Enel SpA
                                                           Investor Relations




2008 Results
2009-2013 Plan

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Enel SpA
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Agenda


     • Opening remarks
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Financial stabi...
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Financial stability
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Financial stabili...
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     2008 Results




Luigi Ferraris
Executive Vice Preside...
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                      2008 results                                                    Investor Relations



    F...
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 From EBIT to n...
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EBITDA evolution: G...
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 Forward electricity sales: f...
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           2008 results                               Investor Relations



G&EM – Italy: fuel cost evolution

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                       2008 results                                      Investor Relations



     Focus on Russ...
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EBITDA evolution: focus o...
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Enel SpA
                          Investor Relations
     2009 – 2013 Plan




Fulvio Conti
Chief Executive Officer




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     2009 – 2013 Plan

Group strategy
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     2009 – 2013 Plan
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Agenda


     • Opening remarks
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Disclaime...
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2008 Results And 2009 2013 Business Plan

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2008 Results And 2009 2013 Business Plan

  1. 1. Enel SpA Investor Relations 2008 Results 2009-2013 Plan “Solid strategy and strong performance in unsteady times” Rome, March 12, 2009
  2. 2. Enel SpA Investor Relations Agenda • Opening remarks – Group overview – Financial stability • 2008 Results • 2009-2013 Plan – Group strategy › Generation & Energy Management - Italy › Market - Italy › Infrastructure & Network - Italy › International › Endesa › Enel Green Power • Financial targets • Questions and answers 1
  3. 3. Enel SpA Investor Relations Opening remarks ••International expansion completed International expansion completed ••Financial stability to be reinforced through: Financial stability to be reinforced through: higher cash flow generation higher cash flow generation capex management capex management capital structure strengthening capital structure strengthening rights issue rights issue revised dividend policy revised dividend policy Asset disposals Asset disposals Maintaining A-/A2 rating is key to deploying our plan 2
  4. 4. Opening remarks Enel SpA Investor Relations 2008 Installed capacity (GW) Group overview1 2008 Net production (TWh) 2008 Tot sales to final customers (TWh) North America 0.7 GW 1.9 TWh Russia 8.2 GW 40.7 TWh 17.4 TWh Central America 0.6 GW 2.5 TWh Colombia 2.9 GW 12.9 TWh Brazil France Slovakia 7.3 TWh 1.1 GW 1.0 TWh 5.7 GW 3.9 TWh Romania 22.5 TWh Peru 14.5 TWh 9.9 TWh 1.6 GW Iberia 8.8 TWh 22.5 GW 5.2 TWh 85.5 TWh Bulgaria 109 TWh 0.6 GW Argentina 3.7 TWh Chile Italy 4.5 GW 5.4 GW 14.4 TWh 40.3 GW 21.7 TWh 13.4 TWh Morocco 96.3 TWh Greece 6.5 TWh 137.2 TWh 0.1 GW 0.1 GW 0.2 TWh 0.9 TWh An international integrated energy player 1. Including: 100% Endesa net of the assets to be transferred to Acciona, full year OGK-5 production and full-year E. Muntenia Sud sales Excluding Viesgo’s January - June 08 production and sales 3
  5. 5. Enel SpA Investor Relations Opening remarks Group overview A well balanced business portfolio 2008 production mix 253.2 (TWh) 2008 EBITDA 13.5% Generation & sales Networks 14,318 €mn 17.5% 26.8% Forward sales and Forward sales and 13.0% hedging procurement 40% hedging procurement Stability and high 3.8% contracts to protect contracts to protect 60% Stability and high margin visibility visibility margin 25.4% FY08 Other renewables Coal Hydro Nuclear Oil & gas CCGT Solid and secured cash flow thanks to regulated business, hedging policies and optimal fuel mix 4
  6. 6. Enel SpA Investor Relations Opening remarks Financial stability ••Cash flow improvement Cash flow improvement ••Net debt reduction Net debt reduction ••Asset disposals Asset disposals ••Stronger capital structure Stronger capital structure ••Rating stability A-/A2 Rating stability A-/A2 Sustainable organic growth 5
  7. 7. Enel SpA Investor Relations Opening Remarks Financial stability 2009- 2013 (€bn) • Cash flow from operations +68 • Capex -33 • Net financial charges -13 • Dividend to Enel’s shareholders -13 • Dividend to minorities -5 Free Cash Flow from operations Free Cash Flow from operations +4 +4 • Rights issue +8 • Asset disposals +10 • Endesa (25% stake) -12 +10 €bn available for debt reduction by 2013 6
  8. 8. Enel SpA Opening remarks Investor Relations Financial stability Cash flow improvement – Zenith: efficiency program1 (€mn) Impact on pre-tax Total pre-tax cash-flow vs 2008 cash- flow 2009-2011 Cumulative EBITDA Δ Working capital 2009-2011 2009-11 ~ 2,700 ~1,400 ~1,300 Support EBITDA and boost cash generation in unfavourable market conditions 7 1. Excluding Endesa
  9. 9. Enel SpA Investor Relations Opening remarks Financial stability Cash Flow improvement - Capex optimization (€mn) OLD PLAN NEW PLAN 2008-2012 2009-2013 44,339 32,626 37,244 19,192 16,038 15,685 25,147 21,206 16,940 Cumulative Cumulative adjusted1 Cumulative 8,568 7,661 7,315 6,524 4,370 5,716 5,409 Maintenance 3,879 3,108 Growth 3,341 2,673 2,684 4,198 3,782 4,207 3,183 3,043 2,725 2008 adjusted1 2009 2010 2011 2012 2013 8 1. Figures include 100% Endesa
  10. 10. Enel SpA Investor Relations Opening remarks Financial stability Asset Disposals 2009 2010 ••HV electricity grid HV electricity grid ••Gas distribution network Gas distribution network (majority stake) 6€bn (majority stake) ••Enel Green Power Enel Green Power (minority stake) (minority stake) ••Other non strategic assets Other non strategic assets 1.6€bn 2.4€bn Expected net debt reduction of ~10€bn by 2010 9
  11. 11. Enel SpA Investor Relations Opening remarks Financial stability Capital structure optimization Rights issue Dividend policy Dividend policy Rights issue 8 €bn OLD OLD NEW11 NEW 49 €c/share 60% pay out flat on ord. income 2009 Strengthening our capital structure 1. Starting from 2009 results 10
  12. 12. Enel SpA Investor Relations Opening remarks Financial stability Conclusions • Cash flow to reduce debt • Cash flow to reduce debt • Capex to support organic growth • Capex to support organic growth Maintain A-/A2 rating Maintain A-/A2 rating Attractive dividend yield Attractive dividend yield Net debt at 41 €bn by 2013 Net debt/EBITDA below 2.5x by 2013 11
  13. 13. Enel SpA Investor Relations 2008 Results Luigi Ferraris Executive Vice President Accounting, Planning and Control 12
  14. 14. Enel SpA 2008 results Investor Relations Financial highlights: consolidated €mn FY07 FY07 pro-forma FY08 % Revenues 43,673 43,688 61,184 40.0 EBITDA 10,023 9,840 14,318 45.5 EBIT 6,990 6,781 9,541 40.7 Group net income 3,977 3,916 5,293 35.2 Net debt 55,7911 55,7911 49,9671 -10.4 1. Excluding net debt of assets held for sale 13
  15. 15. Enel SpA 2008 results Investor Relations From EBIT to net income €mn FY07 FY07 pro-forma FY08 % EBIT 6,990 6,781 9,541 40.7 Net financial charges (914) (885) (3,210) - Interest charges 1,390 1,361 3,016 - Financial Income (301) (301) - - Fair value of Acciona put option (136) (136) (34) - Other (39) (39) 228 - Net income from equity investments using equity method 12 12 48 - EBT 6,088 5,908 6,379 8.0 Income tax (2,002) (1,956) (585) -70.1 Net income (continuing operations) 4,086 3,952 5,794 46.6 Net income (discontinued operations) 127 179 240 - Net income (including third parties) 4,213 4,131 6,034 46.1 Minorities 236 215 741 - Group net income 3,977 3,916 5,293 35.2 EPS (€) 0.64 0.63 0.86 - 14
  16. 16. Enel SpA 2008 results Investor Relations Group EBITDA breakdown: 2007 pro-forma €mn FY07 FY07 pro-forma FY08 % G&EM - Italy 3,541 2,743 3,113 13.5 Market - Italy 325 318 554 74.2 I&N - Italy 3,726 3,543 3,719 5.0 International 2,380 766 1,044 36.3 Iberia&Latam - 1,420 4,647 227.2 Enel Green Power - 989 1,188 20.1 S&H1 51 61 53 -13.1 Total 10,023 9,840 14,318 45.5 1. Including the Engineering and Innovation division 15
  17. 17. Enel SpA 2008 results Investor Relations Group EBITDA evolution (€mn) +45.5% +199 -8 14,318 +3,227 53 1,188 +176 +278 +236 9,840 +370 4,647 61 989 1,420 1,044 766 3,719 3,543 S&H1 EGP Iberia & Latam International 554 318 I&N Market 2,743 3,113 G&EM FY07 G&EM Market I&N Inter- Iberia & EGP S&H1 FY08 Italy Italy Italy national Latam 1. Including the Engineering and Innovation division 16
  18. 18. Enel SpA 2008 results Investor Relations EBITDA evolution: G&EM Italy (€mn) +13.5% +328 -399 +337 +104 3,113 2,743 FY07 Generation Trading Trento Other FY08 margin margin capital gain 17
  19. 19. Enel SpA 2008 results Investor Relations Forward electricity sales: focus on Italy Level of total production hedged (%) 100 % 100 % 3% ~55% 97% ~45% Unhedged Hedged 2009 2010 18
  20. 20. Enel SpA 2008 results Investor Relations G&EM – Italy: fuel cost evolution +29% 63.7 49.3 Average fuel cost (€/MWh) FY07 FY08 +52% +31% +28% 393.9 104.6 34.3 300.8 26.9 68.8 FY07 FY08 FY07 FY08 FY07 FY08 Oil (€/ton) Gas (c€/mc) Coal (€/ton) 19
  21. 21. Enel SpA 2008 results Investor Relations Focus on Russia Unit price1 (€/MWh) Net production (TWh) 16.3 13.8 40.7 36.3 FY07 FY08 FY07 FY08 Coal dark spread (€/MWh) Gas spark spread (€/MWh) 7.2 3.9 3.8 5.7 FY07 FY08 FY07 FY08 1. Unit price excluding capacity payment 20
  22. 22. Enel SpA 2008 results Investor Relations EBITDA evolution: focus on Endesa1 +8% +427 -40 6,895 +140 6,368 37 2,968 2,541 Latam 3,790 Spain&Portugal 3,930 Other -3 FY07 Iberia Latam Other FY08 1. 100% Endesa results as released on February 26, 2009. Endesa’s GAAP 21
  23. 23. Enel SpA 2008 results Investor Relations EBITDA evolution: focus on Enel Green Power (€mn) +20.1% +19 +15 -4 1,188 +51 +62 989 +57 FY07 Italy North South Spain Greece Other FY08 America America 22
  24. 24. Enel SpA 2008 results Investor Relations Net debt evolution (€mn) +6,754 December Cash-flow Capex1 Extra- Net Dividends4 December 31, 2007 from ordinary financial 31, 2008 operations activities2 charges3 -49,967 -55,791 Discontinued Discontinued operations operations -3,1553 -795 -3,4014 -1,725 -7,3971 +6,5972 +14,110 1. Including investment of Viesgo, Endesa Europe, Ecyr and Enel Rete Gas equal to 895€mn 2. Including change of scope of consolidation of the debt for 1,689€mn 3. Current net interest charge 4. Including 369€mn of dividends relating to minorities 23
  25. 25. Enel SpA Investor Relations 2009 – 2013 Plan Fulvio Conti Chief Executive Officer 24
  26. 26. Enel SpA Investor Relations 2009 – 2013 Plan Group strategy Key Priorities ••Consolidation and integration Consolidation and integration ••Leadership in strategic markets Leadership in strategic markets ••Operational excellence Operational excellence ••Renewables and innovation Renewables and innovation ••Financial stability Financial stability Strategy confirmed and well on track 25
  27. 27. Enel SpA 2009 – 2013 Plan Investor Relations Base assumptions of our plan Commodities Commodities Electricity demand (2008-2013 CAGR) Electricity demand (2008-2013 CAGR) Brent ($/bbl) 83 55 Italy 1.1% 50 2 2009 2010 Long- Spain 1.7% term (2013) Coal1 ($/ton) Russia 1.2% 100 70 Slovakia 1.1% 60 3 Latam 4.6% 2009 2010 Long- term (2013) 1. CIF ARA (Rotterdam) 2. Peninsular 3. Brazil, Chile, Colombia, Peru, Argentina 26
  28. 28. Enel SpA Investor Relations 2009 – 2013 Plan Group strategy Generation & Energy Management - Italy % of coal production in Italian Strategy and targets production mix1 +1.9GW clean coal 40% ••Enhanced competitiveness Enhanced competitiveness 31% of the energy portfolio of the energy portfolio ••Margin protection Margin protection 2008 2010 Plant imbalance 3% 2.6% ••Excellence in operations Excellence in operations 2008 2010 2009-2013 total capex = 3.7€bn Maintenance ••2009 – 2013 capex programme 2009 – 2013 capex programme 30% Growth 70% 1. Including Italian activities of Enel GreenPower 27
  29. 29. Enel SpA 2009-2013 plan Investor Relations Group strategy Electricity free market sales (TWh) Market - Italy Strategy and targets +31% 71 54 ••Leadership in free markets Leadership in free markets 2008 2013 Electricity free customers (mn) +254% 8.5 2.4 2008 2013 Cost to serve (€/customer) -47% ••Operational excellence in Operational excellence in 45 customer service customer service 24 2008 2013 28
  30. 30. Enel SpA 2009-2013 plan Investor Relations Group strategy Infrastructure and networks - Italy Strategy and targets Cash cost (€/customer) -19% 86 70 ••Cost leadership Cost leadership 2008 2013 Duration of interruptions (min/customer) -16% ••Operational excellence Operational excellence 56 47 ••2009 – 2013 capex programme 2009 – 2013 capex programme 2008 2013 2009-2013 total capex = 4.2€bn Smart Grids ••Innovation • Electric vehicles Innovation • Public lighting (LED) • Gas - Digital meter 29
  31. 31. Enel SpA 2009-2013 plan Investor Relations Group strategy International Strategy and targets EBITDA (€mn) +26% 1,311 ••Consolidation and integration Consolidation and integration 1,044 335 244 674 724 76 302 2008 2010 Slovakia Russia Other 2009-2013 total capex = 7.4€bn Slovakia ••Efficiency and organic growth Efficiency and organic growth 27% 28% Russia Other 45% 30
  32. 32. Enel SpA 2009-2013 plan Investor Relations Group strategy International – Focus on Slovakia Strategy and targets EBITDA (€mn) 724 674 ••Consolidation and integration Consolidation and integration 2008 2010 Nuclear plants uptime 92% 86% 2008 2013 2009-2013 total capex = 3.3€bn ••Efficiency and organic growth Efficiency and organic growth 10% Maintenance Growth 90% New nuclear capacity c900MW by 2013 31
  33. 33. Enel SpA 2009-2013 plan Investor Relations Group strategy International – Focus on Russia EBITDA (€mn) Strategy and targets 302 ••Consolidation and integration Consolidation and integration 761 2008 2010 Plant availability 81% 78% 2008 2013 2009-2013 total capex = 2.1€bn Maintenance ••Efficiency and organic growth Growth Efficiency and organic growth 31% 69% New CCGT capacity - 2x410MW on stream by 2011 First gas from Severenergia in 2010 32 1. FY 2008 OGK-5, 153 €mn
  34. 34. Enel SpA 2009-2013 plan Investor Relations Group strategy Endesa Strategy and targets EBITDA (€bn) 7.0 7.0 ••Leadership in key markets Leadership in key markets Iberia 0.1 Latam 3.0 3.3 Other 4.0 3.6 ••Organic growth through capex Organic growth through capex 2008 2010 2009-2013 total capex = 13.1 €bn1 Iberia Latam ••Synergy plan of 813 €mn by 2012 Synergy plan of 813 €mn by 2012 11% Other 31% 58% ••New renewables programme New renewables programme 1. Includes ESB 33
  35. 35. Enel SpA 2009-2013 plan Investor Relations Group strategy Endesa – Focus on Iberia Strategy and targets EBITDA (€bn) ••Leading and balanced position in Leading and balanced position in 4.0 3.6 3,246 generation and sales generation and sales ••Balanced fuel mix Balanced fuel mix 2008 2010 2009-2013 total capex = 7.6 €bn ••Moving towards a more stable Moving towards a more stable regulatory scenario regulatory scenario 3% 33% 45% 52% 67% ••New renewables programme New renewables programme Distribution Maintenance ••Leadership in distribution enhanced Leadership in distribution enhanced Generation Growth other by digital meters and efficiency plan by digital meters and efficiency plan 34
  36. 36. Enel SpA 2009-2013 plan Investor Relations Group strategy Endesa – Focus on Latam Strategy and targets EBITDA (€bn) 3.3 3.0 ••Leadership in countries with Leadership in countries with expected positive GDP growth expected positive GDP growth 2008 2010 ••Organic growth through capex Organic growth through capex 2009-2013 total capex = 4.1 €bn ••Clear and stable regulatory Clear and stable regulatory framework framework 48% 39% 52% 61% ••2009 – 2013 capex programme 2009 – 2013 capex programme Distribution Maintenance Generation Growth 35
  37. 37. Enel SpA Investor Relations 2009 – 2013 Plan Group strategy Endesa – Focus on synergies (€mn) Strategy and targets 813 Capex EBITDA 83 105 717 264 2,541 613 213 200 436 150 548 100 266 400 300 50 200 100 2008 2009 2010 2011 2012 36
  38. 38. Enel SpA Investor Relations Group strategy Enel Green Power Overview (2008 – MW) Other Geo Wind Hydro North America Eufer Europe1 4,464 (ENA) 51 748 678 399 103 1,237 Italy Latin America 2,498 (ELA) 2,547 667 FY08 A well diversified portfolio in terms of technologies and geographies 1. France and Greece 37
  39. 39. Enel SpA 2009-2013 plan Investor Relations Group strategy Enel Green Power EBITDA (€mn) Strategy and targets ••Sustainable and profitable growth Sustainable and profitable growth 1,188 1,203 2008 2010 ••Low dependence on incentives Low dependence on incentives 27% on average for 2008 27% on average for 2008 2009-2013 total capex = 3.7 €bn 14% ••2009 – 2013 capex programme 2009 – 2013 capex programme Maintenance Growth 86% ••Strong cash flow from operations Strong cash flow from operations 5 €bn in 2009-2013 5 €bn in 2009-2013 Total capacity addition of +1.9GW 2009 -2013 38
  40. 40. Enel SpA Investor Relations Financial Targets Enel’s commitment (€bn) 20081 2010 2013 • EBITDA • 14.3 • 16 • 18 • Group net income • 3.72 •4 •5 • Group net debt • 49.9 • 45 • 41 Solid performance in a deteriorating economic environment 1. 2008 actual results 2. Ordinary net income 39
  41. 41. Enel SpA Investor Relations Agenda • Opening remarks – Group Overview – Financial Stability • 2008 Results • 2009-2013 Plan – Group strategy › Generation & Energy Management - Italy › Market - Italy › Infrastructure & Network - Italy › International › Endesa › Enel Green Power • Financial targets • Questions and answers 40
  42. 42. Enel SpA Investor Relations Disclaimer This presentation contains 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 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 the date of this presentation. Enel S.p.A. does not undertake any obligation to publicly release any revisions to any forward- looking statements to reflect events or circumstances after the date of this presentation. THIS PRESENTATION DOES NOT CONSTITUTE AN OFFER OF SECURITIES IN THE UNITED STATES OR ANY OTHER JURISDICTION. SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION OR AN EXEMPTION FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED. ANY PUBLIC OFFERING OF SECURITIES IN THE UNITED STATES WOULD BE MADE ONLY BY MEANS OF A PROSPECTUS TO BE OBTAINED FROM ENEL S.P.A., WHICH WOULD CONTAIN DETAILED INFORMATION ABOUT THE COMPANY AND ITS MANAGEMENT, AS WELL AS FINANCIAL STATEMENTS. THERE IS NO INTENTION TO REGISTER ANY OFFERING OF SECURITIES BY ENEL S.P.A. IN THE UNITED STATES OR TO CONDUCT A PUBLIC OFFERING OF SECURITIES OF THE COMPANY IN THE UNITED STATES. ANY NON-PUBLIC OFFERING OF SECURITIES IN THE UNITED STATES WOULD BE MADE ONLY BY MEANS OF AN OFFERING MEMORANDUM CONTAINING INFORMATION SIMILAR TO THAT IN A PROSPECTUS; NO SUCH OFFERING MEMORANDUM HAS BEEN PREPARED AND NO OFFER OF SECURITIES OF THE COMPANY, PUBLIC OR OTHERWISE, HAS BEEN MADE IN ANY JURISDICTION, INCLUDING THE UNITED STATES. THIS PRESENTATION IS NOT FOR DISSEMINATION OR PUBLICATION IN THE UNITED STATES. 41
  43. 43. Enel SpA Investor Relations Contact us Investor Relations Team (investor.relations@enel.com) • 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) 42

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