8 2 0 0 9 % m n

Net f in anc ial deb t

Sh a r e h ol d er s e q u it y

Ne t cap i ta l em p loyed

49 ,967

26 ,295

76 ,262

50 ,870

44 ,353

95 ,223

+ 1 . 8

+ 6 8 . 7

+ 2 4 . 9

Enel SpA


D eb t st r u ct u r e 1



58/75

57

Aver a g e d e b t m a tu r i t y : 7 ye ar s an d 1 m o n th

Average cost o f deb t 2 : 5 .0%

( Fi x ed + h e dg ed ) / To t a l l on g - t e r m d eb t : 8 1 %

( Fi x ed + h e dg ed ) / To t a l n e t d eb t : 8 0 %

Rat i ng : S& Ps = A- / A- 2 St ab le o ut l oo k ; Mo od y s = A2 / P- 1 N eg at i v e o ut l oo k

Fi t ch = A - / F2 Sta b l e o u t l o o k

1. As of December 31st, 2009.

2. Including Endesa cost of debt equal to 4.3%.3. Including current maturities of long-term debt.4. Including factoring and other current receivables.

2 0 0 8 % m n 2 0 0 9

D eb t st r u ct u r e

48 ,154

8 ,577

- 6 ,764

49 ,967

48 ,154

8 ,577

- 6 ,764

49 ,967

Long - te r m

Sho r t - t e r m 3

Cash 4

Net deb t

Long - t e r m

Sho r t - t e r m 3

Cash 4

Net deb t

47 ,806

10 ,451

- 7 ,387

50 ,870

47 ,806

10 ,451

- 7 ,387

50 ,870

-0 .7

+ 2 1 . 8

+ 9 . 2

+ 1 . 8

-0 .7

+ 2 1 . 8

+ 9 . 2

+ 1 . 8

Enel SpA


Ene l s g rou p f i nanci al deb t evo lu t i on 1


59/75

58

m n

Bank loans maturities > 12mBonds maturities > 12mPreference shares > 12m

Other loans maturities > 12mFinancial receivables maturities > 12m

To t a l n et L T d e b t - m a t u r i t i e s > 1 2 m

Bank loans maturities < 12mBonds maturities < 12mPreference shares < 12mOther loans maturities < 12m

Financial receivables maturities < 12mTo t a l n et L T d e b t - m a t u r i t i e s < 1 2 m

Other ST bank debtCommercial paperOther ST financial debtST deb t

Factoring receivables

Cash Collateral and other derivatives receivablesOther ST financial receivablesCash at banks and marketable securitiesTo ta l ne t ST deb t ( i nc l. cu r ren t m a tu r i t i es )

Net f inanc ia l debt

Bank loans maturities > 12mBonds maturities > 12mPreference shares > 12m

Other loans maturities > 12mFinancial receivables maturities > 12m

To t a l n et L T d e b t - m a t u r i t i e s > 1 2 m

Bank loans maturities < 12mBonds maturities < 12mPreference shares < 12mOther loans maturities < 12m

Financial receivables maturities < 12mTo t a l n et L T d e b t - m a t u r i t i e s < 1 2 m

Other ST bank debtCommercial paperOther ST financial debtST deb t

Factoring receivables

Cash Collateral and other derivatives receivablesOther ST financial receivablesCash at banks and marketable securitiesTo ta l ne t ST deb t ( i nc l. cu r ren t m a tu r i t i es )

Net f inanc ia l debt

Ene l Group ( exc lud ing Endesa)

25,86716,604

-

158-373

42 ,256

281431

-24

-117 2 5

1,4102,425

973 ,932

-367

--402

-1,9691 ,919

44 ,175

25,86716,604

-

158-373

42 ,256

281431

-24

-117 2 5

1,4102,425

973 ,932

-367

--402

-1,9691 ,919

44 ,175

1 2 .3 1 .2 0 0 8 1 2 .3 1 .2 0 0 9 1 2 .3 1 .2 0 0 8 1 2 .3 1 .2 0 0 9

3,5253,644

973

274-2,518

5 ,898

3091,933

-132

-5131 ,861

1681,367

-1 ,535

-

--292

-3,210- 1 0 6

5 ,792

3,5253,644

973

274-2,518

5 ,898

3091,933

-132

-5131 ,861

1681,367

-1 ,535

-

--292

-3,210- 1 0 6

5 ,792

Gr o u p - To t al

12 .31 .2009

14,22726,220

-

289-748

39 ,988

801292

-20

-121 ,101

8853,937

224 ,844

-304

-893-820

-2,4291 ,499

41 ,487

14,22726,220

-

289-748

39 ,988

801292

-20

-121 ,101

8853,937

224 ,844

-304

-893-820

-2,4291 ,499

41 ,487

Endesa 2

1. As of December 31st, 2009.2. 2008 debt figure reflects proportional consolidation (67.05%). 2009 debt figure reflects full consolidation (100%).

7,4055,6691,463

577-7,296

7 ,818

637804

-355

-7551 ,041

622,636

-2 ,698

-

--336-1,8381 ,565

9 ,383

7,4055,6691,463

577-7,296

7 ,818

637804

-355

-7551 ,041

622,636

-2 ,698

-

--336-1,8381 ,565

9 ,383

21,63231,8891,463

866-8,044

47 ,806

1,4381,096

-375

-7672 ,142

9476,573

227 ,542

-304

-893-1,156-4,2673 ,064

50 ,870

21,63231,8891,463

866-8,044

47 ,806

1,4381,096

-375

-7672 ,142

9476,573

227 ,542

-304

-893-1,156-4,2673 ,064

50 ,870

Ene l s g rou p f i nanci al deb t evo lu t i on

Enel SpA


Ene l s g rou p f i nanci al deb t by subsid i ar y 1


60/75

59

En el SpA Slovensk m n EFI 2 Ot h er To t a lEndesa EI H 2 EP2 ED 2

Bonds

Bank l oans

Preference shares

Ot her loans

Com m erc ia l paper

Other

To ta l

13 ,311

6 ,449

-

( 1 4 9 )

-

( 1 , 0 9 8 )

18 ,513

6 ,473

8 ,042

1 ,463

( 7 , 1 1 9 )

2 ,636

( 2 , 1 1 2 )

9 ,383

1 4 6

1 ,572

-

( 2 0 0 )

9 3

( 1 , 9 5 5 )

( 3 4 4 )

32 ,985

23 ,070

1 ,463

( 7 , 5 7 0 )

6 ,573

( 5 , 6 5 1 )

50 ,870

12 ,339

3 ,803

-

( 9 )

3 ,844

( 2 7 )

19 ,950

5 2 2

-

-

-

-

( 1 5 2 )

3 7 0

1 9 4

1 0 6

-

-

-

( 1 2 0 )

1 8 0

-

7 1 9

-

( 7 )

-

-

7 1 2

-

2 ,379

-

( 8 6 )

-

( 1 8 7 )

2 ,106

Ene l s g rou p f i nanci al deb t by subsi d i ar y

1. As of December 31st, 2009.2. EFI: Enel Financial International; EIH: Enel Investments Holding; EP: Enel Produzione; ED: Enel Distribuzione.

Enel SpA


Ene l s g rou p f in anc ia l deb t



61/75

60

Ene l s g rou p f in anc ia l deb t

5 0 . 95 0 . 0

5 5 . 8

1 1 . 71 2 . 3

2 4 . 52 4 . 22 4 . 5

2 1 . 9

2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9

2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9

5 . 2 %4 . 7 %

4 . 4 % 4 . 4 % 4 . 3 %4 . 6 %

5 . 1 %5 . 5 %

5 . 0 %

2 0 0 1 2 0 0 2 2 0 0 3 2 00 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9

4 :4

7 :7

4 :9

7 :7

5 :105 :2

6 :4

7 :1

Av er age cost o f d eb t Av er ag e r esidu al m at u r i t y

Net f in an cial deb t ( bn ) Fix ed + Hed ged / To t a l n et deb t

4 :11

8 0 . 0 %

5 8 . 0 %

4 7 . 0 %

8 0 . 0 %8 1 . 0 %

5 3 . 0 %6 0 . 0 %

4 4 . 0 %4 2 . 0 %

2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9

Enel SpA


En el s l on g - t e r m d eb t m at u r i t y p r o f i l e ( m n )



62/75

61

2 0 1 1

3461,130

281 ,504

3461,130

281 ,504

g y p ( )

1. Including preference shares

m n

Bank loansBondsOtherTota l

Bank loansBondsOtherTota l

80129220

1 ,113

80129220

1 ,113

< 1 2 m

Enel Grou p ( exc lu d in g Endesa)

2 0 1 2

5,2901,071

306 ,391

5,2901,071

306 ,391

2 0 1 3

3591,517

261 ,902

3591,517

261 ,902

A f t e r 2 0 1 4

4,43720,597

18025 ,214

4,43720,597

18025 ,214

m n

Bank loansBondsOther1

Tota l

Bank loansBondsOther1

Tota l

637804355

1 ,796

637804355

1 ,796

< 1 2 m

Endesa

2 0 1 1

2,618672159

3 ,449

2,618672159

3 ,449

2 0 1 2

2,9691,279

138

4 ,386

2,9691,279

138

4 ,386

2 0 1 3

4401,1021,541

3 ,083

4401,1021,541

3 ,083

A f t er 2 0 1 4

1,0052,051

156

3 ,212

1,0052,051

156

3 ,212

2 0 1 4

3,7951,905

245 ,724

3,7951,905

245 ,724

2 0 1 4

37356547

9 8 5

37356547

9 8 5

Enel SpA


En el Gr o u p l iq u i d i t y a n al ysi s ex c l u di n g En d esa ( m n ) 1



63/75

62

p q y y g ( )

1. As of December 31st, 20092. Including 1,375 mn relating to a committed line pertaining to Slovenske Elektrarne3. Including 4 RURbn commercial paper of OGK-5

60M credit facility for Endesa acquisition

2009 credit facility for Endesa acquisition (2014)

2009 credit facility for Endesa acquisition (2016)Other committed credit lines2

To ta l com m i t t ed cr ed i t l i nes

Other short-term bank debt uncommitted lines

Tot a l c red i t l i nes

Com m erc ia l paper 3

Tot a l c red i t l i nes + CP

Cash and cash equ iva len t s

To ta l l i qu id i t y

4,901

3,443

1,5658,375

18 ,284

1,045

19 ,329

4 ,093

23 ,422

-

23 ,422

Am ou n t Av ai lab leO u ts tand ing

4,901

3,443

1,565600

10 ,509

795

11 ,304

3 ,946

15 ,250

( 2 , 3 3 2 )

12 ,918

-

-

-7,775

7 ,775

250

8 ,025

1 4 7

8 ,172

2 ,332

10 ,504

Enel SpA


En d esa l iq u id i t y an aly sis ( m n ) 1



64/75

63

q y y ( )

To ta l com m i t t ed cr ed i t l i nes

Other short-term bank debt uncommitted lines

Tot a l c red i t l i nes

Commercial paper issued by the Endesa Group

Tot a l c red i t l i nes + CP

Cash and cash equ iva len t s

To ta l l i qu id i t y

9 ,446

1,358

10 ,804

5,000

15 ,804

-

15 ,804

Am ou n t Av ai lab leO u ts tand ing

2 ,200

375

2 ,575

2,640

5 ,215

( 1 , 8 3 8 )

3 ,377

7 ,246

983

8 ,229

2,360

10 ,589

1 ,838

12 ,427

1. As of December 31st, 2009.

Enel SpA


Gen er a t i on & En er g y M an a gem en t - I t a l y



65/75

64

% m n

Revenues

EBI TDA

EBIT

Capex

Headcount

-17 .0

-2 .9

+ 9 . 9

-11 .7

-1 .8

2 0 0 9

1 8 ,3 7 7

3 ,024

2 ,482

7 8 3

6 ,703

2 0 0 8

22 ,143

3 ,113

2 ,259

8 8 7

6 ,829

Enel SpA


Mar k et - I t a ly



66/75

65

% m n

Revenues

EBI TDA

EBIT

Capex

Headcount

-10 .1

-29 .1

-91 .3

+ 1 1 . 1

-5 .0

2 0 0 9

2 0 ,3 3 0

3 9 3

1 0

8 0

3 ,962

2 0 0 8

22 ,609

5 5 4

1 1 5

7 2

4 ,170

Enel SpA


I n f r ast r u ct u r e & N et w or k - I t a ly



67/75

66

% m n

Revenues

EBI TDA

EBIT

Capex

Headcount

+ 1 0 . 8

+ 7 . 2

+ 9 . 2

-21 .0

-9 .1

2 0 0 9

7 ,242

3 ,986

3 ,106

1 ,112

1 9 ,7 0 0

2 0 0 8

6 ,537

3 ,719

2 ,844

1 ,407

21 ,683

Enel SpA





68/75

67

% m n

Revenues

EBI TDA

EBIT

Capex

Headcount

+ 1 7 . 7

+ 3 6 . 4

+ 4 0 . 3

+ 4 8 . 9

-6 .6

2 0 0 9

5 ,540

1 ,424

7 8 0

1 ,014

1 5 ,7 5 2

2 0 0 8

4 ,708

1 ,044

5 5 6

6 8 1

16 ,865

Enel SpA


I b er i a & La t a m



69/75

68

% m n

Revenues

EBI TDA

EBIT

Capex

Headcount

+ 3 6 . 2

+ 2 7 . 6

+ 2 0 . 8

+ 2 4 . 3

+ 4 7 . 6

2 0 0 9

2 1 ,5 3 2

5 ,928

3 ,441

2 ,962

2 6 ,3 0 5

2 0 0 8

15 ,805

4 ,647

2 ,848

2 ,382

17 ,827

Enel SpA


En el Gr een Pow er



70/75

69

% m n

Revenues

EBI TDA

EBIT

Capex

Headcount

-5 .5

-0 .8

-4 .4

-18 .9

+ 1 0 . 4

2 0 0 9

1 ,751

1 ,178

9 3 8

7 7 1

2 ,685

2 0 0 8

1 ,852

1 ,188

9 8 1

9 5 1

2 ,432

Enel SpA


Serv ices & Ho ld in g



71/75

70

2 0 0 9 % m n

Revenues

Hold ing

Serv ices

Eng in eer ing & I nn ova t ion

Oth e r & e l is ions

EBI TDA

Hold ing

Serv ices


Oth e r & e l is ions

2 ,632

6 3 7

1 ,025

9 0 3

6 7

1 1 1

( 2 5 )

1 2 4

1 7

( 5 )

-9 .3

-12 .4

-6 .6

-10 .1

n . m .

+ 64 .8

+ 6 .9

+ 21 .4

2 0 0 8

2 ,901

7 2 7

1 ,096

1 ,005

7 3

5 3

( 7 1 )

1 1 6

1 4

( 6 )

Enel SpA


Serv ices & Ho ld in g - Cont inued

200 9 Resu l t s - Financ ia l annexes


72/75

71

2 0 0 9 % m n

EBI T

Hold ing

Serv ices


Ot he r & e l is i ons

Capex

Hold ing

Serv ices & o t her

Engeneer in g & I nn ova t ion

Headcount

Hold ing

Serv ices & o t her

Engeneer in g & I nn ova t ion

- 2

( 3 4 )

2 3

1 4

( 5 )

1 0 3

6

9 2

5

6 ,101

7 3 1

4 ,168

1 ,202

n . m .

+ 63 .8

-14 .8

+ 27 .3

n .a .

-15 .6

-53 .8

-15 .6

n .a .

-1 .2

-2 .4

-5 .4

+ 17 .8

2 0 0 8

- 6 2

( 9 4 )

2 7

1 1

( 6 )

1 2 2

1 3

1 0 9

-

6 ,175

7 4 9

4 ,406

1 ,020

Enel SpA


Fo cu s o n ca pe x b y b u si n ess ar e a ( m n ) 1



73/75

72

8 8 7 7 8 3

1 , 4 0 71 , 1 1 2

6 8 11 , 0 1 4

2 , 3 8 22 , 9 6 2

7 28 0

9 5 1

7 7 11 2 2

1 0 3

FY0 8 FY0 9

+ 5 . 0 %

6 .5026 ,825

I be r i a & La tam

Marke t

I & N

S& H

G&EM


EGP

1. Continuing operations only

Enel SpA


Disc la imer


74/75

73

Th is p resen ta t i on con t a ins cer t a in st a tem en ts th a t a re ne i the r r epo r t ed f i nancia lr e su l t s n o r oth e r h i sto r i cal i n fo r m a t i o n ( f o r w a r d - l oo k i n g sta te m e n ts ) . Th e sefo rw ard - l ook ing s ta t em en ts are based on Ene l S.p .A . s cu r ren t expect a t i ons and

p ro j ect i ons abou t fu t u re even ts . Because th ese fo rw ard - l ook ing sta t em en ts a resub jec t to r i sks and uncer t a in t i es, actu a l fu t u re resu l t s m ay d i f fe r m a te r i a l l yf r o m th o se exp r e sse d i n o r i m p l i ed b y t h e se sta te m e n ts d u e t o a n y n u m b e r o fd i f fe ren t fact o rs , m any o f w h ich a re beyond th e ab i l i t y o f Ene l S.p .A . to con t ro lo r est im a te p reci se l y , i nc lud ing changes i n th e regu lat o ry env i r onm en t , fu tu rem arke t deve lopm en ts , f l uc tua t i ons in t he p r i ce and ava il ab i l it y o f fu e l and o th e r

r i sks . You a re cau t i oned no t t o p lace undu e re l i ance on th e fo rw ard - l ook ings ta tem en ts con t a ined he re in , w h ich are m ade on l y as of t he da te o f th i sp r esen t a t ion . Ene l S.p .A. does no t u nder t ake any ob l iga t ion to pub l i c l y re leasea n y r e v i si o n s t o a n y f o r w a r d - l oo k i n g s ta te m e n ts t o r e f le ct e ven ts o rc ir cum stances a f te r t he da te o f th i s p resen t a t i on .

Pu rsuan t to a r t . 154 -B I S, pa r . 2 , o f t he Un i f i ed Financ ia l Act o f Feb rua ry 24 ,199 8 , the execu t i ve in cha rge of p repa r in g th e co rpo r a te accoun t i ng docum en tsa t Ene l , Lu ig i Fer r a r i s , dec lares tha t t he accoun t ing in f o rm at ion con t a ined here incor r espond t o docum en t resu l t s , books and accoun t i ng reco rds .

Enel SpA


Cont act us


75/75

74

I nv est o r Re lat i ons Team ( i nves to r .re la t i on s@ene l .com )

Visi t o ur w eb si t e a t :

w w w .e n el .co m ( I n ve sto r Re la t i o n s)

Visi t o ur w eb si t e a t :

w w w .e n el .co m ( I n ve sto r Re la t i o n s)

Luca Tor ch ia ( Head o f I R)

Pedr o Caam ero ( Eq u i t y I R)

Donate l l a I zzo ( Fix ed in com e I R)

+ 3 9 0 6 8 3 0 5 3 43 7

+ 3 9 0 6 8 3 0 5 5 29 2

+ 3 9 0 6 8 3 0 5 7 44 9

+ 3 9 0 6 8 3 0 5 3 43 7

+ 3 9 0 6 8 3 0 5 5 29 2

+ 3 9 0 6 8 3 0 5 7 44 9

Documents

Enel 2009 FY Results 2010 14 Plan