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1H 2014 Financial Results Presentation

This document provides an overview of Enel S.p.A.'s 2014 interim results presentation. It discusses ongoing challenges in the Italian and Spanish energy markets and Enel's strategic actions, including ongoing asset disposal and decoupling of Iberian and Latin American operations. Key financial highlights show a decrease in revenues but stable recurring net income compared to the prior year.

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July 31, 2014 2014 Interim results
Enel S.p.A. Investor Relations •Opening remarks •2014 Interim results •Closing remarks •Annexes Agenda 1 F. Starace L. Ferraris F. Starace
Enel S.p.A. Investor Relations Opening remarks 2 Ongoing weak energy industry outlook in Italy, first signs of recovery in Spain Increasing public awareness of the relevant energy issues in EU An improving overall financial environment in Italy and Spain Energy affordability and EU common energy policy as general framework for company strategy
Enel S.p.A. Investor Relations Focused managerial actions: a quick start 3 Overall disposal plan programme Decoupling of Iberia and Latam operations Group’s reorganization
Enel S.p.A. Investor Relations Ongoing disposal programme 4 Ca. 4 €bn original target confirmed Generation assets in Slovakia / distribution assets in Romania Further potential disposals already identified, mainly non strategic assets worldwide Gain flexibility to cope with a more challenging scenario
Enel S.p.A. Investor Relations Decoupling of Iberia and Latam operations 5 Step 1 Enel Energy Europe acquires 100% of Endesa Latam and 20.3% of Enersis Step 2 Extraordinary dividend Endesa SA in cash POST transaction A more focused Group’s structure in line with the new organizational model PRE transaction Listed company Not listed company Enel SpA Enel Energy Europe 100% Endesa SA Endesa Latam Enersis 92.06% 100% 20,3% 40.32% Enel SpA 100% Endesa SA 20.30% 40.32% 100% Enersis Endesa Latam 92.06% Enel Energy Europe 0% Extraordinary cash dividend Endesa Enel SpA 100% Endesa SA 20.30% 40.32% 100% Enersis Endesa Latam 92.06% Enel Energy Europe 0% Enel SpA 100% Endesa SA 20.30% 40.32% 100% Enersis Endesa Latam Enel Energy Europe 92.06%
Enel S.p.A. Investor Relations Decoupling of Iberia and Latam operations 6 Rationale at Group level •Refocusing the strategy on clear dedicated value drivers  Iberia: efficiency enhancing and capex redeployment  Latam: focus on organic growth and business development •Further step in increasing the economic interest in Latam Benefits for Endesa •Industrial plan tailored for the Iberian market •More efficient capital structure •Visible and stable cash flow as a base for future dividend policy Accelerating on Group’s restructuring
Enel S.p.A. Investor Relations Group’s reorganization 7 Global Generation Global Infrastructures & Networks Renewable Energies Global business lines A more business oriented and lean organization of the Group Upstream Gas Global Trading Regions Italy Iberia Latam East Europe Relevant KPIs: •Revenues •Opex (staff/services) •Cash flow Relevant KPIs: •Capex optimization •best practice sharing and efficiency improvements
Enel S.p.A. Investor Relations Group’s reorganization 8 Best practices implementation all throughout the regions Unlocking value through a business oriented and lean organizational model Enhancing efficiencies in capex and opex Global business lines coupled with ultimate responsibility at country level Centralized capital allocation Reduction of complexity
Enel S.p.A. Investor Relations •Opening remarks •2014 Interim results •Closing remarks •Annexes Agenda 9 F. Starace L. Ferraris F. Starace
Enel S.p.A. Investor Relations 1H13 restated1 1H14 % vs restated 1. 2013 restated due to the application of IFRS 11 2. Excluding capital gains, losses and one-off items 3. Excluding net debt of assets held for sale 4. As of December 31st, 2013 Revenues EBITDA - recurring2 EBIT Group net income Group net ordinary income2 Net debt3 -8.1 -3.3 -4.9 -1.6 +0.3 -4.8 +8.5 36,101 7,878 7,746 5,011 1,685 1,572 43,073 39,287 8,143 8,143 5,093 1,680 1,652 39,706 1H13 40,157 8,293 8,293 5,168 1,680 1,652 39,862 Financial highlights Consolidated results (€mn) 10 (4) (4)
Enel S.p.A. Investor Relations EBIT Net financial charges Interest charges Other Net income from equity investments using equity method EBT Income tax Net income2 Minorities Group net income Group net ordinary income3 1H13 1H14 % vs. restated 1. 2013 restated due to the application of IFRS 11 2. Continuing operations & including third parties 3. Excluding capital gains, losses and one-off items 1H13 restated1 Financial highlights From EBIT to Net Income (€mn) 11 5,011 (1,676) (1,377) (299) 53 3,388 (1,148) 2,240 (555) 1,685 1,572 -1.6 +32.7 -0.7 n.m. -43.0 -13.6 -20.3 -9.8 -30.9 +0.3 -4.8 5,093 (1,263) (1,387) 124 93 3,923 (1,440) 2,483 (803) 1,680 1,652 5,168 (1,267) (1,392) 125 55 3,956 (1,473) 2,483 (803) 1,680 1,652
Enel S.p.A. Investor Relations Latam Slovakia 2015 100 2014 100 ~ 40 ~ 60(1) 1. Including roll-over and green certificates 2. Not including domestic coal output ~ 95(1) ~ 5 2015 100 2014 100 ~ 65 ~ 35 2015 100 2014 100 ~ 30 ~ 70 ~ 75 ~ 25 2015 100 2014 100 ~ 50 ~ 50 Unhedged Hedged Italy Spain2 Focus on forward electricity sales Level of total production hedged (%) 12
Enel S.p.A. Investor Relations 8,143 7,878 1. 2013 restated due to the application of IFRS 11 (-150 €mn) 2. Including non recurring item of +50 €mn (remeasurement of fair value of SE Hydropower) 3. Including the Engineering & Research division and elisions. Including non recurring item of +82 €mn (Arctic Russia price adjustment) 1H13 restated1 G&EM Italy2 Market Italy I&N Italy Iberia & Latam S&H3 1H14 International EGP Market I&N S&H G&EM Iberia & Latam International EGP +107 +152 -4 -584 -78 +81 1,966 2,118 509 505 3,566 2,982 628 735 477 967 538 Italian operations: 3,391 €mn Iberian operations: 1,728 €mn Latam operations: 1,254 €mn -3.3% 889 111 30 +61 Iberian operations: 1,828 €mn Latam operations: 1,738 €mn Group EBITDA evolution (€mn) Italian operations: 3,071 €mn 13
Enel S.p.A. Investor Relations +17.0% +62 735 +41 Generation margin 1H14 Gas margin Other2 1H13 restated1 628 +4 1. Due to the application of IFRS 11 (-39 €mn) 2. Including non recurring item of +50 €mn remeasurement of fair value of SE Hydropower EBITDA evolution: G&EM Italy (€mn) 14
Enel S.p.A. Investor Relations -24 Regulated market 1H14 Free market +85 538 +12.8% 1H13 restated 477 EBITDA evolution: Market Italy (€mn) 15
Enel S.p.A. Investor Relations -17 Connection fees 1H14 Energy margin 1,966 -63 Other 2,118 +232 +7.7% 1H13 restated EBITDA evolution: Infrastructure & Networks Italy (€mn) 16
Enel S.p.A. Investor Relations 509 -15 +125 -11 505 -18 1H13 restated1 Russia (Enel OGK-5) SEE3 Slovakia France, Belgium, EIH4 SEE3 France, Belgium, EIH4 Slovakia Russia (Enel OGK-5) 1H14 1. Due to the application of IFRS 11 (-56 €mn) 2. Pertaining to Enel Investment Holding -0.8% 161 186 EBITDA evolution: International (€mn) 17 271 146 -13 204 186 Other items2 1H13 restated1 adjusted 634 -20.3% -85 -2 3. Romania and Greece 4. Enel Investment Holding
Enel S.p.A. Investor Relations 1. Enel’s GAAP figures 2. Due to the application of IFRS 11 equals to (-28 €mn) 1,728 1,828 1H13 restated2 Liberalized business Regulated business 1H14 +150 -357 +107 Other -5.5% EBITDA evolution1: Endesa - Iberia (€mn) 18 Of which, new retroactive measures on non mainland generation: -162 €mn
Enel S.p.A. Investor Relations 1. Enel’s GAAP figure 2. Due to the application of IFRS 11 equals to (-20 €mn) 1,254 1,738 1H13 restated2 Generation Distribution 1H14 +74 -315 -84 Other -159 Forex effect -27.8% EBITDA evolution1: Endesa - Latam (€mn) 19
Enel S.p.A. Investor Relations Europe 1H14 North America Latin America -64 -15 Europe Latin America North America +1 889 723 100 659 85 145 144 -8.1% 967 1H13 restated1 EBITDA evolution: Enel Green Power (€mn) 20 1. Due to the application of IFRS 11 (-6 €mn)
Enel S.p.A. Investor Relations Net debt evolution (€mn) 21 1. Net debt change calculated on continuing operations 2. Due to the application of IFRS 11 (-156 €mn) 3. Of which 648 €mn of dividends paid to minorities 4. Net financial debt of assets held for sale December 31, 2013 (restated2) Capex Cash flow from operations Net financial charges Extra- ordinary activities June 30, 2014 Dividends3 -39,706 -361 +3,253 -2,485 -436 -1,870 +1(4) Taxes -1,468 +10(4) -43,073 +3,367 (1)
Enel S.p.A. Investor Relations •Opening remarks •2014 Interim results •Closing remarks •Annexes Agenda 22 F. Starace L. Ferraris F. Starace
Enel S.p.A. Investor Relations Closing remarks 23 Reiterated commitment on deleverage by year end Group’s reorganization and restructuring kicked off Continue to reduce overall risk profile: actions aimed at enhancing cash flow and earnings Further upside from growth through faster returning and more sustainable investments
Operational and financial annexes
Enel S.p.A. Investor Relations Group production mix CCGT Oil & gas Coal Nuclear Other renewables Hydro 135.8 136.2 -0.3% 35.9 35.2 -2.0% 99.9 101.0 -1.1% Italy 1H13 restated 1H14 13.3% 15.5% 20.7% 25.0% 5.8% 19.7% 0.9% 9.2% 43.9% 36.2% 9.8% 10.1% 13.9% 26.7% 14.6% 6.8% 27.9% 10.5% 12.8% 27.2% 14.5% 7.8% 27.2% 0.5% 7.1% 47.0% 35.7% 9.7% Other Countries 14.1% 14.8% 20.1% 24.2% 7.1% 19.7% Production mix (TWh) 1H13 restated 1H14 1H13 restated 1H14 25
Enel S.p.A. Investor Relations - 4,976 Other ren. 1,586 1,777 27 1,025(2) 2,256 6,671 MW Hydro 12,690 4,722 2,329 19 9,821 29,581 Nuclear - 3,318 1,814 - - 5,132 Coal 6,486 5,306 806 836 17,057 Oil & gas ST/OCGT 10,767 2,905 - - 2,530 20,877 Iberia Centrel Italy SEE Americas TOTAL CCGT 5,199 5,445 - 406(3) 4,253 16,112 1. Including Group renewable capacity 2. Including 178 MW of installed capacity in France 3. Including 406 MW of installed capacity in Belgium - - - 3,623 4,675 Russia 809 TOTAL 36,728 23,473 1,450 19,696 9,107 95,430 1H2014 Group total net installed capacity1: breakdown by source and location 26
Enel S.p.A. Investor Relations GWh Hydro Nuclear Coal Oil & gas ST/OCGT Iberia Centrel Italy SEE Americas TOTAL CCGT 1. Including Group renewable production 2. Including 210 GWh of net production in France 3. Including 307 GWh of net production in Belgium Russia TOTAL Other ren. - 9,840 3,472 2,416 28 1,092(2) 3,557 10,565 12,794 5,536 1,897 29 16,747 37,003 - 12,578 7,050 - - 19,628 16,878 8,622 865 1,284 36,960 172 2,947 - - 2,165 14,221 2,566 2,371 - 307(3) 10,053 17,391 - - - 9,311 8,937 2,094 35,882 34,470 1,428 33,806 20,342 135,768 1H2014 Group total net production1: breakdown by source and location 27
Enel S.p.A. Investor Relations Geothermal MW Wind Other TOTAL Hydro 1,515 723 - 71 1,574 732 318 2,624 794 3,379 551 5,445 244 12 29 285 Latam Europe North America TOTAL 5,920 1,295 1,933 9,148 1H2014 Enel Green Power net installed capacity: breakdown by source and location 28
Enel S.p.A. Investor Relations Hydro Wind Other TOTAL Geothermal GWh Latam Europe North America TOTAL 2,738 2,724 - 219 4,100 1,365 543 6,008 2,943 4,006 506 7,310 185 1 24 210 11,075 1,872 3,524 16,471 1H2014 Enel Green Power net production: breakdown by source and location 29
Enel S.p.A. Investor Relations Group EBITDA: regulated/unregulated activities 47% 42% 11% 1H 2014 EBITDA recurring 7,746 €mn Unregulated Regulated Enel Green Power Forward sales and hedging procurement contracts to protect margin Stability and high visibility 30
Enel S.p.A. Investor Relations <12m 2H15 2017 2018 After 2018 Endesa Enel Group (excluding Endesa) 6,784 899 6,243 4,964 29,552 6 years and 8 months Average cost of gross debt: 5.0% 2016 7,662 Bonds Bank loans and others 4,844 1,940 6,092 692 301 982 5,261 760 4,204 497 7,165 3,306 26,246 598 Enel’s long-term debt maturity profile (€mn) 31
Enel S.p.A. Investor Relations Committed credit lines Cash and cash equivalents Total Uncommitted lines Commercial paper Total liquidity Amount Available Outstanding 15,943 - 15,943 862 9,293 26,098 1.Of which ca. 14.5 €bn with maturity after June 2015 1,131 (7,044) (5,913) 84 2,503 (3,326) 14,812 7,044 21,856 778 6,790 29,424 (1) Enel Group liquidity analysis (€mn) 32
Enel S.p.A. Investor Relations •Average debt maturity: 6 years and 8 months •Average cost of gross debt2: 5.0% •(Fixed+hedged)/Total gross long-term debt: 81% •Rating: Standard&Poor’s = BBB/A-2 Stable Outlook Moody’s = Baa2/P-2 Negative Outlook Fitch = BBB+/F2 Stable 1. As of June 30th, 2014 2. Average cost of net debt equal to 6.5% December 31, 2013 % €mn June 31, 2014 45,940 7,142 (13,376) 39,706 Long-term Short-term3 Cash4 Net debt 44,454 9,605 (10,986) 43,073 -3.2 +34.5 -17.9 +8.5 3. Including current maturities of long-term debt 4. Including factoring and other current receivables Debt structure1 33
Enel S.p.A. Investor Relations €mn Bank loans – maturities > 12m Bonds – maturities > 12m Preference shares > 12m Other loans – maturities > 12m Financial receivables – maturities > 12m Total net LT debt - maturities > 12m Bank loans – maturities < 12m Bonds – maturities < 12m Preference shares < 12m Other loans – maturities < 12m Financial receivables – maturities < 12m Total net LT debt - maturities < 12m Other ST bank debt Commercial paper Cash Collateral and other derivatives payables Other ST financial debt ST debt Factoring receivables Cash Collateral and other derivatives receivables Other ST financial receivables Cash at banks and marketable securities Total net ST debt (incl. current maturities) Net financial debt Enel Group (excluding Endesa) 12.31.2013 06.30.2014 12.31.2013 06.30.2014 Group - Total 06.30.2014 Endesa 1.As of June 30th, 2014 6,340 37,924 - 842 -2,557 42,550 1,411 2,062 - 96 -104 3,465 97 1,388 119 23 1,626 -263 -1,720 -353 -4,762 -2,007 40,543 6,551 36,217 - 706 -2,617 40,857 1,466 4,524 - 102 -114 5,978 42 2,068 194 28 2,332 -150 -1,817 -365 -4,274 1,704 42,561 1,533 3,559 - 706 -2,408 3,390 340 586 - 164 -2,872 -1,782 21 814 - 22 857 - - -175 -3,128 -4,227 -837 1,059 3,823 - 964 -2,249 3,597 193 320 - 179 -1,432 -740 32 432 - 25 489 - - -43 -2,791 -3,085 512 7,610 40,040 - 1,670 -4,866 44,454 1,659 4,844 - 281 -1,546 5,238 74 2,500 194 53 2,821 -150 -1,817 -408 -7,065 -1,381 43,073 Enel’s group financial debt evolution1 34
Enel S.p.A. Investor Relations Enel SpA Slovenské €mn EFI2 Other Total Endesa EIH2 EP2 ED2 Bonds Bank loans Other loans Commercial paper Other Total 1.As of June 30th, 2014 2.EFI: Enel Finance International; EIH: Enel Investments Holding; EP: Enel Produzione; ED: Enel Distribuzione 19,493 - (3) - (3,509) 15,981 44,884 9,269 (4,461) 2,500 (9,119) 43,073 (17) 2,906 160 (1) (2,573) 475 - 3,160 (935) - (114) 2,111 - 474 (298) - (12) 164 - 1,477 (847) - (49) 581 4,143 1,252 (2,538) 432 (2,777) 512 20,967 - - 2,069 (3) 23,033 298 - - - (82) 216 Enel’s group financial debt by subsidiary1 35
Enel S.p.A. Investor Relations Average residual maturity (years:months) Net financial debt (€bn) 4.8% 4.9% 5.0% 2012 2013 1H 2014 6.1% 6.2% 6.5% 2012 2013 1H 2014 Fixed + Hedged /Total net debt Fixed + Hedged /Total gross long term debt Average cost of net debt Average cost of gross debt 99% 2012 2013 1H 2014 75% 80% 81% 2012 2013 1H 2014 42.9 39.9 43.1 2012 2013 1H 2014 6:11 6:11 6:8 2012 2013 1H 2014 100% Enel’s group financial debt 106% 36
Enel S.p.A. Investor Relations €mn Bank loans Bonds Other Total <12m Enel Group (excluding Endesa) 2H15 2016 After 2018 €mn Bank loans Bonds Other Total <12m Endesa 2016 After 2018 2017 2017 2018 2018 394 158 46 598 1,466 4,524 102 6,092 637 4,539 85 5,261 493 3,636 75 4,204 4,054 21,776 416 26,246 973 6,108 84 7,165 48 194 59 301 193 320 179 692 350 520 112 982 285 368 107 760 267 2,435 604 3,306 109 306 82 497 2H15 Enel’s long-term debt maturity profile (€mn) 37
Enel S.p.A. Investor Relations 1.As of June 30th, 2014 2.New credit line signed on February 2013 to extend the maturity to 2018, starting from 2015, for a total amount of 9.4 €bn 3.Including 1,230 €mn relating to a committed line pertaining to Slovenske Elektrarne Revolving Credit Facility (2015)2 Other committed credit lines Total committed credit lines Other short-term bank debt - uncommitted lines Total credit lines Commercial paper Total credit lines + CP Cash and cash equivalents Total liquidity Amount Available Outstanding 9,440 2,688 12,128 235 12,363 6,000 18,363 - 18,363 - 1,073 1,073 83 1,156 2,071 3,227 (4,253) (1,026) 9,440 1,615 11,055 152 11,207 3,929 15,136 4,253 19,389 (3) Enel Group liquidity analysis excluding Endesa (€mn)1 38
Enel S.p.A. Investor Relations Total committed credit lines Other short-term bank debt – uncommitted lines Total credit lines Commercial paper issued by the Endesa Group Total credit lines + CP Cash and cash equivalents Total liquidity Amount Available Outstanding 1. As of June 30th, 2014 3,815 627 4,442 3,293 7,735 - 7,735 58 1 59 432 491 (2,791) (2,300) 3,757 626 4,383 2,861 7,244 2,791 10,035 Endesa liquidity analysis (€mn)1 39
Enel S.p.A. Investor Relations 1H13 restated 1H14 2,343 Other2 1. Continuing operations, gross of connection fees 2. Including Services & Holding, Engineering & Research, upstream gas and nuclear activities 2,485 796 846 641 483 455 376 422 545 +6.1% 94 62 -36.0% +17.6% +6.3% +12.2% -5.8% +79.2% -34.0% 25 16 43 24 Enel Green Power Iberia & Latam Infrastructure & Networks Market Generation & Energy Management International Capex by business area (€mn)1 40
Enel S.p.A. Investor Relations >100% 30 +6 +75 111 1H13 restated Services 1H14 Other 1. Including Services & Holding, Engineering & Research, upstream gas and nuclear activities EBITDA evolution - Other1 (€mn) 41
Enel S.p.A. Investor Relations FY13 restated 1H14 % €mn 39,706 52,832 92,538 43,073 52,874 95,947 +8.5 +0.1 +3.7 Net financial debt Shareholders’ equity Net capital employed Balance sheet 42
Enel S.p.A. Investor Relations % €mn Revenues EBITDA EBIT Capex Headcount -15.1 +17.0 +28.9 -34.0 -0.6 1H14 10,278 735 508 62 5,589 1H13 restated 12,100 628 394 94 5,621 Generation & Energy Management - Italy (1) 1. As of December 31st, 2013 43
Enel S.p.A. Investor Relations Revenues EBITDA EBIT Capex Headcount -9.9 +12.8 +35.3 +79.2 - 7,848 538 257 43 3,688 8,712 477 190 24 3,687 % €mn 1H14 1H13 restated Market - Italy (1) 1. As of December 31st, 2013 44
Enel S.p.A. Investor Relations % €mn Revenues EBITDA EBIT Capex Headcount -1.7 +7.7 +9.9 -5.8 +6.7 3,720 2,118 1,626 455 18,867 3,784 1,966 1,479 483 17,689 1H14 1H13 restated Infrastructure & Network - Italy (1) 1. As of December 31st, 2013 45
Enel S.p.A. Investor Relations Revenues EBITDA EBIT Capex Headcount -15.5 -0.8 +50.5 +12.2 -3.0 % €mn 2,622 505 313 422 11,091 3,102 509 208 376 11,439 1H14 1H13 restated International (1) 1. As of December 31st, 2013 46
Enel S.p.A. Investor Relations Revenues EBITDA EBIT Capex Headcount -7.4 -16.4 -24.3 +6.3 +1.3 % €mn 14,373 2,982 1,625 846 22,832 15,515 3,566 2,148 796 22,541 1H14 1H13 restated Iberia & Latam (1) 1. As of December 31st, 2013 47
Enel S.p.A. Investor Relations Revenues EBITDA EBIT Capex Headcount -7.2 -8.1 -11.6 +17.6 +1.5 % €mn 1,365 889 618 641 3,521 1,471 967 699 545 3,469 1H14 1H13 restated Enel Green Power (1) 1. As of December 31st, 2013 48
Enel S.p.A. Investor Relations 1H14 % €mn Revenues2 Holding Services Engineering & Research Upstream EBITDA3 Holding Services Engineering & Research Upstream 1H13 restated 1. Including Services & Holding, Engineering & Research, upstream gas and nuclear activities 2. Including Other & Elisions of -63 €mn in 1H13 and -52 €mn in 1H14 3. Including Other & Elisions of 0 €mn in 1H13 and 0 €mn in 1H14 909 146 681 144 1 30 (12) 52 (2) (8) 1,006 132 684 160 82 111 (23) 58 5 71 +10.7 -9.6 +0.4 +11.1 >100 >100 -91.7 +11.5 n.m. n.m. Other1 (1/2) 49
Enel S.p.A. Investor Relations EBIT2 Holding Services & other Engineering & Research Upstream Capex Holding Services & other Engineering & Research Upstream Headcount Holding Services & other Engineering & Research Upstream 1H14 % €mn 1H13 restated 1. Including Services & Holding, Engineering & Research, upstream gas and nuclear activities 2. Including Other & Elisions of 0 €mn in 1H13 and 0 €mn in 1H14 3. As of December 31st, 2013 (25) (17) 4 (4) (8) 25 1 18 1 5 5,896 789 3,865 1,190 52 64 (27) 18 3 70 16 1 10 1 4 5,816 786 3,805 1,178 47 n.m. -58.8 >100 n.m. n.m. -36.0 - -44.4 - -20.0 -1.4 -0.4 -1.6 -1.0 -9.6 Other1 (2/2) (3) 50
Enel S.p.A. Investor Relations 1H14 -1.6% Iberia & Latam Market I&N Other1 G&EM International EGP +35.3% +50.5% +28.9% -11.6% -24.3% +9.9% 5,093 5,011 699 1,625 1,479 1,626 394 508 208 313 1. Including Services & Holding, Engineering & Research, upstream gas and nuclear activities -25 1H13 restated n.m. 618 2,148 64 EBIT by business area (€mn) 51 190 257
Enel S.p.A. Investor Relations This presentation contains certain forward-looking statements that reflect the Company’s management’s current views with respect to future events and financial and operational performance of the Company and its subsidiaries. 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 or performance 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 updates or revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation. This presentation does not constitute a recommendation regarding the securities of the Company. This presentation does not contain an offer to sell or a solicitation of any offer to buy any securities issued by Enel S.p.A. or any of its subsidiaries. Pursuant to art. 154-BIS, par. 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. Disclaimer 52
Enel S.p.A. Investor Relations Investor Relations Team (investor.relations@enel.com) Visit our website at: www.enel.com (Investor Relations) •Luca Torchia •Elisabetta Ghezzi •Marco Donati •Matteo Cavadini •Federica Dori •Federica Todaro +39 06 8305 3437 +39 06 8305 2708 +39 06 8305 9252 +39 06 8305 2326 +39 06 8305 7975 +39 06 8305 9502 Head of IR IR Coordination and Outbound communication Inbound communication Staff Staff Staff Contact us 53

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1H 2014 Financial Results Presentation

  • 1.
    July 31, 2014 2014 Interim results
  • 2.
    Enel S.p.A. InvestorRelations •Opening remarks •2014 Interim results •Closing remarks •Annexes Agenda 1 F. Starace L. Ferraris F. Starace
  • 3.
    Enel S.p.A. InvestorRelations Opening remarks 2 Ongoing weak energy industry outlook in Italy, first signs of recovery in Spain Increasing public awareness of the relevant energy issues in EU An improving overall financial environment in Italy and Spain Energy affordability and EU common energy policy as general framework for company strategy
  • 4.
    Enel S.p.A. InvestorRelations Focused managerial actions: a quick start 3 Overall disposal plan programme Decoupling of Iberia and Latam operations Group’s reorganization
  • 5.
    Enel S.p.A. InvestorRelations Ongoing disposal programme 4 Ca. 4 €bn original target confirmed Generation assets in Slovakia / distribution assets in Romania Further potential disposals already identified, mainly non strategic assets worldwide Gain flexibility to cope with a more challenging scenario
  • 6.
    Enel S.p.A. InvestorRelations Decoupling of Iberia and Latam operations 5 Step 1 Enel Energy Europe acquires 100% of Endesa Latam and 20.3% of Enersis Step 2 Extraordinary dividend Endesa SA in cash POST transaction A more focused Group’s structure in line with the new organizational model PRE transaction Listed company Not listed company Enel SpA Enel Energy Europe 100% Endesa SA Endesa Latam Enersis 92.06% 100% 20,3% 40.32% Enel SpA 100% Endesa SA 20.30% 40.32% 100% Enersis Endesa Latam 92.06% Enel Energy Europe 0% Extraordinary cash dividend Endesa Enel SpA 100% Endesa SA 20.30% 40.32% 100% Enersis Endesa Latam 92.06% Enel Energy Europe 0% Enel SpA 100% Endesa SA 20.30% 40.32% 100% Enersis Endesa Latam Enel Energy Europe 92.06%
  • 7.
    Enel S.p.A. InvestorRelations Decoupling of Iberia and Latam operations 6 Rationale at Group level •Refocusing the strategy on clear dedicated value drivers  Iberia: efficiency enhancing and capex redeployment  Latam: focus on organic growth and business development •Further step in increasing the economic interest in Latam Benefits for Endesa •Industrial plan tailored for the Iberian market •More efficient capital structure •Visible and stable cash flow as a base for future dividend policy Accelerating on Group’s restructuring
  • 8.
    Enel S.p.A. InvestorRelations Group’s reorganization 7 Global Generation Global Infrastructures & Networks Renewable Energies Global business lines A more business oriented and lean organization of the Group Upstream Gas Global Trading Regions Italy Iberia Latam East Europe Relevant KPIs: •Revenues •Opex (staff/services) •Cash flow Relevant KPIs: •Capex optimization •best practice sharing and efficiency improvements
  • 9.
    Enel S.p.A. InvestorRelations Group’s reorganization 8 Best practices implementation all throughout the regions Unlocking value through a business oriented and lean organizational model Enhancing efficiencies in capex and opex Global business lines coupled with ultimate responsibility at country level Centralized capital allocation Reduction of complexity
  • 10.
    Enel S.p.A. InvestorRelations •Opening remarks •2014 Interim results •Closing remarks •Annexes Agenda 9 F. Starace L. Ferraris F. Starace
  • 11.
    Enel S.p.A. InvestorRelations 1H13 restated1 1H14 % vs restated 1. 2013 restated due to the application of IFRS 11 2. Excluding capital gains, losses and one-off items 3. Excluding net debt of assets held for sale 4. As of December 31st, 2013 Revenues EBITDA - recurring2 EBIT Group net income Group net ordinary income2 Net debt3 -8.1 -3.3 -4.9 -1.6 +0.3 -4.8 +8.5 36,101 7,878 7,746 5,011 1,685 1,572 43,073 39,287 8,143 8,143 5,093 1,680 1,652 39,706 1H13 40,157 8,293 8,293 5,168 1,680 1,652 39,862 Financial highlights Consolidated results (€mn) 10 (4) (4)
  • 12.
    Enel S.p.A. InvestorRelations EBIT Net financial charges Interest charges Other Net income from equity investments using equity method EBT Income tax Net income2 Minorities Group net income Group net ordinary income3 1H13 1H14 % vs. restated 1. 2013 restated due to the application of IFRS 11 2. Continuing operations & including third parties 3. Excluding capital gains, losses and one-off items 1H13 restated1 Financial highlights From EBIT to Net Income (€mn) 11 5,011 (1,676) (1,377) (299) 53 3,388 (1,148) 2,240 (555) 1,685 1,572 -1.6 +32.7 -0.7 n.m. -43.0 -13.6 -20.3 -9.8 -30.9 +0.3 -4.8 5,093 (1,263) (1,387) 124 93 3,923 (1,440) 2,483 (803) 1,680 1,652 5,168 (1,267) (1,392) 125 55 3,956 (1,473) 2,483 (803) 1,680 1,652
  • 13.
    Enel S.p.A. InvestorRelations Latam Slovakia 2015 100 2014 100 ~ 40 ~ 60(1) 1. Including roll-over and green certificates 2. Not including domestic coal output ~ 95(1) ~ 5 2015 100 2014 100 ~ 65 ~ 35 2015 100 2014 100 ~ 30 ~ 70 ~ 75 ~ 25 2015 100 2014 100 ~ 50 ~ 50 Unhedged Hedged Italy Spain2 Focus on forward electricity sales Level of total production hedged (%) 12
  • 14.
    Enel S.p.A. InvestorRelations 8,143 7,878 1. 2013 restated due to the application of IFRS 11 (-150 €mn) 2. Including non recurring item of +50 €mn (remeasurement of fair value of SE Hydropower) 3. Including the Engineering & Research division and elisions. Including non recurring item of +82 €mn (Arctic Russia price adjustment) 1H13 restated1 G&EM Italy2 Market Italy I&N Italy Iberia & Latam S&H3 1H14 International EGP Market I&N S&H G&EM Iberia & Latam International EGP +107 +152 -4 -584 -78 +81 1,966 2,118 509 505 3,566 2,982 628 735 477 967 538 Italian operations: 3,391 €mn Iberian operations: 1,728 €mn Latam operations: 1,254 €mn -3.3% 889 111 30 +61 Iberian operations: 1,828 €mn Latam operations: 1,738 €mn Group EBITDA evolution (€mn) Italian operations: 3,071 €mn 13
  • 15.
    Enel S.p.A. InvestorRelations +17.0% +62 735 +41 Generation margin 1H14 Gas margin Other2 1H13 restated1 628 +4 1. Due to the application of IFRS 11 (-39 €mn) 2. Including non recurring item of +50 €mn remeasurement of fair value of SE Hydropower EBITDA evolution: G&EM Italy (€mn) 14
  • 16.
    Enel S.p.A. InvestorRelations -24 Regulated market 1H14 Free market +85 538 +12.8% 1H13 restated 477 EBITDA evolution: Market Italy (€mn) 15
  • 17.
    Enel S.p.A. InvestorRelations -17 Connection fees 1H14 Energy margin 1,966 -63 Other 2,118 +232 +7.7% 1H13 restated EBITDA evolution: Infrastructure & Networks Italy (€mn) 16
  • 18.
    Enel S.p.A. InvestorRelations 509 -15 +125 -11 505 -18 1H13 restated1 Russia (Enel OGK-5) SEE3 Slovakia France, Belgium, EIH4 SEE3 France, Belgium, EIH4 Slovakia Russia (Enel OGK-5) 1H14 1. Due to the application of IFRS 11 (-56 €mn) 2. Pertaining to Enel Investment Holding -0.8% 161 186 EBITDA evolution: International (€mn) 17 271 146 -13 204 186 Other items2 1H13 restated1 adjusted 634 -20.3% -85 -2 3. Romania and Greece 4. Enel Investment Holding
  • 19.
    Enel S.p.A. InvestorRelations 1. Enel’s GAAP figures 2. Due to the application of IFRS 11 equals to (-28 €mn) 1,728 1,828 1H13 restated2 Liberalized business Regulated business 1H14 +150 -357 +107 Other -5.5% EBITDA evolution1: Endesa - Iberia (€mn) 18 Of which, new retroactive measures on non mainland generation: -162 €mn
  • 20.
    Enel S.p.A. InvestorRelations 1. Enel’s GAAP figure 2. Due to the application of IFRS 11 equals to (-20 €mn) 1,254 1,738 1H13 restated2 Generation Distribution 1H14 +74 -315 -84 Other -159 Forex effect -27.8% EBITDA evolution1: Endesa - Latam (€mn) 19
  • 21.
    Enel S.p.A. InvestorRelations Europe 1H14 North America Latin America -64 -15 Europe Latin America North America +1 889 723 100 659 85 145 144 -8.1% 967 1H13 restated1 EBITDA evolution: Enel Green Power (€mn) 20 1. Due to the application of IFRS 11 (-6 €mn)
  • 22.
    Enel S.p.A. InvestorRelations Net debt evolution (€mn) 21 1. Net debt change calculated on continuing operations 2. Due to the application of IFRS 11 (-156 €mn) 3. Of which 648 €mn of dividends paid to minorities 4. Net financial debt of assets held for sale December 31, 2013 (restated2) Capex Cash flow from operations Net financial charges Extra- ordinary activities June 30, 2014 Dividends3 -39,706 -361 +3,253 -2,485 -436 -1,870 +1(4) Taxes -1,468 +10(4) -43,073 +3,367 (1)
  • 23.
    Enel S.p.A. InvestorRelations •Opening remarks •2014 Interim results •Closing remarks •Annexes Agenda 22 F. Starace L. Ferraris F. Starace
  • 24.
    Enel S.p.A. InvestorRelations Closing remarks 23 Reiterated commitment on deleverage by year end Group’s reorganization and restructuring kicked off Continue to reduce overall risk profile: actions aimed at enhancing cash flow and earnings Further upside from growth through faster returning and more sustainable investments
  • 25.
  • 26.
    Enel S.p.A. InvestorRelations Group production mix CCGT Oil & gas Coal Nuclear Other renewables Hydro 135.8 136.2 -0.3% 35.9 35.2 -2.0% 99.9 101.0 -1.1% Italy 1H13 restated 1H14 13.3% 15.5% 20.7% 25.0% 5.8% 19.7% 0.9% 9.2% 43.9% 36.2% 9.8% 10.1% 13.9% 26.7% 14.6% 6.8% 27.9% 10.5% 12.8% 27.2% 14.5% 7.8% 27.2% 0.5% 7.1% 47.0% 35.7% 9.7% Other Countries 14.1% 14.8% 20.1% 24.2% 7.1% 19.7% Production mix (TWh) 1H13 restated 1H14 1H13 restated 1H14 25
  • 27.
    Enel S.p.A. InvestorRelations - 4,976 Other ren. 1,586 1,777 27 1,025(2) 2,256 6,671 MW Hydro 12,690 4,722 2,329 19 9,821 29,581 Nuclear - 3,318 1,814 - - 5,132 Coal 6,486 5,306 806 836 17,057 Oil & gas ST/OCGT 10,767 2,905 - - 2,530 20,877 Iberia Centrel Italy SEE Americas TOTAL CCGT 5,199 5,445 - 406(3) 4,253 16,112 1. Including Group renewable capacity 2. Including 178 MW of installed capacity in France 3. Including 406 MW of installed capacity in Belgium - - - 3,623 4,675 Russia 809 TOTAL 36,728 23,473 1,450 19,696 9,107 95,430 1H2014 Group total net installed capacity1: breakdown by source and location 26
  • 28.
    Enel S.p.A. InvestorRelations GWh Hydro Nuclear Coal Oil & gas ST/OCGT Iberia Centrel Italy SEE Americas TOTAL CCGT 1. Including Group renewable production 2. Including 210 GWh of net production in France 3. Including 307 GWh of net production in Belgium Russia TOTAL Other ren. - 9,840 3,472 2,416 28 1,092(2) 3,557 10,565 12,794 5,536 1,897 29 16,747 37,003 - 12,578 7,050 - - 19,628 16,878 8,622 865 1,284 36,960 172 2,947 - - 2,165 14,221 2,566 2,371 - 307(3) 10,053 17,391 - - - 9,311 8,937 2,094 35,882 34,470 1,428 33,806 20,342 135,768 1H2014 Group total net production1: breakdown by source and location 27
  • 29.
    Enel S.p.A. InvestorRelations Geothermal MW Wind Other TOTAL Hydro 1,515 723 - 71 1,574 732 318 2,624 794 3,379 551 5,445 244 12 29 285 Latam Europe North America TOTAL 5,920 1,295 1,933 9,148 1H2014 Enel Green Power net installed capacity: breakdown by source and location 28
  • 30.
    Enel S.p.A. InvestorRelations Hydro Wind Other TOTAL Geothermal GWh Latam Europe North America TOTAL 2,738 2,724 - 219 4,100 1,365 543 6,008 2,943 4,006 506 7,310 185 1 24 210 11,075 1,872 3,524 16,471 1H2014 Enel Green Power net production: breakdown by source and location 29
  • 31.
    Enel S.p.A. InvestorRelations Group EBITDA: regulated/unregulated activities 47% 42% 11% 1H 2014 EBITDA recurring 7,746 €mn Unregulated Regulated Enel Green Power Forward sales and hedging procurement contracts to protect margin Stability and high visibility 30
  • 32.
    Enel S.p.A. InvestorRelations <12m 2H15 2017 2018 After 2018 Endesa Enel Group (excluding Endesa) 6,784 899 6,243 4,964 29,552 6 years and 8 months Average cost of gross debt: 5.0% 2016 7,662 Bonds Bank loans and others 4,844 1,940 6,092 692 301 982 5,261 760 4,204 497 7,165 3,306 26,246 598 Enel’s long-term debt maturity profile (€mn) 31
  • 33.
    Enel S.p.A. InvestorRelations Committed credit lines Cash and cash equivalents Total Uncommitted lines Commercial paper Total liquidity Amount Available Outstanding 15,943 - 15,943 862 9,293 26,098 1.Of which ca. 14.5 €bn with maturity after June 2015 1,131 (7,044) (5,913) 84 2,503 (3,326) 14,812 7,044 21,856 778 6,790 29,424 (1) Enel Group liquidity analysis (€mn) 32
  • 34.
    Enel S.p.A. InvestorRelations •Average debt maturity: 6 years and 8 months •Average cost of gross debt2: 5.0% •(Fixed+hedged)/Total gross long-term debt: 81% •Rating: Standard&Poor’s = BBB/A-2 Stable Outlook Moody’s = Baa2/P-2 Negative Outlook Fitch = BBB+/F2 Stable 1. As of June 30th, 2014 2. Average cost of net debt equal to 6.5% December 31, 2013 % €mn June 31, 2014 45,940 7,142 (13,376) 39,706 Long-term Short-term3 Cash4 Net debt 44,454 9,605 (10,986) 43,073 -3.2 +34.5 -17.9 +8.5 3. Including current maturities of long-term debt 4. Including factoring and other current receivables Debt structure1 33
  • 35.
    Enel S.p.A. InvestorRelations €mn Bank loans – maturities > 12m Bonds – maturities > 12m Preference shares > 12m Other loans – maturities > 12m Financial receivables – maturities > 12m Total net LT debt - maturities > 12m Bank loans – maturities < 12m Bonds – maturities < 12m Preference shares < 12m Other loans – maturities < 12m Financial receivables – maturities < 12m Total net LT debt - maturities < 12m Other ST bank debt Commercial paper Cash Collateral and other derivatives payables Other ST financial debt ST debt Factoring receivables Cash Collateral and other derivatives receivables Other ST financial receivables Cash at banks and marketable securities Total net ST debt (incl. current maturities) Net financial debt Enel Group (excluding Endesa) 12.31.2013 06.30.2014 12.31.2013 06.30.2014 Group - Total 06.30.2014 Endesa 1.As of June 30th, 2014 6,340 37,924 - 842 -2,557 42,550 1,411 2,062 - 96 -104 3,465 97 1,388 119 23 1,626 -263 -1,720 -353 -4,762 -2,007 40,543 6,551 36,217 - 706 -2,617 40,857 1,466 4,524 - 102 -114 5,978 42 2,068 194 28 2,332 -150 -1,817 -365 -4,274 1,704 42,561 1,533 3,559 - 706 -2,408 3,390 340 586 - 164 -2,872 -1,782 21 814 - 22 857 - - -175 -3,128 -4,227 -837 1,059 3,823 - 964 -2,249 3,597 193 320 - 179 -1,432 -740 32 432 - 25 489 - - -43 -2,791 -3,085 512 7,610 40,040 - 1,670 -4,866 44,454 1,659 4,844 - 281 -1,546 5,238 74 2,500 194 53 2,821 -150 -1,817 -408 -7,065 -1,381 43,073 Enel’s group financial debt evolution1 34
  • 36.
    Enel S.p.A. InvestorRelations Enel SpA Slovenské €mn EFI2 Other Total Endesa EIH2 EP2 ED2 Bonds Bank loans Other loans Commercial paper Other Total 1.As of June 30th, 2014 2.EFI: Enel Finance International; EIH: Enel Investments Holding; EP: Enel Produzione; ED: Enel Distribuzione 19,493 - (3) - (3,509) 15,981 44,884 9,269 (4,461) 2,500 (9,119) 43,073 (17) 2,906 160 (1) (2,573) 475 - 3,160 (935) - (114) 2,111 - 474 (298) - (12) 164 - 1,477 (847) - (49) 581 4,143 1,252 (2,538) 432 (2,777) 512 20,967 - - 2,069 (3) 23,033 298 - - - (82) 216 Enel’s group financial debt by subsidiary1 35
  • 37.
    Enel S.p.A. InvestorRelations Average residual maturity (years:months) Net financial debt (€bn) 4.8% 4.9% 5.0% 2012 2013 1H 2014 6.1% 6.2% 6.5% 2012 2013 1H 2014 Fixed + Hedged /Total net debt Fixed + Hedged /Total gross long term debt Average cost of net debt Average cost of gross debt 99% 2012 2013 1H 2014 75% 80% 81% 2012 2013 1H 2014 42.9 39.9 43.1 2012 2013 1H 2014 6:11 6:11 6:8 2012 2013 1H 2014 100% Enel’s group financial debt 106% 36
  • 38.
    Enel S.p.A. InvestorRelations €mn Bank loans Bonds Other Total <12m Enel Group (excluding Endesa) 2H15 2016 After 2018 €mn Bank loans Bonds Other Total <12m Endesa 2016 After 2018 2017 2017 2018 2018 394 158 46 598 1,466 4,524 102 6,092 637 4,539 85 5,261 493 3,636 75 4,204 4,054 21,776 416 26,246 973 6,108 84 7,165 48 194 59 301 193 320 179 692 350 520 112 982 285 368 107 760 267 2,435 604 3,306 109 306 82 497 2H15 Enel’s long-term debt maturity profile (€mn) 37
  • 39.
    Enel S.p.A. InvestorRelations 1.As of June 30th, 2014 2.New credit line signed on February 2013 to extend the maturity to 2018, starting from 2015, for a total amount of 9.4 €bn 3.Including 1,230 €mn relating to a committed line pertaining to Slovenske Elektrarne Revolving Credit Facility (2015)2 Other committed credit lines Total committed credit lines Other short-term bank debt - uncommitted lines Total credit lines Commercial paper Total credit lines + CP Cash and cash equivalents Total liquidity Amount Available Outstanding 9,440 2,688 12,128 235 12,363 6,000 18,363 - 18,363 - 1,073 1,073 83 1,156 2,071 3,227 (4,253) (1,026) 9,440 1,615 11,055 152 11,207 3,929 15,136 4,253 19,389 (3) Enel Group liquidity analysis excluding Endesa (€mn)1 38
  • 40.
    Enel S.p.A. InvestorRelations Total committed credit lines Other short-term bank debt – uncommitted lines Total credit lines Commercial paper issued by the Endesa Group Total credit lines + CP Cash and cash equivalents Total liquidity Amount Available Outstanding 1. As of June 30th, 2014 3,815 627 4,442 3,293 7,735 - 7,735 58 1 59 432 491 (2,791) (2,300) 3,757 626 4,383 2,861 7,244 2,791 10,035 Endesa liquidity analysis (€mn)1 39
  • 41.
    Enel S.p.A. InvestorRelations 1H13 restated 1H14 2,343 Other2 1. Continuing operations, gross of connection fees 2. Including Services & Holding, Engineering & Research, upstream gas and nuclear activities 2,485 796 846 641 483 455 376 422 545 +6.1% 94 62 -36.0% +17.6% +6.3% +12.2% -5.8% +79.2% -34.0% 25 16 43 24 Enel Green Power Iberia & Latam Infrastructure & Networks Market Generation & Energy Management International Capex by business area (€mn)1 40
  • 42.
    Enel S.p.A. InvestorRelations >100% 30 +6 +75 111 1H13 restated Services 1H14 Other 1. Including Services & Holding, Engineering & Research, upstream gas and nuclear activities EBITDA evolution - Other1 (€mn) 41
  • 43.
    Enel S.p.A. InvestorRelations FY13 restated 1H14 % €mn 39,706 52,832 92,538 43,073 52,874 95,947 +8.5 +0.1 +3.7 Net financial debt Shareholders’ equity Net capital employed Balance sheet 42
  • 44.
    Enel S.p.A. InvestorRelations % €mn Revenues EBITDA EBIT Capex Headcount -15.1 +17.0 +28.9 -34.0 -0.6 1H14 10,278 735 508 62 5,589 1H13 restated 12,100 628 394 94 5,621 Generation & Energy Management - Italy (1) 1. As of December 31st, 2013 43
  • 45.
    Enel S.p.A. InvestorRelations Revenues EBITDA EBIT Capex Headcount -9.9 +12.8 +35.3 +79.2 - 7,848 538 257 43 3,688 8,712 477 190 24 3,687 % €mn 1H14 1H13 restated Market - Italy (1) 1. As of December 31st, 2013 44
  • 46.
    Enel S.p.A. InvestorRelations % €mn Revenues EBITDA EBIT Capex Headcount -1.7 +7.7 +9.9 -5.8 +6.7 3,720 2,118 1,626 455 18,867 3,784 1,966 1,479 483 17,689 1H14 1H13 restated Infrastructure & Network - Italy (1) 1. As of December 31st, 2013 45
  • 47.
    Enel S.p.A. InvestorRelations Revenues EBITDA EBIT Capex Headcount -15.5 -0.8 +50.5 +12.2 -3.0 % €mn 2,622 505 313 422 11,091 3,102 509 208 376 11,439 1H14 1H13 restated International (1) 1. As of December 31st, 2013 46
  • 48.
    Enel S.p.A. InvestorRelations Revenues EBITDA EBIT Capex Headcount -7.4 -16.4 -24.3 +6.3 +1.3 % €mn 14,373 2,982 1,625 846 22,832 15,515 3,566 2,148 796 22,541 1H14 1H13 restated Iberia & Latam (1) 1. As of December 31st, 2013 47
  • 49.
    Enel S.p.A. InvestorRelations Revenues EBITDA EBIT Capex Headcount -7.2 -8.1 -11.6 +17.6 +1.5 % €mn 1,365 889 618 641 3,521 1,471 967 699 545 3,469 1H14 1H13 restated Enel Green Power (1) 1. As of December 31st, 2013 48
  • 50.
    Enel S.p.A. InvestorRelations 1H14 % €mn Revenues2 Holding Services Engineering & Research Upstream EBITDA3 Holding Services Engineering & Research Upstream 1H13 restated 1. Including Services & Holding, Engineering & Research, upstream gas and nuclear activities 2. Including Other & Elisions of -63 €mn in 1H13 and -52 €mn in 1H14 3. Including Other & Elisions of 0 €mn in 1H13 and 0 €mn in 1H14 909 146 681 144 1 30 (12) 52 (2) (8) 1,006 132 684 160 82 111 (23) 58 5 71 +10.7 -9.6 +0.4 +11.1 >100 >100 -91.7 +11.5 n.m. n.m. Other1 (1/2) 49
  • 51.
    Enel S.p.A. InvestorRelations EBIT2 Holding Services & other Engineering & Research Upstream Capex Holding Services & other Engineering & Research Upstream Headcount Holding Services & other Engineering & Research Upstream 1H14 % €mn 1H13 restated 1. Including Services & Holding, Engineering & Research, upstream gas and nuclear activities 2. Including Other & Elisions of 0 €mn in 1H13 and 0 €mn in 1H14 3. As of December 31st, 2013 (25) (17) 4 (4) (8) 25 1 18 1 5 5,896 789 3,865 1,190 52 64 (27) 18 3 70 16 1 10 1 4 5,816 786 3,805 1,178 47 n.m. -58.8 >100 n.m. n.m. -36.0 - -44.4 - -20.0 -1.4 -0.4 -1.6 -1.0 -9.6 Other1 (2/2) (3) 50
  • 52.
    Enel S.p.A. InvestorRelations 1H14 -1.6% Iberia & Latam Market I&N Other1 G&EM International EGP +35.3% +50.5% +28.9% -11.6% -24.3% +9.9% 5,093 5,011 699 1,625 1,479 1,626 394 508 208 313 1. Including Services & Holding, Engineering & Research, upstream gas and nuclear activities -25 1H13 restated n.m. 618 2,148 64 EBIT by business area (€mn) 51 190 257
  • 53.
    Enel S.p.A. InvestorRelations This presentation contains certain forward-looking statements that reflect the Company’s management’s current views with respect to future events and financial and operational performance of the Company and its subsidiaries. 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 or performance 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 updates or revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation. This presentation does not constitute a recommendation regarding the securities of the Company. This presentation does not contain an offer to sell or a solicitation of any offer to buy any securities issued by Enel S.p.A. or any of its subsidiaries. Pursuant to art. 154-BIS, par. 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. Disclaimer 52
  • 54.
    Enel S.p.A. InvestorRelations Investor Relations Team (investor.relations@enel.com) Visit our website at: www.enel.com (Investor Relations) •Luca Torchia •Elisabetta Ghezzi •Marco Donati •Matteo Cavadini •Federica Dori •Federica Todaro +39 06 8305 3437 +39 06 8305 2708 +39 06 8305 9252 +39 06 8305 2326 +39 06 8305 7975 +39 06 8305 9502 Head of IR IR Coordination and Outbound communication Inbound communication Staff Staff Staff Contact us 53