Enel SpA
                                           Investor Relations




2009 Results
2010-2014 Plan
“Resilience, growth...
Enel SpA
                                                         Investor Relations



Agenda




     • Group strategy  ...
Enel SpA
     2010 – 2014 Plan                                     Investor Relations


Group strategy
Key success factors...
Enel SpA
      2010 – 2014 Plan                                      Investor Relations


Group strategy
Key priorities


...
Enel SpA
               2010 – 2014 Plan                                                                        Investor R...
Enel SpA
                     2010 – 2014 Plan                                           Investor Relations

             ...
Enel SpA
                             2010 – 2014 Plan                                                               Inves...
Enel SpA
                2010 – 2014 Plan                                                            Investor Relations

 ...
Enel SpA
                             2010 – 2014 Plan                                                                    ...
Enel SpA
         2010 – 2014 Plan                                               Investor Relations

   Group strategy
   ...
Enel SpA
          2010 – 2014 Plan                                                                           Investor Rel...
Enel SpA
        2010 – 2014 Plan                                                     Investor Relations

Group strategy
F...
Enel SpA
                             2010 – 2014 Plan                                                                    ...
Enel SpA
     2009 Results         Investor Relations




Luigi Ferraris
Chief Financial Officer




                     ...
Enel SpA
                              2009 Results                                               Investor Relations



  ...
Enel SpA
                 2009 Results                                  Investor Relations



       From EBIT to Net Inco...
Enel SpA
           2009 Results                                                       Investor Relations



Focus on forw...
Enel SpA
                              2009 Results                                                                       ...
Enel SpA
                        2009 Results                                                             Investor Relatio...
Enel SpA
         2009 Results                                Investor Relations



G&EM – Italy: fuel cost evolution

   ...
Enel SpA
                              2009 Results                                               Investor Relations



  ...
Enel SpA
                             2009 Results                                                                      In...
Enel SpA
                            2009 Results                                          Investor Relations



         ...
Enel SpA
                             2009 Results                                     Investor Relations



            E...
Enel SpA
                           2009 Results                                                                          ...
Enel SpA
                               2009 Results                                                                      ...
Enel SpA
                                2009 Results                                                                     ...
Enel SpA
                             2009 Results                                                                        ...
Enel SpA
     2010 – 2014 Plan     Investor Relations




Fulvio Conti
Chief Executive Officer




                       ...
Enel SpA
                               2010 – 2014 Plan                                                                  ...
Enel SpA
                             2010 – 2014 Plan                                                                    ...
Enel SpA
                            2010 – 2014 Plan                                                Investor Relations

 ...
Enel SpA
                              2010 – 2014 Plan                                                                   ...
Enel SpA
                            2010 – 2014 Plan                                                   Investor Relations...
Enel SpA
                               2010 – 2014 Plan                                                  Investor Relatio...
Enel SpA
      2010 – 2014 Plan            Investor Relations

Group strategy
Endesa: Focus on Iberia & Latam
Strategy and...
Enel SpA
       2010 – 2014 Plan                                                  Investor Relations

Group strategy
Endes...
Enel SpA
          2010 – 2014 Plan                                                         Investor Relations

   Group s...
Enel SpA
                                  2010 – 2014 Plan                                               Investor Relatio...
Enel SpA
                                2010 – 2014 Plan                                               Investor Relations...
Enel SpA
                           2010 – 2014 Plan                                                                      ...
Enel SpA
                        2010 – 2014 Plan                                        Investor Relations

            G...
Enel SpA
                           2010 – 2014 Plan                                           Investor Relations

       ...
Enel SpA
                              2010 – 2014 Plan                      Investor Relations

           Group strategy...
Enel SpA
                               2010 – 2014 Plan                              Investor Relations

             Gro...
Enel SpA
     2010 – 2014 Plan     Investor Relations




Fulvio Conti
Chief Executive Officer




                       ...
Enel SpA
             2010 – 2014 Plan                                          Investor Relations

    Group strategy
   ...
Enel SpA
                                  Investor Relations




Annexes
2009 Results and 2010-2014 Plan
Enel SpA
                            2009 Results - Operational annexes                                                   ...
Enel SpA
                           2009 Results - Operational annexes                                                    ...
Enel SpA
           2009 Results - Operational annexes                    Investor Relations

 FY2009 renewables net insta...
Enel SpA
           2009 Results - Operational annexes                      Investor Relations

 FY2009 renewables net pro...
Enel SpA
                          2009 Results - Operational annexes                                               Invest...
Enel SpA
       2009 Results - Financial annexes                          Investor Relations



EBITDA evolution – Market ...
Enel SpA
                    2009 Results - Financial annexes                                         Investor Relations

...
Enel SpA
                    2009 Results - Financial annexes                                                  Investor Re...
Enel SpA
        2009 Results - Financial annexes                        Investor Relations



Balance sheet




    €mn  ...
Enel SpA
                         2009 Results - Financial annexes                                 Investor Relations



 ...
2009 results 2010 2014 plan - london, march 18 2010
2009 results 2010 2014 plan - london, march 18 2010
2009 results 2010 2014 plan - london, march 18 2010
2009 results 2010 2014 plan - london, march 18 2010
2009 results 2010 2014 plan - london, march 18 2010
2009 results 2010 2014 plan - london, march 18 2010
2009 results 2010 2014 plan - london, march 18 2010
2009 results 2010 2014 plan - london, march 18 2010
2009 results 2010 2014 plan - london, march 18 2010
2009 results 2010 2014 plan - london, march 18 2010
2009 results 2010 2014 plan - london, march 18 2010
2009 results 2010 2014 plan - london, march 18 2010
2009 results 2010 2014 plan - london, march 18 2010
2009 results 2010 2014 plan - london, march 18 2010
2009 results 2010 2014 plan - london, march 18 2010
2009 results 2010 2014 plan - london, march 18 2010
2009 results 2010 2014 plan - london, march 18 2010
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2009 results 2010 2014 plan - london, march 18 2010

  1. 1. Enel SpA Investor Relations 2009 Results 2010-2014 Plan “Resilience, growth and cash generation” London - March 18, 2010
  2. 2. Enel SpA Investor Relations Agenda • Group strategy F. Conti › Opening remarks › Key priorities • 2009 Results L. Ferraris • 2010-2014 Plan F. Conti › Italian operations › International operations › Enel Green Power • Focus on Endesa A. Brentan • Financial targets F. Conti 1
  3. 3. Enel SpA 2010 – 2014 Plan Investor Relations Group strategy Key success factors Market leading positions Market leading positions Strong operational performance Strong operational performance Secure financial position Secure financial position Endesa successfully integrated Endesa successfully integrated Multiple platforms for organic growth Multiple platforms for organic growth Enel is now a world energy leader 2
  4. 4. Enel SpA 2010 – 2014 Plan Investor Relations Group strategy Key priorities Leadership in strategic markets Leadership in strategic markets Consolidation & integration Consolidation & integration Operational excellence Operational excellence Renewables & innovation Renewables & innovation Financial stability Financial stability Continue to deliver organic growth and stakeholder value 3
  5. 5. Enel SpA 2010 – 2014 Plan Investor Relations Group strategy RUSSIA Leadership in strategic markets • Capturing growth and value of our integrated position NORTH AMERICA • Focus on renewables FRANCE • Focus on renewables and nuclear SLOVAKIA - ROMANIA LATIN AMERICA • Leading position • Strengthening in Slovakian generation leading position and Romanian IBERIA distribution • Strengthening leading GREECE position ITALY • Focus on renewables • Strengthening leading position Key areas identified Specific strategic paths outlined 4
  6. 6. Enel SpA 2010 – 2014 Plan Investor Relations Group strategy Consolidation & integration Cash flow optimization: Capex programme (€mn) -2.9 €bn 32,625 29,704 7,025 Maintenance 15,685 13,941 6,685 5,803 5,391 3,205 4,800 3,063 2,730 2,517 2,426 Growth 16,940 15,763 3,820 3,622 3,073 2,874 2,374 2009-13 2010-14 2010 2011 2012 2013 2014 Plan New Plan 3 €bn of further flexibility starting from 2011 5
  7. 7. Enel SpA 2010 – 2014 Plan Investor Relations Group strategy Consolidation & integration Endesa’s synergy programme and targets >1,000 813 >700 717 548 +13% 613 500 494 +69% 428 436 313 >300 266 265 157 225 217 185 181 41 2008 2008 2009 2009 (1) 2010 2011 2012 2012 target achieved target achieved target target target target updated EBITDA CAPEX Strong integration with Endesa is key to develop our strategy 1. 35% IT & Others, 33% Distribution, 32% Generation & fuel 6
  8. 8. Enel SpA 2010 – 2014 Plan Investor Relations Group strategy Operational excellence Cash flow optimization (excluding Endesa): Zenith Total pre-tax cash flow optimisation (vs. 2008) Working capital optimisation 2009-2011 ~2,700 International best practice sharing 19% 27% Credit management Working 12% Inventory capital ~1,300 management optimisation 19% 23% Procurement Other Already achieved ~1,300 600 €mn Cumulative EBITDA 2009-2011 International best practice sharing EBITDA ~1,400 14% Shared Services optimisation improvement 32% 14% Customer management 18% Already 21% Lean operations achieved Other 830 €mn ~1,400 2009 - 2011 Efficiency programme as key part of our growth plan 7
  9. 9. Enel SpA 2010 – 2014 Plan Investor Relations Group strategy Renewables and innovation Focus on Enel Green Power 2009 old perimeter 2009 new perimeter Including Endesa’s 30.6 renewable activities 18.9 21.7 1.2 20.7 1.3 4.8 5.7 Capacity Production Pipeline EBITDA Capacity Production Pipeline EBITDA (GW) (TWh) (GW)1 (€bn) (GW) (TWh) (GW) 1 (€bn) Net installed capacity by country (GW) 9.2 3.2 5.7 1.7 2.6 1.4 Other 3.4 Iberia 2.6 Italy 2009 2014 Created a worldwide green champion 1. Includes projects Under Construction 8
  10. 10. Enel SpA 2010 – 2014 Plan Investor Relations Group strategy Renewables and innovation Focus on innovation • Archimede • Oxycombustion • CCS development project • Higher efficiency in • R&I Enel-Sharp JV coal generation • CSP – direct • Smart grids steam generation • Nuclear • Electric mobility development • Power storage • Dock • Smart city electrification project Enel Endesa ~1 €bn to support innovation 9
  11. 11. Enel SpA 2010 – 2014 Plan Investor Relations Group strategy Financial stability Disposal plan: impact on net debt (€bn) 10.0 0.2 0.5 1.3 3.2 1.2 HV Grid Gas dis. Upstream Portfolio Already HV Grid EGP Other non Total Italy Italy Gas Russia Optimization delivered Spain minority stake strategic committed 1Q09 3Q09 3Q09 4Q09 FY09 assets 1H10 FY10 Disposal programme confirmed Committed to deliver further ~ 7 €bn by year end 10
  12. 12. Enel SpA 2010 – 2014 Plan Investor Relations Group strategy Financial stability Disposal plan: focus on Enel Green Power DUAL TRACK APPROACH IPO Direct sale • Continuing conversations with • Preparing the filing process. third parties. AND / OR • Target to list: during 2010. • Target buyer profile: industrial / strategic investor. Filing for IPO by April 2010 11
  13. 13. Enel SpA 2010 – 2014 Plan Investor Relations Group strategy Financial stability Cash flow 2010-14: impact on net debt (€bn) ~72 Disposal ~7 plan ~30 Operating ~13 cash flow ~65 ~39 ~17 6 ~12 Cash flow from Capex Net financial Dividends2 Available cash to 2014 operations1 programme charges net debt Net Debt reduction Cash generation from operating activities is a must 1. Net of taxes 2. Ca. 13 €bn to Enel’s shareholders and ca. 4 €bn to minorities. 12
  14. 14. Enel SpA 2009 Results Investor Relations Luigi Ferraris Chief Financial Officer 13
  15. 15. Enel SpA 2009 Results Investor Relations Financial highlights: consolidated €mn FY08 FY09 % Revenues 61,184 64,035 +4.7 EBITDA 14,318 16,044 +12.1 - recurring 14,099 15,581 +10.5 1 EBIT 9,541 10,755 +12.7 Group net income 5,293 5,395 +1.9 Net debt 49,967 50,870 +1.8 (2) (2) 1. Excluding capital gains, losses and one-off items 2. Excluding net debt of assets held for sale 14
  16. 16. Enel SpA 2009 Results Investor Relations From EBIT to Net Income €mn FY08 FY09 % EBIT 9,541 10,755 +12.7 Net financial charges 3,210 1,741 -45.8 3,016 2,654 -12.0 Interest charges Fair value of Acciona’s put option (34) (970) n.a. Other 228 57 -75.0 Net income from equity investments (54) (48) +12.5 using equity method EBT 6,379 9,068 +42.2 Income tax 585 2,520 n.a. Net income (continuing operations) 5,794 6,548 +13.0 Net income (discontinued operations) (158) 240 n.a. Net income (including third parties) 6,034 6,390 +5.9 Minorities 741 995 +34.3 Group net income 5,293 5,395 +1.9 15
  17. 17. Enel SpA 2009 Results Investor Relations Focus on forward electricity sales Level of total production hedged (%) Italy Spain 100 100 100 100 ~60 ~60 ~20 Rolled-over ~40 ~20 2010 2011 2010 2011 Latam Slovakia 100 100 100 100 ~30 ~35 ~45 ~70 ~65 ~55 2010 2011 2010 2011 Unhedged Hedged 16
  18. 18. Enel SpA 2009 Results Investor Relations Group EBITDA evolution (€mn) +12.1% +1,281 -10 +58 16,044 111 14,318 -89 -161 +267 +380 1,178 53 1,188 5,928 4,647 1,044 S&H2 1,424 EGP1 Iberia & Latam International 3,719 3,986 I&N Market 554 G&EM 393 3,113 3,024 FY08 G&EM Market I&N Inter- Iberia & EGP1 S&H2 FY09 Italy Italy Italy national Latam 1. Representation of EGP in Enel’s consolidated accounts, which differs from EGP representation on a stand-alone basis 17 2. Including the Engineering & Innovation division
  19. 19. Enel SpA 2009 Results Investor Relations EBITDA evolution – G&EM Italy (€mn) -2.9% +243 +78 -211 3,113 -328 +129 3,024 FY08 Generation Trading Ancillary Trento Other FY09 margin margin services capital gain1 18 1. Recorded in 3Q2008
  20. 20. Enel SpA 2009 Results Investor Relations G&EM – Italy: fuel cost evolution -19% 63.8 51.7 Average fuel cost (€/MWh) FY08 FY09 -16% -14% -15% 393.9 34.3 104.6 330.6 29.4 89.2 FY08 FY09 FY08 FY09 FY08 FY09 Oil (€/ton) Gas (c€/mc) Coal (€/ton) 19
  21. 21. Enel SpA 2009 Results Investor Relations EBITDA evolution: Infrastructure & Networks Italy (€mn) +7.2% +286 3,986 3,719 +39 -58 FY08 Energy Connection Other1 FY09 margin fees 1. Including ELAT 295 €mn capital gain. 20
  22. 22. Enel SpA 2009 Results Investor Relations EBITDA evolution: International (€mn) +36.4% +176 1,424 +74 +28 252 +102 1,044 84 76 56 262 188 Russia1 France & Belgium 826 SEE 724 Centrel FY08 Centrel SEE France Russia1 FY09 & Belgium 1. Including 68 €mn capital gain on the sale of Severenergia 21
  23. 23. Enel SpA 2009 Results Investor Relations Focus on Russia1 Unit price2 (€/MWh) Capacity payment (€/MW per month) 2,562 14.5 2,313 13.5 FY08 FY09 FY08 FY09 Dark spread (€/MWh) Spark spread (€/MWh) 4.0 0.6 3.4 0.5 FY08 FY09 FY08 FY09 1. Average 2009 exchange rate: 44.1 Rub/Eur 22 2. Average price excluding capacity payment
  24. 24. Enel SpA 2009 Results Investor Relations EBITDA evolution: focus on Endesa1 (€mn) +1.9% 6,985 -66 +197 7,116 2,991 3,188 3,994 Latam 3,928 Iberia FY08 Iberia Latam FY09 1. Endesa 100% - Enel’s GAAP figures 23
  25. 25. Enel SpA 2009 Results Investor Relations Focus on Enel Green Power - (1/2) EBITDA evolution (€mn)1 +5.8% 1,141 +52 +14 -8 +8 1,207 12 20 56 64 232 246 Spain 833 885 Americas Italy Other FY082 Italy Americas Spain Other FY09 1. EGP stand-alone basis 2. EGP 2008 EBITDA is derived from carve-out financial statements and is currently under audit review 24
  26. 26. Enel SpA 2009 Results Investor Relations Focus on Enel Green Power - (2/2) Spain EGP Endesa (60%) (40%) 50% EUFER New EGP structure in the 100% ECyR Iberian peninsula 2009 2009 2009 2009 1% 2% 5% 5% 2% 3% 4% 15% 4% 5% 1% 6% 12% 3% 6% 5% 89% 87% 78% 79% 88% Installed capacity1 Net production2 Installed capacity Net production 859 MW 1.8 TWh 494 MW 0.97 TWh Installed capacity 1,353 MW Biogas/ Biomass Photovoltaic Cogeneration Wind Mini-hydro 1. Calculated according to EGP consolidation criteria; installed capacity is 803 MW according to ECyR consolidation criteria 2. Excluding assets sold to Acciona from the beginning of the year 25
  27. 27. Enel SpA 2009 Results Investor Relations Net debt evolution (€mn) (1) -903 December 31, Cash-flow Extra- Capex2 Net Taxes Dividends3 Extra- December 31, 2008 from peninsular financial ordinary 2009 operations deficit charges activities -49,967 -50,870 +2,242 -7,000 -2,876 Discontinued Discontinued -3,163 operations -795 -63 operations +15,620 -3,135 -2,591 1. Net debt change calculated on continuing operations 2. Including investments of assets sold 3. Including 401€mn of dividends related to minorities 26
  28. 28. Enel SpA 2009 Results Investor Relations Enel’s long-term debt maturity profile (€mn) Endesa Enel Group (excluding Endesa) Actual FY09 FY09 adjusted1 28,426 30,937 3,212 3,212 25,214 27,725 10,777 4,386 9,291 6,709 4,953 4,985 985 4,953 4,386 4,985 5,636 2,909 2,909 985 6,391 3,083 5,724 3,083 3,449 3,449 1,796 1,796 4,905 4,651 1,902 1,902 1,113 1,504 1,113 1,504 <12m 2011 2012 2013 2014 After 2014 <12m 2011 2012 2013 2014 After 2014 7 years and 1 month 7 years and 2 months Average cost of debt: 5.0%2 Average cost of debt: 5.1%2 1. Enel’s unaudited adjustment taking into account the bond retail issues for an agreement amount of 3.0€bn and facility payment 27 2. Including the impact to P&L of about 50€mn related to fees paid for the Credit Agreement 2007 and 2009
  29. 29. Enel SpA 2010 – 2014 Plan Investor Relations Fulvio Conti Chief Executive Officer 28
  30. 30. Enel SpA 2010 – 2014 Plan Investor Relations Base assumptions of our plan Electricity demand 2009-2014 CAGR Electricity demand 2009-2014 CAGR Italy 1.8% Spain1 1.9% +2.4%(3) Russia 1.7% Slovakia 1.7% Latam2 4.0% Commodities Commodities Brent ($/bbl) Coal4 ($/ton) 86 105 85 103 75 90 2010 2013 2014 2010 2013 2014 1. Peninsular 3. Average demand growth weighted by production 2. Brazil, Chile, Colombia, Peru, Argentina 4. CIF ARA (Rotterdam) 29
  31. 31. Enel SpA 2010 – 2014 Plan Investor Relations Group strategy Variable costs1 Thermal production Italian operations 42 (€/MWh) mix (%) Strategy and targets 9 1 630 34 34 ~50 65 57 ~20 Enhanced competitiveness through Enhanced competitiveness through Clean coal CCGT 2009 2014 Oil technological mix technological mix CCGT Coal 2 Enel domestic capex2 Enel domestic EBITDA (€bn) (€bn) 9.1 Leadership in free markets Leadership in free markets 6.4 >6.5 >6.3 2.7 2010-14 2011 2014 Maintenance Capex and organic growth Capex and organic growth Growth Clients on free market (mn) Cash cost I&N (€/customer) CAGR 18% CAGR 9% 7.6 84 78 Operational excellence Operational excellence 4.5 77 3.3 3.0 2009 2014 2009 2014 2010 2013 2014 1. Fuel based on market data 2009 Power Gas 2. Including G&EM, Markets, I&N, S&H, nuclear and research. 30
  32. 32. Enel SpA 2010 – 2014 Plan Investor Relations Group strategy International operations1 Technological mix (GW)2 Strategy and targets 15.0 14.3 5.6 5.0 5.2 4.5 CCGT&Oil Consolidation and integration Consolidation and integration 2.3 2.3 Coal Hydro 1.8 2.6 Nuclear 2009 2014 Capex (€bn) EBITDA (€bn) 5.4 1.8 2.7 Capex and organic growth Capex and organic growth 3.6 1.5 2011 2010-14 2014 Maintenance Growth Operational excellence and Operational excellence and • Plant availability process integration process integration • Improve efficiency in fuel needs • Enel standard SAP system by end 2010 1. Excluding Endesa. 31 2. Net installed capacity
  33. 33. Enel SpA 2010 – 2014 Plan Investor Relations Group strategy Focus on Russia Technological mix (GW)1 Strategy and targets 8.8 8.2 5.1 4.6 Consolidation and integration Consolidation and integration 3.6 3.7 CCGT&Oil Coal 2009 2014 Capex (€mn)2 EBITDA (€mn) 982 541 1,099 Capex and organic growth Capex and organic growth 441 487 2010-14 2011 2014 Maintenance Growth Upstream gas (bcm) Monthly’s capacity payment SeverEnergia3 (€/MW) Margin protection Margin protection 4,020 2.8 1.8 2,578 1. Net installed capacity 2013 2014 2010 2011 2. The change vs old plan has been calculated without considering upstream gas activities now consolidated on an equity basis. 3. Current Enel stake 19.6%. Final closing of the deal with Gazprom during 1H2010. 32
  34. 34. Enel SpA 2010 – 2014 Plan Investor Relations Group strategy Technological mix Focus on Slovakia (GW)1 Strategy and targets 5.8 5.3 0.9 0.4 0.8 2.3 2.3 Oil&Gas Consolidation and integration Consolidation and integration 1.8 2.6 Coal Hydro Nuclear 2009 2014 Capex (€bn) EBITDA (€bn) 3.1 0.2 1.2 2.9 Capex and organic growth Capex and organic growth 0.8 2010-14 2011 2014 Maintenance Growth Operational excellence Operational excellence • Nuclear O&M improvement • Power management: sharing best practice • Nuclear SAP system from 2010 1. Net installed capacity 33
  35. 35. Enel SpA 2010 – 2014 Plan Investor Relations Group strategy Enel Green Power Strategy and targets Net installed capacity evolution Pipeline (GW) (MW) 9.2 3.5 3.3 5.7 0.2 1,712 0.7 547 2.5 Sustainable and profitable growth Sustainable and profitable growth 547 2.3 2009(1) New capacity 2014 Currently under Highly 2009-14 construction confident Other Geothermal Hydro Wind New capex programme New capex programme Capex (€bn)1 EBITDA (€bn) Disposal of a minority stake Disposal of a minority stake 5.1 0.6 2.1 4.5 1.4 Balance between growth Balance between growth and cash generation and cash generation 2010-14 2011 2014 Maintenance Growth 34 1. Excluding financial investments.
  36. 36. Enel SpA 2010 – 2014 Plan Investor Relations Group strategy Endesa: Focus on Iberia & Latam Strategy and targets Andrea Brentan Endesa Chief Executive Officer 35
  37. 37. Enel SpA 2010 – 2014 Plan Investor Relations Group strategy Endesa: Focus on Iberia (1/4) Market, regulation and strategy • Slow growth in energy demand • Increase in renewable capacity Market drivers Market drivers • Thermal gap at low levels • Slow growth in prices • Generation: – extension of nuclear operating licenses – promotion of domestic coal – need for higher capacity payments Regulation drivers Regulation drivers • Distribution: – improvement of remuneration scheme • Implementation of Tariff Deficit Decree Strategy to address a challenging environment 36
  38. 38. Enel SpA 2010 – 2014 Plan Investor Relations Group strategy Endesa: Focus on Iberia (2/4) Continuous focus on efficiency • OPEX optimization (CAGR 09-14): -5% Distribution Distribution efficiency • CAPEX optimization efficiency improvement improvement • Cash cost target: <90 €/customer by 2014 project project • Digital meters Nuclear performance • Availability improvement: 91% by 2014 (60€mn/yr of higher EBITDA) Nuclear performance improvement improvement • Security improvement: security indicators among world top positions project project • Operational excellence: becoming the reference operator • Other synergy projects • Zenith project to reduce costs Other initiatives Other initiatives • Best practice sharing project • Energy management efficiencies with Enel 37
  39. 39. Enel SpA 2010 – 2014 Plan Investor Relations Group strategy Endesa: Focus on Iberia (3/4) Integrated strategy in generation and sales Generation and liberalized sales in Maintain market share and margin mainland (TWh) optimization • Leader in supply (42% market share) 78 76 CAGR • Margin optimization through: +3.1% – ongoing roll-over of the sales portfolio 69 – effective hedging strategy – wholesale purchase optimization 63 64 58 CAGR +2.5% Estimated mainland output 2010 2013 2014 already committed (%) 100 Sales1 (gross) Generation (ordinary regime) ~40 2010 2011 1. Excluding last resort tariff 38
  40. 40. Enel SpA 2010 – 2014 Plan Investor Relations Group strategy Endesa: Focus on Iberia (4/4) Generation outlook Capacity plan Competitive generation cost • Mainland: +850 MW Besós, +840 MW • Strong presence in hydro + nuclear Tejo II (Portugal) generation: 58% vs. 33% rest of the • Non-mainland: +550 MW sector in 2009 • Mainland ordinary regime unit fuel cost: Endesa 2014 production mix in 19 €/MWh vs 24 €/MWh of the sector in 2009 mainland - ordinary regime1 • Competitive gas contract portfolio vs. sector: 9% 23% – competitive prices – flexible on use and destination 43% • High value Clean Development Mechanism 12% project portfolio 13% Nuclear Domestic coal CCGT Hydro Imported coal 39 1. Spain mainland, not including Portugal
  41. 41. Enel SpA 2010 – 2014 Plan Investor Relations Group strategy Endesa: Focus on Latam (1/4) Market context, regulation and strategy • Positive economic and financial outlook Market drivers Market drivers • Stability of inflation and currencies • 4% demand growth1 • Generation: – correct price signals indexed to marginal cost, inflation and commodities – attractive long-term tenders – capacity payments Regulation drivers Regulation drivers • Distribution: – attractive and stable returns – incentives to achieve efficiencies Strategy to grow organically in a stable environment 40 1. Countries where Endesa operates weighted by TWh. CAGR 2009-2014
  42. 42. Enel SpA 2010 – 2014 Plan Investor Relations Group strategy Endesa: Focus on Latam (2/4) Margin stability with low risk Generation output already Distribution tariff reviews already committed (%) in place Expected tariff 1,2651 Country review 572 Brazil Apr 11 - Mar 14 ~70 ~65 313 Colombia Oct 13 40-45 208 Chile Nov 12 107 Peru Nov 13 65 Argentina --- 2010 2011 Distribution EBITDA 2009 (€mn) 41 1. Enel’s GAAP
  43. 43. Enel SpA 2010 – 2014 Plan Investor Relations Group strategy Endesa: Focus on Latam (3/4) Leadership in the Pacific region in generation and distribution Colombia – Market leader Colombia – Market leader Chile --Market leader Chile Market leader • Generation: • Generation: • Generation: – ~13,200 GWh / year1 1 • Generation: – ~13,200 GWh / year – ~19,700 GWh / year1 1 – +400 MW Quimbo2 2 – ~19,700 GWh / year – +400 MW Quimbo – +370 MW Bocamina II (coal) • Distribution: – +370 MW Bocamina II (coal) • Distribution: – Aysen in progress – Sales: +4.1% 09-14 CAGR – Aysen in progress – Sales: +4.1% 09-14 CAGR • Distribution: – +465,000 clients (vs. 2009) • Distribution: – +465,000 clients (vs. 2009) – Sales: +4.3% 09-14 CAGR – Sales: +4.3% 09-14 CAGR – +188,000 clients (vs. 2009) – +188,000 clients (vs. 2009) Peru --Market leader Peru Market leader • Generation: • Generation: – ~9,900 GWh / year1 1 – ~9,900 GWh / year • Distribution • Distribution – Sales: +4.7% 09-14 CAGR – Sales: +4.7% 09-14 CAGR – +204,000 clients (vs. 2009) – +204,000 clients (vs. 2009) Leading position through organic growth and efficiencies 1. Estimated average 2009-2014 period 42 2. Quimbo hydro plant: 200MW on stream in 2014, 200MW post 2014
  44. 44. Enel SpA 2010 – 2014 Plan Investor Relations Group strategy Endesa: Focus on Latam (4/4) Brazil and Argentina Argentina Argentina Brazil Brazil • Generation: • Generation: – ~15,900 GWh / year1 1 – ~15,900 GWh / year • Generation: • Distribution Sales: • Generation: • Distribution Sales: – ~5,300 GWh / year1 1 – +3,4% 09-14 CAGR – ~5,300 GWh / year – +3,4% 09-14 CAGR • Distribution: – +105,000 clients (vs. • Distribution: – 2009) +105,000 clients (vs. – sales: +3.9% 09-14 CAGR 2009) – sales: +3.9% 09-14 CAGR • Limited risk: – +1,135,000 clients (vs. • Limited risk: – 2009) +1,135,000 clients (vs. – accounting risk 255 €mn 2009) – accounting risk 255 €mn – 1% of Group EBITDA – 1% of Group EBITDA • Self-financed business • Self-financed business Organic growth and Limited exposure, efficiencies upside potential 1. Average 2009-2014 period 43
  45. 45. Enel SpA 2010 – 2014 Plan Investor Relations Group strategy Endesa: Focus on Iberia & Latam Operational financial targets 2010-2014 EBITDA (€bn)2 capex programme (€bn) 1 10.5 7.5 6.8 3.8 3.1 65% 3.7 3.7 35% 2011 2014 2010-14 Maintenance Latam Growth Iberia 1. Includes 0.3 (€bn) of financial investments 44 2. Enel’s GAAP
  46. 46. Enel SpA 2010 – 2014 Plan Investor Relations Fulvio Conti Chief Executive Officer 45
  47. 47. Enel SpA 2010 – 2014 Plan Investor Relations Group strategy Overall financial targets Operational financial targets (€bn) New targets CAGR 2010 2011 2014 2010-14 (%) • EBITDA • 16 • 16 • 19 +4.4 • Ordinary net income • 4 • 4.1 • 5.4 +7.1 (60% dividend pay-out) • Group net debt • 45 • 44.5 • 39 n.m. 2010 targets confirmed Strong commitment to deliver 46
  48. 48. Enel SpA Investor Relations Annexes 2009 Results and 2010-2014 Plan
  49. 49. Enel SpA 2009 Results - Operational annexes Investor Relations FY2009 Group total net installed capacity1: breakdown by source and location MW Hydro RES Nuclear Coal CCGT Oil & gas TOTAL - other ST/OCGT Italy 14,431 1,134 - 6,212 5,946 12,697 40,420 Iberia 4,689 1,242 3,522 5,436 2,163(2) 6,258(3) 23,310 Centrel 2,329 4 1,762 850 - 400 5,345 SEE 10 233(4) - 775 - - 1,018 Americas 9,560 585 - 504 3,869 2,518 17,036 Russia - - - 3,623 - 4,575 8,198 TOTAL 31,019 3,198 5,284 17,400 11,978 26,448 95,327 1. Including Group renwable capacity 3. Including 1,068 MW of installed capacity in Ireland 48 2. Including 123 MW of installed capacity in Morocco 4. Including 68 MW other renewable capacity in France
  50. 50. Enel SpA 2009 Results - Operational annexes Investor Relations FY2009 Group total net production1: breakdown by source and location GWh Hydro RES Nuclear Coal CCGT Oil & gas TOTAL - other ST/OCGT Italy 28,330 5,504 - 28,517 17,121 4,548 84,020 Iberia 7,080 2,998 18,854 17,157 6,298(2) 10,192(3) 62,579 Centrel 4,429 7 13,055 2,400 - - 19,891 SEE 17 356(4) - 3,732 - - 4,105 Americas 36,254 1,596 - 2,210 11,112 6,929 58,101 Russia - - - 19,891 - 19,221 39,112 TOTAL 76,110 10,461 31,909 73,907 34,531 40,890 267,808 1. Including Group renewable production 3. Including 506 GWh of net production in Ireland 49 2. Including 768 GWh of net production in Morocco 4. Including 66 GWh of net production in France
  51. 51. Enel SpA 2009 Results - Operational annexes Investor Relations FY2009 renewables net installed capacity: breakdown by source and location MW Hydro Geothermal Wind Other TOTAL Italy 1,509 695 429 4 2,637 Iberia 29 - 439 26 494 SEE 10 - 212 - 222 North America 313 47 406 22 788 Latin American 643 - 24 - 667 TOTAL 2,504 742 1,510 52 4,808 50
  52. 52. Enel SpA 2009 Results - Operational annexes Investor Relations FY2009 renewables net production: breakdown by source and location GWh Hydro Geothermal Wind Other TOTAL Italy 6,231 5,001 499 2 11,733 Iberia 58 - 766 143 967 SEE 17 - 322 - 339 North America 997 155 1,128 149 2,429 Latin American 3,386 - 75 - 3,461 TOTAL 10,689 5,156 2,790 294 18,929 51
  53. 53. Enel SpA 2009 Results - Operational annexes Investor Relations Production mix -12.8% 96.3 (TWh) 84.0 (TWh) 9.8% 5.4% 20.4% Group production mix 26.8% Domestic 33.9% +5.8% Domestic 30.6% 6.6% 5.8% 33.7% 253.2 (TWh) 267.8 (TWh) 27.0% 13.5% 15.3% FY08 FY09 17.5% 12.9% +17.1% 26.8% 27.6% 11.9% 13.0% 3.9% 156.9 (TWh) 183.8 (TWh) 3.8% 25.4% 28.4% 15.8% 19.8% 11.7% 9.5% FY08 FY091 International International 24.4% 24.7% 21.0% 17.3% 2.6% 2.7% Other renewables Coal Oil & gas 24.5% 26.0% Hydro Nuclear CCGT FY08 FY091 1. 2H09 Endesa’s 100% consolidated 52
  54. 54. Enel SpA 2009 Results - Financial annexes Investor Relations EBITDA evolution – Market Italy (€mn) -29% 554 -78 -83 393 FY08 Free Regulated FY09 market market 53
  55. 55. Enel SpA 2009 Results - Financial annexes Investor Relations EBITDA evolution - Services & Holding1 (€mn) +58 +59 111 53 -1 FY08 Import Other FY09 1. Including Engineering and Innovation division and intercompany adjustments 54
  56. 56. Enel SpA 2009 Results - Financial annexes Investor Relations EBIT by business area (€mn) +12.7% 10,755 9,541 938 -4.4%. 981 3,441 +20.8% 2,848 780 +40.3% 556 EGP Iberia & Latam 3,106 +9.2% 2,844 International I&N Market 115 10 -91.3% G&EM 2,259 2,482 +9.9% S&H1 -62 -2 n.a. FY08 FY09 1. Including Engineering and Innovation division and intercompany adjustments 55
  57. 57. Enel SpA 2009 Results - Financial annexes Investor Relations Balance sheet €mn 2008 2009 % Net financial debt 49,967 50,870 +1.8 Shareholders’ equity 26,295 44,353 +68.7 Net capital employed 76,262 95,223 +24.9 56
  58. 58. Enel SpA 2009 Results - Financial annexes Investor Relations Debt structure1 • Average debt maturity: 7 years and 1 month • Average cost of debt2: 5.0% • (Fixed+hedged)/Total long-term debt: 81% • (Fixed+hedged)/Total net debt: 80% • Rating: S&P’s = A-/A-2 Stable outlook; Moody’s = A2/P-1 Negative outlook Fitch = A-/F2 Stable outlook €mn 2008 2009 % Long-term 48,154 47,806 -0.7 Short-term3 8,577 10,451 +21.8 Cash4 -6,764 -7,387 +9.2 Net debt 49,967 50,870 +1.8 1. As of December 31st, 2009. 2. Including Endesa cost of debt equal to 4.3%. 3. Including current maturities of long-term debt. 4. Including factoring and other current receivables. 57

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