Annexes To 2008 Results And 2009 2013 Business Plan

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Annexes To 2008 Results And 2009 2013 Business Plan

  1. 1. Enel SpA Investor Relations Annexes • 2008 results annexes • 2009-2013 plan annexes – Generation & Energy Management - Italy – Market - Italy – Infrastructure & Network - Italy – International – Iberia & Latin America – Enel Green Power 1
  2. 2. Enel SpA 2008 Results - Operational annexes Investor Relations Generation mix - Italy 40,323 96,227 9,415 13,341 25,799 5,946 5,575 29,440 1,037 5,650 14,424 25,973 Capacity (MW) Production (GWh) Other renewables Coal Oil & gas1 Hydro CCGT 2 1. Including turbogas
  3. 3. Enel SpA 2008 Results - Operational annexes Investor Relations Generation mix - Centrel & South Eastern Europe 22,527 Slovakia Greece 3,050 243 15,412 5,705 105 1,254 2,122 4,065 2,329 Capacity (MW) Production (GWh) Capacity (MW) Production (GWh) 3,720 Bulgaria 602 Capacity (MW) Production (GWh) Other renewables Coal Oil & gas 3 Hydro Nuclear CCGT
  4. 4. Enel SpA 2008 Results - Operational annexes Investor Relations Generation mix –Russia, North America & France 22,496 1,869 Russia North America 12,282 905 8,183 749 4,560 435 964 10,214 3,623 314 Capacity (MW) Production (GWh) Capacity (MW) Production (GWh) France 12 7 Capacity (MW) Production (GWh) Other renewables Coal Oil & gas 4 Hydro Nuclear CCGT
  5. 5. Enel SpA 2008 Results - Operational annexes Investor Relations Electricity and gas distribution Electricity (TWh) Gas (bcm) 2.8% 7.7% Volumes distributed: 31.7% Breakdown by country 65.5% 92.3%1 Electricity (TWh) Gas (bcm) 3.3% 6.4% Sales: 30.5% Breakdown by country 39.6% 50.7% 69.5% Russia Iberia&Latam Italy SEE 5 1. Including assets held for sale
  6. 6. Enel SpA 2008 Results - Operational annexes Investor Relations Italian market overview - electricity1 and gas consumption2 Electricity consumption (TWh) Gas consumption (bcm) -0.7% -0.1% 339.9 337.6 84.9 84.8 2.5 2.1 46.3 39.6 34.3 34.2 207.1 209.2 19.9 19.1 28.2 29.4 94.2 96.3 -7.7 -7.5 FY07 FY08 FY07 FY08 Import Other Net production: other Thermoelectric Net production: Enel Industrial Pumped storage consumption Residential 1. Source: Terna electricity statistical data 6 2. Source: Ministry of Economic development and Enel’s estimates
  7. 7. Enel SpA 2008 Results - Operational annexes Investor Relations Italian market overview - electricity sales1 Regulated market (TWh) Free market2 (TWh) Enel’s free customers3 (thousand) +11.3% 220.1 2,034 197.7 -20.9% +39.1% 55.5 39.9 1,226 121.2 +4.3% -20.3% 95.9 157.8 164.6 102.5 81.7 -24.1% 18.7 14.2 FY07 FY08 FY07 FY08 FY07 FY08 Enel Other Total sales (TWh) 318.9 316.0 FY07 FY08 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 7 3. Including dual energy customers
  8. 8. Enel SpA 2008 Results - Operational annexes Investor Relations Enel’s gas sales Volumes sold (bcm) Customers (thousand) +49.1% +11.8% 8.2 3,256 2,912 2.5 612 5.5 450 0.6 2,462 2,644 5.7 4.9 FY07 FY08 FY07 FY08 Italy International 8
  9. 9. Enel SpA 2008 Results - Operational annexes Investor Relations FY2008 group installed capacity: breakdown by source and location MW Hydro RES Nuclear Coal CCGT Oil & gas TOTAL - other ST/OCGT Italy 14,424 1,037 - 5,575 5,946 13,341 40,323 Iberia 3,792 1,603 2,442 3,892 1,4731 3,524 16,726 Centrel 2,329 - 2,122 1,254 - - 5,705 SEE 5 1122 - 602 - - 719 Americas 6,757 471 - 360 2,628 1,447 11,663 Russia - - - 3,623 - 4,560 8,183 TOTAL 27,307 3,223 4,564 15,306 10,047 22,872 83,319 1. Including 82 MW of installed capacity in Morocco 9 2. Including 12 MW other renewable capacity in France
  10. 10. Enel SpA 2008 Results - Operational annexes Investor Relations FY2008 group net production: breakdown by source and location TWh Hydro RES Nuclear Coal CCGT Oil & gas TOTAL - other ST/OCGT Italy 26.0 5.6 - 29.5 25.8 9.4 96.3 Iberia 6.0 2.8 17.5 20.0 10.11 5.5 61.9 Centrel 4.1 - 15.4 3.0 - - 22.5 SEE - 0.22 - 3.7 - - 3.9 Americas 28.3 1.0 - 1.5 8.3 7.0 46.1 Russia - - - 10.2 - 12.3 22.5 TOTAL 64.4 9.6 32.9 67.9 44.2 34.2 253.2 1. Including 0.6TWh of net production in Morocco 10 2. Including 7 GWh of net production in France
  11. 11. Enel SpA 2008 Results - Operational annexes Investor Relations Production mix +2.2% 94.2 (TWh) 96.3 (TWh) 16.6% 9.8% Group production mix 26.8% 24.6% Domestic +65.0% Domestic 30.3% 30.6% 6.0% 5.8% 153.5 (TWh) 253.2 (TWh) 27.0% 22.5% 11.9% 13.5% FY07 FY08 18.0% 17.5% 29.5% 26.8% +164.6% 11.8% 13.0% 4.7% 3.8% 59.3 (TWh) 156.9 (TWh) 24.1% 25.4% 4.4% 7.6% 15.8% 28.2% 11.7% FY07 FY08 International 24.4% International 30.6% 21.0% 2.5% 2.6% Other renewables Coal Oil & gas Hydro Nuclear CCGT 26.7% 24.5% FY07 FY08 11
  12. 12. Enel SpA 2008 Results - Operational annexes Investor Relations CO2 emissions vs allowances Domestic generation CO2 emissions (mton) Allowances Deficit/Surplus FY 2007 40.8 6.0 46.8 FY 2008 41.3 3.2 44.5 12
  13. 13. Enel SpA 2008 Results - Operational annexes Investor Relations Enel’s electricity and gas distribution Volumes distributed in Italy1 (TWh) Volumes distributed abroad (TWh) -0.4% +213.2% 135.6 259.0 257.9 43.3 FY07 FY08 FY07 FY08 Volumes distributed (bcm)2 Gas end users (thousand)2 +4.3% +8.3% 2,218 2,314 3.9 186 214 3.6 0.1 0.3 2,032 2,100 3.5 3.6 Italy International FY07 FY08 FY07 FY08 1. 2007 figures updated. Net of energy dispatched in previous years 13 2. Including held for sale
  14. 14. Enel SpA 2008 Results Investor Relations EBITDA evolution - Market Italy (€mn) +74.2% +129 554 +107 318 FY07 Regulated Free FY08 market market 14
  15. 15. Enel SpA 2008 Results Investor Relations EBITDA evolution - I&N Italy (€mn) +5.0% +134 -168 +145 3,719 3,543 +65 3,543 3,608 3,574 3,574 FY07 Energy Non recurring Service Other FY08 margin items quality premium 15
  16. 16. Enel SpA 2008 Results Investor Relations EBITDA evolution - International (€mn) +36.3% +60 1,044 +70 +144 +5 75 55 766 16 190 185 Centrel SEE Russia France & Belgium 724 580 -15 -13 FY07 Centrel SEE France Russia FY08 & Belgium 16
  17. 17. Enel SpA 2008 Results Investor Relations EBITDA evolution - Services & Holding1 (€mn) -13.1% +49 -57 61 53 FY07 Import Other FY08 1. Including Engineering and Innovation division 17
  18. 18. Enel SpA 2008 Results - Financial annexes Investor Relations EBIT by business area (€mn) +40.7% 9,541 981 S&H EGP 6,781 Iberia & Latam 2,848 International 818 I&N Market 884 556 G&EM 354 2,844 2,742 115 104 1,918 2,259 -39 -62 FY07 FY08 18
  19. 19. Enel SpA 2008 Results - Financial annexes Investor Relations Purchase Price Allocation of Endesa acquisition – impact on P&L €mn FY08 Δ Depreciation and Amortization +653 Δ EBT -653 Δ Taxes +201 Δ Net income (including minorities) -452 Δ Minorities -121 Δ Group net income -331 19
  20. 20. Enel SpA 2008 Results - Financial annexes Investor Relations 2007 results restatement 2007 Enel 2007 P&L (€mn) PPA actual Rete Gas restated Revenues 43,673 - 15 43,688 EBITDA 10,023 - -183 9,840 EBIT 6,990 -118 -91 6,781 Group net income 3,977 -61 - 3,916 2007 Enel 2007 Balance sheet (€mn) PPA actual Rete Gas restated Net capital employed 79,580 2,844 - 82,424 Net debt 55,791 - - 55,791 Equity 23,789 2,844 - 26,633 20
  21. 21. Enel SpA 2008 Results - Financial annexes Investor Relations Income taxes analysis 1,857 -290 2,152 585 2008 One-off impact Additional 2008 income of substitute taxes pro-forma taxes taxes 08 08(1) income taxes 2008 normalized tax rate 33.7% 1. Higher taxes on current income for Italian generation and sales activities 21
  22. 22. Enel SpA 2008 Results - Financial annexes Investor Relations Balance sheet €mn 2007 2008 % Net financial debt 55,791 49,967 -10.4 Shareholders’ equity 26,633 26,295 -1.3 Net capital employed 82,424 76,262 -7.5 22
  23. 23. Enel SpA 2008 Results - Financial annexes Investor Relations Debt structure • Average debt maturity: 4 years and 11 months • Average cost of debt: 5.5%1 • (Fixed+hedged)/Total long-term debt: 56% • (Fixed+hedged)/Total net debt: 58% • Rating: S&P’s = A-/A-2 CW negative; Moody’s = A2/P-1 CW negative €mn 2007 2008 % Long-term 50,816 48,154 -5.2 Short-term2 8,014 8,577 +7.0 Cash3 -3,039 -6,764 +122.6 Net debt 55,791 49,967 -10.4 1. Including Endesa cost of debt equal to 6.5% 2. Including current maturities of long-term debt 3. Including factoring and other current receivables 23
  24. 24. Enel SpA 2008 Results - Financial annexes Investor Relations Enel’s group financial debt evolution as of December 31, 2008 Enel Group (excluding Endesa) Endesa – 67.05% Group - Total €mn 12.31.2007 12.31.2008 12.31.2007 12.31.2008 12.31.2008 Bank loans – maturities > 12m 23,631 25,867 4,712 3,525 29,392 Bonds – maturities > 12m 16,946 16,604 5,419 3,644 20,248 Preferred shares > 12m - - 966 973 973 Other loans – maturities > 12m 95 158 386 274 432 Financial receivables – maturities > 12m -146 -373 -1,193 -2,518 -2,891 Total net LT debt - maturities > 12m 40,526 42,256 10,290 5,898 48,154 Bank loans – maturities < 12m 287 281 174 309 590 Bonds – maturities < 12m 1,139 431 894 1,933 2,364 Preferred shares < 12m - - - - - Other loans – maturities < 12m 26 24 209 132 156 Financial receivables – maturities < 12m -966 -11 -436 -513 -524 Total net LT debt - maturities < 12m 486 725 841 1,861 2,586 Other ST bank debt 1,180 1,410 100 168 1,578 Commercial paper 2,350 2,425 1,543 1,367 3,792 Other ST financial debt 112 97 - - 97 ST debt 3,642 3,932 1,643 1,535 5,467 Factoring receivables -205 -367 - - -367 Other ST financial receivables -13 -402 -84 -292 -694 Cash at banks and marketable securities -625 -1,969 -710 -3,210 -5,179 Total net ST debt (incl. current maturities) 3,285 1,919 1,690 -106 1,813 Net financial debt 43,811 44,175 11,980 5,792 49,967 24
  25. 25. Enel SpA 2008 Results - Financial annexes Investor Relations Enel’s group financial debt by subsidiary as of December 31, 2008 €mn Enel SpA Endesa EFI EIH Slovenské EP ED Other Total Bonds 13,498 5,577 2,656 522 193 - - 166 22,612 Bank loans 14,947 3,834 7,502 - 85 766 1,716 1,132 29,982 Preferred shares - 973 - - - - - - 973 Other loans (6) (2,625) - - - (8) (17) (171) (2,827) Commercial paper - 1,367 2,425 - - - - - 3,792 Other 690 (3,334) (2) (153) (76) 1 (241) (1,450) (4,565) Total 29,129 5,792 12,581 369 202 759 1,458 (323) 49,967 25
  26. 26. Enel SpA 2008 Results - Financial annexes Investor Relations Enel’s group financial debt Average cost of debt Average residual maturity 5.2% 5.5% 4.7% 5.1% 7:7 7:7 4.4% 4.6% 4.4% 4.3% 6:4 5:10 5:2 4:11 4:9 4:4 2001 2002 2003 2004 2005 2006 2007 2008 2001 2002 2003 2004 2005 2006 2007 2008 Net financial debt (€bn) Fixed + Hedged/Total net debt 55.8 50.0 81.0% 80.0% 60.0% 53.0% 58.0% 24.5 24.2 42.0% 44.0% 47.0% 21.9 24.5 12.3 11.7 2001 2002 2003 2004 2005 2006 2007 2008 2001 2002 2003 2004 2005 2006 2007 2008 26
  27. 27. Enel SpA 2008 Results - Financial annexes Investor Relations Enel’s Group long-term maturity profile (€mn) Endesa1 Enel 18,275 15,995 3,592 756 11,531 2,316 15,239 14,683 3,110 9,215 2,381 2,413 2,375 886 866 1,527 1,965 735 2009 2010 2011 2012 2013 After 2013 1. Relating to Endesa proportionally consolidated debt (67.05%) acccording to Enel’s GAAP 27
  28. 28. Enel SpA 2008 Results - Financial annexes Investor Relations Enel Group liquidity analysis excluding Endesa (€mn) December 31, 2008 Amount Outstanding Available 36M credit facility for Endesa acquisition 10,866 10,866 - 60M credit facility for Endesa acquisition 7,828 7,828 - Other committed credit lines1 8,375 4,850 3,525 Total committed credit lines 27,069 23,544 3,525 Other short-term bank debt – uncommitted lines 387 304 83 Total credit lines 27,456 23,848 3,608 Commercial paper issued by EFI SA 4,000 2,445 1,555 Total credit lines + CP 31,456 26,293 5,163 Cash and cash equivalents (1,969) 1,969 Total liquidity 31,456 24,324 7,132 1. Including 1,375€mn relating to a committed line pertaining to Slovenske Elektrarne 28
  29. 29. Enel SpA 2008 Results - Financial annexes Investor Relations Endesa liquidity analysis1 (€mn) December 31, 2008 Amount Outstanding Available Total committed credit lines 9,905 1,813 8,092 Other short-term bank debt – uncommitted lines 1,268 525 743 Total credit lines 11,173 2,338 8,835 Commercial paper issued by the Endesa Group 4,000 2,055 1,945 Total credit lines + CP 15,173 4,393 10,780 Cash and cash equivalents (4,787) 4,787 Total liquidity 15,173 (394) 15,567 1. Relating to Endesa 100% 29
  30. 30. Enel SpA 2008 Results - Financial annexes Investor Relations Generation & Energy Management - Italy €mn FY07 FY07 pro-forma FY08 % Revenues 18,207 17,062 22,143 29.8 EBITDA 3,541 2,743 3,113 13.5 EBIT 2,600 1,918 2,259 17.8 Capex 1,167 900 887 -1.4 Headcount 9,306 6,931 6,829 -1.5 30
  31. 31. Enel SpA 2008 Results- Financial annexes Investor Relations Market - Italy €mn FY07 FY07 pro-forma FY08 % Revenues 22,271 22,179 22,609 1.9 EBITDA 325 318 554 74.2 EBIT 109 104 115 10.6 Capex 59 59 72 22.0 Headcount 4,772 4,669 4,170 -10.7 31
  32. 32. Enel SpA 2008 Results - Financial annexes Investor Relations Infrastructure & Network - Italy €mn FY07 FY07 pro-forma FY081 % Revenues 5,762 5,457 6,537 19.8 EBITDA 3,726 3,543 3,719 5.0 EBIT 2,833 2,742 2,844 3.7 Capex 1,587 1,587 1,407 -11.3 Headcount 22,710 22,710 20,394 -10 1. Excluding assets held for sale 32
  33. 33. Enel SpA 2008 Results - Financial annexes Investor Relations International €mn FY07 FY07 pro-forma FY08 % Revenues 7,654 2,794 4,708 68.5 EBITDA 2,380 766 1,044 36.3 EBIT 1,494 354 556 57.1 Capex 1,983 332 681 105.1 Headcount 31,754 11,259 16,865 49.8 33
  34. 34. Enel SpA 2008 Results - Financial annexes Investor Relations Iberia & Latam €mn FY07 pro-forma FY08 % Revenues 4,517 15,805 - EBITDA 1,420 4,647 - EBIT 884 2,848 - Capex 1,255 2,382 - Headcount 19,786 17,827 -9.9 34
  35. 35. Enel SpA 2008 Results - Financial annexes Investor Relations Enel Green Power €mn FY07 pro-forma FY08 % Revenues 1,536 1,852 +20.6 EBITDA 989 1,188 +20.1 EBIT 818 981 +19.9 Capex 663 951 +43.4 Headcount 2,313 2,432 +5.1 35
  36. 36. Enel SpA 2008 Results - Annexes Investor Relations Enel Green Power - Key indicators Production Installed capacity (TWh) (GW) 17,2 0,05 4,5 0,7 0,0 0,0 0,3 5,2 2,5 9,6 1,2 2,1 Wind Hydro Geo Solar Other 2008 Wind Hydro Geo Solar Other 2008 12% 56% 30% 0% 2% 100% 28% 56% 15% 0% 1% 100% 2008 additional capacity (MW) 380 17 0 0 0 397 Revenues EBITDA (€mn) (€mn) 1.852 1.188 24 286 0 13 0 559 459 771 543 173 212 Wind Hydro Geo Solar Other Other 2008 Wind Hydro Geo Solar Other 2008 techn. revenues techn. 11% 42% 30% 0% 1% 15% 100% 15% 46% 39% 0% 1% 100% 36
  37. 37. 2008 Results - Financial annexes Enel SpA Investor Relations Services & Holding €mn FY07 FY07 pro-forma FY08 % Revenues 2,097 3,027 2,901 -4.2 Holding 950 950 727 -23.5 Services & other 1,147 1,147 1,169 1.9 Engineering & Innovation - 930 1,005 8.1 EBITDA 51 61 53 13.1 Holding -59 -59 -71 -20.3 Services & other 130 130 116 -10.8 Engineering & Innovation - 11 14 27.3 Other & Elisions -20 -21 -6 +71.4 EBIT -46 -39 -62 -59.0 Holding -75 -75 -94 -25.3 Services & other 49 49 27 -44.9 Engineering & Innovation - 8 11 37.5 Other & Elisions -20 -21 -6 71.4 37
  38. 38. Enel SpA 2008 Results - Financial annexes Investor Relations Services & Holding - Continued €mn FY07 FY07 pro-forma FY08 % Capex 133 133 122 -8.3 Holding 19 19 13 -31.6 Services & other 114 114 109 -4.4 Headcount 4,958 5,832 6,175 5.9 Holding 735 728 749 2.9 Services & other 4,223 4,223 4,406 4.3 Engeneering & Innovation - 881 1,020 15.8 38
  39. 39. Enel SpA 2008 Results - Financial annexes Investor Relations Capex by business area (€mn) +31.9% 6,502 +8.3% 122 951 +43.4% S&H EGP 4,929 Iberia & Latam 133 +89.8% International 663 I&N 2,382 Market G&EM 1,255 332 681 +105.1% -11.3% 1,587 1,407 59 72 +22.0% 900 887 -1.4% FY07 FY081 1. Excluding investment of Viesgo, Endesa Europe, Ecyr and Enel Rete Gas equal to 895 €mn 39
  40. 40. Enel SpA Investor Relations Annexes • 2008 results annexes • 2009-2013 plan annexes – Generation & Energy Management - Italy – Market - Italy – Infrastructure & Network - Italy – International – Iberia & Latin America – Enel Green Power 40
  41. 41. Enel SpA Generation and Energy Management - Italy Investor Relations Market scenario Additional CCGT capacity (GW) Repowering Greenfield 1.1 7.7 3.9 1.1 1.1 0.4 3.5 2.7 6.6 0.8 1.9 2008 2009 2010-11 under Total construction 41
  42. 42. Enel SpA Generation and Energy Management - Italy Investor Relations CO2 Variable costs1 (€/MWh) Enel’s balance 2008-2012 (mton CO2e) CO2 costs Variable costs 54 4 36 29 8 50 28 Expected Allocations Shortage Clean Coal CCGT emissions Clean coal stongly competitive even with very high CO2 prices 2008-2012 CO2 position already hedged 42 1. Based on forward 2012 (average February 11– 24 2009), Brent = 62,8 $/bbl, API2 = 90,6 $/ton, CO2 = 10,6 €/ton; €/$ = 1.28
  43. 43. Enel SpA Generation and Energy Management - Italy Investor Relations Coal and shipping sourcing strategy Coverage of sourcing needs (%) Coal sourcing diversification Coal Shipping South Africa ~100 ~ 100 75 65 Colombia Russia Indonesia 2009 2010 2009 2010 Others 43
  44. 44. Enel SpA Investor Relations Annexes • 2008 results annexes • 2009-2013 plan annexes – Generation & Energy Management - Italy – Market - Italy – Infrastructure & Network - Italy – International – Iberia & Latin America – Enel Green Power 44
  45. 45. Enel SpA Market - Italy Investor Relations Electricity market evolution 2008-20131 Electricity Consumption (TWh) Number of Customers (mn) 36.7 37.7 35.8 298 314 296 67.2 ~21% 22.9 ~61% 83.0 ~28% ~88% 95.9 ~33% ~77% 31.7 28.3 246.8 199.8 214.8 14.8 8.3 4.1 -41.9 -41.6 -43.1 2008 2010 2013 2008 2010 2013 Eligible market Free market Self consumption and losses 1. Source: 2008 volumes = Terna/AU; 2008 customers = Enel’s estimates 45
  46. 46. Enel SpA Market - Italy Investor Relations 2008-2013 gas market evolution1,2 (bcm) 49.6 48.5 50.6 Other uses 1.1 1.1 1.1 Residential 29.4 31.0 29.6 market 19.1 17.8 18.5 Industrial market 2008 2010 2013 1. Excluding technical losses and gas burnt for thermal generation 46 2. Source: Ministry of Economic Development and Enel’s estimates
  47. 47. Enel SpA Market - Italy Investor Relations Enel’s targets in 2013 Electricity free market1 (TWh) Electricity regulated market2 (TWh) Gas (bcm) Retail & Business Energy intensive 94.8 8.2 71.2 73.0 6.5 59.6 5.7 54.2 52.0 63.2 38.8 51.6 15.4 8.0 8.0 2008 2010 2013 2008 2010 2013 2008 2010 2013 • Strong increase in SME and • Volume decline in free market in • Selection of market segment residential portfolio line with Enel’s increase on the consistent with strategy in power market • Reduced sales to Single Buyer • Dual energy offer sustains • Excellence in service quality customer retention 1. Including technical losses and excluding “Salvaguardia” customers 2. Including technical losses and “Salvaguardia” customers 47
  48. 48. Enel SpA Market - Italy Investor Relations Enel forward selling 2009-20111 TWh 2009 2010 2011 Mass Market 19.4 18.3 17.0 Corporate2 45.7 18.0 11.6 TOTAL SALES 65.1 36.3 28.6 1. Including technical losses and churn rate. Total portfolio as of 28 February 2009 2. Including “Salvaguardia” customers 48
  49. 49. Enel SpA Investor Relations Annexes • 2008 results annexes • 2009-2013 plan annexes – Generation & Energy Management - Italy – Market - Italy – Infrastructure & Network - Italy – International – Iberia & Latin America – Enel Green Power 49
  50. 50. Uso: Ristretto Infrastucture & Network - Italy Evolution of Enel electricity distributed and customers Electricity distributed (TWh) Customers (mn) Market share 80% 80% Market share 87% 85% Market share 80% 80% Market share 87% 85% 269 32.2 31.5 259 31.1 255 258 30.8 2007 2008 2010 2013 2007 2008 2010 2013 2008-2013 CAGR 2008-2013 CAGR +0,8% +0,7% 1. Net of network losses, including self-generation
  51. 51. Uso: Ristretto Infrastucture & Network - Italy Cost leadership and operational excellence Opex (€/customer) 80 2001 (128 min ; 80 €/customer) 2002 2003 2004 60 2005 2006 2007 2008 (561 min ; 49 €/customer) 40 Quality of service (min interruption/year) 130 80 30 1. From 2008 introduced new regulatory calculation system for the quality of service
  52. 52. Enel SpA Investor Relations Annexes • 2008 results annexes • 2009-2013 plan annexes – Generation & Energy Management - Italy – Market - Italy – Infrastructure & Network - Italy – International – Iberia & Latin America – Enel Green Power 52
  53. 53. Enel SpA International Investor Relations Net capacity installed (GW) 15 15 15.4 14.5 14.3 14.6 1.7 1.8 1.8 2.2 2.6 2.1 5.3 4.5 4.5 4.5 5.1 5.3 4.8 4.8 4.8 4.8 5.0 5.0 2.3 2.3 2.3 2.3 2.3 2.3 0.8 1.2 1.2 1.2 2008 2009 2010 2011 2012 2013 Nuclear Hydro Coal CCGT Oil & gas 53
  54. 54. Enel SpA International Investor Relations Russia – Demand evolution and reserve margin Demand Reserve margin • Consumption driven by economic growth and higher standard of life • Change in consumption mix: increase in residential and commercial consumptions vs industrials 2008 2013 (TWh) 45% 45% 1,500 Government forecast1 1,400 +4,0%2 15% 18% 1,300 1,200 1,100 Enel Europe/Urals Siberia forecast 1,000 +1,2%2 900 2008 2013 1. RAO UES forecast; 2. 2008-2013 CAGR 54
  55. 55. Enel SpA International Investor Relations Russia – Market liberalization and capacity development New capacity addition 2006-2020 Liberalization rate2 (GW/year) (% of the production sold to free market) 100% Actual % 90% 16.3 New estimates 13.7 70% Mandatory investment 60% plan1 7.2 40% 35% 25% 18% 20% 2006-2010 2011-15 2016-20 Jan- Jul- Jan- Jul- Jan- Jul- Jan- Jul- Jan- 07 07 08 08 09 09 10 10 11 Transitional period Market rules • Mandatory investment plans defined by the • Liberalization thresholds goes ahead as Government for the 2006-10 period planned (30% free market share from Jan 2009) • Implementation of the plan is strictly linked to demand projections and the liberalization rate • As of August 2008 capacity market in operation 1. Government asked all the buyers of the OGKs and TGKs to commit to investing in new capacity 2. It excludes the residential consumers consumption equal to about 15% of total demand 55 3. Source: RAO UES
  56. 56. Enel SpA International Investor Relations Russia – OGK5 operational forecasts Net installed capacity (GW) Production (TWh) 8.8 8.8 46.0 4.4 4.4 19.4 39.2 4.8 0.8 0.8 21.0 3.6 21.7 3.6 18.2 2010 2013 - 2010 2013 - CCGT Oil&gas Coal • Plant availability and sales increased by 8.2% and 10.5% respectively vs 2007 • Focus on coal plant: increased availability and efficiency. Improved environmental performances thanks to Dry Ash removal system • Capacity addition: two CCGT units (2x410MW) operational in 2011 56
  57. 57. Enel SpA International Investor Relations Eastern Europe – Demand evolution Slovakia (TWh) Romania (TWh) +1.3% +1.1% 55.5 59.1 31.6 29.8 2008 2013 2008 2013 Bulgaria (TWh) +1.2% 36.6 34.5 2008 2013 57
  58. 58. Enel SpA International Investor Relations Slovakia – SE operational forecasts Net installed capacity (GW) Production (TWh) 25.6 6.2 2.7 5.4 0.4 21.0 0.4 0.8 3.9 0.8 2.6 1.8 18.8 13.0 2.3 2.3 4.1 4.1 2010 2013 - 2010 2013 - Nuclear Coal Hydro Oil&gas • Improvement in nuclear plants availability thanks to the optimization of outages and maintenance activities • Thermal plant: optimization of O&M activities • Hydro plant management in line with Enel group benchmark • Capacity addition: two nuclear units of Mochovce plant (2x472MW) to be operational in 2012-2013 58
  59. 59. Enel SpA International Investor Relations Romania - Electricity distributed & sold Energy distributed (TWh) 2010 2013 Energy sold (TWh) 19.2 Free customers (thousand) 3.3 Free market Regulated market 2010 2013 59
  60. 60. Enel SpA International Investor Relations France & Belgium - Electricity sold to big clients (TWh) Energy sold (TWh) ••1,200 MW of anticipated 1,200 MW of anticipated capacity from EPR in 2011 capacity from EPR in 2011 ••New CCGT capacity: Marcinelle New CCGT capacity: Marcinelle 410 MW operational from 2011 410 MW operational from 2011 7.5 4.3 2010 2013 60
  61. 61. Enel SpA Investor Relations Annexes • 2008 results annexes • 2009-2013 plan annexes – Generation & Energy Management - Italy – Market - Italy – Infrastructure & Network - Italy – International – Iberia & Latin America – Enel Green Power 61
  62. 62. Enel SpA Iberia & Latin America Investor Relations Iberia Electricity generation market Reserve Margin Installed capacity 2008-2013 (GW) Renewables Hydro Nuclear CCGT Coal Oil and Gas 20% 18% 17% CAGR 08 -13 58 55 55 100 88 92 9 49 1 -3,9% 46 47 3 11 11 26 +4.4% 23 21 8 +2.7% 7 7 19 +1.1% 18 18 38 28 32 +6.3% 2008 2010 2013 2008 2010 2013 Available capacity at peak Peak demand 62
  63. 63. Enel SpA Iberia & Latin America Investor Relations Iberia Mainland regulated and free market 2008-2013 consumptions (TWh) 182 171 140 101 80 75 2008 2010 2013 Free market Regulated market 63
  64. 64. Enel SpA Iberia & Latin America Investor Relations Latam Electricity demand 2008-2013 (TWh) 2008 453 Brazil 2010 495 +4.5% 2013 563 2008 55 Chile 2010 59 +4.9% 2013 70 2008 54 CAGR 2008-2013 Colombia 2010 58 +3.9% 2013 65 2008 29 Peru 2010 35 +6.5% 2013 40 2008 110 Argentina 2010 119 +4.5% 2013 138 64
  65. 65. Enel SpA Iberia & Latin America Investor Relations Iberia - Endesa Net installed capacity (GW) Extra-peninsular Oil and Gas 24.5 22.9 Coal 6.1 5.2 0.5 CCGT 5.1 5.1 Nuclear 3.7 2.9 3.7 3.7 Hydro 4.7 5.1 Renewables 0.8 0.8 2010 2013 65 Relating to Endesa 100%
  66. 66. Enel SpA Iberia & Latin America Investor Relations Iberia - Endesa Electricity sold (TWh) Gas sold (bmc) 13 12.4 1.0 Customers Customers 0.9 (mn) (mn) 121.6 4.7 113.9 4.1 49.3 47.4 64.6 74.2 2010 2013 2010 2013 Captive market Free market 66 Relating to Endesa 100%
  67. 67. Enel SpA Iberia & Latin America Investor Relations Iberia – Endesa Electricity distributed (TWh) 135.3 126.3 2010 2013 67 Relating to Endesa 100%
  68. 68. Enel SpA Investor Relations Annexes • 2008 results annexes • 2009-2013 plan annexes – Generation & Energy Management - Italy – Market - Italy – Infrastructure & Network - Italy – International – Iberia & Latin America – Enel Green Power 68
  69. 69. Enel SpA Enel Green Power Investor Relations Enel Green Power - Overview Net installed capacity (GW) Net production (TWh) Capex (€bn) 5.3 6.3 19.9 22.7 solar other 0.1 0.1 0.4 6% 3% 0.3 0.8 0.1 0.1 geo 0.8 18% 5.7 5.8 1.9 2.8 4.2 6.5 wind 59% hydro 14% Capex 09-13 = €3.7 bn 2.5 9.7 9.9 2.6 other solar 2010 2013 2010 2013 geo wind Load Factor 44% 42% hydro • + 1.9 GW of installed capacity (+42% vs. 2008) and + 5,5 TWh of production in 2013 (+32% vs. 2008) • High load factor (vs. pure wind portfolio) thanks to diversified mix • Development focused mainly on wind, causing load factor to slightly decrease 69
  70. 70. Enel SpA Enel Green Power Investor Relations Fundamentals of renewable energies remain solid despite current macroeconomic environment Global renewable capacity (GW) Δ capacity CAGR min max min max 3.020 +670 GW +1.870 GW 4% 8% 1000 +250 GW +650 GW 5% 9% 1.820 110 +40 GW +80 GW 7% 12% Asia 330 +50 GW +180 GW 2% 7% Africa 600 Latin America 1.150 550 +100 GW +320 GW 3% 8% North America 70 Europe 350 200 30 330 150 230 1030 +230 GW +640 GW 4% 8% 620 390 2008 2020 min 2020 max 700 – 1,900GW of renewable capacity addition Growth in all geographies thanks to political and regulatory support 70
  71. 71. Enel SpA Enel Green Power Investor Relations Pipeline A solid pipeline… …evenly split among geographies 16,7 2.8 16.7 5.5 11.0 2.3 2.7 3.5 0.6 1.6 3.4 construction Potential Total confident (50%) Italy Iberia Europe America America Total Likely (20%) (90%) Highly North Latin (100%) Under 5.6 GW of which 2.4 0.4 1.4 0.9 0.5 5.6 GW • 5.6 GW of solid pipeline plus over 11,0 GW of back-up options • Financial discipline: geographies and technologies compete for capital allocation on the base of profitability 71
  72. 72. Enel SpA Investor Relations Enel Green Power Key ratios – Proforma 2008 Production (TWh) Load factor (%) Incentivized production1 (%) 17.2 69% 99% Other 0.3 Geo 5.2 88% 34% 44% 7% Hydro 9.6 Wind 2.1 22% 95% 2008 Avg. 46% Avg. 27% High load factor and low dependence on incentive schemes 72 1. Includes production from plants entitled to PTCs (North America)
  73. 73. Enel SpA Investor Relations Enel Green Power Regulatory and market outlook Incentivized Avg. Regulatory Country Capacity production1 remuneration2 framework 2.547 MW 24% 95 €/MWh Green Certificates, Italy Feed-in 399 MW 100% 104 €/MWh Feed-in, Spain Market+Premium France 12 MW 100% 82 €/MWh Feed-in Greece 91 MW 100% 81 €/MWh Feed-in, Grants North 748 MW 59% 42 €/MWh PTC, ITC America Latin Green Certificates, 667 MW 0% 76 €/MWh America Fiscal Incentives Total 4.464 MW 27% 86 €/MWh Diversified geographies with low dependence on incentive schemes 1. Includes production from plants entitled to PTCs (North America) 2. Net of effects of hedging policy 73
  74. 74. Enel SpA 2009 – 2013 plan Investor Relations Cash flow generation: Zenith efficiency programme (€ mn) 1,400 1,300 200 250 200 150 Other Other International best International best 250 250 practice sharing practice sharing Credit management Shared Services 300 300 Inventory optimization Customer management management 450 350 Procurement Lean operations Cumulative Cumulative impact on EBITDA1 impact on Working Capital 74 1. Figures do not include Endesa
  75. 75. 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. 75
  76. 76. 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) 76

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