1 Q 2007 Consolidated Results

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1 Q 2007 Consolidated Results

  1. 1. 1Q2007 Consolidated Results Luigi Ferraris - Executive VP Accounting, Planning and Control Rome, May 9, 2007
  2. 2. Enel SpA Investor Relations Agenda 1Q2007 Results Questions & Answers Annexes 2
  3. 3. Enel SpA 1Q2007 Results Investor Relations Financial highlights €mn 1Q06 1Q07 % Revenues 10,251 9,728 -5,1 EBITDA 2,107 2,332 +10,7 Group net income 842 943 +12,0 Net debt 11,6901 14,994 +28,3 1. As of December 31, 2006 3
  4. 4. Enel SpA 1Q2007 Results Investor Relations Operational data: Enel’s total electricity sales (TWh) +7.8% +7.8% 43.1 40.0 International 2.5 7.7 Italy 37.5 35.4 1Q06 1Q07 4
  5. 5. Enel SpA 1Q2007 Results Investor Relations Operational data: Italian market overview (TWh) -1.6% -1.6% 86.5 85.1 Import 7.4 13.1 Net production 52.7 51.7 Enel Net production 28.6 22.3 Pumped storage -2.2 -2.0 consumption 1Q06 1Q07 5
  6. 6. Enel SpA 1Q2007 Results Investor Relations Operational data: Enel’s domestic electricity sales Free customers2 (thousand) Electricity – Total market sales1 (TWh) 458 -1.6% -1.6% 81.0 79.7 +3.2% +3.2% Regulated Other 12.5 12.9 market -16.9% Enel 32.6 -16.9% 27.1 57 +1.3% +1.3% Free 31.4 Other 31.0 market Enel +69.4% +69.4% 8.3 4.9 1Q06 1Q07 1. Excluding losses on the grid. Data relating to other operators are Enel’s estimates 2. Including Dual Energy 6
  7. 7. Enel SpA 1Q2007 Results Investor Relations Operational data: Italian gas market overview (bcm) 30.0 -12.7% 0.5 -12.7% 26.2 0.4 Other 8.1 Thermoelectric 8.3 5.5 Industrials 5.3 Residential & Commercial 15.9 12.2 1Q06 1Q07 Source: Ministry of the Economic Development and Enel estimates 7
  8. 8. Enel SpA 1Q2007 Results Investor Relations Operational data: Enel’s domestic gas sales Gas – Total volumes sold (bcm) Gas – Enel customers (thousand) -14.3% -14.3% +6.4% +6.4% 2,347 2,205 2.1 1.8 1Q06 1Q07 1Q06 1Q07 8
  9. 9. Enel SpA 1Q2007 Results Investor Relations Operational data: Group total production (TWh) -1.3% -1.3% 32.0 31.6 International 3.4 9.3 Domestic 28.6 22.3 1Q06 1Q07 9
  10. 10. Enel SpA 1Q2007 Results Investor Relations Operational data: Group total production mix (%) -1.3% -1.3% 32.0 TWh 31.6 TWh 10.5 31.0 17.1 Oil & Gas ST/OCGT 13.6 Gas CCGT 31.0 Coal Nuclear 29.8 Other renewables 13.0 Hydro 5.6 5.8 19.8 22.8 1Q06 1Q07 10
  11. 11. Enel SpA 1Q2007 Results Investor Relations Operational data: Group total electricity distribution Electricity – Volumes distributed (TWh) -2.5% -2.5% 67.8 66.1 International 3.2 3.2 Domestic 64.6 62.9 1Q06 1Q07 11
  12. 12. Enel SpA 1Q2007 Results Investor Relations Operational data: Enel’s domestic gas distribution Gas – Volumes distributed (bcm) Gas – End users (thousand) -22.2% -22.2% +3.6% +3.6% 1.8 1,965 2,036 1.4 1Q06 1Q07 1Q06 1Q07 12
  13. 13. Enel SpA 1Q2007 Results Investor Relations EBITDA evolution (€mn) +225 +225 +141 -57 2,332 +59 2,107 +25 +57 68 43 985 928 Market G&EM N&I International 905 846 1 S&H 176 317 114 57 1Q06 Market G&EM I&R International S&H 1Q07 1. Including intercompany adjustments 13
  14. 14. Enel SpA 1Q2007 Results Investor Relations EBITDA evolution: domestic market division (€mn) +25 +25 +12 68 +13 43 1Q06 Regulated Free 1Q07 market market 14
  15. 15. Enel SpA 1Q2007 Results Investor Relations EBITDA evolution: domestic G&EM division (€mn) +57 +57 +141 -92 985 928 +8 1Q06 Generation Fair value Non 1Q07 margin Bilateral recurring contracts with SB 15
  16. 16. Enel SpA 1Q2007 Results Investor Relations EBITDA evolution: domestic I&N division (€mn) +59 +59 +11 905 846 +48 846 894 1Q06 Electricity Gas 1Q07 16
  17. 17. Enel SpA 1Q2007 Results Investor Relations EBITDA evolution: international division (€mn) +141 +141 -30 +189 -3 -29 +20 +1 -12 317 -7 12 1 54 31 176 -18 27 Iberia 19 Slovakia Romania 72 Bulgaria North America 189 South America 11 Russia 30 France 44 15 Iberia Slovakia Romania Bulgaria North South Russia France -12 1Q06 America America 1Q07 17
  18. 18. Enel SpA 1Q2007 Results Investor Relations EBITDA evolution: services & holding1 (€mn) -57 -57 114 -52 -23 +18 57 1Q06 Import Non Other 1Q07 recurring 1. Including intercompany adjustments 18
  19. 19. Enel SpA 1Q2007 Results Investor Relations Net debt evolution (€mn) -3,304 -3,304 Cash flow Extra- Net FY06 from Capex ordinary financial 1Q07 operations activities charges -698 -11,690 +1,871 -4,330 -147 -14,994 19
  20. 20. Enel SpA Investor Relations Agenda 1Q07 Results Questions and Answers Annexes 20
  21. 21. Enel SpA Investor Relations Operational data: Enel’s domestic production mix (%) -6.3TWh -22.0% 28.6TWh 22.3TWh 15.2 24.3 19.3 CCGT 21.3 Hydro Coal 26.0 Oil & Gas Other 33.0 renewables 34.5 14.9 5.0 6.5 1Q06 1Q07 21
  22. 22. Enel SpA Investor Relations Operational data: Enel’s International production mix (%) +5.9TWh +173.5% 3.4TWh 9.3TWh 23.7 44.2 Nuclear Hydro Coal 62.3 26.5 Oil & Gas Other renewables 25.8 2.0 0.1 12.0 3.4 1Q06 1Q07 22
  23. 23. Enel SpA Investor Relations Income statement € mn 1Q06 1Q07 % Operating revenues 10,251 9,728 -5.1% Operating costs 7,967 7,396 -7.2% EBITDA 2,107 2,332 10.7% % of revenues 21% 24% EBIT 1,583 1,709 8.0% % of revenues 15% 18% 23
  24. 24. Enel SpA Investor Relations From EBIT to EPS € mn 1Q06 1Q07 % EBIT 1,583 1,709 8.0% Net financial charges -131 -125 -4.6% EBT 1,452 1,584 9.1% Net income (including third parties) 875 987 12.8% Group net income 842 943 12.0% EPS (€) 0.14 0.15 24
  25. 25. Enel SpA Investor Relations Balance sheet € mn FY06 1Q07 % Net financial debt 11,690 14,994 28.3% Shareholders' equity 19,025 20,521 7.9% Net capital employed 30,715 35,515 15.6% 25
  26. 26. Enel SpA Investor Relations EBIT by business area (€mn) +126mn +8.0% 1,709 1,583 33 +83.3% 18 Market 754 +8.5% 695 G&M I&N +6.9% International 697 652 S&H +52.0% 127 193 -64.8% 91 32 1Q06 1Q07 26
  27. 27. Enel SpA Investor Relations Market € mn 1Q06 1Q07 Revenues 5,889 5,615 EBITDA 43 68 EBIT 18 33 Capex 9 4 1 Headcount 5,176 5,147 1. As of December 31, 2006 27
  28. 28. Enel SpA Investor Relations Generation & Energy Management € mn 1Q06 1Q07 Revenues 4,536 4,023 EBITDA 928 985 EBIT 695 754 Capex 151 223 Headcount 9,573 1 9,569 1. As of December 31, 2006 28
  29. 29. Enel SpA Investor Relations Infrastructure & Network € mn 1Q06 1Q07 Revenues 1,375 1,383 Power 1,261 1,262 Gas 114 121 EBITDA 846 905 Power 775 823 Gas 71 82 EBIT 652 697 Power 599 638 Gas 53 59 Capex 288 315 1 Headcount 24,701 24,244 1. As of December 31, 2006 29
  30. 30. Enel SpA Investor Relations International activities € mn 1Q06 1Q07 Revenues 607 1,059 EBITDA 176 317 EBIT 127 193 Capex 37 144 Headcount 13,861 1 13,821 1. As of December 31, 2006 30
  31. 31. Enel SpA Investor Relations Services & Holding € mn 1Q06 1Q07 Revenues 540 482 Holding 304 210 Services and other 236 272 EBITDA 1 108 53 Holding 68 -11 Services and other 40 64 EBIT 1 85 28 Holding 65 -15 Services and other 20 43 1. Excluding inter-company adjustments equal to €4mn in 1Q07 and €6mn in 1Q06 respectively 31
  32. 32. Enel SpA Investor Relations Services & Holding - Continued € mn 1Q06 1Q07 Capex 15 12 Holding 0 1 Services and other 15 11 Headcount 5,237 1 5,317 Holding 652 681 Services and other 4,585 4,636 1. As of December 31, 2006 32
  33. 33. Enel SpA Investor Relations Capex by business area (€mn) +198mn +39.6% 698 Market 4 -55.6% G&M 223 +47.7% I&N 500 International 9 Services & Holding 151 +9.4% 315 288 +289.2% 144 -20.0% 37 15 12 1Q06 1Q07 33
  34. 34. Enel SpA Investor Relations Debt structure Average debt maturity: 5 years and 6 months Average cost of debt: 4.7% (Fixed+hedged)/Total long-term debt: 81% (Fixed+hedged)/Total net debt: 62% Rating: S&P’s = A+/A-1 C.W. negative; Moody’s = Aa3/P-1 C.W. negative € mn FY06 1Q071 % Long-term 11,104 11,518 +3.7% Short-term2 1,409 6,001 +325.9% Cash3 -823 -2,525 206.8% Net debt 11,690 14,994 +28.3% 1 Including both continuing and discontinued operations 2 Including current maturities of long-term debt 3 Including factoring and other current receivables 34
  35. 35. Enel SpA Investor Relations Disclaimer THESE SLIDES HAVE BEEN PREPARED BY THE COMPANY SOLELY FOR THE USE AT ENEL’S CONFERENCE CALL ON FIRST QUARTER 2007 RESULTS. THE INFORMATION CONTAINED HEREIN HAS NOT BEEN INDEPENDENTLY VERIFIED. NONE OF THE COMPANY OR REPRESENTATIVES SHALL HAVE ANY LIABILITY WHATSOEVER IN NEGLIGENCE OR OTHERWISE FOR ANY LOSS HOWSOEVER ARISING FROM ANY USE OF THESE SLIDES OR THEIR CONTENTS OR OTHERWISE ARISING IN CONNECTION WITH THESE SLIDES OR ANY MATERIAL DISCUSSED DURING THE ANALYST PRESENTATION. THIS DOCUMENT IS BEING FURNISHED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE REPRODUCED OR REDISTRIBUTED TO ANY OTHER PERSON. THE INFORMATION CONTAINED HEREIN AND OTHER MATERIAL DISCUSSED DURING THE ABOVE CONFERENCE MAY INCLUDE FORWARD-LOOKING STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS ABOUT THE COMPANY’S BELIEFS AND EXPECTATIONS. THESE STATEMENTS ARE BASED ON CURRENT PLANS, ESTIMATES, PROJECTIONS AND PROJECTS, AND THEREFORE YOU SHOULD NOT PLACE UNDUE RELIANCE ON THEM. FORWARD-LOOKING STATEMENTS INVOLVE INHERENT RISKS AND UNCERTAINTIES. WE CAUTION YOU THAT A NUMBER OF IMPORTANT FACTORS COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN ANY FORWARD-LOOKING STATEMENT. SUCH FACTORS INCLUDE, BUT ARE NOT LIMITED TO: TRENDS IN ENEL’S CORE ENERGY BUSINESS, ITS ABILITY TO IMPLEMENT COST-CUTTING PLANS, CHANGES IN THE REGULATORY ENVIRONMENT AND FUTURE CAPITAL EXPENDITURES. 35
  36. 36. Enel SpA Investor Relations Contact us Investor Relations Team: Luca Torchia: +39 06 8305 3437 Massimiliano Bevignani: +39 8305 7023 Donatella Izzo: +39 06 83057449 Ijung Park: +39 06 83052062 Fausto Sblandi: +39 06 83052226 Federica Todaro: +39 06 8305 9502 investor.relations@enel.it Visit our website at: www.enel.it (Investor Relations) 36

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