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1 Q 2008 Consolidated Results

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http://www.enel.it/azienda/it/investor_relations/presentazioni/doc/2008_03/FY2007_results_2008-2012_Plan.pdf

http://www.enel.it/azienda/it/investor_relations/presentazioni/doc/2008_03/FY2007_results_2008-2012_Plan.pdf

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  • 1. Enel SpA Investor Relations 1Q2008 Consolidated Results Rome, May 14, 2008
  • 2. Enel SpA Investor Relations Agenda • 1Q2008 results • Questions and answers • Annexes 1
  • 3. Enel SpA 1Q2008 results Investor Relations Financial highlights: consolidated €mn 1Q07 1Q08 % Revenues 9,728 15,082 55.0 EBITDA 2,332 3,445 47.7 EBIT 1,709 2,337 36.7 Group net income 943 1,004 6.5 Net debt 55,7911 57,0722 2.3 1. As of December 31, 2007 2. Net of discontinued operations 2
  • 4. Enel SpA 1Q2008 results Investor Relations From EBIT to net income €mn 1Q07 1Q08 % EBIT 1,709 2,337 36.7 Net financial charges 127 748 489.0 Interest charges 147 777 - Fair value of Acciona put option - (110) - Other (20) 81 - Net income from equity investments using equity method 2 23 - EBT 1,584 1,612 1.8 Income tax 597 504 (15.6) Net income (continuing operations) 987 1,108 12.3 Net income (discountinued operations) 95 - Net income (including third parties) 987 1,203 21,9 Minorities 44 199 Group net income 943 1,004 6.5 3
  • 5. Enel SpA 1Q2008 results Investor Relations EBITDA evolution (€mn) +1,113 +18 3,445 +1,130 +57 189 707 +120 -274 2,332 +62 69 967 981 Market G&EM I&N 1217 Iberia&Latam 905 International S&H 87 232 289 58 76 1Q07 Market G&EM I&N Ibe&Latam Intern S&H1 1Q08 4 1. It includes the Engineering and Innovation division and elisions
  • 6. Enel SpA 1Q2008 results Investor Relations EBITDA evolution: domestic G&EM division (€mn) -274 +64 -61 981 -253 -24 707 1Q07 Generation Trading Fair value Non- 1Q08 margin margin recurring 5
  • 7. Enel SpA 1Q2008 results Investor Relations Operational data - Italy Electricity demand Enel production mix +0.9% +3.1% 85,4 (TWh) 86,2 (TWh) 22.3 (TWh) 23.0(TWh) 13,1 10,4 14.9% 8.4% 29.1% 24.3% 52 54,6 33.0% 35.0% 6.5% 6.5% 22,3 23 21.3% 21.0% -2 -1,8 1Q07 1Q08 1Q07 1Q08 Import Other renewables Coal Oil & gas Net production: other Hydro CCGT Net production: Enel Pumped storage consumption 6 1. Source: Terna electricity statistical data and Enel’s estimates
  • 8. Enel SpA 1Q2008 results Investor Relations Italian market overview: electricity sales1 Regulated market (TWh) Free market2 (TWh) Enel’s free customers3 (thousand) +10.2% -13.2% 1,611 48.1 +48.2% 53.0 31.9 12.3 27.7 8.3 -11.4% +2.3% Enel 458 Other 39.8 40.7 27.1 24.0 -22.9% 4.8 3.7 1Q07 1Q07 1Q07 1Q08 1Q08 1Q08 Total Enel sales (TWh) +2.5% 35.4 36.3 1Q07 1Q08 1. Excluding losses on the grid. Other operators’ data are Enel’s estimates 2. Including self-consumption 7 3. Including dual energy customers
  • 9. Enel SpA 1Q2008 results Investor Relations EBITDA evolution: domestic market division (€mn) +120 +100 189 +20 69 1Q07 Regulated Free 1Q08 market market 8
  • 10. Enel SpA 1Q2008 results Investor Relations EBITDA evolution: domestic I&N division (€mn) +62 +75 -13 967 905 967 905 1Q07 Electricity Gas 1Q08 9
  • 11. Enel SpA 1Q2008 results Investor Relations EBITDA evolution: Iberia & Latam division (€mn) +1,130 +5 -5 +22 1,217 +1,108 Latam +449 Iberia +659 87 1Q07 Endesa Eufer Viesgo Enel Latam 1Q08 10
  • 12. Enel SpA 1Q2008 results Investor Relations EBITDA evolution: international division (€mn) +57 +31 -2 289 232 +26 -1 +2 18 14 1 12 40 41 Centrel South-Eastern Europe (SEE) North America France 217 191 Russia -13 -1 1Q07 Centrel SEE North France Russia 1Q08 America 11
  • 13. Enel SpA 1Q2008 results Investor Relations EBITDA evolution: services & holding1 (€mn) +18 +13 +5 76 58 1Q07 Import Other 1Q08 12 1. It includes the Engineering and Innovation division and elisions
  • 14. Enel SpA 1Q2008 results Investor Relations Net debt evolution (€mn) -1,328 December Cash-flow Capex Extra- Net Dividends March 31, 2007 from ordinary financial 31, 2008 operations activities charges -55,791 -57,072 -1,725 -1,772 -57,516 +1,767 -1,3311 -905 -777 -822 -58,844 1. Including 160€mn capital expenditure of Endesa Europa 2. Dividends paid by Endesa to third parties 13
  • 15. Enel SpA 1Q2008 results Investor Relations Focus on renewables1 Capacity (MW) Production (GWh) +16.7% Other Wind Geothermal +15.3% Mini-hydro 3,244 3,494 2,779 51 678 3,030 80 49 671 72 1,366 982 1,307 589 539 EBITDA evolution (€mn) 389 1470 1533 1,262 1,509 1Q07 1Q08 +1.9% 1Q07 1Q08 -28 +32 218 214 1Q07 Italy Interna- 1Q08 tional 1. Excluding large hydro and Endesa 14
  • 16. Enel SpA 1Q2008 results Investor Relations Focus on Russia Unit price 1 (€/MWh) +20.8% 16.00 13.25 1Q07 1Q08 Coal spark spread (€/MWh) Gas Spark spread (€/MWh) +156.4% +123.8% 7.00 2.73 2.73 1.22 1Q07 1Q08 1Q07 1Q08 1. Unit price excluding capacity payment 15
  • 17. Enel SpA Investor Relations Agenda • 1Q2008 results • Questions and answers • Annexes 16
  • 18. Enel SpA Investor Relations Agenda • 1Q2008 results • Questions and answers • Annexes 17
  • 19. Enel SpA 1Q2008 results - Operational annexes Investor Relations Italian market overview: electricity1 and gas consumption2 Electricity demand (TWh) Gas consumption (bcm) +0.9% +10.0% 85,4 86,2 28,7 13.1 10.4 26,1 0.4 0.4 9.0 8.1 52.0 54.6 5.7 5.5 12.1 13.6 22.3 23.0 -2 -1,8 1Q07 1Q08 1Q07 1Q08 Import Other Net production: other Thermoelectric Net production: Enel Industrial Pumped storage consumption Residential & commercial 1. Source: Terna electricity statistical data and Enel’s estimates 18 2. Source: Ministry of Economic development and Enel’s estimates
  • 20. Enel SpA 1Q2008 results - Operational annexes Investor Relations Enel’s gas sales Volumes sold to final customers (bcm) Customers (thousand) +61.1% +26.7% 2.9 2,975 0.7 2,347 450 Iberia&Latam Iberia&Latam 1.8 Italy Italy 2.2 2,525 1Q07 1Q08 1Q07 1Q08 19
  • 21. Enel SpA 1Q2008 results - Operational annexes Investor Relations Fuel cost evolution +23.6% 54.5 44.1 Average fuel cost (€/MWh) 1Q07 1Q08 +24.5% +12.0% +54.8% 351.7 29.0 61.9 95.8 282.6 25.9 1Q07 1Q08 1Q07 1Q08 1Q07 1Q08 Oil (€/ton) Gas (€c/mc) Coal (€/ton) 20
  • 22. Enel SpA 1Q2008 results - Operational annexes Investor Relations 1Q08 Group net production: breakdown by source and location TWh Hydro Renewables Nuclear Coal CCGT Oil & gas 1Q08 1Q07 - other ST/OCGT Italy 4.8 1.5 - 8.1 6.7 1.9 23.0 22.3 Iberia 1.0 0.7 5.1 6.0 1.8 1.3 15.9 1.4 Centrel 1.1 - 4.3 0.7 - - 6.1 6 SEE - 0.1 - 1.0 - - 1.1 0.8 Latam 6.2 - - 0.5 3.0 1.7 11.3 0.7 North America 0.3 0.2 - - - - 0.5 0.4 TOTAL 13.4 2.5 9.4 16.3 11.5 4.9 57.9 31.6 21
  • 23. Enel SpA 1Q2008 results - Operational annexes Investor Relations Production mix +3.1% 22.3 (TWh) 23.0(TWh) 14.9% 8.4% Group production mix 24.3% 29.1% Domestic +83.2% Domestic 33.0% 35.0% 31.6 (TWh) 57.9 (TWh) 6.5% 6.5% 21.3% 21.0% 10.5% 8.6% 17.1% 19.8% 1Q07 1Q08 31.0% 28.0% +275.3% 13.0% 16.2% 5.6% 4.3% 9.3 (TWh) 34.9 (TWh) 22.8% 23.1% 0.1% 8.6% 25.8% 13.6% 1Q07 1Q08 23.5% International1 1 International 44.2% 26.8% 3.4% 3.0% Other renewables Coal Oil & gas Hydro Nuclear CCGT 26.5% 24.5% 1Q07 1Q08 22
  • 24. Enel SpA 1Q2008 results - Operational annexes Investor Relations Enel’s electricity and gas distribution Volumes distributed in Italy (TWh) Volumes distributed abroad (TWh) +2.2% +971.8% 34.3 62.9 64.3 3.2 1Q07 1Q08 1Q07 1Q08 Volumes distributed (bcm) End users (thousand) +10.1% +14.3% 2,036 2,241 187 1.6 Iberia&Latam 1.4 Italy 0,1 2054 Iberia&Latam 1,5 Italy 1Q07 1Q08 1Q07 1Q08 23
  • 25. Enel SpA 1Q2008 results - Financial annexes Investor Relations Income statement €mn 1Q07 1Q08 % Operating revenues 9,728 15,082 55.0 Operating costs 7,396 11,637 57.3 EBITDA 2,332 3,445 47.7 % of revenues 24% 23.0% EBIT 1,709 2,337 36.7 % of revenues 18% 15% 24
  • 26. Enel SpA 1Q2008 results - Financial annexes Investor Relations EBIT by business area (€mn) +36.7% 2,337 S&H 1 186 Market +187.9% G&EM 1,709 I&N +9.4% 732 Iberia & Latam 137 58 International 6.6% 697 743 -34.8% 750 489 +294% 134 34 134 33 53 +60.6% 1Q07 1Q08 25 1. It includes the Engineering and Innovation division and elisions
  • 27. Enel SpA 1Q2008 results - Financial annexes Investor Relations Balance sheet €mn December 31, 2007 March 31, 2008 % Net financial debt 55,791 57,072 2.3 Shareholders’ equity 23,789 24,906 4.7 Net capital employed 79,580 81,978 3.0 26
  • 28. Enel SpA 1Q2008 results - Financial annexes Investor Relations Debt structure • Average debt maturity: 5 years and 6 months • Average cost of debt: 5.3% • (Fixed+hedged)/Total long-term debt: 51% • (Fixed+hedged)/Total net debt: 46% • Rating: S&P’s = A-/A-2 outlook negative; Moody’s = A2/P-1 C.W. negative €mn December 31, 2007 March 31, 2008 % Long-term debt 50,816 50,354 -0.9 Short-term debt1 8,014 10,219 27.5 Cash2 -3039 -3,501 15.2 Net debt 55,791 57,072 2.3 1. Including current maturities of long-term debt 2. Including factoring and other current receivables 27
  • 29. Enel SpA 1Q2008 results - Financial annexes Investor Relations Domestic Market €mn 1Q07 1Q08 % Revenues 5,617 6,408 14 EBITDA 69 189 174 EBIT 34 134 - Capex 4 4 - Headcount 4,7721 4,710 -1 1. Figure as of December 31, 2007 28
  • 30. Enel SpA 1Q2008 results - Financial annexes Investor Relations Domestic Generation & Energy Management €mn 1Q07 1Q08 % Revenues 3,970 5,573 40 EBITDA 981 707 -28 EBIT 750 489 -35 Capex 223 293 31 Headcount 8,4321 8,226 -2.4 1. Figure as of December 31, 2007 and reclassified according to new organisational structure 29
  • 31. Enel SpA 1Q2008 results - Financial annexes Investor Relations Domestic Infrastructure & Network €mn 1Q07 1Q08 % Revenues 1,381 1,669 21 Power 1,260 1,562 24 Gas 121 107 -12 EBITDA 905 967 7 Power 823 898 9 Gas 82 69 -16 EBIT 697 743 7.0 Power 638 697 9 Gas 59 46 -22 Capex 315 296 -6 Headcount 22,7101 22,437 -1 1. Figure as of December 31, 2007 30
  • 32. Enel SpA 1Q2008 results - Financial annexes Investor Relations Iberia & Latam €mn 1Q07 1Q08 % Revenues 297 4,018 - EBITDA 87 1,217 - EBIT 58 732 - Capex 78 472 - Headcount 20,2261 20,377 -0.7 1. Figure as of December 31, 2007 31
  • 33. Enel SpA 1Q2008 results - Financial annexes Investor Relations International activities €mn 1Q07 1Q08 % Revenues 762 944 23.9 EBITDA 232 289 24.6 EBIT 137 186 35.8 Capex 66 95 43.9 Headcount 11,5281 11,319 -1.8 1. Figure as of December 31, 2007 32
  • 34. Enel SpA 1Q2008 results - Financial annexes Investor Relations Services & Holding1 €mn 1Q07 1Q08 % Revenues 666 739 -11 EBITDA 58 76 31 EBIT 33 53 61 Capex 12 11 -8 Headcount 5,8322 6,176 6 1. It includes Engineering&Innovation division and elisions 33 2. Figure as of December 31, 2007
  • 35. Enel SpA 1Q2008 results - Financial annexes Investor Relations Capex by business area (€mn) +67.7% S&H1 Market 1,171 G&EM 95 +43.9% I&N Iberia & Latam +505.1% 472 International 698 66 78 -6.0% 296 315 +31.4% 293 223 4 4 -8.3% 12 11 1Q07 1Q08 1. It includes the Engineering and Innovation division and elisions 34
  • 36. Enel SpA Investor Relations Disclaimer THESE SLIDES HAVE BEEN PREPARED BY THE COMPANY SOLELY FOR THE USE DURING THE CONFERENCE CALL ON 1Q2008 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 ABOVE CONFERENCE. 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 CONFERENCE CALL ON 1Q2008 RESULTS 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 EXPENDITURE. PURSUANT TO ARTICLE, 154-BIS, PARAGRAPH 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. 35
  • 37. Enel SpA Investor Relations Contact us Investor Relations Team (investor.relations@enel.it) • Luca Torchia (Head of IR) +39 06 83053437 • Elisabetta Ghezzi +39 06 83052708 • Donatella Izzo +39 06 83057449 • Federica Todaro +39 06 83059502 • Angela Tretola +39 06 83052062 Visit our website at: www.enel.it (Investor Relations) 36