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2007 Interim Results
2007 Interim Results
2007 Interim Results
2007 Interim Results
2007 Interim Results
2007 Interim Results
2007 Interim Results
2007 Interim Results
2007 Interim Results
2007 Interim Results
2007 Interim Results
2007 Interim Results
2007 Interim Results
2007 Interim Results
2007 Interim Results
2007 Interim Results
2007 Interim Results
2007 Interim Results
2007 Interim Results
2007 Interim Results
2007 Interim Results
2007 Interim Results
2007 Interim Results
2007 Interim Results
2007 Interim Results
2007 Interim Results
2007 Interim Results
2007 Interim Results
2007 Interim Results
2007 Interim Results
2007 Interim Results
2007 Interim Results
2007 Interim Results
2007 Interim Results
2007 Interim Results
2007 Interim Results
2007 Interim Results
2007 Interim Results
2007 Interim Results
2007 Interim Results
2007 Interim Results
2007 Interim Results
2007 Interim Results
2007 Interim Results
2007 Interim Results
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2007 Interim Results

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http://www.enel.it/azienda/it/investor_relations/presentazioni/doc/2007_04/2007_interim_results.pdf

http://www.enel.it/azienda/it/investor_relations/presentazioni/doc/2007_04/2007_interim_results.pdf

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  • 1. 2007 Interim Results September 6, 2007
  • 2. Enel SpA Investor Relations Agenda 2007 Interim result Q&A Annexes 2
  • 3. Enel SpA 1H2007 Results Investor Relations Financial highlights: Consolidated €mn 1H06 1H07 % Revenues 19,065 18,857 -1.1% EBITDA 4,361 4,462 2.3% EBIT 3,565 3,134 -12.1% Group net income 1,978 1,982 0.2% (1) Net debt 11,690 25,069 114.4% 1. As of December 31, 2006 3
  • 4. Enel SpA 1H2007 Results Investor Relations Enel’s electricity sales Volumes sold (TWh) +10.8% +10.8% 84.3 76.1 International 14.4 5.0 Italy 71.1 69.9 1H06 1H07 4
  • 5. Enel SpA 1H2007 Results Investor Relations Italian electricity market overview (TWh) +0.2% +0.2% 167.8 168.1 Import 20.6 25.2 Net production 98.5 100.7 Enel Net production 53.1 46.0 Pumped storage -4.4 -3.8 consumption 1H06 1H07 5
  • 6. Enel SpA 1H2007 Results Investor Relations Enel’s domestic electricity sales (TWh) Electricity – Total market sales1 Free customers2 (thousand) 157.1 +0.1% +0.1% 157.3 668.0 71.2 69.9 +85.9% free 9.9 +85.9% 18.4 Enel eligible3 61.3 -16.0% 51.5 -16.0% 72.6 85.9 87.4 1H06 1H07 62.9 +1.4% +1.4% 63.8 free Other eligible3 23.0 +2.6% +2.6% 23.6 1H06 1H07 1. Excluding losses on the grid. Data relating to other operators are Enel’s estimates 2. Including Dual Energy 3. Sales to the eligible market including self-consumption 6
  • 7. Enel SpA 1H2007 Results Investor Relations Enel’s net production (TWh) +1.4% +1.4% 62.9 63.8 International 9.8 17.8 Italy 53.1 46.0 1H06 1H07 7
  • 8. Enel SpA 1H2007 Results Investor Relations Group production mix (%) +1.4% +1.4% 62.9 TWh 63.8 TWh 10.8% 24.3% 17.4% Oil & Gas ST/OCGT 14.1% Gas CCGT 30.0% Coal 27.7% Nuclear 11.8% Other renewables 4.0% 5.6% 5.4% Hydro 24.3% 24.6% 1H06 1H07 8
  • 9. Enel SpA 1H2007 Results Investor Relations Enel’s electricity distribution (TWh) -0.3% -0.3% 132.5 132.1 International 6.2 6.2 Italy 1 126.3 125.9 1H06 1H07 1. Net of energy dispatched in the previous years 9
  • 10. Enel SpA 1H2007 Results Investor Relations Italian gas market overview (bcm) -7.6% -7.6% 1.1 46.1 Other 1.1 42.6 Thermoelectric 15.6 16.7 Industrials 10.4 9.7 Residential & Commercial 19.0 15.1 1H06 1H07 Source: Ministry of the Economic Development and Enel estimates 10
  • 11. Enel SpA 1H2007 Results Investor Relations Enel’s gas sales Volumes sold (bcm) Customers (thousand) -11.1% -11.1% +6.5% +6.5% 2,381 2.7 2,235 2.4 1H06 1H07 1H06 1H07 11
  • 12. Enel SpA 1H2007 Results Investor Relations Enel’s gas distribution Volumes distributed (bcm) End users (thousand) -21.7% -21.7% +3.4% +3.4% 1,973 2,040 2.3 1.8 1H06 1H07 1H06 1H07 12
  • 13. Enel SpA 1H2007 Results Investor Relations EBITDA evolution (€mn) +101 +101 +254 -213 4,361 -39 +53 +46 4,462 115 154 1,911 1,858 Market G&EM N&I 1,736 1,782 International 1 S&H 373 627 240 27 1H06 Market G&EM I&R International S&H 1H07 1. Including intercompany adjustments 13
  • 14. Enel SpA 1H2007 Results Investor Relations EBITDA evolution: domestic market division (€mn) -39 -39 +82 -88 154 -33 115 1H06 Regulated Free 1H07 Other market market 14
  • 15. Enel SpA 1H2007 Results Investor Relations EBITDA evolution: domestic G&EM division (€mn) +53 +53 +101 -92 1,911 1,858 +44 1H06 Generation Fair value Non 1H07 margin Bilateral recurring contracts with SB 15
  • 16. Enel SpA 1H2007 Results Investor Relations Fuel cost evolution -15.9% -15.9% 52.9 Average fuel cost 44.5 (€/MWh) 1H06 1H07 -8.1% -8.1% -9.3% -9.3% +7.2% +7.2% 304.0 27.51 58.9 63.1 279.4 24.95 1H06 1H07 1H06 1H07 1H06 1H07 Oil (€/ton) Oil (€/ton) Gas (c€/mc) Gas (c€/mc) Coal (€/ton) Coal (€/ton) 16
  • 17. Enel SpA 1H2007 Results Investor Relations EBITDA evolution: domestic I&N division (€mn) +46 +46 +116 +15 -85 1,782 1,736 1,852 1,782 1,736 1H06 Electricity Gas Other 1H07 17
  • 18. Enel SpA 1H2007 Results Investor Relations EBITDA evolution: international division (€mn) +254 +254 -30 +19 -14 627 +273 +4 79 4 373 -18 -10 343 60 70 Iberia 99 South-Eastern Europe Centrel 89 Russia America 144 France & Belgium 126 -14 Iberia South- Centrel Russia Americas France and Eastern Belgium 1H07 1H06 Europe 18
  • 19. Enel SpA 1H2007 Results Investor Relations EBITDA evolution: services & holding1 (€mn) -213 -213 240 -156 -23 -34 27 1H06 Import Non Other 1H07 recurring 1. Including intercompany adjustments 19
  • 20. Enel SpA 1H2007 Results Investor Relations Net debt evolution (€mn) -13,379 -13,379 Cash flow Extra- Net FY06 from Capex ordinary financial Taxes Dividends 1H06 operations activities charges -1,520 -11,690 +3,751 -12,715 1 -308 -789 -1,798 -25,069 1. Including net debt of acquisitions 20
  • 21. Enel SpA 1H2007 Results Investor Relations 2007 Interim dividend (€c/share) 20 20 Paid on 23 November 2006 22 November 2007 21
  • 22. Enel SpA Investor Relations Agenda 2007 Interim result Q&A Annexes 22
  • 23. Enel SpA Annexes – 1H2007 Results Investor Relations Net Production : Geographical breakdown (GWh) 1H06 1H07 % Italy 53,144 46,038 -13.4 Spain 3,253 3,044 -6.4 Bulgaria 1,329 1,607 20.9 Slovakia 4,023 11,126 176.6 N America 764 721 -5.6 S America 422 1,308 210.0 Total 62,935 63,844 1.4 23
  • 24. Enel SpA Annexes – 1H2007 Results Investor Relations Net production : source breakdown Oil & Gas Other (GWh) Gas CCGT Coal Nuclear Hydro ST/OCGT renewables Italy 6,911 11,121 14,075 - 2,861 11,070 Iberia 4 - 1,978 - 337 725 South-Eastern Europe - - 1,607 - - - Centrel - - 1,500 7,532 - 2,094 Americas - - - - 251 1,778 Total 6,915 11,121 19,160 7,532 3,449 15,667 24
  • 25. Enel SpA Annexes – 1H2007 Results Investor Relations Domestic production mix (%) -13.4% -13.4% 53.1 TWh 46.0 TWh 15.0% 28.6% Oil & Gas 24.2% ST/OCGT 16.7% Gas CCGT Coal 30.6% Other renewables 25.6% Hydro 5.2% 6.2% 23.9% 24.0% 1H06 1H07 25
  • 26. Enel SpA Annexes – 1H2007 Results Investor Relations International production mix (%) +81.6% +81.6% 9.8 TWh 17.8 TWh 1.0% 28.6% 39.2% Oil & Gas ST/OCGT Coal Nuclear 42.3% 25.8% Other renewables Hydro 7.3% 3.3% 26.7% 25.8% 1H06 1H07 26
  • 27. Enel SpA Annexes – 1H2007 Results Investor Relations Domestic G&EM division: CO2 emissions vs. allowances CO2 Emissions (Mt) Allowances Deficit 1H06 22.7 3.9 26.5 1H07 21.0 1.2 22.2 27
  • 28. Enel SpA Annexes – 1H2007 Results Investor Relations International sales (TWh) +188% +188% 14.4 5.0 1H06 1H07 28
  • 29. Enel SpA Annexes – 1H2007 Results Investor Relations Domestic electricity distribution (TWh) -0.3% -0.3% 126.3 125.9 1H06 1H07 Net of energy dispatched in the previous years 29
  • 30. Enel SpA Annexes – 1H2007 Results Investor Relations Income statement € mn 1H06 1H07 % Operating revenues 19,065 18,857 -1.1% Operating costs 14,340 14,365 0.2% EBITDA 4,361 4,462 2.3% % of revenues 22.9% 23.7% EBIT 3,565 3,134 -12.1% % of revenues 18.7% 16.6% 30
  • 31. Enel SpA Annexes – 1H2007 Results Investor Relations From EBIT to EPS € mn 1H06 1H07 % EBIT 3,565 3,134 -12.1% Net financial charge - 289 88 EBT 3,276 3,222 -1.6% Net income (including third parties) 2,027 2,048 1.0% Group net income 1,978 1,982 0.2% EPS (€) 0.32 0.32 31
  • 32. Enel SpA Annexes – 1H2007 Results Investor Relations Balance sheet € mn FY06 1H07 % Net financial debt 11,690 25,069 114.4% Shareholders' equity 19,025 19,713 3.6% Net capital employed 30,715 44,782 45.8% 32
  • 33. Enel SpA Annexes – 1H2007 Results Investor Relations Debt structure Average debt maturity: 6 years and 9 months Average cost of debt: 4.8% (Fixed+hedged)/Total long-term debt: 76% (Fixed+hedged)/Total net debt: 57% Rating: S&P’s = A/A-1 C.W. negative; Moody’s = A1/P-1 C.W. negative € mn FY06 1H07 % Long-term 11,104 19,801 78.3% Short-term1 1,409 7,089 403.1% Cash2 -823 -1,821 121.3% Net debt 11,690 25,069 114.4% 1 Including current maturities of long-term debt 2 Including factoring and other current receivables 33
  • 34. Enel SpA Annexes – 1H2007 Results Investor Relations Debt evolution Average cost of debt Average residual maturity 6.2% 5.9% 7:7 7:7 5.5% 5.2% 4.8% 6:4 4.7% 4.6% 4.4% 4.4% 4.3% 5:4 5:2 6:9 4:1 4:9 4:4 3:11 1 1 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Net financial debt (€bn) Fixed + Hedged/Total debt 24.5 24.2 24.5 25.1 81% 80% 21.9 61% 60% 57% 53% 54% 53% 12.7 13.4 42% 44% 12.1 12.3 11.7 1 1 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 1. As of June 30, 2007 34
  • 35. Enel SpA Annexes – 1H2007 Results Investor Relations Financial debt evolution €m 12.31.2005 06.30.2006 12.31.2006 06.30.2007 Bank loans – maturities > 12 months 2,782 2,975 3,677 6,428 Bonds – maturities > 12 months 8,043 8,293 8,375 13,399 Other loans – maturities > months 142 219 142 119 Long-term financial credits – maturities > 12 months -63 -201 -1,090 -145 Total net long-term financial debt - Maturities > 12 months 10,904 11,286 11,104 19,801 Bank loans – maturities < 12 months 399 340 233 261 Bonds – maturities < 12 months 487 487 59 45 Other loans – maturities < 12 months 49 33 31 28 Long-term financial credits – maturities < 12 months -3 0 -30 -994 Total net long-term financial debt - Maturities < 12 months 932 860 293 -660 Other short-term bank debt 970 1,442 542 2,937 Commercial paper 275 1,194 531 3,684 Other short-term financial debt 116 40 13 134 Short-term debt 1,361 2,676 1,086 6,755 Factoring receivables -374 -212 -211 -188 Other short-term financial receivables -3 -12 -10 -11 Cash at banks and marketable securities -508 -521 -572 -628 Total net short-term debt (including current maturities) 1,408 2,791 586 5,268 Net financial debt 12,312 14,077 11,690 25,069 Net equity 19,416 18,995 19,025 19,713 Debt/Equity ratio 0.63 0.74 0.61 1.27 Average cost of debt 4.3% 4.5% 4.6% 4.8% 35
  • 36. Enel SpA Annexes – 1H2007 Results Investor Relations EBIT by business area (€mn) -431mn -12.1% 3,565 3,134 1,421 gem 1,446 +1.8% in intl sh 1,334 mkt 1,362 +2.1% 251 454 371 +47.8% 105 -22 1H06 1H07 -23 36
  • 37. Enel SpA Annexes – 1H2007 Results Investor Relations Domestic Market division details € mn 1H06 1H07 % Revenues 10,776 10,617 -1.5% EBITDA 154 115 -25.3% EBIT 105 -23 -121.9% Capex 14 17 21.4% Headcount 5,176 1 5,026 -2.9% 1. As of December 31, 2006 37
  • 38. Enel SpA Annexes – 1H2007 Results Investor Relations Domestic Generation & Energy Management division details € mn 1H06 1H07 % Revenues 7,905 7,824 -1.0% EBITDA 1,858 1,911 2.9% EBIT 1,421 1,446 1.8% Capex 316 489 54.7% Headcount 9,573 1 9,483 -0.9% 1. As of December 31, 2006 38
  • 39. Enel SpA Annexes – 1H2007 Results Investor Relations Domestic Infrastructure & Network division details € mn 1H06 1H07 % Revenues 2,767 2,744 -0.8% Power 2,603 2,575 -1.1% Gas 164 169 3.0% EBITDA 1,736 1,782 2.6% Power 1,652 1,683 1.9% Gas 84 99 17.9% EBIT 1,334 1,362 2.1% Power 1,287 1,308 1.6% Gas 47 54 14.9% Capex 648 665 2.6% Headcount 24,701 1 23,077 -6.6% 1. As of December 31, 2006 39
  • 40. Enel SpA Annexes – 1H2007 Results Investor Relations International activities details € mn 1H06 1H07 % Revenues 1,264 2,056 62.7% EBITDA 373 627 68.1% EBIT 251 371 47.8% Capex 130 313 140.8% 1 Headcount 13,861 13,683 1 -1.3% 1. As of December 31, 2006 40
  • 41. Enel SpA Annexes – 1H2007 Results Investor Relations Services & Holding details € mn 1H06 1H07 % Revenues 1,092 995 -8.9% Holding 582 449 -22.9% Services and other 510 546 7.1% 1 EBITDA 231 32 -86.1% Holding 134 -65 -148.5% Services and other 97 97 0.0% 1 EBIT 445 -17 -103.8% Holding 390 -73 -118.7% Services and other 55 56 1.8% 1. Excluding inter-company adjustments equal to €-5mn in 1H07 and €9mn in 1H06 respectively 41
  • 42. Enel SpA Annexes – 1H2007 Results Investor Relations Services & Holding details - Continued € mn 1H06 1H07 % Capex 29 36 24.1% Holding 2 11 450.0% Services and other 27 25 -7.4% 1 Headcount 5,237 5,141 -1.8% Holding 652 701 7.5% Services and other 4,585 4,440 -3.2% 1. As of December 31, 2006 42
  • 43. Enel SpA Annexes – 1H2007 Results Investor Relations Capex by business area (€mn) +383mn +33.7% 1,520 17 +21.4% Market G&M I&N 489 +54.7% 14 1,137 International Services & Holding 316 665 +2.6% 648 313 +140.8% 130 +24.1% 29 36 1H06 1H07 43
  • 44. Enel SpA Investor Relations Disclaimer THESE SLIDES HAVE BEEN PREPARED BY THE COMPANY SOLELY FOR THE USE DURING THE CONFERENCE CALL ON ENEL’S 2007 INTERIM 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 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 RESUTLS 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. 44
  • 45. Enel SpA Investor Relations Contact us Investor Relations Team (investor.relations@enel.it) Luca Torchia (Head of IR) +39 06 83053437 Massimiliano Bevignani (Stock analysis and IR reporting) +39 06 83057023 Donatella Izzo (Buy-side) +39 06 83057449 Fausto Sblandi (Sell-side) +39 06 83052226 Visit our website at: www.enel.it (Investor Relations) 45

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