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9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
9M 2008 Results
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9M 2008 Results

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http://www.enel.it/azienda/it/investor_relations/presentazioni/doc/2008_05/Enel_9M08%20consolidated%20results.pdf

http://www.enel.it/azienda/it/investor_relations/presentazioni/doc/2008_05/Enel_9M08%20consolidated%20results.pdf

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  • 1. Enel SpA Investor Relations 9M2008 Results November 11, 2008
  • 2. Enel SpA Investor Relations Agenda • 9M2008 Results • Questions & Answers • Annexes 2
  • 3. Enel SpA 9M2008 results Investor Relations Financial highlights: consolidated €mn 9M07 9M081 % Revenues 28,760 45,302 57.5 EBITDA 6,711 11,312 68.6 EBIT 4,751 8,184 72.3 Group net income 2,678 4,982 86.0 Net debt 55,7912,3 51,3773 -7.9 1. Not including purchase price allocations (OGK-5, Endesa) 2. Figures as of December 31, 2007 3 3. Not including net debt of activities held for sale
  • 4. Enel SpA 9M2008 results Investor Relations From EBIT to net income €mn 9M07 9M08 % EBIT 4,751 8,184 72.3 Net financial charges (327) (2,277) - Interest charges 668 2,269 - Fair value of Acciona put option - (17) - Other (341) 25 - Net income from equity investments using equity method 3 49 - EBT 4,427 5,956 34.5 Income tax (1,674) (582) - Net income (continuing operations) 2,753 5,374 - Net income (discountinued operations) - 226 - Net income (including third parties) 2,753 5,600 - Minorities (75) (618) - Group net income 2,678 4,982 86.0 EPS (€) 0.43 0.81 - 4
  • 5. Enel SpA 9M2008 results Investor Relations Income tax analysis 704 1,841 555 582 9M08 One-off impact Additional 9M08 income of substitute one-off impact pro-forma tax tax 1H08(1) of subsitute income Tax tax 3Q08 Full year 2008 normalized tax rate 33% 1. Net of higher taxes on current income for generation and sales activities 5
  • 6. Enel SpA 9M2008 results Investor Relations Group EBITDA evolution (€mn) +68.6% 11,312 +3,565 +178 +43 82 778 +555 +127 3,839 6,711 +133 39 600 274 2,884 2,757 S&H International Iberia & Latam I&N G&EM Market 3,405 2,850 191 324 9M07 Market G&EM I&N Ib&Latam Intern. S&H1 9M08 1. Including the Engineering and Innovation division and intercompany adjustments 6
  • 7. Enel SpA 9M2008 results Investor Relations EBITDA evolution: domestic market division (€mn) +69.6% +32 324 +101 191 9M07 Regulated Free 9M08 market market 7
  • 8. Enel SpA 9M2008 results Investor Relations Forward electricity sales: focus on Italy Level of total production hedged (%) ~100 % 100 % 100 % ~15% ~55% ~85% ~45% Unhedged Hedged 2008 2009 2010 8
  • 9. Enel SpA 9M2008 results Investor Relations EBITDA evolution: domestic G&EM division (€mn) +19.5% -72 3,405 +323 +331 -27 2,850 9M07 Generation Trading Trento Other 9M08 margin margin capital gain 9
  • 10. Enel SpA 9M2008 results Investor Relations Domestic G&EM division: fuel cost evolution +30% 60.6 46.5 Average fuel cost (€/MWh) 9M07 9M08 +35% +27% +54% 384.8 32.3 100.4 284.6 25.5 65.2 9M07 9M08 9M07 9M08 9M07 9M08 Oil (€/ton) Gas (c€/mc) Coal (€/ton) 10
  • 11. Enel SpA 9M2008 results Investor Relations EBITDA evolution: domestic I&N division (€mn) +4.6% +134 -29 2,884 2,757 +22 2,757 2,779 2,884 Non recurring 9M07 items Gas 9M08 Electricity 11
  • 12. Enel SpA 9M2008 results Investor Relations EBITDA evolution: Iberia & Latam division (€mn) +3,702 +16 -198 3,839 +45 274 9M07 Endesa Eufer Viesgo1 Enel 9M08 Latam 1. Including 109 €mn of capital loss for Viesgo Group disposal 12
  • 13. Enel SpA 9M2008 results Investor Relations EBITDA evolution: focus on Endesa1 +14.0% +375 -19 5,436 +310 4,770 2,160 1,785 Latam Spain&Portugal 3,268 2,958 9M07 Iberia Latam Other 9M08 1. 100% Endesa results as released on November 5, 2008 13
  • 14. Enel SpA 9M2008 results Investor Relations EBITDA evolution: international division (€mn) +29.7% +23 778 +55 +12 35 +67 +21 37 600 35 12 23 160 139 Centrel SEE 511 444 North America Russia France & Belgium -18 9M07 Centrel SEE North France Russia 9M08 America & Belgium 14
  • 15. Enel SpA 9M2008 results Investor Relations Focus on Russia Unit price1 (€/MWh) Production2 (TWh) 16.5 13.7 31.2 25.9 9M07 9M08 9M07 9M08 Coal spark spread (€/MWh) Gas spark spread (€/MWh) 7.7 3.6 4.0 5.3 9M07 9M08 9M07 9M08 1. Unit price excluding capacity payment 15 2. Figures related to nine months 2008 and 2007
  • 16. Enel SpA 9M2008 results Investor Relations EBITDA evolution: services & holding1 (€mn) +141.9% +48 -4 75 31 9M07 Import Other 9M08 1. Including -3€mn intercompany adjustments in 9M07. Excluding the Engineering and Innovation division 16
  • 17. Enel SpA 9M2008 results Investor Relations Focus on renewables1 Capacity (MW) Production (GWh) Other Wind Geothermal Mini-hydro 4,223 12,849 51 3,269 678 10,386 228 2,825 8,910 51 228 3,974 678 1,002 49 230 3,974 678 1,459 1,002 EBITDA evolution (€mn) 3,922 622 1,459 2,492 919 7,188 1,476 1,538 3,839 4,725 9M07 9M08 9M08 9M07 9M08 9M08 old new 824 old new +82 666 -28 612 9M07 Italy Interna- 9M08 9M08 tional old new 1. Excluding large hydro and Endesa 17
  • 18. Enel SpA 9M2008 results Investor Relations Net debt evolution (€mn) December Cash-flow Capex1 Extra- Net Dividends4 September 31, 2007 from ordinary financial 30, 2008 operations activities2 charges3 -51,377 -55,791 Discontinued Discontinued operations -218 operations -2,269 -1,725 -2,116 -4,806 +6,992 +8,120 1. Including investment of Viesgo, Endesa Europe and Ecyr 2. Including change of scope of consolidation of the debt for 1,689€mn 3. Current net interest charge 4. Including 321€mn of dividends relating to minorities 18
  • 19. Enel SpA 9M2008 results Investor Relations Enel Group debt structure excluding Endesa (€mn) Long-term debt maturity profile (€mn) Liquidity (€mn) September 30, 2008 Amount Outstanding Available 16,658 36M credit facility for Endesa acquisition 10,866 10,866 - 60M credit facility for Endesa acquisition 7,828 7,828 - 13,840 Other committed credit lines1 6,375 2,485 3,890 Total committed credit lines 25,070 21,179 3,890 9,222 Other short-term bank debt – uncommitted lines 1,201 236 965 Total credit lines 26,271 21,415 4,855 Commercial paper issued by EFI SA 4,000 3,501 499 1,243 687 1,480 Total credit lines + CP 30,271 24,916 5,354 IVQ 2009 2010 2011 2012 After 2008 2012 Cash and cash equivalents (1,428) 1,428 Total liquidity 30,271 23,488 6,782 1. Including 1,375€mn relating to a committed line pertaining to Slovenske Elektrarne 19
  • 20. Enel SpA 9M2008 results Investor Relations Endesa debt structure (€mn) Long-term debt maturity profile1 (€mn) Liquidity2 (€mn) September 30, 2008 Amount Outstanding Available 4,022 Total committed credit lines 9,640 1,723 7,916 Commercial paper issued by Endesa Group 4,000 2,183 1,817 2,306 2,356 Total credit lines + CP 13,640 3,906 9,733 1,003 Cash and cash equivalents 152 653 (4,988) 4,988 Total liquidity 13,640 (1,801) 14,721 IVQ 2009 2010 2011 2012 After 2008 2012 1. Relating to Endesa proportionally consolidated debt (67.05%) according to Enel’s GAAP 2. Relating to Endesa 100% 20
  • 21. Enel SpA 9M2008 results Investor Relations Closing remarks Enel sources of funding • Liquidity available11 • Liquidity available 4 bn • Net operating cash flow • Net operating cash flow available for debt 2 bn 11 billion to cover 2010 available for debt reduction maturities reduction • Asset Disposal • Asset Disposal 5 bn Endesa sources of funding (100%) • Liquidity available11 • Liquidity available 9 bn Well on track to sustain medium term cash needs 1. Figures include cash & cash equivalents, committed credit lines and do not include commercial paper 21
  • 22. Enel SpA Investor Relations Agenda • 9M2008 Results • Questions & Answers • Annexes 22
  • 23. Enel SpA Investor Relations Agenda • 9M2008 Results • Questions & Answers • Annexes 23
  • 24. Enel SpA 9M2008 - Operational annexes Installed capacity (GW) Investor Relations Net production (TWh) Operational data Tot sales to final customers (TWh) North America 0.6 GW 1.4 TWh Russia 8.2 GW 13.0 TWh 12.9 TWh Central America 0.6 GW 1.9 TWh Colombia 1.9 GW 6.4 TWh Brazil France Slovakia 3.6 TWh 0.8 GW 0.7TWh 5.6 GW 2.2 TWh Romania 16.9 TWh Peru 7.1 TWh 5.3TWh 1.1 GW Iberia1 4.4 TWh 16.6 GW 2.6 TWh 46.8 TWh Bulgaria 58.2 TWh 0.6 GW Argentina 2.7 TWh Chile Italy 3.0 GW 3.6 GW 7.2 TWh 40.3 GW 10.8 TWh 6.8 TWh 73.1 TWh Greece 3.3 TWh 104.0 TWh 0.1 GW 0.2 TWh Total installed capacity: 83 GW Total net production: 187.0 TWh 1. Including 0.1GW of capacity in Morocco and 0.4 TWh of relative production 24
  • 25. Enel SpA 9M2008 - Operational annexes Investor Relations Group EBITDA by business area(€mn) 6,711 €mn 11,312 €mn 44% 39% 56% 61% 9M07 9M08 WELL BALANCED PORTFOLIO OF ACTIVITIES Generation & sales Networks 25
  • 26. Enel SpA 9M2008 - Operational annexes Investor Relations Operational Data – Generation Mix Italy 73,083 (TWh) 4,285 22,333 40,306 (MW) 7,127 1,005 4,948 19,880 13,983 14,424 19,458 5,946 Capacity (MW) Production (GWh) Other renewables Coal Oil & gas 1 Hydro CCGT 1. Including turbogas capacity and production 26
  • 27. Enel SpA 9M2008 - Operational annexes Investor Relations Operational Data – Generation Mix Iberia & Latam 44,999 30,322 Iberia - Endesa Latam - Endesa 1,420 1,311 14 13,873 5,567 4,185 16,178 4,284 10,242 17,374 1,046 3,892 13,624 360 12 1,447 2,683 3,721 5,794 2,441 7,613 6,056 2,395 2,629 Capacity1 (MW) Production2 (GWh) Capacity (MW) Production (GWh) Iberia - Enel Latam - Enel 1,889 2,536 44 543 707 2,492 664 374 24 497 348 640 142 26 Capacity (MW) Production (GWh) Capacity (MW) Production (GWh) Other renewables Coal Oil & gas 1. Including 82 MW of capacity in Morocco 27 2. Including 449 GWh of production in Morocco Hydro Nuclear CCGT
  • 28. Enel SpA 9M2008 - Operational annexes Investor Relations Operational Data – Generation Mix Centrel – South Eastern Europe Slovakia 16,915 Greece 171 2,310 3,280 105 170 5,635 11,325 98 1,254 2,329 2,052 7 1 Capacity (MW) Production (GWh) Capacity (MW) Production (GWh) Bulgaria 2,671 2,671 595 595 Capacity (MW) Production (GWh) Other renewables Coal Oil & gas 28 Hydro Nuclear CCGT
  • 29. Enel SpA 9M2008 - Operational annexes Investor Relations Operational Data – Generation Mix Russia – North America – France Russia North America 1398 12,963 631 8,183 6,352 573 3,623 259 767 6,611 4,560 314 Capacity (MW) Production (GWh) Capacity (MW) Production (GWh) France 8 5 Capacity (MW) Production (GWh) Other renewables Coal Oil & gas 29 Hydro Nuclear CCGT
  • 30. Enel SpA 9M2008 - Operational annexes Investor Relations Operational Data – Electricity and gas distribution Electricity (TWh) Gas (bcm) 2.5% 11.1% Volumes Distributed: 31.8% Breakdown by country 65.7% 88.9% Electricity (TWh) Gas (bcm) 2.6% 6.3% 0.3% Sales 31.0% Breakdown by country 39.9% 50.9% 69.0% Russia Iberia&Latam Italy SEE Centrel 30
  • 31. Enel SpA 9M2008 - Operational annexes Investor Relations Italian market overview: electricity1 and gas consumption2 Electricity consumption (TWh) Gas consumption (bcm) +0.8% +5.5% 58.4 61.6 253.8 255.8 1.7 1.6 36.0 29.5 25.9 25.0 153.4 158.7 14.6 14.8 17 19.4 69.9 73.1 -5.5 -5.5 9M07 9M08 9M07 9M08 Import Other Net production: other Thermoelectric Net production: Enel Industrial Pumped storage consumption Residential & commercial 1. Source: Terna electricity statistical data 31 2. Source: Ministry of Economic development and Enel’s estimates
  • 32. Enel SpA 9M2008 - Operational annexes Investor Relations Italian market overview: electricity sales1 Regulated market (TWh) Free market2 (TWh) Enel’s free customers3 (thousand) +11.7% 1,966.4 166.8 -17.7% 149.3 +3.9% 41.3 28.5 88.2 -2.9% +44.9% 72.6 827.0 120.8 125.5 78.0 -19.6% 62.7 10.2 9.9 9M07 9M08 9M07 9M08 9M07 9M08 Enel Other Total sales (TWh) 237.5 239.4 9M07 9M08 1. Excluding losses on the grid. Other operators’ data are Enel’s estimates based on Single Buyer figures 2. Including self-consumption and, since May 2008, sales to “salvaguardia” customers 32 3. Including dual energy customers
  • 33. Enel SpA 9M2008 - Operational annexes Investor Relations Enel’s gas sales Volumes sold (bcm) Customers (thousand) +100% +31.2% 5.8 3,194 1.8 2,434 579 2.9 2,434 2,615 4.0 2.9 9M07 9M08 9M07 9M08 Italy International 33
  • 34. Enel SpA 9M2008 - Operational annexes Investor Relations 9M2008 Group installed capacity: breakdown by source and location MW Hydro RES Nuclear Coal CCGT Oil & gas TOTAL - other ST/OCGT Italy 14,424 1,005 - 4,948 5,946 13,983 40,306 Iberia 3,747 1,394 2,441 3,892 2,3952 2,683 16,552 Centrel 2,329 - 2,052 1,254 - - 5,635 SEE 7 1061 - 595 - - 708 Americas 6,748 295 - 360 2,629 1,447 11,479 Russia - - - 3,623 - 4,560 8,183 TOTAL 27,255 2,800 4,493 14,672 10,970 22,673 82,863 1. Including 8 MW other renewable capacity in France 2. Including 82 MW of installed capacity in Morocco 34
  • 35. Enel SpA 9M2008 - Operational annexes Investor Relations 9M2008 Group net production: breakdown by source and location TWh Hydro RES Nuclear Coal CCGT Oil & gas TOTAL - other ST/OCGT Italy 19.9 4.3 - 22.3 19.5 7.1 73.1 Iberia 4.8 1.9 13.6 14.6 7.71 4.2 46.8 Centrel 3.3 - 11.3 2.3 - - 16.9 SEE - 0.2 - 2.7 - - 2.9 Americas 20.6 0.7 - 1.3 6.1 5.6 34.3 Russia - - - 6.4 - 6.6 13.0 TOTAL 48.6 7.1 24.9 49.6 33.3 23.5 187.0 1. Including 0.4TWh of net production in Morocco 35
  • 36. Enel SpA 9M2008 - Operational annexes Investor Relations Production mix +4.6% 69.9 (TWh) 73.1 (TWh) 16.2% 9.7% Group production mix 26.6% 23.9% Domestic +95.0% Domestic 29.5% 30.6% 6.1% 5.9% 95.9 (TWh) 187.0 (TWh) 24.3% 27.2% 11.8% 12.6% 17.4% 17.8% 9M07 9M08 29.8% 26.5% +338.0% 11.1% 13.3% 5.3% 3.8% 26.0 (TWh) 113.9 (TWh) 24.6% 26.0% 14.4% 30.5% 12.1% 9M07 9M08 International 23.9% International 41.0% 21.9% Other renewables Coal Oil & gas 3.2% 2.5% Hydro Nuclear CCGT 25.3% 25.2% 9M07 9M08 36
  • 37. Enel SpA 9M2008 - Operational annexes Investor Relations CO2 emissions vs. allowances Domestic generation CO2 emissions (mton) Allowances Deficit/Surplus 9M 2007 31.6 2.0 33.6 9M 2008 33.1 0.3 33.4 37
  • 38. Enel SpA 9M2008 - Operational annexes Investor Relations Enel’s electricity and gas distribution Volumes distributed in Italy1 (TWh) Volumes distributed abroad (TWh) +0.81% +981.9% 101.7 192.7 194.3 9.4 9M07 9M08 9M07 9M08 Volumes distributed (bcm) End users (thousand) +13.7% +22.7% 2,005 2,279 206 2.7 2.2 0.3 2,005 2,073 2.2 2.4 Italy International 9M07 9M08 9M07 9M08 1. 2007 figures updated. Net of energy dispatched in previous years 38
  • 39. Enel SpA 9M2008 - Financial annexes Investor Relations EBIT by business area (€mn) +72.3% 8,184 422 S&H International 2,731 Iberia & Latam 4,751 I&N G&EM 308 Market 184 2,176 2,123 2,735 2,153 18 123 -35 -3 9M07 9M08 39
  • 40. Enel SpA 9M2008 - Financial annexes Investor Relations Balance sheet €mn 20071 9M08 % Net financial debt 55,791 51,377 -7.9 Shareholders’ equity 23,789 25,940 9.0 Net capital employed 79,580 77,317 -2.8 1. Figures as of December 31, 2007 40
  • 41. Enel SpA 9M2008 - Financial annexes Investor Relations Enel’s group financial debt evolution as of September 30, 2008 €mn 12.31.2007 06.30.2008 09.30.2008 Bank loans – maturities > 12 months 28,343 28,478 27,599 Bonds – maturities > 12 months 22,365 20,416 20,497 Preferred shares > 12 months 966 970 972 Other loans – maturities > 12 months 481 598 635 Financial receivables – maturities > 12 months -1,339 -1,270 -1,316 Total net long-term financial debt - maturities > 12 months 50,816 49,192 48,387 Bank loans – maturities < 12 months 461 497 591 Bonds – maturities < 12 months 2,033 3,650 3,092 Preferred shares < 12 months - - - Other loans – maturities < 12 months 235 212 236 Financial receivables – maturities < 12 months -1,402 -936 -1,135 Total net long-term financial debt - maturities < 12 months 1,327 3,423 2,784 Other short-term bank debt 1,280 867 413 Commercial paper 3,893 5,261 4,936 Other short-term financial debt 112 322 123 Short-term debt 5,285 6,450 5,472 Factoring receivables -205 -253 -269 Other short-term financial receivables -97 -159 -225 Cash at banks and marketable securities -1,335 -7,362 -4,772 Total net short-term debt (including current maturities) 4,975 2,099 2,990 Net financial debt 55,791 51,291 51,377 Net equity 23,789 25,089 25,940 Debt/Equity ratio 2.35 2.04 1.98 Average cost of debt 5.1% 5.3% 5.4% 41
  • 42. Enel SpA 9M2008 - Financial annexes Investor Relations Enel’s group financial debt by subsidiary as of September 30, 2008 €mn Enel SpA Endesa EFI EIH Slovenské EP ED Other Total Bonds 14,734 5,342 2,562 572 193 - - 185 23,589 Bank loans 13,555 3,433 7,501 - 58 997 1,760 885 28,190 Preferred shares - 972 - - - - - - 972 Other loans (3) (1,531) - - 24 - - (70) (1,580) Commercial paper - 1,464 3,472 - - - - - 4,936 Other 59 (3,445) - - (39) (2) (1) (1,302) (4,730) Total 28,346 6,235 13,535 572 236 996 1,759 (302) 51,377 42
  • 43. Enel SpA 9M2008 - Financial annexes Investor Relations Enel’s group financial debt Average cost of debt Average residual maturity 6.2% 5.4% 5.9% 7:7 7:7 5.5% 5.1% 5.2% 6:4 4.7% 4.4% 4.6% 5:10 4.4% 4.3% 5:4 5:2 5:2 4:1 4:9 4:4 3:11 1 1 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Net financial debt (€bn) Fixed + Hedged/Total debt 55.8 51.4 81% 80% 61% 60% 53% 54% 53% 54% 24.5 24.2 24.5 44% 47% 42% 21.9 12.7 12.1 13.4 12.3 11.7 1 1 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 1. As of September 30, 2008 43
  • 44. Enel SpA 9M2008 - Financial annexes Investor Relations Enel’s group financial debt evolution as of September 30, 2008 (excluding Endesa) €mn 12.31.2007 06.30.2008 09.30.2008 Bank loans – maturities > 12 months 23,631 24,773 24,486 Bonds – maturities > 12 months 19,946 16,855 17,043 Preferred shares > 12 months - - - Other loans – maturities > 12 months 95 84 89 Financial receivables – maturities > 12 months -146 -84 -155 Total net long-term financial debt - maturities > 12 months 40,526 41,628 41,463 Bank loans – maturities < 12 months 287 293 271 Bonds – maturities < 12 months 1,139 1,136 1,203 Preferred shares < 12 months - - - Other loans – maturities < 12 months 26 18 38 Financial receivables – maturities < 12 months -966 -4 -20 Total net long-term financial debt - maturities < 12 months 486 1,443 1,492 Other short-term bank debt 1,180 695 304 Commercial paper 2,350 3,595 3,472 Other short-term financial debt 112 116 123 Short-term debt 3,642 4,406 3,899 Factoring receivables -205 -253 -269 Other short-term financial receivables -13 -83 -15 Cash at banks and marketable securities -625 -1,922 -1,428 Total net short-term debt (including current maturities) 3,285 3,591 3,679 Net financial debt 43,811 45,219 45,142 44
  • 45. Enel SpA 9M2008 - Financial annexes Investor Relations Endesa’s group financial debt evolution as of September 30, 20081 €mn 12.31.2007 06.30.2008 09.30.2008 Bank loans – maturities > 12 months 4,712 3,705 3,113 Bonds – maturities > 12 months 5,419 3,561 3,454 Preferred shares > 12 months 966 970 972 Other loans – maturities > 12 months 386 514 546 Financial receivables – maturities > 12 months -1,193 -1,186 -1,161 Total net long-term financial debt - maturities > 12 months 10,290 7,564 6,924 Bank loans – maturities < 12 months 174 204 320 Bonds – maturities < 12 months 894 2,514 1,889 Preferred shares < 12 months - - - Other loans – maturities < 12 months 209 194 198 Financial receivables – maturities < 12 months -436 -932 -1,115 Total net long-term financial debt - maturities < 12 months 841 1,980 1,292 Other short-term bank debt 100 172 109 Commercial paper 1,543 1,666 1,464 Other short-term financial debt - 206 - Short-term debt 1,643 2,044 1,573 Factoring receivables - - - Other short-term financial receivables -84 -76 -210 Cash at banks and marketable securities -710 -5,440 -3,344 Total net short-term debt (including current maturities) 1,690 -1,492 -689 Net financial debt 11,980 6,072 6,235 1. Figures relate to Enel’s 67.05% stake 45
  • 46. Enel SpA 9M2008 - Financial annexes Investor Relations Debt structure • Average debt maturity: 5 years and 2 months • Average cost of debt: 5.4%1 • (Fixed+hedged)/Total long-term debt: 51% • (Fixed+hedged)/Total net debt: 54% • Rating: S&P’s = A-/A-2 Outlook negative; Moody’s = A2/P-1 Outlook negative €mn 2007 September 30, 2008 % Long-term 50,816 49,703 -2.2 Short-term2 8,014 9,391 +17.2 Cash3 -3,039 -7,717 +153.9 Net debt 55,791 51,377 -7.9 1. Including Endesa cost of debt equal to 6.3% 2. Including current maturities of long-term debt 3. Including factoring and other current receivables 46
  • 47. Enel SpA 9M2008 - Financial annexes Investor Relations Domestic Market €mn 9M07 9M08 % Revenues 16,069 16,658 3.7 EBITDA 191 324 69.6 EBIT 18 123 - Capex 24 27 12.5 Headcount1 4,772 4,603 -3.5 1. 9M07 figure as of December 31, 2007 47
  • 48. Enel SpA 9M2008 - Financial annexes Investor Relations Domestic Generation & Energy Management €mn 9M07 9M08 % Revenues 12,167 17,262 41.9 EBITDA 2,850 3,405 19.5 EBIT 2,153 2,735 27.0 Capex 781 815 4.3 Headcount1 8,432 8,262 -2.0 1. 9M07 figure as of December 31, 2007 48
  • 49. Enel SpA 9M2008 - Financial annexes Investor Relations Domestic Infrastructure & Network €mn 9M07 9M08 % Revenues 4,133 4,912 18.8 Power 3,920 4,722 +21.7 Gas 213 190 -10.8 EBITDA 2,757 2,884 4.6 Power 2,646 2,802 +5.9 Gas 111 82 -26.1 EBIT 2,123 2,176 2.5 Power 2,080 2,165 +4.1 Gas -74.4 43 11 Capex 3.1 1,001 1,032 Headcount1 -3.2 22,710 21,973 1. 9M07 figure as of December 31, 2007 49
  • 50. Enel SpA 9M2008 - Financial annexes Investor Relations Iberia & Latam €mn 9M07 9M08 % Revenues 959 12,417 - EBITDA 274 3,839 - EBIT 184 2,731 - Capex 302 1,550 - Headcount1 20,226 18,261 -9.7 1. 9M07 figure as of December 31, 2007 50
  • 51. Enel SpA 9M2008 - Financial annexes Investor Relations International activities €mn 9M07 9M08 % Revenues 2,117 3,280 54.9 EBITDA 600 778 29.7 EBIT 308 422 37.0 Capex 369 652 76.7 Headcount1 11,528 17,456 51.4 1. 9M07 figure as of December 31, 2007 51
  • 52. Enel SpA 9M2008 - Financial annexes Investor Relations Services & Holding €mn 9M07 9M08 % Revenues 2,124 2,129 0.2 Holding 660 509 -22.9 Services & other 820 842 -2.7 Engineering & Innovation 644 778 20.8 EBITDA1 39 82 110.3 Holding (101) (36) - Services & other 135 111 -17.8 Engineering & Innovation 8 7 -12.5 EBIT -35 -3 - Holding (113) (53) - Services & other 75 45 -40.0 Engineering & Innovation 6 5 -16.7 1. Including -3€mn intercompany adjustments in 9M07 52
  • 53. Enel SpA 9M2008 - Financial annexes Investor Relations Services & Holding - Continued €mn 9M07 9M08 % Capex 41 52 26.8 Holding 5 6 20.0 Services & other 36 46 27.8 Headcount1 5,832 6,205 6.4 Holding 728 734 0.8 Services & other 4,223 4,496 6.5 Engeneering & Innovation 881 975 10.7 1. 9M07 figure as of December 31, 2007 53
  • 54. Enel SpA 9M2008 - Financial annexes Investor Relations Capex by business area (€mn) +63.9% 4,128 +27% 52 652 +77% S&H International Iberia & Latam +413% I&N 2,518 G&EM 1,550 Market 41 369 302 +3% 1,001 1,032 +4% 781 815 +13% 24 27 9M07 9M081 1. Excluding investment of Viesgo, Endesa Europe and Ecyr 54
  • 55. Enel SpA Investor Relations Disclaimer THESE SLIDES HAVE BEEN PREPARED BY THE COMPANY SOLELY FOR THE USE DURING THE CONFERENCE CALL OF ENEL 9M2008 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. 55
  • 56. 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) 56

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