Enel Risultati Finanziari

Enel SpA Investor Relations
1Q2012 Results
May 10, 2012
Agenda
1Q2012 results Annexes
1Q2012 results
1Q12 electricity demand vs. Plan assumptions
Electricity demand 1Q2012
Electricity demand 2011-2016 CAGR
Italy
1Q12 actual FY12 budget
-1.9% 1.9% +0.4% -1.0% -0.8% 0 8% +2.8% +1.0% -0.8% +1.6% +5.9% +4.4%
Italy
+1.2% +1 2%
Spain1
1Q12 actual FY12 b d t budget
Spain1
+1.5%
Russia
Russia
+1.3%
Slovakia
Slovakia
+1.8%
Latam2,3
Latam2,3
+5.1%
Budget
1. Peninsular 2. Brazil, Chile (CIS), Colombia, Peru, Argentina 3. Average demand growth weighted by production
Mature markets
Growth markets 2
1Q2012 results
Financial highlights: consolidated
mn Revenues EBITDA EBIT Group net income Group net ordinary income Net debt
1Q11 19,536 4,399 3,036 1,201 1,182 44,629

(2),(3)
1Q12 21,193 4,302 2,902 1,184 1,003 45,617

(1)
% +8.5 -2.2 -4.4 -1.4 -15.2 +2.2
(3)
1. Excluding capital gains, losses and one-off items 2. As of December 31, 2011 3. Excluding net debt of assets held for sale
1Q2012 results
From EBIT to Net Income
mn
EBIT Net financial charges
Interest charges Other
1Q11
3,036 738
667 71
1Q12
2,902 635
747 (112)
%
-4.4 -14.0
+12.0 n.m.
Net income from equity investments et co e o equ ty est e ts using equity method EBT Income tax Net income (continuing operations & including third parties) Minorities Group net income
(58) ( 8) 2,356 830 1,526 325 1,201 1 201
(26) 2,293 792 1,501 317 1,184 1 184
-55.2 -2.7 -4.6 4.6 -1.6 -2.5 -1.4 14
1Q2012 results
Focus on forward electricity sales

Level of total production hedged (%)
Italy 100
~ 10
Spain 100
~ 55 ~ 45(1)
100
100
~ 65-70 ~ 30-35
~ 90(1)
2012 Latam 100

~ 20-25 ~75-80 75 80
2013
2012 Slovakia 100
2013(2) 100
~ 60
100
~ 35-40 ~ 60 65 60-65
~ 40
2012
Unhedged Hedged
2013
2012
2013
1. Including roll-over 2. Not including domestic coal output
1Q2012 results
Group EBITDA evolution (mn)

-2.2% 4,399
11 390
-118
-3
-30
-26
+61
-11
+30
4,302
379 41
1,820 1 820
1,881
449
984 179 566
Other1 EGP Iberia & Latam International I&N Market G&EM
423
954 176 448
1Q11
G&EM Italy
Market Italy
I&N Italy
International
Iberia & Latam
EGP
Other
1Q12
1. Including Services & Holding, Engineering & Innovation, upstream gas and nuclear activities
1Q2012 results
EBITDA evolution: G&EM Italy (mn)
-20.8% -81 81
566
+43
-80 448
1Q11
Generation margin
Trading margin
Other
1Q12
1Q2012 results
EBITDA evolution: Market Italy (mn)
-1.7%
179
-5 5
+2 2
176
1Q11
Free market
Regulated market
1Q12
1Q2012 results
EBITDA evolution: Infrastructure & Networks Italy (mn)
-3.0%
984
+6
-2
-34
954
1Q11
Energy margin
Connection fees
Other
1Q12
1Q2012 results
EBITDA evolution: International (mn)
-5.8%
449
+17
-54 -14 +25
423
121 146 41 71 Russia France & Belgium SEE Centrel 27 17
216
234
1Q11
Centrel1
SEE2
France & Belgium3
Russia
1Q12
1. Slovensk Elektrrne 2. Romanian, Bulgarian and Greek operations 3. Including Enel Investment Holding
10
1Q2012 results
Focus on Russia: SeverEnergia

Production (bcm) Enels stake
CAGR: ~ +200%
4.7
0.3 West Siberia 2012 2016

Moscow
Noviy Urengoy
SeverEnergia to become the second independent g p Russian gas producer

11
1Q2012 results
EBITDA evolution1: Endesa - Iberia2 (mn)
-2.3%
1,133
-5
-47
+26
1,107
1Q11
Liberalized business
Regulated business
Other
1Q12
1. Enels GAAP figures 2. Including Ireland and Marocco
12
1Q2012 results
EBITDA evolution1: Endesa - Latam (mn)
+12.7%
687
-83
+82
+67
+21
774
1Q11
Generation
Distribution
Other
Forex effect
1Q12
1. Enels GAAP figures
13
1Q2012 results
EBITDA evolution: Enel Green Power (mn)
+8.0%
390
40 137
-39 351
24 114
-4
+17
+13
+2
379
37 131
213
213
Enel.si North America Iberia and Latin America Italy and Europe
209
1Q11
Other
1Q11 adjusted
Italy and Europe
Iberia and Latin America
North America
Enel.si
1Q12
14
1Q2012 results
Net debt evolution (mn)
+988
(1)
December 31, Cash-flow 2011 from operations
Capex
Net financial charges2
Dividends3
Extraordinary activities
March 31, 2012
+1(4)
+1(4)
-44,629
-45,617
+1,019 ,0 9
-1,336 -1 336
-747 747
-78 78
+154 154
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
1Q2012 results Annexes
16
1Q2012 results - Operational annexes
Production mix (TWh)

19.7 Group production mix
+6.1%
Italy
1.2% 23.2% 38.5%
+0.0%
19.7
2.7% 18.0%
54.4% 54 4% 7.7% 8.0% 16.9%
73.5
13.1% 16.7% 28.0% 13.2% 4.3% 24.7%
78.0
11.9% 11 9% 16.3% 33.3%
29.4%
1Q11
+8.4%
1Q12
14.3% 4.8% 19.4%
53.8
17.5% 14.3%
58.3
15.0% 15.6% 26.1% 19.2% 3.8% 20.3%
1Q11
Other renewables Hydro
1Q12
Coal Nuclear Oil & gas CCGT
International
24.2% 18.0% 3.1% 22.9%
1Q11
1Q12
17
1Q12 Group total net installed capacity1: breakdown by source and location
MW Italy Hydro 13,648 Other ren. 1,463 Nuclear Coal 6,746 CCGT 5,916 Oil & gas ST/OCGT 12,022 TOTAL
39,795 25,008 5,401 673 17,320 9,007 97,204

18
Iberia
4,729
1,772
3,535
5,533
4,682(2)
4,757(3)
Centrel
2,329
1,816
849
400
SEE
19
( ) 654(4)
Americas
9,675
801
488
4,304
2,052
Russia
3,623
809
4,575
TOTAL
30,400
4,697
5,351
17,239
15,711
23,806
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 166 MW other renewable capacity in France
1Q2012 Group total net production1: breakdown by source and location

GWh Italy Hydro 3,327 Other ren. 1,576 Nuclear Coal 10,717 CCGT 3,543 Oil & gas ST/OCGT 531 TOTAL
19,694 22,636 5,611 361 17,592 12,104 77,998

19
Iberia
1,019
1,064
7,276
8,741
2,120(2)
2,416(3)
Centrel
1,150
3,897
556
SEE
18
( ) 343(4)
Americas
9,628
801
540
5,669
954
Russia
5,382
1,343
5,379
TOTAL
15,142
3,792
11,173
25,936
12,675
9,280
1. Including Group renewable production 2. Including 226 GWh of net production in Morocco
3. Including 7 GWh of net production in Ireland 4. Including 91 GWh of net production in France
1Q2012 renewables net installed capacity: breakdown by source and location

MW Italy & Europe Hydro 1,531 Geothermal 722 Wind 1,272 Other 82 TOTAL
3,607
Iberia & Latam
786
1,675
120
2,581
North America
313
47
605
48
1,013 1 013
TOTAL
2,630
769
3,552
250
7,201
20
1Q2012 renewables net production: breakdown by source and location

GWh Italy & Europe Hydro H d o 917 Geothermal Geothe mal 1,302 Wind 602 Other Othe 14 TOTAL
2,835
Iberia & Latam
914
975
120
2,009
North America
284
82
600
56
1,022 1 022
TOTAL
2,115
1,384
2,177
190
5,866
21
1Q2012 results - Financial annexes
Group EBITDA: regulated/unregulated activities
1Q2012 EBITDA 4,302 mn

Stability and high visibility 9% 48%
43%
Forward sales and hedging procurement contracts to protect margin
Unregulated Regulated EGP
22
EBITDA evolution - Other1 (mn)
+31
+13 +18
41
10
1Q11
Services
Other
1Q12
23
Enel s long term Enels long-term debt maturity profile (mn)
Endesa E d Enel Group (excluding Endesa)
30,016
3,073 3 073
Bonds Bank loans and others
3,051 3,970
7,021
3,750 3,271
26,943
5,825 2,139
793 1,346 1,121 4,704
5,106 ,
683 4,423
6,477
805 5,672
<12m
Q Q 2Q13-4Q13
2014
2015
2016
After 2016
6 years and 7 month Average cost of gross debt: 5.0% A t f d bt 5 0%

24
Enel Group liquidity analysis (mn)
Amount Committed credit lines Cash and cash equivalents Total Uncommitted lines Commercial paper 23,995 23,955 1,724 1 724 9,300
Outstanding 5,516 (8,994) (3,478) 120 7,060
Available 18,439(1) 8,994 27,443 1,604 2,239
Total liquidity
34,979
3,702
31,276
1. Of which 15bn with maturity after 2014 25
Debt structure1
Average debt maturity: 6 years and 7 months Average cost of gross debt2: 5.0% (Fixed+hedged)/Total gross long-term debt: 82% (Fixed+hedged)/Total net debt: 97% Rating: Standard&Poors = BBB+/A-2 Stable Outlook Moodys = A3/P-2 Negative outlook Fitch = A-/F2 Negative outlook
mn Long-term Short-term3 Cash4 Net debt
1. 2. 3. 4. As of March 31st, 2012 Average cost of net debt equal to 6.5% Including current maturities of long-term debt Including factoring and other current receivables
December 31, 2011 45,127 14,471 (14,969) 44,629
March 31, 2012 46,056 15,058 (15,497) 45,617
% +2.1 +4.1 +3.5 +2.2
26
Enel s Enels group financial debt evolution1
mn
Enel Group ( p (excluding Endesa) g ) 12.31.2011

8,333 32,445 398 -2,499 38,677 4,199 1,075 139 -110 5,303 826 2,016 650 4 3,496 -370 370 -1,076 -592 -4,313 2,448 41,125 41 125
Endesa 12.31.2011
1,585 5,016 180 746 -1,077 6,450 2,695 1,398 166 -5,522 -1,263 62 1,188 53 1,303 -232 -2,754 -2,946 3,504 3 504
Group - Total p 03.31.2012

9,501 38,928 1,134 -3,507 46,056 3,503 3,051 180 287 -4,342 2,679 280 7,049 646 62 8,037 -237 237 -1,197 -681 -9,040 -439 45,617 45 617
03.31.2012
7,904 34,774 410 -2,421 40,667 2,317 824 130 -38 3,233 223 5,270 646 6 6,145 -237 237 -1,197 -464 -5,832 1,648 42,315 42 315
03.31.2012
1,597 4,154 724 -1,086 5,389 1,186 2,227 180 157 -4,304 -554 57 1,779 56 1,892 -217 -3,208 -2,087 3,302 3 302
Bank loans maturities > 12m Bonds maturities > 12m Preference shares > 12m Other loans maturities > 12m Financial receivables maturities > 12m Total net LT debt - maturities > 12m Bank loans maturities < 12m Bonds maturities < 12m Preference shares < 12m Other loans maturities < 12m Financial receivables maturities < 12m Total net LT debt - maturities < 12m Other ST bank debt Commercial paper Cash Collateral and other derivatives payables Other ST financial debt ST debt 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) Net financial debt N t fi i l d bt
1. As of March 31st, 2012
27
Enel s Enels group financial debt by subsidiary1
mn Bonds Bank loans
Enel SpA 17,213 2,466 -
Endesa 6,381 2,783 180
EFI2 17,851 1,512 5,270 24,633 24 633
EIH2 Slovensk 297 (14) 283 839 (584) (1) 254
EP2 605 (247) (73) 285
ED2 2,974 (466) -
Other 237 1,825 (462) -
Total 41,979 13,004 180 (6,428) 7,049
Preference shares Other loans Commercial paper Other Total
(160) (4,509) 1,779
(4,425) (3,312) 15,094 15 094 3,302 3 302
(86) (2,256) (10,167) 2,422 2 422 (656) 45,617 45 617
1. As of March 31st, 2012 2. EFI: Enel Financial International; EIH: Enel Investments Holding; EP: Enel Produzione; ED: Enel Distribuzione
28
Enel s Enels group financial debt
Average cost of net debt

6.5%
Average cost of gross debt
Average residual maturity (years:months)
5.5%
5.9%
4.6%
4.9%
5.0%
6.8
6.7
6.7
2010
2011
1Q12
2010
2011
1Q12
2010
2011
1Q12
Net financial debt (bn)

44.9 44.6 45.6 45 6
Fixed + Hedged /Total net debt

93% 96% 97%
Fixed + Hedged /Total gross long term debt

78% 82%
79%
2010
2011
1Q12
2010
2011
1Q12
2010
2011
1Q12
29
Enel s long term Enels long-term debt maturity profile (mn)
Enel Group (excluding Endesa) mn Bank loans Bonds Other Total Endesa mn Bank loans Bonds Other1 Total <12m 1,186 2,227 337 3,750 2Q13 4Q13 2Q13-4Q13 222 477 94 793 2014 0 364 655 102 1,121 2015 205 419 59 683 2016 203 545 57 805 After 2016 te 0 6 603 2,058 412 3,073 <12m 2,317 824 130 3,271 2Q13-4Q13 360 927 59 1,346 2014 2,557 2,105 42 4,704 2015 653 3,719 51 4,423 2016 1,110 4,508 54 5,672 After 2016 3,224 23,515 204 26,943
1. Including preference shares
30
Enel Group liquidity analysis excluding Endesa (mn)1
Amount 60M credit facility for Endesa acquisition 2009 credit facility for Endesa acquisition (2014) 2009 credit facility for Endesa acquisition (2016) Other committed credit lines2 Total committed credit lines Other short-term Othe sho t te m bank debt uncommitted lines ncommitted Total credit lines Commercial paper Total credit lines + CP Cash and cash equivalents 1,933 1,359 617 14,271 18,180 276 18,456 6,000 24,456 -
Outstanding 1,933 1,359 617 1,327 5,236 103 5,339 5,279 10,618 (5,786)
Available 12,944 12,944 173 13,117 721 13,838 5,786
Total liquidity q y
24,456
4,832
19,624
1. As of March 31st, 2012 2. Including 1,420mn relating to a committed line pertaining to Slovenske Elektrarne
31
Endesa liquidity analysis (mn)1
Amount Total committed credit lines Other short-term bank debt uncommitted lines Total credit lines Commercial paper issued by the Endesa Group Total credit lines + CP Cash and cash equivalents , 5,775 1,448 7,223 3,300 3 300 10,522 -
Outstanding 280 17 297 1,781 1 781 2,078 (3,208)
Available 5,495 , 1,431 6,926 1,518 1 518 8,444 3,208
Total liquidity
1,522
(1,130)
11,652
32
Capex by business area (mn)1
+16.1% 1,314 1,132 1 132

4 75 5
275 204 356 417

Other2 EGP Iberia & Latam International I&N Market G&EM
229 238
1
262
309 34
3
39
1Q11
1Q12
1. Continuing operations, gross of connection fees 2. Including Services & Holding, Engineering & Innovation, upstream gas and nuclear activities
33
Balance sheet
mn
Net financial debt Shareholders equity Net capital employed p p y
FY11 44,629 44 629 54,440 99,069 ,
1Q12 45,617 45 617 55,577 101,194 ,
% +2.2 +2 2 +2.1 +2.1
34
Generation & Energy Management - Italy
mn Revenues EBITDA EBIT Capex Headcount
1Q11 5,094 566 426 39 6,277 6 277

(1)
1Q12 6,035 448 296 34 6,225 6 225
% +18.5 -20.8 -30.5 30 5 -12.8 -0.8 -0 8
1. As of December 31st, 2011
35
Market - Italy
1Q11 4,930 179 122 1 3,745 3 745

(1)
1Q12 5,325 176 94 3 3,696 3 696
% +8.0 -1.7 -23.0 23 0 +200.0 -1.3 -1 3
36
Infrastructure & Network - Italy
1Q11 1,783 984 759 238 18,951 18 951

(1)
1Q12 1,806 954 724 309 18,883 18 883
% +1.3 -3.0 -4.6 46 +29.8 -0.4 -0 4
37
International
1Q11 2,025 449 294 229 13,779 13 779

(1)
1Q12 2,300 423 335 262 13,673 13 673
% +13.6 -5.8 +13.9 +13 9 +14.4 -0.8 -0 8
38
Iberia & Latam
1Q11 8,097 1,820 1,152 1 152 417 22,877 22 877

(1)
1Q12 8,491 1,881 1,172 1 172 356 22,985 22 985
% +4.9 +3.4 +1.7 +1 7 -14.6 +0.5 +0 5
39
Enel Green Power
1Q11 606 390 299 204 3,229 3 229

(1)
1Q12 605 379 266 275 3,300 3 300
% -0.2 -2.8 -11.0 11 0 34.8 +2.2 +2 2
40
Other1
mn
1Q11
1Q12
Revenues2
Holding Services Engineering & Innovation Upstream
474
158 251 93 1
461
73 335 83 1
-2.7
-53.8 +33.5 -10.8 10 8 -
EBITDA3
Holding Services Engineering & Innovation i i i Upstream
11
(17) 36 (1) ( ) (4)
41
(7) 54 (2) (4)
+272.7
-58.8 +50.0 +100 00 -
1. Including Services & Holding, Engineering & Innovation, upstream gas and nuclear activities 2. Including Other & Elisions of -29mn in 1Q11 and -31mn in 1Q12 3. Including Other & Elisions of -3mn in 1Q11 and 0mn in 1Q12
41
Other1 - Continued
mn
EBIT2
Holding H ldi Services & other Engineering & Innovation Upstream
1Q11
(16)
(19) 12 (2) (4)
1Q12
15
(9) 32 (3) (5)
%
n.m.
-52.6 52 6 +166.7 +50.0 +25.0
Capex
Holding Services & other Engineering & Innovation Upstream
4
1 3 0 0
75
0 10 0 65
(3)
+1,775
n.m. +233.3 n.m.
Headcount
Holding Services & other Engineering & Innovation p Upstream
6,502
873 4,245 1,327 57
6,486
863 4,257 1,307 59
-0.2
-1.1 +0.3 -1.5 +3.5
1. Including Services & Holding, Engineering & Innovation, upstream gas and nuclear activities 2. Including Other & Elisions of -3mn in 1Q11 and 0mn in 1Q12 3. As of December 31st, 2011
42
EBIT by business area (mn)

-4.4%
3,036
299
2,902 ,
266
15
-11.0%
Other Oth 1 EGP Iberia & Latam International I&N Market G&EM
1,152 , 1,172 294 759 724 122 426 -16 94 296 -4.6% -23.0% -30.5% +1.7%
335
+13.9% +13 9%
1Q11
1Q12
43
Disclaimer
This presentation may contain 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 future events. Because these forward-looking 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 S.p.A. precisely 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 th date of this presentation. Enel S A d d l f the d t f thi t ti E l S.p.A. does not undertake t d t k any obligation to publicly release any revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation. Pursuant P s ant to art. 154-BIS, par. 2 of the Unified Financial Act of Feb a 24, a t 154 BIS pa 2, 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
Investor Relations Team ([email protected]) (investor relations@enel com)

Luca Torchia
(Head of IR) (Equity IR) (Fixed income IR)
+39 06 8305 3437 +39 06 8305 5292 +39 06 8305 2708
Pedro Caamero Elisabetta Ghezzi
Matteo Cavadini Marco Donati Federica Dori
(Staff)
+39 06 8305 2326 +39 06 8305 9252 +39 06 8305 7975 +39 06 8305 9502 Visit our website at:
(Staff) (Staff) (Staff)
Federica Todaro
www.enel.com (Investor Relations)

45

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Enel SpA Investor Relations

May 10, 2012

Enel SpA Investor Relations

1Q2012 results Annexes

Enel SpA Investor Relations

1Q12 electricity demand vs. Plan assumptions

Electricity demand 1Q2012

Electricity demand 2011-2016 CAGR

1Q12 actual FY12 budget

1Q12 actual FY12 b d t budget

1Q12 actual FY12 budget

1Q12 actual FY12 budget

1Q12 actual FY12 budget

Enel SpA Investor Relations

Financial highlights: consolidated

1Q11 19,536 4,399 3,036 1,201 1,182 44,629

1Q12 21,193 4,302 2,902 1,184 1,003 45,617

% +8.5 -2.2 -4.4 -1.4 -15.2 +2.2

Enel SpA Investor Relations

From EBIT to Net Income

(58) ( 8) 2,356 830 1,526 325 1,201 1 201

(26) 2,293 792 1,501 317 1,184 1 184

-55.2 -2.7 -4.6 4.6 -1.6 -2.5 -1.4 14

Enel SpA Investor Relations

Focus on forward electricity sales

2012 Latam 100

2012 Slovakia 100

1. Including roll-over 2. Not including domestic coal output

Enel SpA Investor Relations

Group EBITDA evolution (mn)

984 179 566

Other1 EGP Iberia & Latam International I&N Market G&EM

954 176 448

Iberia & Latam

Enel SpA Investor Relations

EBITDA evolution: G&EM Italy (mn)

Enel SpA Investor Relations

EBITDA evolution: Market Italy (mn)

Enel SpA Investor Relations

EBITDA evolution: Infrastructure & Networks Italy (mn)

Enel SpA Investor Relations

EBITDA evolution: International (mn)

-54 -14 +25

121 146 41 71 Russia France & Belgium SEE Centrel 27 17

France & Belgium3

Enel SpA Investor Relations

Focus on Russia: SeverEnergia

0.3 West Siberia 2012 2016

SeverEnergia to become the second independent g p Russian gas producer

Enel SpA Investor Relations

EBITDA evolution1: Endesa - Iberia2 (mn)

1. Enels GAAP figures 2. Including Ireland and Marocco

Enel SpA Investor Relations

EBITDA evolution1: Endesa - Latam (mn)

1. Enels GAAP figures

Enel SpA Investor Relations

EBITDA evolution: Enel Green Power (mn)

Italy and Europe

Iberia and Latin America