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2012 Interim Results, August 2, 2012

The document provides an overview of Enel SpA's interim financial results for the first half of 2012. Some key highlights include: - Revenues increased 6% to €40.7 billion compared to the first half of 2011. - EBITDA declined 7.2% to €8.3 billion due to lower margins in generation in Italy and international markets. - Net debt increased 6.6% to €47.6 billion due to capital expenditures exceeding cash from operations. - Electricity production totaled 148.7 TWh, up 3% from the prior year period driven by higher output in Latin America.

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Enel SpA Investor Relations 2012 Interim Results August 2, 2012
Enel SpA Investor Relations Agenda • Opening remarks • 2012 Interim Results • Annexes 1
Enel SpA Opening remarks Investor Relations Electricity demand1 vs. plan assumptions Electricity demand 1H2012 Electricity demand 2011-2016 CAGR 1H12 actual -2.1% 2.1% Italy +1.2% +1 2% Italy FY12 budget +0.4% 1H12 actual -0.1% Spain2 +1.5% Spain2 FY12 b d t budget -0.8% 0 8% 1H12 actual +1.7% Russia +1.3% Russia FY12 budget +1.0% 1H12 actual -0.1% Slovakia +1.8% Slovakia FY12 budget +1.6% 1H12 actual +5.0% Latam3,4 +5.1% Latam3,4 FY12 budget +4.4% Budget Mature markets Growth markets 1. Data not adjusted for working days and temperatures 2. Peninsular 3. Brazil, Chile (CIS), Colombia, Peru, Argentina 2 4. Average demand growth weighted by production
Enel SpA Opening remarks Investor Relations Spanish regulation FY12e EBITDA impact (€mn) ● Decrease of distribution remuneration -278 ● 10% reduction of national coal volumes -9 Measures ● 10% reduction of capacity payments -9 already approved1 ● Decrease of remuneration of extra peninsular generation extra-peninsular -100 100 ● Direct impact on Supreme Court resolution on social bonus +112 ● Potential claim of historical social bonus financing (non-recurring) +80 / +100 TOTAL ~ -204 / -184 Strong commitment to minimize any potential negative impact of new regulatory measures 1. Royal Decree 13/2012 and 20/2012 3
Enel SpA Opening remarks Investor Relations Latam rationalization process (1/2) 92% Endesa E d Other Oth Latam shareholders 60.6% 39.4% Assets Cash ENERSIS One platform for growth 4
Enel SpA Opening remarks Investor Relations Latam rationalization process (2/2) Consolidated industrial position in Latin American countries Larger financial resources to finance growth in Latam Increased visibility and value enhancement of LatAm subsidiaries Cash to fuel growth and assets consolidation 5
Enel SpA Investor Relations Agenda • Opening remarks • 2012 Interim Results • Annexes 6
Enel SpA 2012 Interim results Investor Relations Financial highlights: consolidated €mn 1H11 1H12 % Revenues 38,391 40,692 +6.0 EBITDA 8,929 8,282 -7.2 - recurring1,2 8,512 8,282 -2.7 EBIT 6,072 5,341 -12.0 Group net income 2,552 1,821 -28.6 1 Group net ordinary income 2,305 1,640 -28.9 (3),(4) (4) Net debt 44,629 44 629 47,572 47 572 +6.6 +6 6 1. Excluding capital gains, losses and one-off items. 2. Including EGP fair value adjustment. 3. As of December 31, 2011 4. Excluding net debt of assets held for sale 7
Enel SpA 2012 Interim results Investor Relations From EBIT to Net Income €mn 1H11 1H12 % EBIT 6,072 5,341 -12.0 Net financial charges (1,410) ( ) (1,501) +6.5 Interest charges 1,410 1,437 +1.9 Other 0 64 n.m. Net income from equity investments et co e o equ ty est e ts using equity method 63 45 -28.6 EBT 4,725 3,885 -17.8 Income tax (1,536) ( , (1,493) ) 2.8 -2.8 Net income (continuing operations & including third parties) 3,189 2,392 -25.0 Minorities (637) (571) -10.4 Group net income 2,552 2 552 1,821 1 821 -28.6 28 6 8
Enel SpA 2012 Interim results Investor Relations Focus on forward electricity sales Level of total production hedged (%) Italy Spain 100 100 100 100 ~5 ~ 30 ~ 60-65 ~ 95(1) ~ 70(1) ~ 35-40 2012 2013 2012 2013(2) Latam Slovakia 100 100 100 100 ~ 20-25 ~ 30-35 ~ 25 ~75-80 75 80 ~ 75 ~ 65 70 65-70 2012 2013 2012 2013 Unhedged Hedged 1. Including roll-over 2. Not including domestic coal output 9
Enel SpA 2012 Interim results Investor Relations Group EBITDA evolution (€mn) -7.2% 8,929 -551 48 +2 -52 -41 +33 -69 +31 8,282 876 79 807 3,611 3 611 3,644 Other1 798 EGP Iberia & Latam International 757 I&N 2,025 Market G&EM 1,973 326 328 1,245 694 1H11 G&EM Market I&N Inter- Iberia & EGP Other 1H12 Italy Italy Italy national Latam 1. Including Services & Holding, Engineering & Innovation, upstream gas and nuclear activities 10
Enel SpA 2012 Interim results Investor Relations EBITDA evolution: G&EM Italy (€mn) -44.3% 1,245 -151 +73 -261 -212 212 694 1H11 Generation Trading Perimeter and Other 1H12 margin margin revaluation effects 11
Enel SpA 2012 Interim results Investor Relations EBITDA evolution: Market Italy (€mn) +0.6% 326 - +2 328 1H11 Free Regulated 1H12 market market 12
Enel SpA 2012 Interim results Investor Relations EBITDA evolution: Infrastructure & Networks Italy (€mn) -2.6% +119 -35 -136 2,025 1,973 1H11 Energy Connection Other 1H12 margin fees 13
Enel SpA 2012 Interim results Investor Relations EBITDA evolution: International (€mn) -5.1% 798 +27 -104 +36 757 - 229 265 22 22 190 86 720 Russia R i France & Belgium 357 SEE 384 Centrel 1H11 Centrel1 SEE2 France Russia 1H12 & Belgium3 1. Slovenské Elektrárne 2. Romanian, Bulgarian and Greek operations 14 3. Including Enel Investment Holding
Enel SpA 2012 Interim results Investor Relations EBITDA evolution1: Endesa - Iberia2 (€mn) +0.4% +97 -113 113 2,152 +25 2,161 1H11 Liberalized Regulated Other 1H12 business business 1. Enel’s GAAP figures 2. Including Ireland and Marocco 15
Enel SpA 2012 Interim results Investor Relations EBITDA evolution1: Endesa - Latam (€mn) +1.6% 1,459 -117 +88 -8 +61 1,483 1H11 Generation Distribution Other Forex 1H12 effect 1. Enel’s GAAP figures 16
Enel SpA 2012 Interim results Investor Relations EBITDA evolution: Enel Green Power (€mn) -7.9% +16.1% 876 -181 +67 +14 -5 807 181 +36 5 695 71 10 10 57 57 264 216 197 Enel.si E l i North America Iberia and Latin America 431 431 467 Italy and Europe 1H11 Other 1H11 Italy and Iberia and North Enel.si 1H12 adjusted Europe Latin America America 17
Enel SpA 2012 Interim results Investor Relations Net debt evolution (€mn) -2,943 -2 943 (1) December 31, Cash-flow Capex Net financial Taxes Dividends3 Extra- June 30, 2011 from operations charges2 ordinary 2012 activities +1(4) +10(4) -44,629 -47,572 -2,806 -1,283 +4,699 -1,607 -2,002 +65 1. Net debt change calculated on continuing operations 3. Including 497€mn of dividends paid to minorities 2. Net financial charges due to interest expenses 4. Net financial debt of assets held for sale 18
Enel SpA Investor Relations Agenda • Opening remarks • 2012 Interim Results • Annexes 19
Enel SpA 2012 Interim results - Operational annexes Investor Relations Production mix (TWh) -3.1% 39.3 38.1 1.3% 2.1% 21.4% 15.7% Group production mix Italy 37.9% 49.6% +3.0% 7.8% 8.3% 144.4 148.7 31.6% 24.3% 13.2% 11.8% 1H11 1H12 16.5% 14.2% +5.2% 28.4% 31.9% 13.0% 14.0% 105.1 110.6 4.3% 5.1% 17.6% 15.1% 24.6% 23.0% 14.6% 13.7% 1H11 1H12 International 24.9% 25.9% 17.8% 18.8% Other renewables Coal Oil & gas 3.1% 4.0% Hydro Nuclear CCGT 22.0% 22.5% 1H11 1H12 20
Enel SpA 2012 Interim results - Operational annexes Investor Relations 1H2012 Group total net installed capacity1: breakdown by source and location MW Hydro Other Nuclear Coal CCGT Oil & gas TOTAL ren. ST/OCGT Italy 13,652 1,466 - 6,746 5,916 12,021 39,801 Iberia 4,729 1,771 3,535 5,533 4,682(2) 4,781(3) 25,031 Centrel 2,329 7 1,816 849 - 400 5,401 SEE 19 704(4) - - 405(5) - 1,128 Americas 9,677 1,100 - 488 3,880 2,475 17,620 Russia - - - 3,623 809 4,575 9,007 TOTAL 30,406 5,048 5,351 17,239 15,692 24,252 97,988 1. Including Group renewable capacity 4. Including 166 MW other renewable capacity in France 2. Including 123 MW of installed capacity in Morocco 5. Including 405 MW of installed capacity in Belgium 21 3. Including 1,013 MW of installed capacity in Ireland
Enel SpA 2012 Interim results - Operational annexes Investor Relations 1H2012 Group total net production1: breakdown by source and location GWh Hydro Other Nuclear Coal CCGT Oil & gas TOTAL ren. ST/OCGT Italy 9,264 3,174 - 18,870 5,967 0,791 38,066 Iberia 3,033 2,154 13,734 15,947 3,090(2) 4,766(3) 42,724 Centrel 2,355 16 7,091 1,063 - - 10,525 SEE 35 695(4) - - 317(5) - 1,047 Americas 19,441 1,582 - 991 9,370 2,865 34,249 Russia - - - 10,625 2,384 9,085 22,094 TOTAL 34,128 7,621 20,825 47,496 21,128 17,507 148,705 1. Including Group renewable production 4. Including 180 GWh of net production in France 2. Including 458 GWh of net production in Morocco 5. Including 317 GWh of net production in Belgium 22 3. Including 17 GWh of net production in Ireland
Enel SpA 2012 Interim results - Operational annexes Investor Relations 1H2012 renewables net installed capacity: breakdown by source and location MW Hydro Geothermal Wind Other TOTAL Italy & Europe 1,532 722 1,299 106 3,659 Iberia & Latam 788 - 1,749 120 2,657 North America 313 47 830 48 1,238 1 238 TOTAL 2,633 769 3,878 274 7,554 23
Enel SpA 2012 Interim results - Operational annexes Investor Relations 1H2012 renewables net production: breakdown by source and location GWh Hydro H d o Geothermal Geothe mal Wind Other Othe TOTAL Italy & 2,634 2,611 1,205 48 6,498 Europe Iberia & 1,836 - 1,962 238 4,036 Latam North 565 140 1,217 1 217 110 2,032 2 032 America TOTAL 5,035 2,751 4,384 396 12,566 24
Enel SpA 2012 Interim results - Financial annexes Investor Relations Group EBITDA: regulated/unregulated activities 1H 2012 EBITDA 8 282 €mn 8,282 Stability and high visibility 10% 50% 40% Forward sales and hedging procurement contracts to protect Unregulated margin Regulated EGP 25
Enel SpA 2012 Interim results - Financial annexes Investor Relations Enel s long term Enel’s long-term debt maturity profile (€mn) Endesa E d Enel Group (excluding Endesa) 34,615 3,419 Bonds 3,844 Bank loans and others 1,154 7,954 7 954 31,196 7,156 5,931 720 2,259 4,998 1,164 2,827 2 827 5,695 6,436 1,009 4,767 2,171 793 666 343 <12m 2H13 2014 2015 2016 After 2016 6 years and 8 month Average cost of gross debt: 4.9% A t f d bt 4 9% 26
Enel SpA 2012 Interim results - Financial annexes Investor Relations Enel s Enel’s debt maturity profile (€bn) Total liquidity available Debt maturity profile ~34.6 ~20.2 Long term committed ~10.9 credit lines1 Bilateral revolving lines signed ~10.8 in July 2012 ~0.5 ~7.2 ~8.0 58 ~5.8 (3) ~9.7 ~5.9 Cash and ~8.8 cash equivalents2 Short term ~5.0 ~1.0 Long term 1H 2012 < 12m 2H13 2014 2015 2016 After2016 Liquidity available to cover maturities up to 2014 q y p 1. As of 30th of June 2012. Lines with maturities beyond 2014 2. As of 30th of June 2012 3. Commercial paper 4.5€bn, short term debt 1.3€bn as of June 30th 2012 27
Enel SpA 2012 Interim results - Financial annexes Investor Relations Enel Group liquidity analysis (€mn) Amount Outstanding Available Committed credit lines 23,550 10,276 13,274(1) Cash and cash equivalents - (8,845) 8,845 Total 23,550 1,431 22,119 Uncommitted lines 1,767 1 767 125 1,642 Commercial paper 9,318 4,495 4,823 Total liquidity 34,635 6,051 28,584 1. Of which 11€bn with maturity after 2014 28
Enel SpA 2012 Interim results - Financial annexes Investor Relations Debt structure1 • Average debt maturity: 6 years and 8 months • Average cost of gross debt2: 4.9% • (Fixed+hedged)/Total gross long-term debt: 68% • (Fixed+hedged)/Total net debt: 83% • Rating: Standard&Poor’s = BBB+/A-2 Stable Outlook Moody’s = Baa1/P-2 Under Review Fitch = BBB+/F2 Rating Watch Negative December 31, June 30, €mn % 2011 2012 Long-term 45,127 53,164 +17.8 Short-term3 14,471 10,762 -25.6 Cash4 (14,969) (16,354) +9.3 Net debt 44,629 47,572 +6.6 1. As of June 30th, 2012 2. Average cost of net debt equal to 6.1% 3. Including current maturities of long-term debt 4. Including factoring and other current receivables 29
Enel SpA 2012 Interim results - Financial annexes Investor Relations Enel s Enel’s group financial debt evolution1 Enel Group ( p (excluding Endesa) g ) Endesa Group - Total p €mn 12.31.2011 06.30.2012 12.31.2011 06.30.2012 06.30.2012 Bank loans – maturities > 12m 8,333 13,545 1,585 3,046 16,591 Bonds – maturities > 12m 32,445 34,356 5,016 4,463 38,819 Preference shares > 12m - - 180 - - Other loans – maturities > 12m 398 536 746 719 1,255 Financial receivables – maturities > 12m -2,499 -2,419 -1,077 -1,082 -3,501 Total net LT debt - maturities > 12m 38,677 46,018 6,450 7,146 53,164 Bank loans – maturities < 12m 4,199 391 2,695 372 763 Bonds – maturities < 12m 1,075 1,716 1,398 2,128 3,844 Preference shares < 12m - - - 180 180 Other loans – maturities < 12m 139 64 166 147 211 Financial receivables – maturities < 12m -110 -32 -5,522 -5,022 -5,054 Total net LT debt - maturities < 12m 5,303 2,139 -1,263 -2,195 -56 Other ST bank debt 826 207 62 60 267 Commercial paper 2,016 3,477 1,188 1,013 4,490 Cash Collateral and other derivatives payables 650 932 - - 932 Other ST financial debt 4 14 53 61 75 ST debt 3,496 4,630 1,303 1,134 5,764 Factoring receivables -370 370 -301 301 - - -301 301 Cash Collateral and other derivatives receivables -1,076 -1,526 - - -1,526 Other ST financial receivables -592 -355 -232 -218 -573 Cash at banks and marketable securities -4,313 -6,554 -2,754 -2,346 -8,900 Total net ST debt (incl. current maturities) 2,448 -1,967 -2,946 -3,625 -5,592 Net financial debt N t fi i l d bt 41,125 41 125 44,052 44 052 3,504 3 504 3,521 3 521 47,572 47 572 1. As of June 30th, 2012 30
Enel SpA 2012 Interim results - Financial annexes Investor Relations Enel s Enel’s group financial debt by subsidiary1 €mn Enel SpA Endesa EFI2 EIH2 Slovenské EP2 ED2 Other Total Bonds 17,223 6,591 18,336 297 - - - 216 42,663 Bank loans 3,312 3,418 4,244 - 844 605 2,908 2,023 17,354 Preference shares - 180 - - - - - - 180 Other loans (160) (5,238) - - (602) (259) (466) (364) (7,089) Commercial paper - 1,013 3,477 - - - - - 4,490 Other (4,676) (2,443) (32) (14) 9 (108) (75) (2,687) (10,026) Total 15,699 15 699 3,521 3 521 26,025 26 025 283 251 238 2,367 2 367 (812) 47,572 47 572 1. As of June 30th, 2012 2. EFI: Enel Financial International; EIH: Enel Investments Holding; EP: Enel Produzione; ED: Enel Distribuzione 31
Enel SpA 2012 Interim results - Financial annexes Investor Relations Enel s Enel’s group financial debt Average cost of net debt Average cost of gross debt Average residual maturity (years:months) 5.9% 6.1% 5.5% 4.9% 4.9% 6.8 6.8 4.6% 6.7 2010 2011 1H12 2010 2011 1H12 2010 2011 1H12 Net financial debt (€bn) Fixed + Hedged Fixed + Hedged /Total net debt /Total gross long term debt 47.6 47 6 93% 96% 44.9 83% 79% 78% 44.6 68% 2010 2011 1H12 2010 2011 1H12 2010 2011 1H12 1. As of June 30th, 2012 32
Enel SpA 2012 Interim results - Financial annexes Investor Relations Enel s long term Enel’s long-term debt maturity profile (€mn) Enel Group (excluding Endesa) €mn <12m 2H13 2014 2015 2016 After 2016 Bank loans 391 263 2,566 2,660 1,126 6,930 Bonds 1,716 43 2,155 3,721 4,511 23,926 Other 64 37 46 55 58 340 Total 2,171 343 4,767 6,436 5,695 31,196 Endesa € €mn <12m 2H13 2014 0 2015 2016 After 2016 te 0 6 Bank loans 372 121 374 225 1,619 707 Bonds 2,128 471 685 434 581 2,292 Other1 327 74 105 61 59 420 Total 2,827 666 1,164 720 2,259 3,419 1. Including preference shares 33
Enel SpA 2012 Interim results - Financial annexes Investor Relations Enel Group liquidity analysis excluding Endesa (€mn)1 Amount Outstanding Available 2009 credit facility for Endesa acquisition (2014) 1,359 1,359 - 2009 credit facility for Endesa acquisition (2016) 617 617 - Other committed credit lines2 17,509 17 509 6,855 6 855 10,654 10 654 Total committed credit lines 19,485 8,831 10,654 Other short-term bank debt – uncommitted lines 279 116 163 Total credit lines 19,764 8,947 10,817 Commercial paper 6,000 3,481 2,519 Total credit lines + CP 25,764 12,428 13,336 Cash and cash equivalents - (6,499) 6,499 Total liquidity 25,764 5,929 19,835 1. As of June 30th, 2012 2. Including 1,420€mn relating to a committed line pertaining to Slovenske Elektrarne 34
Enel SpA 2012 Interim results - Financial annexes Investor Relations Endesa liquidity analysis (€mn)1 Amount Outstanding Available Total committed credit lines , 4,065 1,445 , 2,620 , Other short-term bank debt – uncommitted lines 1,488 9 1,479 Total credit lines 5,553 1,454 4,099 Commercial paper issued by the Endesa Group 3,318 3 318 1,014 1 014 2,304 2 304 Total credit lines + CP 8,871 2,468 6,403 Cash and cash equivalents - (2,346) 2,346 Total liquidity 8,871 122 8,749 1. As of June 30th, 2012 35
Enel SpA 2012 Interim results - Financial annexes Investor Relations Capex by business area (€mn)1 -3.0% 3.0% 2,846 2,762 16 91 624 457 875 933 Other2 515 573 EGP Iberia & Latam International I&N 666 579 Market 20 G&EM 12 109 138 1H11 1H12 1. Continuing operations, gross of connection fees 2. Including Services & Holding, Engineering & Innovation, upstream gas and nuclear activities 36
Enel SpA 2012 Interim results - Financial annexes Investor Relations Balance sheet €mn FY11 1H12 % Net financial debt 44,629 44 629 47,572 47 572 +6.6 +6 6 Shareholders’ equity 54,440 54,631 +0.4 Net capital employed p p y 99,069 , 102,203 , +3.2 37
Enel SpA 2012 Interim results - Financial annexes Investor Relations Generation & Energy Management - Italy €mn 1H11 1H12 % Revenues 10,221 11,304 +10.6 EBITDA 1,245 694 -44.3 EBIT 956 385 -59.7 59 7 Capex 109 138 +26.6 (1) Headcount 6,277 6 277 6,181 6 181 -1.5 -1 5 1. As of December 31st, 2011 38
Enel SpA 2012 Interim results - Financial annexes Investor Relations Market - Italy €mn 1H11 1H12 % Revenues 8,803 9,408 +6.9 EBITDA 326 328 +0.6 EBIT 180 126 -30.0 30 0 Capex 12 20 +66.7 (1) Headcount 3,745 3 745 3,711 3 711 -0.9 -0 9 1. As of December 31st, 2011 39
Enel SpA 2012 Interim results - Financial annexes Investor Relations Infrastructure & Network - Italy €mn 1H11 1H12 % Revenues 3,594 3,784 +5.3 EBITDA 2,025 1,973 -2.6 EBIT 1,567 1 567 1,502 1 502 -4.1 41 Capex 579 666 +15.0 (1) Headcount 18,951 18 951 18,846 18 846 -0.6 -0 6 1. As of December 31st, 2011 40
Enel SpA 2012 Interim results - Financial annexes Investor Relations International €mn 1H11 1H12 % Revenues 3,819 4,273 +11.9 EBITDA 798 757 -5.1 EBIT 496 595 +20.0 +20 0 Capex 573 515 -10.1 (1) Headcount 13,779 13 779 13,395 13 395 -2.8 -2 8 1. As of December 31st, 2011 41
Enel SpA 2012 Interim results - Financial annexes Investor Relations Iberia & Latam €mn 1H11 1H12 % Revenues 15,844 16,495 +4.1 EBITDA 3,611 3,644 +0.9 EBIT 2,197 2 197 2,145 2 145 -2.4 24 Capex 933 875 -6.2 (1) Headcount 22,877 22 877 23,047 23 047 +0.7 +0 7 1. As of December 31st, 2011 42
Enel SpA 2012 Interim results - Financial annexes Investor Relations Enel Green Power €mn 1H11 1H12 % Revenues 1,329 1,332 +0.2 EBITDA 876 807 -7.9 EBIT 684 570 -16.7 16 7 Capex 624 457 -26.8 (1) Headcount 3,229 3 229 3,379 3 379 +4.6 +4 6 1. As of December 31st, 2011 43
Enel SpA 2012 Interim results - Financial annexes Investor Relations Other1 €mn 1H11 1H12 % Revenues2 1,007 , 930 -7.6 Holding 340 156 -54.1 Services 529 678 +28.2 Engineering & Innovation 201 166 -17.4 17 4 Upstream 1 1 - EBITDA3 48 79 +64.6 Holding (28) (18) +35.7 Services 94 103 +9.6 Engineering & Innovation i i i (1) ( ) 3 n.m. Upstream (8) (9) +12.5 1. Including Services & Holding, Engineering & Innovation, upstream gas and nuclear activities 2. Including Other & Elisions of -64€mn in 1H11 and -71€mn in 1H12 3. Including Other & Elisions of -9€mn in 1H11 and 0€mn in 1H12 44
Enel SpA 2012 Interim results - Financial annexes Investor Relations Other1 - Continued €mn € 1H11 1H12 % EBIT2 (8) 18 n.m. Holding H ldi (33) (23) +30.3 +30 3 Services & other 45 49 +8.9 Engineering & Innovation (3) 1 +133.3 Upstream (8) (9) +12.5 Capex 16 91 +468.8 Holding 2 2 - Services & other 13 23 +76.9 Engineering & Innovation 1 1 - Upstream 0 65 n.m. Headcount 6,502(3) 6,457 -0.7 Holding 873 867 -0.7 Services & other 4,245 4,249 +0.1 Engineering & Innovation 1,327 1,283 -3.3 p Upstream 57 58 +1.8 1. Including Services & Holding, Engineering & Innovation, upstream gas and nuclear activities 2. Including Other & Elisions of -9€mn in 1H11 and 0€mn in 1Q12 45 3. As of December 31st, 2011
Enel SpA 2012 Interim results - Financial annexes Investor Relations EBIT by business area (€mn) -12.0% 6,072 684 5,341 18 n.m. 570 -16.7% Other Oth 1 2,197 EGP -2.4% 2,145 Iberia & Latam International 496 I&N 595 +20.0% Market 1,567 G&EM 1,502 -4.1% 180 126 -30.0% 956 -59.7% 385 -8 1H11 1H12 1. Including Services & Holding, Engineering & Innovation, upstream gas and nuclear activities 46
Enel SpA Investor Relations Disclaimer This presentation may contain 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 S.p.A. precisely 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 th date of this presentation. Enel S A d d l f the d t f thi t ti E l S.p.A. does not undertake t d t k any obligation to publicly release any revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation. Pursuant P s ant to art. 154-BIS, par. 2 of the Unified Financial Act of Feb a 24, a t 154 BIS pa 2, 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. 47
Enel SpA Investor Relations Contact us Investor Relations Team (investor.relations@enel.com) (investor relations@enel com) • Luca Torchia (Head of IR) +39 06 8305 3437 • Pedro Cañamero (Equity IR) +39 06 8305 5292 • Elisabetta Ghezzi (Fixed income IR) +39 06 8305 2708 • Matteo Cavadini (Staff) +39 06 8305 2326 • Marco Donati (Staff) +39 06 8305 9252 • Federica Dori (Staff) +39 06 8305 7975 • Federica Todaro (Staff) +39 06 8305 9502 Visit our website at: www.enel.com (Investor Relations) 48

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2012 Interim Results, August 2, 2012

  • 1.
    Enel SpA Investor Relations 2012 Interim Results August 2, 2012
  • 2.
    Enel SpA Investor Relations Agenda • Opening remarks • 2012 Interim Results • Annexes 1
  • 3.
    Enel SpA Opening remarks Investor Relations Electricity demand1 vs. plan assumptions Electricity demand 1H2012 Electricity demand 2011-2016 CAGR 1H12 actual -2.1% 2.1% Italy +1.2% +1 2% Italy FY12 budget +0.4% 1H12 actual -0.1% Spain2 +1.5% Spain2 FY12 b d t budget -0.8% 0 8% 1H12 actual +1.7% Russia +1.3% Russia FY12 budget +1.0% 1H12 actual -0.1% Slovakia +1.8% Slovakia FY12 budget +1.6% 1H12 actual +5.0% Latam3,4 +5.1% Latam3,4 FY12 budget +4.4% Budget Mature markets Growth markets 1. Data not adjusted for working days and temperatures 2. Peninsular 3. Brazil, Chile (CIS), Colombia, Peru, Argentina 2 4. Average demand growth weighted by production
  • 4.
    Enel SpA Opening remarks Investor Relations Spanish regulation FY12e EBITDA impact (€mn) ● Decrease of distribution remuneration -278 ● 10% reduction of national coal volumes -9 Measures ● 10% reduction of capacity payments -9 already approved1 ● Decrease of remuneration of extra peninsular generation extra-peninsular -100 100 ● Direct impact on Supreme Court resolution on social bonus +112 ● Potential claim of historical social bonus financing (non-recurring) +80 / +100 TOTAL ~ -204 / -184 Strong commitment to minimize any potential negative impact of new regulatory measures 1. Royal Decree 13/2012 and 20/2012 3
  • 5.
    Enel SpA Opening remarks Investor Relations Latam rationalization process (1/2) 92% Endesa E d Other Oth Latam shareholders 60.6% 39.4% Assets Cash ENERSIS One platform for growth 4
  • 6.
    Enel SpA Opening remarks Investor Relations Latam rationalization process (2/2) Consolidated industrial position in Latin American countries Larger financial resources to finance growth in Latam Increased visibility and value enhancement of LatAm subsidiaries Cash to fuel growth and assets consolidation 5
  • 7.
    Enel SpA Investor Relations Agenda • Opening remarks • 2012 Interim Results • Annexes 6
  • 8.
    Enel SpA 2012 Interim results Investor Relations Financial highlights: consolidated €mn 1H11 1H12 % Revenues 38,391 40,692 +6.0 EBITDA 8,929 8,282 -7.2 - recurring1,2 8,512 8,282 -2.7 EBIT 6,072 5,341 -12.0 Group net income 2,552 1,821 -28.6 1 Group net ordinary income 2,305 1,640 -28.9 (3),(4) (4) Net debt 44,629 44 629 47,572 47 572 +6.6 +6 6 1. Excluding capital gains, losses and one-off items. 2. Including EGP fair value adjustment. 3. As of December 31, 2011 4. Excluding net debt of assets held for sale 7
  • 9.
    Enel SpA 2012 Interim results Investor Relations From EBIT to Net Income €mn 1H11 1H12 % EBIT 6,072 5,341 -12.0 Net financial charges (1,410) ( ) (1,501) +6.5 Interest charges 1,410 1,437 +1.9 Other 0 64 n.m. Net income from equity investments et co e o equ ty est e ts using equity method 63 45 -28.6 EBT 4,725 3,885 -17.8 Income tax (1,536) ( , (1,493) ) 2.8 -2.8 Net income (continuing operations & including third parties) 3,189 2,392 -25.0 Minorities (637) (571) -10.4 Group net income 2,552 2 552 1,821 1 821 -28.6 28 6 8
  • 10.
    Enel SpA 2012 Interim results Investor Relations Focus on forward electricity sales Level of total production hedged (%) Italy Spain 100 100 100 100 ~5 ~ 30 ~ 60-65 ~ 95(1) ~ 70(1) ~ 35-40 2012 2013 2012 2013(2) Latam Slovakia 100 100 100 100 ~ 20-25 ~ 30-35 ~ 25 ~75-80 75 80 ~ 75 ~ 65 70 65-70 2012 2013 2012 2013 Unhedged Hedged 1. Including roll-over 2. Not including domestic coal output 9
  • 11.
    Enel SpA 2012 Interim results Investor Relations Group EBITDA evolution (€mn) -7.2% 8,929 -551 48 +2 -52 -41 +33 -69 +31 8,282 876 79 807 3,611 3 611 3,644 Other1 798 EGP Iberia & Latam International 757 I&N 2,025 Market G&EM 1,973 326 328 1,245 694 1H11 G&EM Market I&N Inter- Iberia & EGP Other 1H12 Italy Italy Italy national Latam 1. Including Services & Holding, Engineering & Innovation, upstream gas and nuclear activities 10
  • 12.
    Enel SpA 2012 Interim results Investor Relations EBITDA evolution: G&EM Italy (€mn) -44.3% 1,245 -151 +73 -261 -212 212 694 1H11 Generation Trading Perimeter and Other 1H12 margin margin revaluation effects 11
  • 13.
    Enel SpA 2012 Interim results Investor Relations EBITDA evolution: Market Italy (€mn) +0.6% 326 - +2 328 1H11 Free Regulated 1H12 market market 12
  • 14.
    Enel SpA 2012 Interim results Investor Relations EBITDA evolution: Infrastructure & Networks Italy (€mn) -2.6% +119 -35 -136 2,025 1,973 1H11 Energy Connection Other 1H12 margin fees 13
  • 15.
    Enel SpA 2012 Interim results Investor Relations EBITDA evolution: International (€mn) -5.1% 798 +27 -104 +36 757 - 229 265 22 22 190 86 720 Russia R i France & Belgium 357 SEE 384 Centrel 1H11 Centrel1 SEE2 France Russia 1H12 & Belgium3 1. Slovenské Elektrárne 2. Romanian, Bulgarian and Greek operations 14 3. Including Enel Investment Holding
  • 16.
    Enel SpA 2012 Interim results Investor Relations EBITDA evolution1: Endesa - Iberia2 (€mn) +0.4% +97 -113 113 2,152 +25 2,161 1H11 Liberalized Regulated Other 1H12 business business 1. Enel’s GAAP figures 2. Including Ireland and Marocco 15
  • 17.
    Enel SpA 2012 Interim results Investor Relations EBITDA evolution1: Endesa - Latam (€mn) +1.6% 1,459 -117 +88 -8 +61 1,483 1H11 Generation Distribution Other Forex 1H12 effect 1. Enel’s GAAP figures 16
  • 18.
    Enel SpA 2012 Interim results Investor Relations EBITDA evolution: Enel Green Power (€mn) -7.9% +16.1% 876 -181 +67 +14 -5 807 181 +36 5 695 71 10 10 57 57 264 216 197 Enel.si E l i North America Iberia and Latin America 431 431 467 Italy and Europe 1H11 Other 1H11 Italy and Iberia and North Enel.si 1H12 adjusted Europe Latin America America 17
  • 19.
    Enel SpA 2012 Interim results Investor Relations Net debt evolution (€mn) -2,943 -2 943 (1) December 31, Cash-flow Capex Net financial Taxes Dividends3 Extra- June 30, 2011 from operations charges2 ordinary 2012 activities +1(4) +10(4) -44,629 -47,572 -2,806 -1,283 +4,699 -1,607 -2,002 +65 1. Net debt change calculated on continuing operations 3. Including 497€mn of dividends paid to minorities 2. Net financial charges due to interest expenses 4. Net financial debt of assets held for sale 18
  • 20.
    Enel SpA Investor Relations Agenda • Opening remarks • 2012 Interim Results • Annexes 19
  • 21.
    Enel SpA 2012 Interim results - Operational annexes Investor Relations Production mix (TWh) -3.1% 39.3 38.1 1.3% 2.1% 21.4% 15.7% Group production mix Italy 37.9% 49.6% +3.0% 7.8% 8.3% 144.4 148.7 31.6% 24.3% 13.2% 11.8% 1H11 1H12 16.5% 14.2% +5.2% 28.4% 31.9% 13.0% 14.0% 105.1 110.6 4.3% 5.1% 17.6% 15.1% 24.6% 23.0% 14.6% 13.7% 1H11 1H12 International 24.9% 25.9% 17.8% 18.8% Other renewables Coal Oil & gas 3.1% 4.0% Hydro Nuclear CCGT 22.0% 22.5% 1H11 1H12 20
  • 22.
    Enel SpA 2012 Interim results - Operational annexes Investor Relations 1H2012 Group total net installed capacity1: breakdown by source and location MW Hydro Other Nuclear Coal CCGT Oil & gas TOTAL ren. ST/OCGT Italy 13,652 1,466 - 6,746 5,916 12,021 39,801 Iberia 4,729 1,771 3,535 5,533 4,682(2) 4,781(3) 25,031 Centrel 2,329 7 1,816 849 - 400 5,401 SEE 19 704(4) - - 405(5) - 1,128 Americas 9,677 1,100 - 488 3,880 2,475 17,620 Russia - - - 3,623 809 4,575 9,007 TOTAL 30,406 5,048 5,351 17,239 15,692 24,252 97,988 1. Including Group renewable capacity 4. Including 166 MW other renewable capacity in France 2. Including 123 MW of installed capacity in Morocco 5. Including 405 MW of installed capacity in Belgium 21 3. Including 1,013 MW of installed capacity in Ireland
  • 23.
    Enel SpA 2012 Interim results - Operational annexes Investor Relations 1H2012 Group total net production1: breakdown by source and location GWh Hydro Other Nuclear Coal CCGT Oil & gas TOTAL ren. ST/OCGT Italy 9,264 3,174 - 18,870 5,967 0,791 38,066 Iberia 3,033 2,154 13,734 15,947 3,090(2) 4,766(3) 42,724 Centrel 2,355 16 7,091 1,063 - - 10,525 SEE 35 695(4) - - 317(5) - 1,047 Americas 19,441 1,582 - 991 9,370 2,865 34,249 Russia - - - 10,625 2,384 9,085 22,094 TOTAL 34,128 7,621 20,825 47,496 21,128 17,507 148,705 1. Including Group renewable production 4. Including 180 GWh of net production in France 2. Including 458 GWh of net production in Morocco 5. Including 317 GWh of net production in Belgium 22 3. Including 17 GWh of net production in Ireland
  • 24.
    Enel SpA 2012 Interim results - Operational annexes Investor Relations 1H2012 renewables net installed capacity: breakdown by source and location MW Hydro Geothermal Wind Other TOTAL Italy & Europe 1,532 722 1,299 106 3,659 Iberia & Latam 788 - 1,749 120 2,657 North America 313 47 830 48 1,238 1 238 TOTAL 2,633 769 3,878 274 7,554 23
  • 25.
    Enel SpA 2012 Interim results - Operational annexes Investor Relations 1H2012 renewables net production: breakdown by source and location GWh Hydro H d o Geothermal Geothe mal Wind Other Othe TOTAL Italy & 2,634 2,611 1,205 48 6,498 Europe Iberia & 1,836 - 1,962 238 4,036 Latam North 565 140 1,217 1 217 110 2,032 2 032 America TOTAL 5,035 2,751 4,384 396 12,566 24
  • 26.
    Enel SpA 2012 Interim results - Financial annexes Investor Relations Group EBITDA: regulated/unregulated activities 1H 2012 EBITDA 8 282 €mn 8,282 Stability and high visibility 10% 50% 40% Forward sales and hedging procurement contracts to protect Unregulated margin Regulated EGP 25
  • 27.
    Enel SpA 2012 Interim results - Financial annexes Investor Relations Enel s long term Enel’s long-term debt maturity profile (€mn) Endesa E d Enel Group (excluding Endesa) 34,615 3,419 Bonds 3,844 Bank loans and others 1,154 7,954 7 954 31,196 7,156 5,931 720 2,259 4,998 1,164 2,827 2 827 5,695 6,436 1,009 4,767 2,171 793 666 343 <12m 2H13 2014 2015 2016 After 2016 6 years and 8 month Average cost of gross debt: 4.9% A t f d bt 4 9% 26
  • 28.
    Enel SpA 2012 Interim results - Financial annexes Investor Relations Enel s Enel’s debt maturity profile (€bn) Total liquidity available Debt maturity profile ~34.6 ~20.2 Long term committed ~10.9 credit lines1 Bilateral revolving lines signed ~10.8 in July 2012 ~0.5 ~7.2 ~8.0 58 ~5.8 (3) ~9.7 ~5.9 Cash and ~8.8 cash equivalents2 Short term ~5.0 ~1.0 Long term 1H 2012 < 12m 2H13 2014 2015 2016 After2016 Liquidity available to cover maturities up to 2014 q y p 1. As of 30th of June 2012. Lines with maturities beyond 2014 2. As of 30th of June 2012 3. Commercial paper 4.5€bn, short term debt 1.3€bn as of June 30th 2012 27
  • 29.
    Enel SpA 2012 Interim results - Financial annexes Investor Relations Enel Group liquidity analysis (€mn) Amount Outstanding Available Committed credit lines 23,550 10,276 13,274(1) Cash and cash equivalents - (8,845) 8,845 Total 23,550 1,431 22,119 Uncommitted lines 1,767 1 767 125 1,642 Commercial paper 9,318 4,495 4,823 Total liquidity 34,635 6,051 28,584 1. Of which 11€bn with maturity after 2014 28
  • 30.
    Enel SpA 2012 Interim results - Financial annexes Investor Relations Debt structure1 • Average debt maturity: 6 years and 8 months • Average cost of gross debt2: 4.9% • (Fixed+hedged)/Total gross long-term debt: 68% • (Fixed+hedged)/Total net debt: 83% • Rating: Standard&Poor’s = BBB+/A-2 Stable Outlook Moody’s = Baa1/P-2 Under Review Fitch = BBB+/F2 Rating Watch Negative December 31, June 30, €mn % 2011 2012 Long-term 45,127 53,164 +17.8 Short-term3 14,471 10,762 -25.6 Cash4 (14,969) (16,354) +9.3 Net debt 44,629 47,572 +6.6 1. As of June 30th, 2012 2. Average cost of net debt equal to 6.1% 3. Including current maturities of long-term debt 4. Including factoring and other current receivables 29
  • 31.
    Enel SpA 2012 Interim results - Financial annexes Investor Relations Enel s Enel’s group financial debt evolution1 Enel Group ( p (excluding Endesa) g ) Endesa Group - Total p €mn 12.31.2011 06.30.2012 12.31.2011 06.30.2012 06.30.2012 Bank loans – maturities > 12m 8,333 13,545 1,585 3,046 16,591 Bonds – maturities > 12m 32,445 34,356 5,016 4,463 38,819 Preference shares > 12m - - 180 - - Other loans – maturities > 12m 398 536 746 719 1,255 Financial receivables – maturities > 12m -2,499 -2,419 -1,077 -1,082 -3,501 Total net LT debt - maturities > 12m 38,677 46,018 6,450 7,146 53,164 Bank loans – maturities < 12m 4,199 391 2,695 372 763 Bonds – maturities < 12m 1,075 1,716 1,398 2,128 3,844 Preference shares < 12m - - - 180 180 Other loans – maturities < 12m 139 64 166 147 211 Financial receivables – maturities < 12m -110 -32 -5,522 -5,022 -5,054 Total net LT debt - maturities < 12m 5,303 2,139 -1,263 -2,195 -56 Other ST bank debt 826 207 62 60 267 Commercial paper 2,016 3,477 1,188 1,013 4,490 Cash Collateral and other derivatives payables 650 932 - - 932 Other ST financial debt 4 14 53 61 75 ST debt 3,496 4,630 1,303 1,134 5,764 Factoring receivables -370 370 -301 301 - - -301 301 Cash Collateral and other derivatives receivables -1,076 -1,526 - - -1,526 Other ST financial receivables -592 -355 -232 -218 -573 Cash at banks and marketable securities -4,313 -6,554 -2,754 -2,346 -8,900 Total net ST debt (incl. current maturities) 2,448 -1,967 -2,946 -3,625 -5,592 Net financial debt N t fi i l d bt 41,125 41 125 44,052 44 052 3,504 3 504 3,521 3 521 47,572 47 572 1. As of June 30th, 2012 30
  • 32.
    Enel SpA 2012 Interim results - Financial annexes Investor Relations Enel s Enel’s group financial debt by subsidiary1 €mn Enel SpA Endesa EFI2 EIH2 Slovenské EP2 ED2 Other Total Bonds 17,223 6,591 18,336 297 - - - 216 42,663 Bank loans 3,312 3,418 4,244 - 844 605 2,908 2,023 17,354 Preference shares - 180 - - - - - - 180 Other loans (160) (5,238) - - (602) (259) (466) (364) (7,089) Commercial paper - 1,013 3,477 - - - - - 4,490 Other (4,676) (2,443) (32) (14) 9 (108) (75) (2,687) (10,026) Total 15,699 15 699 3,521 3 521 26,025 26 025 283 251 238 2,367 2 367 (812) 47,572 47 572 1. As of June 30th, 2012 2. EFI: Enel Financial International; EIH: Enel Investments Holding; EP: Enel Produzione; ED: Enel Distribuzione 31
  • 33.
    Enel SpA 2012 Interim results - Financial annexes Investor Relations Enel s Enel’s group financial debt Average cost of net debt Average cost of gross debt Average residual maturity (years:months) 5.9% 6.1% 5.5% 4.9% 4.9% 6.8 6.8 4.6% 6.7 2010 2011 1H12 2010 2011 1H12 2010 2011 1H12 Net financial debt (€bn) Fixed + Hedged Fixed + Hedged /Total net debt /Total gross long term debt 47.6 47 6 93% 96% 44.9 83% 79% 78% 44.6 68% 2010 2011 1H12 2010 2011 1H12 2010 2011 1H12 1. As of June 30th, 2012 32
  • 34.
    Enel SpA 2012 Interim results - Financial annexes Investor Relations Enel s long term Enel’s long-term debt maturity profile (€mn) Enel Group (excluding Endesa) €mn <12m 2H13 2014 2015 2016 After 2016 Bank loans 391 263 2,566 2,660 1,126 6,930 Bonds 1,716 43 2,155 3,721 4,511 23,926 Other 64 37 46 55 58 340 Total 2,171 343 4,767 6,436 5,695 31,196 Endesa € €mn <12m 2H13 2014 0 2015 2016 After 2016 te 0 6 Bank loans 372 121 374 225 1,619 707 Bonds 2,128 471 685 434 581 2,292 Other1 327 74 105 61 59 420 Total 2,827 666 1,164 720 2,259 3,419 1. Including preference shares 33
  • 35.
    Enel SpA 2012 Interim results - Financial annexes Investor Relations Enel Group liquidity analysis excluding Endesa (€mn)1 Amount Outstanding Available 2009 credit facility for Endesa acquisition (2014) 1,359 1,359 - 2009 credit facility for Endesa acquisition (2016) 617 617 - Other committed credit lines2 17,509 17 509 6,855 6 855 10,654 10 654 Total committed credit lines 19,485 8,831 10,654 Other short-term bank debt – uncommitted lines 279 116 163 Total credit lines 19,764 8,947 10,817 Commercial paper 6,000 3,481 2,519 Total credit lines + CP 25,764 12,428 13,336 Cash and cash equivalents - (6,499) 6,499 Total liquidity 25,764 5,929 19,835 1. As of June 30th, 2012 2. Including 1,420€mn relating to a committed line pertaining to Slovenske Elektrarne 34
  • 36.
    Enel SpA 2012 Interim results - Financial annexes Investor Relations Endesa liquidity analysis (€mn)1 Amount Outstanding Available Total committed credit lines , 4,065 1,445 , 2,620 , Other short-term bank debt – uncommitted lines 1,488 9 1,479 Total credit lines 5,553 1,454 4,099 Commercial paper issued by the Endesa Group 3,318 3 318 1,014 1 014 2,304 2 304 Total credit lines + CP 8,871 2,468 6,403 Cash and cash equivalents - (2,346) 2,346 Total liquidity 8,871 122 8,749 1. As of June 30th, 2012 35
  • 37.
    Enel SpA 2012 Interim results - Financial annexes Investor Relations Capex by business area (€mn)1 -3.0% 3.0% 2,846 2,762 16 91 624 457 875 933 Other2 515 573 EGP Iberia & Latam International I&N 666 579 Market 20 G&EM 12 109 138 1H11 1H12 1. Continuing operations, gross of connection fees 2. Including Services & Holding, Engineering & Innovation, upstream gas and nuclear activities 36
  • 38.
    Enel SpA 2012 Interim results - Financial annexes Investor Relations Balance sheet €mn FY11 1H12 % Net financial debt 44,629 44 629 47,572 47 572 +6.6 +6 6 Shareholders’ equity 54,440 54,631 +0.4 Net capital employed p p y 99,069 , 102,203 , +3.2 37
  • 39.
    Enel SpA 2012 Interim results - Financial annexes Investor Relations Generation & Energy Management - Italy €mn 1H11 1H12 % Revenues 10,221 11,304 +10.6 EBITDA 1,245 694 -44.3 EBIT 956 385 -59.7 59 7 Capex 109 138 +26.6 (1) Headcount 6,277 6 277 6,181 6 181 -1.5 -1 5 1. As of December 31st, 2011 38
  • 40.
    Enel SpA 2012 Interim results - Financial annexes Investor Relations Market - Italy €mn 1H11 1H12 % Revenues 8,803 9,408 +6.9 EBITDA 326 328 +0.6 EBIT 180 126 -30.0 30 0 Capex 12 20 +66.7 (1) Headcount 3,745 3 745 3,711 3 711 -0.9 -0 9 1. As of December 31st, 2011 39
  • 41.
    Enel SpA 2012 Interim results - Financial annexes Investor Relations Infrastructure & Network - Italy €mn 1H11 1H12 % Revenues 3,594 3,784 +5.3 EBITDA 2,025 1,973 -2.6 EBIT 1,567 1 567 1,502 1 502 -4.1 41 Capex 579 666 +15.0 (1) Headcount 18,951 18 951 18,846 18 846 -0.6 -0 6 1. As of December 31st, 2011 40
  • 42.
    Enel SpA 2012 Interim results - Financial annexes Investor Relations International €mn 1H11 1H12 % Revenues 3,819 4,273 +11.9 EBITDA 798 757 -5.1 EBIT 496 595 +20.0 +20 0 Capex 573 515 -10.1 (1) Headcount 13,779 13 779 13,395 13 395 -2.8 -2 8 1. As of December 31st, 2011 41
  • 43.
    Enel SpA 2012 Interim results - Financial annexes Investor Relations Iberia & Latam €mn 1H11 1H12 % Revenues 15,844 16,495 +4.1 EBITDA 3,611 3,644 +0.9 EBIT 2,197 2 197 2,145 2 145 -2.4 24 Capex 933 875 -6.2 (1) Headcount 22,877 22 877 23,047 23 047 +0.7 +0 7 1. As of December 31st, 2011 42
  • 44.
    Enel SpA 2012 Interim results - Financial annexes Investor Relations Enel Green Power €mn 1H11 1H12 % Revenues 1,329 1,332 +0.2 EBITDA 876 807 -7.9 EBIT 684 570 -16.7 16 7 Capex 624 457 -26.8 (1) Headcount 3,229 3 229 3,379 3 379 +4.6 +4 6 1. As of December 31st, 2011 43
  • 45.
    Enel SpA 2012 Interim results - Financial annexes Investor Relations Other1 €mn 1H11 1H12 % Revenues2 1,007 , 930 -7.6 Holding 340 156 -54.1 Services 529 678 +28.2 Engineering & Innovation 201 166 -17.4 17 4 Upstream 1 1 - EBITDA3 48 79 +64.6 Holding (28) (18) +35.7 Services 94 103 +9.6 Engineering & Innovation i i i (1) ( ) 3 n.m. Upstream (8) (9) +12.5 1. Including Services & Holding, Engineering & Innovation, upstream gas and nuclear activities 2. Including Other & Elisions of -64€mn in 1H11 and -71€mn in 1H12 3. Including Other & Elisions of -9€mn in 1H11 and 0€mn in 1H12 44
  • 46.
    Enel SpA 2012 Interim results - Financial annexes Investor Relations Other1 - Continued €mn € 1H11 1H12 % EBIT2 (8) 18 n.m. Holding H ldi (33) (23) +30.3 +30 3 Services & other 45 49 +8.9 Engineering & Innovation (3) 1 +133.3 Upstream (8) (9) +12.5 Capex 16 91 +468.8 Holding 2 2 - Services & other 13 23 +76.9 Engineering & Innovation 1 1 - Upstream 0 65 n.m. Headcount 6,502(3) 6,457 -0.7 Holding 873 867 -0.7 Services & other 4,245 4,249 +0.1 Engineering & Innovation 1,327 1,283 -3.3 p Upstream 57 58 +1.8 1. Including Services & Holding, Engineering & Innovation, upstream gas and nuclear activities 2. Including Other & Elisions of -9€mn in 1H11 and 0€mn in 1Q12 45 3. As of December 31st, 2011
  • 47.
    Enel SpA 2012 Interim results - Financial annexes Investor Relations EBIT by business area (€mn) -12.0% 6,072 684 5,341 18 n.m. 570 -16.7% Other Oth 1 2,197 EGP -2.4% 2,145 Iberia & Latam International 496 I&N 595 +20.0% Market 1,567 G&EM 1,502 -4.1% 180 126 -30.0% 956 -59.7% 385 -8 1H11 1H12 1. Including Services & Holding, Engineering & Innovation, upstream gas and nuclear activities 46
  • 48.
    Enel SpA Investor Relations Disclaimer This presentation may contain 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 S.p.A. precisely 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 th date of this presentation. Enel S A d d l f the d t f thi t ti E l S.p.A. does not undertake t d t k any obligation to publicly release any revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation. Pursuant P s ant to art. 154-BIS, par. 2 of the Unified Financial Act of Feb a 24, a t 154 BIS pa 2, 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. 47
  • 49.
    Enel SpA Investor Relations Contact us Investor Relations Team (investor.relations@enel.com) (investor relations@enel com) • Luca Torchia (Head of IR) +39 06 8305 3437 • Pedro Cañamero (Equity IR) +39 06 8305 5292 • Elisabetta Ghezzi (Fixed income IR) +39 06 8305 2708 • Matteo Cavadini (Staff) +39 06 8305 2326 • Marco Donati (Staff) +39 06 8305 9252 • Federica Dori (Staff) +39 06 8305 7975 • Federica Todaro (Staff) +39 06 8305 9502 Visit our website at: www.enel.com (Investor Relations) 48