2008 Interim Results
Upcoming SlideShare
Loading in...5
×
 

2008 Interim Results

on

  • 686 views

http://www.enel.it/azienda/it/investor_relations/presentazioni/doc/2008_04/2008%20Interim%20Results.pdf

http://www.enel.it/azienda/it/investor_relations/presentazioni/doc/2008_04/2008%20Interim%20Results.pdf

Statistics

Views

Total Views
686
Views on SlideShare
686
Embed Views
0

Actions

Likes
0
Downloads
1
Comments
0

0 Embeds 0

No embeds

Accessibility

Categories

Upload Details

Uploaded via as Adobe PDF

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

2008 Interim Results 2008 Interim Results Presentation Transcript

  • Enel SpA Investor Relations 2008 Interim Results August 1st, 2008
  • Enel SpA Investor Relations Agenda • 2008 Interim Results L. Ferraris • Questions & Answers • Annexes 1
  • Enel SpA 1H2008 results Investor Relations Financial highlights: consolidated €mn 1H07 1H08 % Revenues 18,857 29,316 55.5 EBITDA 4,462 7,405 66.0 EBIT 3,134 5,285 68.6 Group net income 1,982 2,851 43.8 Net debt 55,7911,2 51,2912 -8.1 1. Figures as of 12.31.2007 2 2. Not including net debt of discontinued activities View slide
  • Enel SpA 1H2008 results Investor Relations From EBIT to net income €mn 1H07 1H08 % EBIT 3,134 5,285 68.6 Net financial charges (87) 1,446 Interest charges 358 1,543 - Fair value of Acciona put option - (113) - Other (445) 16 - Net income from equity investments using equity method 1 27 - EBT 3,222 3,866 20 Income tax 1,174 819 (30.2) Net income (continuing operations) 2,048 3,047 48.8 Net income (discountinued operations) 226 - Net income (including third parties) 2,048 3,273 59.8 Minorities (66) (422) - Group net income 1,982 2,851 43.8 EPS (€) 0.32 0.46 43.8 3 View slide
  • Enel SpA 1H2008 results Investor Relations Group EBITDA evolution (€mn) +2,943 +2,251 +136 +38 7,405 69 580 2,436 +226 +176 4,462 +116 31 444 291 185 115 S&H International 2,008 1,782 Ib&Latam Market I&N G&EM 1,905 2,021 1H07 G&EM I&N Market Ib&Latam Intern. S&H1 1H08 1. Including the Engineering and Innovation division and intercompany adjustments 4
  • Enel SpA 1H2008 results Investor Relations Group EBITDA by business area(€mn) 4,462 €mn 7,405 €mn 42% 41% 58% 59% 1H07 1H08 WELL BALANCED PORTFOLIO OF ACTIVITIES Generation & sales Networks 5
  • Enel SpA 1H2008 results Investor Relations Forward electricity sales: focus on Italy Level of total production hedged (%) ~100 % 100 % 100 % 20% 60% ~80% ~40% Non Hedged Hedged 2008 2009 2010 Latest sale campaign at a baseload price of 106.5 €/MWh 6
  • Enel SpA 1H2008 results Investor Relations EBITDA evolution: domestic G&EM division (€mn) +116 +165 -46 +37 -40 2,021 1,905 1H07 Generation Trading Fair value Other 1H08 margin margin 7
  • Enel SpA 1H2008 results Investor Relations Domestic G&EM division: fuel cost evolution +24% 55.1 44.5 Average fuel cost (€/MWh) 1H07 1H08 +29% +19% +51% 360.7 29.7 95.0 279.3 25.0 63.1 1H07 1H08 1H07 1H08 1H07 1H08 Oil (€/ton) Gas (c€/mc)1 Coal (€/ton)1 1. Fuel costs do not include the impact of hedging contracts; gas cost does not include Nigerian gas stranded costs 8
  • Enel SpA 1H2008 results Investor Relations EBITDA evolution: domestic market division (€mn) +176 +96 291 +80 115 1H07 Regulated Free 1H08 market market 9
  • Enel SpA 1H2008 results Investor Relations EBITDA evolution: domestic I&N division (€mn) +226 +114 -17 2,008 +129 1,782 1.911 2.008 1.782 Non recurring 1H07 items Gas 1H08 Electricity 10
  • Enel SpA 1H2008 results Investor Relations EBITDA evolution: international division (€mn) +136 580 +5 +6 +41 +3 7 +81 27 444 28 4 95 22 90 423 342 Centrel SEE North America Russia France & Belgium -14 1H07 Centrel SEE North France Russia 1H08 America & Belgium 11
  • Enel SpA 1H2008 results Investor Relations Focus on Russia Unit price 1 (€/MWh) +18.7% 15.9 13.4 1H07 1H08 Coal spark spread (€/MWh) Gas spark spread (€/MWh) +89.5% +45.4% 7.2 3.8 3.2 2.2 1H07 1H08 1H07 1H08 1. Unit price excluding capacity payment 12
  • Enel SpA 1H2008 results Investor Relations EBITDA evolution: Iberia & Latam division (€mn) +2,251 +2,366 +8 -143 (1) +20 2,436 185 1H07 Endesa Eufer Viesgo Enel 1H08 Latam 1. Including 109 €mn of capital loss for Viesgo Group disposal 13
  • Enel SpA 1H2008 results Investor Relations EBITDA evolution: focus on Endesa1 +263 118 3,487 154 3,224 1H07 Iberia Latam 1H08 1. 100% Endesa Results under Spanish GAAP method. 14
  • Enel SpA 1H2008 results Investor Relations EBITDA evolution: services & holding1 (€mn) +37 +6 64 +31 27 1H07 Import Other 1H08 1. Including intercompany adjustments 15
  • Enel SpA 1H2008 results Investor Relations Net debt evolution (€mn) +6,014 December Cash-flow Capex Extra- Net Dividends June 31, 2007 from ordinary financial 30, 2008 operations activities charges -51.291 -55.791 Discontinued Discontinued operations -211 operations -1.725 -57,516 +5,630 -3,207(1) +7,138(2) -1,543 (3) -2,004 (4) -51,502 (1) Includes Viesgo and Endesa Europa Investments for 613 mn €. (2) Includes net debt deconsolidation for 1.689 mn €. (3) Current net interest charges (4) Includes 210 mn € of dividends to minorities 16
  • Enel SpA 1H2008 results Investor Relations Focus on renewables1 Capacity (MW) Production (GWh) +15.72% Other Wind Geothermal +14.79% Mini-hydro 3,269 6,999 2,825 6,097 157 51 678 151 49 2.681 678 2.628 1002 1.037 622 EBITDA evolution (€mn) 671 1476 1538 2.647 3.124 +1.15% 1H07 1H08 1H07 1H08 +39 441 -34 436 1H07 Italy Interna- 1H08 tional 1. Excluding large hydro and Endesa 17
  • Enel SpA Investor Relations Agenda • Opening remarks • 2008 Interim Results • Questions & Answers • Annexes 18
  • Enel SpA Investor Relations Agenda • Opening remarks • 2008 Interim Results • Questions & Answers • Annexes 19
  • Enel SpA Operational annexes Investor Relations Operational data North America 0.6 GW 1.0 TWh Russia 8.2 GW 2.8 TWh 8.7 TWh Central America 0.5 GW 1.2 TWh Colombia 1.9 GW 4.0 TWh Brazil France Slovakia 2.4 TWh 0.8 GW 0.5TWh 5.6 GW 1.3 TWh Romania 11.6 TWh Peru 4.7 TWh 2.8TWh 1.1 GW Iberia1 2.9 TWh 18.7 GW 1.7 TWh 31.1 TWh Bulgaria 39.4 TWh 0.6 GW Argentina 2.0 TWh Chile Italy 3.0 GW 3.6 GW 5.3 TWh 40.3 GW 6.8 TWh 4.5 TWh 46.4 TWh Greece 2.2 TWh 68.9 TWh 0.1 GW 0.1 TWh Inst. Cap. (GW) Net. prod. (TWh) Total installed capacity: 85 GW Tot Sales to final customers (TWh) Total net production: 116.5 TWh 20 1. Including Marocco capacity of 0.1GW and Marocco production of 0.3 TWh
  • Enel SpA Operational annexes Investor Relations Operational Data – Generation Mix Italy 46,438 (TWh) 2929 40,300 (MW) 1005 4948 14,758 13,982 3,519 12,513 14,419 12,719 5,946 Capacity (MW) Production (GWh) Other renewables Coal Oil & gas Hydro CCGT 21
  • Enel SpA Operational annexes Investor Relations Operational Data – Generation Mix Iberia & Latam Iberia - Endesa 19,872 29,3502 Latam - Endesa 1,025 898 9 8,933 3,858 16,0391 10,223 2,636 12 987 3,009 360 10,452 3,892 1,447 2,633 9,472 5,788 3,724 2,441 4,656 2,362 4,275 2,616 Capacity (MW) Production (GWh) Capacity (MW) Production (GWh) Iberia - Enel Latam - Enel 2,611 1,622 40 348 794 1,710 364 664 1,582 697 24 707 640 772 497 142 Capacity (MW) Production (GWh) Capacity (MW) Production (GWh) Other renewables Coal Oil & gas 1. Including Marocco capacity of 82 MW 22 2. Including Marocco production of 288 GWh Hydro Nuclear CCGT
  • Enel SpA Operational annexes Investor Relations Operational Data – Generation Mix Centrel – South Eastern Europe Slovakia 11,641 Greece 1,510 105 106 2,311 5,635 98 105 1,254 7,820 2,329 2,052 7 1 Capacity (MW) Production (GWh) Capacity (MW) Production (GWh) Bulgaria 1,974 1,974 592 592 Capacity (MW) Production (GWh) Other renewables Coal Oil & gas 23 Hydro Nuclear CCGT
  • Enel SpA Operational annexes Investor Relations Operational Data – Generation Mix Russia – North America – France Russia North America 1,031 8,220 3,606 445 573 2,783 259 586 4,614 1,560 314 1,223 Capacity (MW) Production (GWh) Capacity (MW) Production (GWh) France 8 3 Capacity (MW) Production (GWh) Other renewables Coal Oil & gas 24 Hydro Nuclear CCGT
  • Enel SpA Operational annexes Investor Relations Operational Data – Electricity and gas distribution Electricity (TWh) Gas (bcm) 2.1% 17.2% Volumes Distributed: 32.3% Breakdown by country 65.6% 82.8% Electricity (TWh) Gas (bcm) 2.1% 6.4% 0.4% Sales 27.4% Breakdown by country 40.4% 50.7% 72.6% Russia Iberia&Latam Italy SEE Centrel 25
  • Enel SpA Operational annexes Investor Relations Italian market overview: electricity1 and gas consumption2 Electricity consumption (TWh) Gas consumption (bcm) -0.0% +7.8% 168.7 168.6 25.3 20.5 45.8 42.5 1 1 17.1 105.4 16.2 101.2 10.4 10.3 46 46.4 15 17.3 -3.8 -3.7 1H07 1H08 1H07 1H08 Import Other Net production: other Thermoelectric Net production: Enel Industrial Pumped storage consumption Residential & commercial 1. Source: Terna electricity statistical data 26 2. Source: Ministry of Economic development and Enel’s estimates
  • Enel SpA Operational annexes Investor Relations Italian market overview: electricity sales1 Regulated market (TWh) Free market2 (TWh) Enel’s free customers3 (thousand) +11.5% -18.3% 1,858.0 96.6 +40.2% 107.7 25.8 61.3 18.4 -28.6% 50.1 +4.7% 668.0 51.5 78.2 81.9 43.1 -16.3% 9.8 7 1H07 1H08 1H07 1H08 1H07 1H08 Enel Other Total sales (TWh) 157.9 157.8 1H07 1H08 1. Excluding losses on the grid. Other operators’ data are Enel’s estimates 2. Including self-consumption and sales to protected customers 27 3. Including dual energy customers
  • Enel SpA Operational annexes Investor Relations Enel’s gas sales Volumes sold (bcm) Customers (thousand) +87.5% +29.5% 3,084 4.5 2,381 498 1.2 2.4 2381 2586 3.3 2.4 1H07 1H08 1H07 1H08 Italy International 28
  • Enel SpA Operational annexes Investor Relations 1H2008 Group installed capacity: breakdown by source and location MW Hydro RES Nuclear Coal CCGT Oil & gas TOTAL - other ST/OCGT Italy 14,419 1,005 - 4,948 5,946 13,982 40,300 Iberia 4,422 1,334 2,441 4,686 3,1342 2,633 18,650 Centrel 2,329 - 2,052 1,254 - - 5,635 SEE 7 1061 - 592 - - 705 Americas 6,742 295 - 360 2,616 1,447 11,460 Russia - - - 3,606 - 4,614 8,220 TOTAL 27,919 2,740 4,493 15,446 11,696 22,676 84,970 1. Including 8 MW other renewable capacity in France 2. Including 82 MW of Marocco installed capacity 29
  • Enel SpA Operational annexes Investor Relations 1H2008 Group net production: breakdown by source and location TWh Hydro RES Nuclear Coal CCGT Oil & gas TOTAL - other ST/OCGT Italy 12.5 2.9 - 14.8 12.7 3.5 46.4 Iberia 3.5 1.4 9.5 9.6 4.41 2.6 31.0 Centrel 2.3 - 7.8 1.5 - - 11.6 SEE - 0.1 - 2.0 - - 2.1 Americas 12.6 0.5 - 0.9 4.7 3.9 22.6 Russia - - - 1.6 - 1.2 2.8 TOTAL 30.9 4.9 17.3 30.4 21.8 11.2 116.5 1. Including 0.3TWh of Marocco net production 30
  • Enel SpA Operational annexes Investor Relations Production mix +0,9% 46.0 (TWh) 46.4 (TWh) 15.0% 7.6% Group production mix 27.4% 24.2% Domestic 31.8% +82.6% Domestic 30.6% 6.2% 6.3% 63.8 (TWh) 116.5 (TWh) 24.0% 26.9% 10.8% 9.7% 17.4% 18.7% 1H07 1H08 30.0% 26.0% +293.8% 11.8% 14.8% 5.4% 4.2% 17.8 (TWh) 70.1 (TWh) 24.6% 26.6% 11.0% 28.6% 13.0% 1H07 1H08 22.2% International International 42.3% 24.7% 3.3% 2.8% Other renewables Coal Oil & gas Hydro Nuclear CCGT 25.8% 26.3% 1H07 1H08 31
  • Enel SpA Operational annexes Investor Relations CO2 emissions vs. allowances Domestic generation CO2 emissions (mton) Allowances Deficit 1H 21,1 1,2 22,2 2007 1H -1,0 22,2 21,3 2008 32
  • Enel SpA Operational annexes Investor Relations Enel’s electricity and gas distribution Volumes distributed in Italy1 (TWh) Volumes distributed abroad (TWh) -0.1% +985.5% 128.5 67.3 128.6 6.2 1H07 1H08 1H07 1H08 Volumes distributed (bcm) End users (thousand) +11.2% +38.9% 2,040 2,268 1.8 2.5 0.4 1.8 2.1 Italy International 1H07 1H08 1H07 1H08 1. 2007 figures updated. Net of energy dispatched in previous years 33
  • Enel SpA Financial annexes Investor Relations EBIT by business area (€mn) +68.6% 5,285 S&H Iberia&Latam 22 Mkt Intl 1637 I&N 3,134 149 GEM 355 127 246 1,539 1,362 1,441 1,583 -23 -19 1H07 1H08 34
  • Enel SpA Financial annexes Investor Relations Balance sheet €mn 20071 1H08 % Net financial debt 55,791 51,291 -8.07 Shareholders’ equity 23,789 25,089 5.46 Net capital employed 79,580 76,380 -4.02 1. Figures as of 31.12.2007 35
  • Enel SpA Financial annexes Investor Relations Financial Debt evolution Millions of Euro 12.31.2005 12.31.2006 12.31.2007 06.30.2008 - Bank Loans - maturities > 12 months 2,782 3,677 28,343 28,478 - Bonds - maturities > 12 months 8,043 8,375 22,365 20,416 - Other loans - maturities > 12 months 142 142 1,447 1,568 - Financial receivables - maturities > 12 months -63 -1,090 -1,339 -1,270 T otal net long term financial debt - maturities > 12 months 10,904 11,104 50,816 49,192 - Bank Loans - maturities < 12 months 399 233 461 497 - Bonds - maturities < 12 months 487 59 2,033 3,650 - Other loans - maturities < 12 months 49 31 235 212 - Financial receivables - maturities < 12 months -3 -30 -1,402 -936 T otal net long term financial debt - maturities < 12 months 932 293 1,327 3,423 - Other short term bank debt 970 542 1,280 867 - Commercial Paper 275 531 3,893 5,261 - Other short term financial debt 116 13 112 322 Short term debt 1,361 1,086 5,285 6,450 - Factoring receivables -374 -211 -205 -253 - Other short term financial receivables -3 -10 -97 -159 - Cash at banks and marketable securities -508 -572 -1,335 -7,362 T otal net short term debt (including current maturities) 1,408 586 4,975 2,099 NET FINANCIAL DEBT 12,312 11,690 55,791 51,291 Net Equity 19,416 19,025 23,789 25,089 Debt/Equity Ratio 0.63 0.61 2.35 2.04 Average cost of debt 4.3% 4.6% 5.1% 5.3% 36
  • Enel SpA Financial annexes Investor Relations Debt evolution Average cost of debt Average residual maturity 6.2%5.9% 5.5% 7:7 7:7 5.2% 5.3% 4.7% 4.6% 5.1% 6:4 5:10 4.4%4.4%4.3% 5:4 5:2 5:3 4:1 4:9 4:4 3:11 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 IH 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 IH 2008 2008 Net financial debt (€bn) Fixed + Hedged/Total debt 55.8 51.3 81% 80% 61% 60% 53% 54% 53% 50% 24.2 24.5 42% 44% 47% 21.9 24.5 12.712.1 13.4 12.3 11.7 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 IH 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 IH 2008 2008 37
  • Enel SpA Financial annexes Investor Relations Debt structure • Average debt maturity: 5 years and 3 months • Average cost of debt: 5.3%3 • (Fixed+hedged)/Total long-term debt: 47% • (Fixed+hedged)/Total net debt: 50% • Rating: S&P’s = A-/A-2 Outlook negative; Moody’s = A2/P-1 Outlook negative €mn 2007 IH2008 % Long-term 50,816 49,192 -3.2% Short-term1 8,014 10,809 34.9% Cash2 -3,039 -8,710 186.6% Net debt 55,791 51,291 -8.1% 1. Including current maturities of long-term debt 2. Including factoring and other current receivables 3. Including Endesa cost of debt equal to 6.2% 38
  • Enel SpA Financial annexes Investor Relations Long-term debt maturity profile as of June 30, 2008 8,081 Floating rate Fixed rate 14,351 10,684 12,061 1,127 3,232 981 1,106 140 356 1,404 1,118 <12months 2° half 2010 2011 2012 After 2009 2012 39
  • Enel SpA Financial annexes Investor Relations Financial debt as of June 30, 2008 Enel Enel Finance Enel Enel Enel SpA Endesa Investment Slovenske Other Total International Produzione Distribuzione Holding BV Bond 14,726 6,075 2,324 572 194 - - 175 24,066 Bank Loans 13,583 3,909 7,711 - 110 1,020 1,783 859 28,975 Preferred shares - 970 - - - - - - 970 Other Loans (3) (1,411) - - 9 - - 9 (1,396) Commercial Paper - 1,666 3,595 - - - - - 5,261 Other 512 (5,138) (13) (53) (68) (62) (227) (1,535) (6,585) Total 28,818 6,070 13,618 518 244 958 1,556 (492) 51,291 40
  • Enel SpA Financial annexes Investor Relations Domestic Market €mn 1H07 1H08 % Revenues 10,620 11,139 4.9 EBITDA 115 291 153.0 EBIT (23) 149 - Capex 17 22 29.4 Headcount 4,7721 4,585 -3.9 1. As of December 31, 2007 41
  • Enel SpA Financial annexes Investor Relations Domestic Generation & Energy Management €mn 1H07 1H08 % Revenues 7,710 10,865 40.9 EBITDA 1,905 2,021 6.1 EBIT 1,441 1,583 9.9 Capex 489 527 7.8 Headcount 8,4321 8,206 -2.7 1. As of December 31, 2007 42
  • Enel SpA Financial annexes Investor Relations Domestic Infrastructure & Network €mn 1H07 1H08 % Revenues 2,741 3,302 20.5 Power 2,572 3,148 22.4 Gas 169 154 -8.9 EBITDA 1,782 2,008 12.7 Power 1,683 1,926 14.4 Gas 99 82 -17.7 EBIT 1,362 1,539 13 Power 1,308 1,504 15 Gas 54 35 -35.2 Capex 665 672 -1.1 Headcount 22,7101 22,048 -2.9 1. As of December 31, 2007 43
  • Enel SpA Financial annexes Investor Relations Iberia & Latam €mn 1H07 1H08 % Revenues 614 8,361 - EBITDA 185 2,436 - EBIT 127 1,637 - Capex 170 949 - Headcount 20,2261 18,254 -9.7 1. Figure as of December 31, 2007 44
  • Enel SpA Financial annexes Investor Relations International activities €mn 1H07 1H08 % Revenues 1,442 2,020 40.1 EBITDA 444 580 30.6 EBIT 246 355 44.3 Capex 143 390 172.7 Headcount 11,5281 17,446 51.3 1. Figure as of December 31, 2007 45
  • Enel SpA Financial annexes Investor Relations Services & Holding €mn 1H07 1H08 % Revenues 1,376 1,431 3.9 Holding 449 337 -24.9 Services & other 546 554 1.5 Engineering & Innovation 381 540 41.7 EBITDA1 31 69 122.6 Holding (65) (21) - Services & other 62 81 30.65 Engineering & Innovation 4 5 25 EBIT -19 22 200 Holding (73) (24) - Services & other 56 38 -85.7 Engineering & Innovation 3 4 33 1. Excluding intercompany adjustments equal to +4€mn in 1H2008 and -5€mn in 1H2007, respectively 46
  • Enel SpA Financial annexes Investor Relations Services & Holding - Continued €mn 1H07 1H08 % Capex 36 33 -8.31 Holding 11 5 -54.5 Services & other 25 28 12.0 Headcount 5,8321 6,173 +5.8 Holding 728 714 -1.9 Services & other 5,104 5,459 7.0 Engeneering & Innovation 881 952 8.06 1. Figure as of December 31, 2007 47
  • Enel SpA Financial annexes Investor Relations Capex by business area (€mn) +70.6% 2,593 -8.3% S&H 33 22 Market +29.4% Iberia & Latam International I&N 949 +458.2% G&EM 1,520 17 36 170 390 +172.7% 143 672 +1,0% 665 489 527 +7.8% 2006 2007 48
  • Enel SpA Investor Relations Disclaimer THESE SLIDES HAVE BEEN PREPARED BY THE COMPANY SOLELY FOR THE USE DURING THE CONFERENCE CALL OF ENEL 1H2008 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 MEETINGS. 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 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. 49
  • Enel SpA Investor Relations Contact us Investor Relations Team (investor.relations@enel.it) • Luca Torchia (Head of IR) +39 06 83053437 • Pedro Cañamero +39 06 83055292 • 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) 50