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9M 2014 Results

- The document provides an overview of Enel S.p.A.'s 9M 2014 interim results. It includes highlights on financial results, EBITDA evolution by business line and geographic area, production and capacity details, and debt maturity profile. Key figures shown include a 3.0% decrease in recurring EBITDA to €11,966 million and a 16.2% decrease in group net income to €2,335 million compared to the prior year period. Business lines in Iberia and Latin America showed declines in EBITDA.

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November 11, 2014 9M 2014 Results
Investor Relations Enel S.p.A. 1 Agenda • Opening remarks • 9M 2014 Interim results • Closing remarks • Annexes F. Starace L. Ferraris F. Starace
Investor Relations Enel S.p.A. 2 Opening remarks Disposal programme on track Binding offers for Slovakia and Romania expected by the end of the year Decoupling of Iberia and Latam operations complete 5% increase of Group’s economic interest in Enersis New Group organization finalised Top Management appointed Increasing Endesa’s free float Size: 17% of share capital with a possible increase to a maximum of 22% Offering period: 7th - 19th November
Investor Relations Enel S.p.A. 3 Highlights of the period Italy: strong results in all business lines Iberia: our operations remain resilient despite the impact from additional regulatory measures Renewables: acceleration of organic growth Latam: better performance in 3Q mitigated one-off negative items
Investor Relations Enel S.p.A. 4 Agenda • Opening remarks • 9M 2014 Results • Closing remarks • Annexes F. Starace L. Ferraris F. Starace
Investor Relations Enel S.p.A. 5 Financial highlights Consolidated results (€mn) 9M13 restated1 9M14 % 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 -6.5 -3.0 -4.1 -2.7 -16.2 -18.9 +12.3 54,075 11,608 11,476 7,155 1,957 1,870 44,578 57,836 11,966 11,966 7,352 2,335 2,307 39,706 9M13 59,149 12,187 12,187 7,478 2,335 2,307 39,862(4) (4)
Investor Relations Enel S.p.A. 6 Financial highlights From EBIT to Net Income (€mn) 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 9M13 9M14 % 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 9M13 restated1 7,155 (2,504) (2,066) (438) 49 4,700 (2,074) 2,626 (669) 1,957 1,870 -2.7 +24.5 +0.4 n.m. -64.7 -14.2 +2.3 -24.0 -40.2 -16.2 -18.9 7,352 (2,010) (2,058) 48 139 5,481 (2,028) 3,453 (1,118) 2,335 2,307 7,478 (2,016) (2,064) 48 69 5,531 (2,078) 3,453 (1,118) 2,335 2,307
Investor Relations Enel S.p.A. 7 Focus on forward electricity sales Level of total production hedged (%) 1. Including roll-over and green certificates 2. Not including domestic coal output Latam Slovakia 2015 100 2014 100 ~ 30 ~ 70(1) ~ 95(1) ~ 5 2015 100 2014 100 ~ 50 ~ 50 2015 100 2014 100 ~ 25 ~ 75~ 75 ~ 25 2015 100 2014 100 Unhedged Hedged Italy Spain2
Investor Relations Enel S.p.A. 8 Group EBITDA evolution (€mn) 11,966 11,608 1. 2013 restated due to the application of IFRS 11 (-221 €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) 9M13 restated1 G&EM Italy2 Market Italy I&N Italy Iberia S&H3 9M14International EGP Market I&N S&H G&EM Iberia International EGP +125 +183 -45 -187 -528 +7 2,897 3,080 823 778 2,554 2,026 900 1,025 678 1,305 758 Italian operations: 4,863 €mn -3.0% 1,312 119112 +80 Italian operations: 4,475 €mn Latam Latam2,697 2,510 +7
Investor Relations Enel S.p.A. 9 EBITDA evolution: G&EM Italy (€mn) +13.9% +127 1,025+28 Generation margin 9M14Gas margin Other29M13 restated1 900 -30 1. Due to the application of IFRS 11 (-64 €mn) 2. Including non recurring item of +50 €mn remeasurement of fair value of SE Hydropower
Investor Relations Enel S.p.A. 10 EBITDA evolution: Market Italy (€mn) -35 Regulated market 9M14Free market +115 758 +11.8% 9M13 restated 678
Investor Relations Enel S.p.A. 11 EBITDA evolution: Infrastructure & Networks Italy (€mn) -43 Connection fees 9M14Energy margin 2,897 -78 Other 3,080+304 +6.3% 9M13 restated
Investor Relations Enel S.p.A. 12 EBITDA evolution: International (€mn) 823 -29 +125 -9 778-16 9M13 restated1 Enel RussiaSEE3Slovakia France, Belgium, EIH4 SEE3 France, Belgium, EIH4 Slovakia Enel Russia 9M14 1. Due to the application of IFRS 11 (-80 €mn) 2. Pertaining to Enel Investment Holding -5.5% 252 279 415 223 -23 295 299 Other items2 9M13 restated1 adjusted 948 -17.9% -116 -14 3. Romania and Greece 4. Enel Investment Holding
Investor Relations Enel S.p.A. 13 EBITDA evolution: Iberia1 (€mn) 1. Excluding Enel Green Power 2. Due to the application of IFRS 11 (-40 €mn) 2,510 2,697 9M13 restated2 Liberalized business Regulated business 9M14 +100 -396 +109 Other -6.9% Of which, new retroactive measures on non mainland generation: -162 €mn
Investor Relations Enel S.p.A. 14 EBITDA evolution: Latam1 (€mn) 1. Enel’s GAAP figure 2. Including other items of -12 €mn 3. Including other items of -6 €mn 4. Due to the application of IFRS 11 (-34 €mn) 2,026(3) 2,554(2) 9M13 restated4 Argentina Brazil 9M14 -127 -32 +111 Chile +35 Colombia -20.7% Peru -327 Forex effect -194 Argentina 242 €mn Brazil 644 €mn Chile 565 €mn Colombia 813 €mn Peru 302 €mn Brazil 466 €mn Chile 450 €mn Colombia 858 €mn Peru 312 €mn Argentina -54 €mn
Investor Relations Enel S.p.A. 15 EBITDA evolution: Enel Green Power (€mn) Europe 9M14North America Latin America +8 -9 Europe Latin America North America +8 1,312 984 136 992 127 193185 +0.5% 1,305 9M13 restated1 1. Due to the application of IFRS 11 (-6 €mn)
Investor Relations Enel S.p.A. 16 1. Net debt change calculated on continuing operations 2. Due to the application of IFRS 11 (-156 €mn) 3. Of which 679 €mn of dividends paid to minorities 4. Net financial debt of assets held for sale December 31, 2013 (restated2) CapexCash flow From operations Net financial charges Extra- ordinary activities Sep. 30, ‘14 ex- fx effect Dividends3 -39,706 -1,303 +6,239 -4,012 -814 -1,901 +2(4) Taxes -2,249 +10(4) -44,578 +4,872 (1) Net debt evolution (€mn) Forex effect -832 -43,275 September 30, 2014
Investor Relations Enel S.p.A. 17 Agenda • Opening remarks • 9M 2014 Results • Closing remarks • Annexes F. Starace L. Ferraris F. Starace
Investor Relations Enel S.p.A. 18 Closing remarks Consistent execution of key managerial actions Ongoing plans to enhance the Group’s economic interest in Latam Acceleration of growth in renewables Enhanced focus on efficiencies and maintenance capex FY2014 EBITDA and ordinary net income confirmed
Operational and financial annexes
Investor Relations Enel S.p.A. Group production mix CCGT Oil & gasCoal Nuclear Other renewables Hydro 210.5210.6 - 54.154.0 +0.2% 156.4156.6 -0.1% Italy 9M13 restated 9M14 13.6% 15.0% 22.6% 23.8% 5.3% 19.7% 0.8% 9.9% 46.0% 34.0% 9.3% 10.3% 13.7% 28.6% 14.6% 6.4% 26.4% 10.5% 12.9% 28.6% 13.9% 7.1% 27.0% 0.4% 8.2% 47.8% 34.0% 9.6% Other Countries 14.0% 14.5% 21.9% 24.6% 6.2% 18.8% Production mix (TWh) 9M13 restated 9M14 9M13 restated 9M14 20
Investor Relations Enel S.p.A. Other ren. 1,624 7,008 MW Hydro 12,690 29,586 Nuclear - 5,132 Coal 6,486 17,048 Oil & gas ST/OCGT 10,767 20,866 Iberia Centrel Italy SEE Americas TOTAL CCGT 5,199 16,112 1. Including Group renewable capacity 2. Including 196 MW of installed capacity in France 3. Including 406 MW of installed capacity in Belgium Russia TOTAL 36,766 95,752 9M 2014 Group total net installed capacity1: breakdown by source and location Other countries (South Africa) 1,7774,723 3,318 5,306 2,9055,445 23,474 28 1,814 797 -- 4,968 1,043(2) - - -406(3) 1,468 2,329 19 2,526 - 836 2,5194,253 19,959 - - 3,623 4,675809 9,107 10 - - -- 10 9,825 - - 21
Investor Relations Enel S.p.A. 1. Including Group renewable production 2. Including 266 GWh of net production in France 3. Including 432 GWh of net production in Belgium 9M 2014 Group total net production1: breakdown by source and location Other ren. 5,194 14,984 GWh Hydro 18,410 56,845 Nuclear - 29,348 Coal 25,861 60,075 Oil & gas ST/OCGT 215 22,172 Iberia Centrel Italy SEE Americas TOTAL CCGT 4,454 27,104 Russia TOTAL 54,134 210,528 Other countries (South Africa) 3,1617,228 18,576 17,604 4,6793,706 54,954 32 10,772 1,265 -- 15,258 1,541(2) - - -432(3) 2,002 3,189 29 5,053 - 1,751 3,28414,928 53,005 - - 13,594 13,9943,584 31,172 3 - - -- 3 27,989 - - 22
Investor Relations Enel S.p.A. 9M 2014 Enel Green Power net installed capacity: breakdown by source and location Hydro Wind Other TOTALGeothermalMW Latam Europe North America TOTAL 1,574 732 318 2,624 5,976 1,415 2,083 9,484 Other countries (South Africa) - 10 723 - 72 795 - 3,398 651 1,664 5,713 - 281 32 29 352 10 23
Investor Relations Enel S.p.A. Hydro Wind Other TOTALGeothermalGWh Latam Europe North America TOTAL 5,737 2,270 8,690 15,626 3,045 23,526 9M 2014 Enel Green Power net production: breakdown by source and location Other countries (South Africa) - 3 4,135 - 4,427 - 5,432 764 10,036 - 322 11 373 3 683 4,852292 3,840 37 24
Investor Relations Enel S.p.A. Group EBITDA: regulated/unregulated activities 48% 41% 11% 9M 2014 EBITDA recurring 11,476 €mn Unregulated Regulated Enel Green Power Forward sales and hedging procurement contracts to protect margin Stability and high visibility 25
Investor Relations Enel S.p.A. <12m(1) 4Q15 2017(3) 2018(4) After 2018 Endesa Enel Group (excluding Endesa) 6,279 477 6,135 5,156 30,957 6 years and 6 months Average cost of gross debt: 4.9% 2016(2) 7,833 Bonds Bank loans and others 4,977 1,302 5,533 746 96 772 5,363 653 4,503 534 7,299 3,486 27,471 381 Enel’s long-term debt maturity profile (€mn) 26 1. Enel Finance International N.V. repurchased notes for ca. 55 €mn by on October 31st 2. Enel Finance International N.V. repurchased notes for ca. 230 €mn by on October 31st 3. Enel Finance International N.V. repurchased notes for ca. 38 €mn by on October 31st 4. Enel Finance International N.V. repurchased notes for ca. 439 €mn by on October 31st
Investor Relations Enel S.p.A. Committed credit lines Cash and cash equivalents Total Uncommitted lines Commercial paper Total liquidity Amount AvailableOutstanding 15,358 - 15,358 939 9,318 25,615 1. Of which ca. 14.2 €bn with maturity after September 2015 541 (7,757) (7,216) 186 3,866 (3,165) 14,818 7,757 22,575 753 5,452 28,780 (1) Enel Group liquidity analysis (€mn) 27
Investor Relations Enel S.p.A. • Average debt maturity: 6 years and 6 months • Average cost of gross debt2: 4.9% • (Fixed+hedged)/Total gross long-term debt: 80% • Rating: Standard&Poor’s = BBB/A-2 Stable Outlook Moody’s = Baa2/P-2 Negative Outlook Fitch = BBB+/F2 Stable 1. As of September 30th, 2014 2. Average cost of net debt equal to 6.4% December 31, 2013 %€mn September 30, 2014 45,940 7,142 (13,376) 39,706 Long-term Short-term3 Cash4 Net debt 45,692 10,500 (11,614) 44,578 -0.5 +47.0 -13.2 +12.3 3. Including current maturities of long-term debt 4. Including factoring and other current receivables Debt structure1 28
Investor Relations Enel S.p.A. €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 09.30.2014 12.31.2013 09.30.2014 Group - Total 09.30.2014 Endesa 1. As of September 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 7,389 36,861 - 768 -2,621 42,397 821 4,604 - 108 -103 5,430 83 2,835 223 26 3,167 -127 -1,725 -182 -4,855 1,708 44,105 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 -837 775 3,776 - 990 -2,246 3,295 197 373 - 176 -1,611 -865 8 1,027 - 19 1,054 - - -61 -2,950 -2,822 473 8,164 40,637 - 1,758 -4,867 45,692 1,018 4,977 - 284 -1,714 4,565 91 3,862 223 45 4,221 -127 -1,725 -243 -7,805 -1,114 44,578 Enel’s group financial debt evolution1 29
Investor Relations Enel S.p.A. 30 Enel SpA Slovenské€mn EFI2 Other TotalEndesa EIH2 EP2 ED2 Bonds Bank loans Other loans Commercial paper Other Total 1. As of September 30th, 2014 2. EFI: Enel Finance International; EIH: Enel Investments Holding; EP: Enel Produzione; ED: Enel Distribuzione 19,681 - (3) - (3,538) 16,140 45,614 9,182 (4,539) 3,862 (9,541) 44,578 (15) 3,192 236 (1) (2,746) 666 - 3,137 (921) - (145) 2,071 - 437 (298) - (12) 127 - 1,444 (862) - 30 612 4,149 972 (2,691) 1,027 (2,984) 473 21,501 - - 2,836 (145) 24,192 298 - - - (1) 297 Enel’s group financial debt by subsidiary1
Investor Relations Enel S.p.A. Average residual maturity (years:months) Net financial debt (€bn) 4.8% 4.9% 4.9% 2012 2013 9M 2014 6.1% 6.2% 6.4% 2012 2013 9M 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 9M 2014 75% 80% 80% 2012 2013 9M 2014 42.9 39.9 44.6 2012 2013 9M 2014 6:11 6:11 6:6 2012 2013 9M 2014 97% Enel’s group financial debt 106% 31
Investor Relations Enel S.p.A. €mn Bank loans Bonds Other Total <12m Enel Group (excluding Endesa) 4Q15 2016 After 2018 €mn Bank loans Bonds Other Total <12m Endesa 2016 After 2018 2017 2017 2018 2018 198 157 26 381 821 4,604 108 5,533 731 4,542 90 5,363 682 3,730 91 4,503 4,697 22,317 457 27,471 1,080 6,115 104 7,299 42 22 32 96 197 373 176 746 226 434 112 772 136 409 108 653 259 2,572 655 3,486 112 339 83 534 4Q15 Enel’s long-term debt maturity profile (€mn) 32
Investor Relations Enel S.p.A. 1. As of September 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 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 AvailableOutstanding 9,440 2,029 11,469 300 11,769 6,000 17,769 - 17,769 - 510 510 186 696 2,840 3,536 (4,807) (1,272) 9,440 1,519 10,959 114 11,073 3,160 14,233 4,807 19,041 Enel Group liquidity analysis excluding Endesa (€mn)1 33
Investor Relations Enel S.p.A. 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 AvailableOutstanding 1. As of September 30th, 2014 3,889 639 4,528 3,318 7,846 - 7,846 31 0 31 1,026 1,057 (2,950) (1,893) 3,859 639 4,497 2,292 6,789 2,950 9,739 Endesa liquidity analysis (€mn)1 34
Investor Relations Enel S.p.A. 9M13 restated 9M14 3,679 Other2 1. Continuing operations, gross of connection fees 2. Including Services & Holding, Engineering & Research, upstream gas and nuclear activities 4,012 1,294 1,424 1,060 723 696 593 598 823 +9.1% 155 130 -14.6% +28.8% +10.0% +0.8% -3.7% +38.0% -16.1% 41 35 6950 Enel Green Power Iberia & Latam Infrastructure & Networks Market Generation & Energy Management International Capex by business area (€mn)1 35
Investor Relations Enel S.p.A. +6.3% 112 -51 +58 119 9M13 restated Services 9M14Other 1. Including Services & Holding, Engineering & Research, upstream gas and nuclear activities EBITDA evolution - Other1 (€mn) 36
Investor Relations Enel S.p.A. FY13 restated 9M14 %€mn 39,706 52,832 92,538 44,578 52,843 97,421 +12.3 - +5.3 Net financial debt Shareholders’ equity Net capital employed Balance sheet 37
Investor Relations Enel S.p.A. %€mn Revenues EBITDA EBIT Capex Headcount -13.8 +13.9 +16.4 -16.1 -1.6 9M14 15,111 1,025 626 130 5,530 9M13 restated 17,527 900 538 155 5,621 Generation & Energy Management - Italy (1) 1. As of December 31st, 2013 38
Investor Relations Enel S.p.A. Revenues EBITDA EBIT Capex Headcount -10.3 +11.8 +24.3 +38.0 -0.3 11,382 758 338 69 3,676 12,687 678 272 50 3,687 %€mn 9M14 9M13 restated Market - Italy (1) 1. As of December 31st, 2013 39
Investor Relations Enel S.p.A. %€mn Revenues EBITDA EBIT Capex Headcount -1.3 +6.3 +7.5 -3.7 +7.2 5,526 3,080 2,335 696 18,955 5,597 2,897 2,173 723 17,689 9M14 9M13 restated Infrastructure & Network - Italy (1) 1. As of December 31st, 2013 40
Investor Relations Enel S.p.A. Revenues EBITDA EBIT Capex Headcount -15.1 -5.5 +21.3 +0.8 -4.9 %€mn 3,918 778 479 598 10,882 4,615 823 395 593 11,439 9M14 9M13 restated International (1) 1. As of December 31st, 2013 41
Investor Relations Enel S.p.A. Revenues EBITDA EBIT Capex Headcount -4.9 -13.6 -20.2 +10.0 +1.6 %€mn 21,959 4,536 2,442 1,424 22,902 23,097 5,251 3,061 1,294 22,541 9M14 9M13 restated Iberia & Latam (1) 1. As of December 31st, 2013 42
Investor Relations Enel S.p.A. Revenues EBITDA EBIT Capex Headcount -1.6 +0.5 +0.5 +28.8 +4.2 %€mn 2,016 1,312 885 1,060 3,616 2,049 1,305 881 823 3,469 9M14 9M13 restated Enel Green Power (1) 1. As of December 31st, 2013 43
Investor Relations Enel S.p.A. 9M14 %€mn Revenues2 Holding Services Engineering & Research Upstream EBITDA3 Holding Services Engineering & Research Upstream 9M13 restated 1. Including Services & Holding, Engineering & Research, upstream gas and nuclear activities 2. Including Other & Elisions of -90 €mn in 9M13 and -79 €mn in 9M14 3. Including Other & Elisions of 0 €mn in 9M13 and 0 €mn in 9M14 1,371 215 1,027 218 1 112 (12) 128 9 (13) 1,456 199 1,021 234 81 119 (32) 77 6 68 +6.2 -7.4 -0.6 +7.3 >100 +6.3 >100 -39.8 -33.3 n.m. Other1 (1/2) 44
Investor Relations Enel S.p.A. EBIT2 Holding Services & other Engineering & Research Upstream Capex Holding Services & other Engineering & Research Upstream Headcount Holding Services & other Engineering & Research Upstream 9M14 %€mn 9M13 restated 1. Including Services & Holding, Engineering & Research, upstream gas and nuclear activities 2. Including Other & Elisions of 0 €mn in 9M13 and 0 €mn in 9M14 3. As of December 31st, 2013 32 (19) 59 5 (13) 41 1 29 2 9 5,896 789 3,865 1,190 52 50 (38) 18 3 67 35 2 25 1 7 5,772 776 3,779 1,171 46 +56.3 -100 -69.5 -40.0 n.m. -14.6 +100 -13.8 -50.0 -22.2 -2.1 -1.6 -2.2 -1.6 -11.5 Other1 (2/2) (3) 45
Investor Relations Enel S.p.A. 9M14 -2.7% Iberia & Latam Market I&N Other1 G&EM International EGP +24.3% +21.3% +16.4% +0.5% -20.2% +7.5% 7,352 7,155 881 2,442 2,173 2,335 538 626 395 479 1. Including Services & Holding, Engineering & Research, upstream gas and nuclear activities 9M13 restated +56.3% 885 3,061 50 EBIT by business area (€mn) 272 338 32 46
Investor Relations Enel S.p.A. 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 47
Investor Relations Enel S.p.A. 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 48

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9M 2014 Results

  • 1.
  • 2.
    Investor Relations Enel S.p.A. 1 Agenda •Opening remarks • 9M 2014 Interim results • Closing remarks • Annexes F. Starace L. Ferraris F. Starace
  • 3.
    Investor Relations Enel S.p.A. 2 Openingremarks Disposal programme on track Binding offers for Slovakia and Romania expected by the end of the year Decoupling of Iberia and Latam operations complete 5% increase of Group’s economic interest in Enersis New Group organization finalised Top Management appointed Increasing Endesa’s free float Size: 17% of share capital with a possible increase to a maximum of 22% Offering period: 7th - 19th November
  • 4.
    Investor Relations Enel S.p.A. 3 Highlightsof the period Italy: strong results in all business lines Iberia: our operations remain resilient despite the impact from additional regulatory measures Renewables: acceleration of organic growth Latam: better performance in 3Q mitigated one-off negative items
  • 5.
    Investor Relations Enel S.p.A. 4 Agenda •Opening remarks • 9M 2014 Results • Closing remarks • Annexes F. Starace L. Ferraris F. Starace
  • 6.
    Investor Relations Enel S.p.A. 5 Financialhighlights Consolidated results (€mn) 9M13 restated1 9M14 % 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 -6.5 -3.0 -4.1 -2.7 -16.2 -18.9 +12.3 54,075 11,608 11,476 7,155 1,957 1,870 44,578 57,836 11,966 11,966 7,352 2,335 2,307 39,706 9M13 59,149 12,187 12,187 7,478 2,335 2,307 39,862(4) (4)
  • 7.
    Investor Relations Enel S.p.A. 6 Financialhighlights From EBIT to Net Income (€mn) 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 9M13 9M14 % 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 9M13 restated1 7,155 (2,504) (2,066) (438) 49 4,700 (2,074) 2,626 (669) 1,957 1,870 -2.7 +24.5 +0.4 n.m. -64.7 -14.2 +2.3 -24.0 -40.2 -16.2 -18.9 7,352 (2,010) (2,058) 48 139 5,481 (2,028) 3,453 (1,118) 2,335 2,307 7,478 (2,016) (2,064) 48 69 5,531 (2,078) 3,453 (1,118) 2,335 2,307
  • 8.
    Investor Relations Enel S.p.A. 7 Focuson forward electricity sales Level of total production hedged (%) 1. Including roll-over and green certificates 2. Not including domestic coal output Latam Slovakia 2015 100 2014 100 ~ 30 ~ 70(1) ~ 95(1) ~ 5 2015 100 2014 100 ~ 50 ~ 50 2015 100 2014 100 ~ 25 ~ 75~ 75 ~ 25 2015 100 2014 100 Unhedged Hedged Italy Spain2
  • 9.
    Investor Relations Enel S.p.A. 8 GroupEBITDA evolution (€mn) 11,966 11,608 1. 2013 restated due to the application of IFRS 11 (-221 €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) 9M13 restated1 G&EM Italy2 Market Italy I&N Italy Iberia S&H3 9M14International EGP Market I&N S&H G&EM Iberia International EGP +125 +183 -45 -187 -528 +7 2,897 3,080 823 778 2,554 2,026 900 1,025 678 1,305 758 Italian operations: 4,863 €mn -3.0% 1,312 119112 +80 Italian operations: 4,475 €mn Latam Latam2,697 2,510 +7
  • 10.
    Investor Relations Enel S.p.A. 9 EBITDAevolution: G&EM Italy (€mn) +13.9% +127 1,025+28 Generation margin 9M14Gas margin Other29M13 restated1 900 -30 1. Due to the application of IFRS 11 (-64 €mn) 2. Including non recurring item of +50 €mn remeasurement of fair value of SE Hydropower
  • 11.
    Investor Relations Enel S.p.A. 10 EBITDAevolution: Market Italy (€mn) -35 Regulated market 9M14Free market +115 758 +11.8% 9M13 restated 678
  • 12.
    Investor Relations Enel S.p.A. 11 EBITDAevolution: Infrastructure & Networks Italy (€mn) -43 Connection fees 9M14Energy margin 2,897 -78 Other 3,080+304 +6.3% 9M13 restated
  • 13.
    Investor Relations Enel S.p.A. 12 EBITDAevolution: International (€mn) 823 -29 +125 -9 778-16 9M13 restated1 Enel RussiaSEE3Slovakia France, Belgium, EIH4 SEE3 France, Belgium, EIH4 Slovakia Enel Russia 9M14 1. Due to the application of IFRS 11 (-80 €mn) 2. Pertaining to Enel Investment Holding -5.5% 252 279 415 223 -23 295 299 Other items2 9M13 restated1 adjusted 948 -17.9% -116 -14 3. Romania and Greece 4. Enel Investment Holding
  • 14.
    Investor Relations Enel S.p.A. 13 EBITDAevolution: Iberia1 (€mn) 1. Excluding Enel Green Power 2. Due to the application of IFRS 11 (-40 €mn) 2,510 2,697 9M13 restated2 Liberalized business Regulated business 9M14 +100 -396 +109 Other -6.9% Of which, new retroactive measures on non mainland generation: -162 €mn
  • 15.
    Investor Relations Enel S.p.A. 14 EBITDAevolution: Latam1 (€mn) 1. Enel’s GAAP figure 2. Including other items of -12 €mn 3. Including other items of -6 €mn 4. Due to the application of IFRS 11 (-34 €mn) 2,026(3) 2,554(2) 9M13 restated4 Argentina Brazil 9M14 -127 -32 +111 Chile +35 Colombia -20.7% Peru -327 Forex effect -194 Argentina 242 €mn Brazil 644 €mn Chile 565 €mn Colombia 813 €mn Peru 302 €mn Brazil 466 €mn Chile 450 €mn Colombia 858 €mn Peru 312 €mn Argentina -54 €mn
  • 16.
    Investor Relations Enel S.p.A. 15 EBITDAevolution: Enel Green Power (€mn) Europe 9M14North America Latin America +8 -9 Europe Latin America North America +8 1,312 984 136 992 127 193185 +0.5% 1,305 9M13 restated1 1. Due to the application of IFRS 11 (-6 €mn)
  • 17.
    Investor Relations Enel S.p.A. 16 1.Net debt change calculated on continuing operations 2. Due to the application of IFRS 11 (-156 €mn) 3. Of which 679 €mn of dividends paid to minorities 4. Net financial debt of assets held for sale December 31, 2013 (restated2) CapexCash flow From operations Net financial charges Extra- ordinary activities Sep. 30, ‘14 ex- fx effect Dividends3 -39,706 -1,303 +6,239 -4,012 -814 -1,901 +2(4) Taxes -2,249 +10(4) -44,578 +4,872 (1) Net debt evolution (€mn) Forex effect -832 -43,275 September 30, 2014
  • 18.
    Investor Relations Enel S.p.A. 17 Agenda •Opening remarks • 9M 2014 Results • Closing remarks • Annexes F. Starace L. Ferraris F. Starace
  • 19.
    Investor Relations Enel S.p.A. 18 Closingremarks Consistent execution of key managerial actions Ongoing plans to enhance the Group’s economic interest in Latam Acceleration of growth in renewables Enhanced focus on efficiencies and maintenance capex FY2014 EBITDA and ordinary net income confirmed
  • 20.
  • 21.
    Investor Relations Enel S.p.A. Groupproduction mix CCGT Oil & gasCoal Nuclear Other renewables Hydro 210.5210.6 - 54.154.0 +0.2% 156.4156.6 -0.1% Italy 9M13 restated 9M14 13.6% 15.0% 22.6% 23.8% 5.3% 19.7% 0.8% 9.9% 46.0% 34.0% 9.3% 10.3% 13.7% 28.6% 14.6% 6.4% 26.4% 10.5% 12.9% 28.6% 13.9% 7.1% 27.0% 0.4% 8.2% 47.8% 34.0% 9.6% Other Countries 14.0% 14.5% 21.9% 24.6% 6.2% 18.8% Production mix (TWh) 9M13 restated 9M14 9M13 restated 9M14 20
  • 22.
    Investor Relations Enel S.p.A. Other ren. 1,624 7,008 MW Hydro 12,690 29,586 Nuclear - 5,132 Coal 6,486 17,048 Oil& gas ST/OCGT 10,767 20,866 Iberia Centrel Italy SEE Americas TOTAL CCGT 5,199 16,112 1. Including Group renewable capacity 2. Including 196 MW of installed capacity in France 3. Including 406 MW of installed capacity in Belgium Russia TOTAL 36,766 95,752 9M 2014 Group total net installed capacity1: breakdown by source and location Other countries (South Africa) 1,7774,723 3,318 5,306 2,9055,445 23,474 28 1,814 797 -- 4,968 1,043(2) - - -406(3) 1,468 2,329 19 2,526 - 836 2,5194,253 19,959 - - 3,623 4,675809 9,107 10 - - -- 10 9,825 - - 21
  • 23.
    Investor Relations Enel S.p.A. 1.Including Group renewable production 2. Including 266 GWh of net production in France 3. Including 432 GWh of net production in Belgium 9M 2014 Group total net production1: breakdown by source and location Other ren. 5,194 14,984 GWh Hydro 18,410 56,845 Nuclear - 29,348 Coal 25,861 60,075 Oil & gas ST/OCGT 215 22,172 Iberia Centrel Italy SEE Americas TOTAL CCGT 4,454 27,104 Russia TOTAL 54,134 210,528 Other countries (South Africa) 3,1617,228 18,576 17,604 4,6793,706 54,954 32 10,772 1,265 -- 15,258 1,541(2) - - -432(3) 2,002 3,189 29 5,053 - 1,751 3,28414,928 53,005 - - 13,594 13,9943,584 31,172 3 - - -- 3 27,989 - - 22
  • 24.
    Investor Relations Enel S.p.A. 9M2014 Enel Green Power net installed capacity: breakdown by source and location Hydro Wind Other TOTALGeothermalMW Latam Europe North America TOTAL 1,574 732 318 2,624 5,976 1,415 2,083 9,484 Other countries (South Africa) - 10 723 - 72 795 - 3,398 651 1,664 5,713 - 281 32 29 352 10 23
  • 25.
    Investor Relations Enel S.p.A. HydroWind Other TOTALGeothermalGWh Latam Europe North America TOTAL 5,737 2,270 8,690 15,626 3,045 23,526 9M 2014 Enel Green Power net production: breakdown by source and location Other countries (South Africa) - 3 4,135 - 4,427 - 5,432 764 10,036 - 322 11 373 3 683 4,852292 3,840 37 24
  • 26.
    Investor Relations Enel S.p.A. GroupEBITDA: regulated/unregulated activities 48% 41% 11% 9M 2014 EBITDA recurring 11,476 €mn Unregulated Regulated Enel Green Power Forward sales and hedging procurement contracts to protect margin Stability and high visibility 25
  • 27.
    Investor Relations Enel S.p.A. <12m(1) 4Q152017(3) 2018(4) After 2018 Endesa Enel Group (excluding Endesa) 6,279 477 6,135 5,156 30,957 6 years and 6 months Average cost of gross debt: 4.9% 2016(2) 7,833 Bonds Bank loans and others 4,977 1,302 5,533 746 96 772 5,363 653 4,503 534 7,299 3,486 27,471 381 Enel’s long-term debt maturity profile (€mn) 26 1. Enel Finance International N.V. repurchased notes for ca. 55 €mn by on October 31st 2. Enel Finance International N.V. repurchased notes for ca. 230 €mn by on October 31st 3. Enel Finance International N.V. repurchased notes for ca. 38 €mn by on October 31st 4. Enel Finance International N.V. repurchased notes for ca. 439 €mn by on October 31st
  • 28.
    Investor Relations Enel S.p.A. Committedcredit lines Cash and cash equivalents Total Uncommitted lines Commercial paper Total liquidity Amount AvailableOutstanding 15,358 - 15,358 939 9,318 25,615 1. Of which ca. 14.2 €bn with maturity after September 2015 541 (7,757) (7,216) 186 3,866 (3,165) 14,818 7,757 22,575 753 5,452 28,780 (1) Enel Group liquidity analysis (€mn) 27
  • 29.
    Investor Relations Enel S.p.A. •Average debt maturity: 6 years and 6 months • Average cost of gross debt2: 4.9% • (Fixed+hedged)/Total gross long-term debt: 80% • Rating: Standard&Poor’s = BBB/A-2 Stable Outlook Moody’s = Baa2/P-2 Negative Outlook Fitch = BBB+/F2 Stable 1. As of September 30th, 2014 2. Average cost of net debt equal to 6.4% December 31, 2013 %€mn September 30, 2014 45,940 7,142 (13,376) 39,706 Long-term Short-term3 Cash4 Net debt 45,692 10,500 (11,614) 44,578 -0.5 +47.0 -13.2 +12.3 3. Including current maturities of long-term debt 4. Including factoring and other current receivables Debt structure1 28
  • 30.
    Investor Relations Enel S.p.A. €mn Bankloans – 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 09.30.2014 12.31.2013 09.30.2014 Group - Total 09.30.2014 Endesa 1. As of September 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 7,389 36,861 - 768 -2,621 42,397 821 4,604 - 108 -103 5,430 83 2,835 223 26 3,167 -127 -1,725 -182 -4,855 1,708 44,105 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 -837 775 3,776 - 990 -2,246 3,295 197 373 - 176 -1,611 -865 8 1,027 - 19 1,054 - - -61 -2,950 -2,822 473 8,164 40,637 - 1,758 -4,867 45,692 1,018 4,977 - 284 -1,714 4,565 91 3,862 223 45 4,221 -127 -1,725 -243 -7,805 -1,114 44,578 Enel’s group financial debt evolution1 29
  • 31.
    Investor Relations Enel S.p.A. 30 EnelSpA Slovenské€mn EFI2 Other TotalEndesa EIH2 EP2 ED2 Bonds Bank loans Other loans Commercial paper Other Total 1. As of September 30th, 2014 2. EFI: Enel Finance International; EIH: Enel Investments Holding; EP: Enel Produzione; ED: Enel Distribuzione 19,681 - (3) - (3,538) 16,140 45,614 9,182 (4,539) 3,862 (9,541) 44,578 (15) 3,192 236 (1) (2,746) 666 - 3,137 (921) - (145) 2,071 - 437 (298) - (12) 127 - 1,444 (862) - 30 612 4,149 972 (2,691) 1,027 (2,984) 473 21,501 - - 2,836 (145) 24,192 298 - - - (1) 297 Enel’s group financial debt by subsidiary1
  • 32.
    Investor Relations Enel S.p.A. Averageresidual maturity (years:months) Net financial debt (€bn) 4.8% 4.9% 4.9% 2012 2013 9M 2014 6.1% 6.2% 6.4% 2012 2013 9M 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 9M 2014 75% 80% 80% 2012 2013 9M 2014 42.9 39.9 44.6 2012 2013 9M 2014 6:11 6:11 6:6 2012 2013 9M 2014 97% Enel’s group financial debt 106% 31
  • 33.
    Investor Relations Enel S.p.A. €mn Bankloans Bonds Other Total <12m Enel Group (excluding Endesa) 4Q15 2016 After 2018 €mn Bank loans Bonds Other Total <12m Endesa 2016 After 2018 2017 2017 2018 2018 198 157 26 381 821 4,604 108 5,533 731 4,542 90 5,363 682 3,730 91 4,503 4,697 22,317 457 27,471 1,080 6,115 104 7,299 42 22 32 96 197 373 176 746 226 434 112 772 136 409 108 653 259 2,572 655 3,486 112 339 83 534 4Q15 Enel’s long-term debt maturity profile (€mn) 32
  • 34.
    Investor Relations Enel S.p.A. 1.As of September 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 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 AvailableOutstanding 9,440 2,029 11,469 300 11,769 6,000 17,769 - 17,769 - 510 510 186 696 2,840 3,536 (4,807) (1,272) 9,440 1,519 10,959 114 11,073 3,160 14,233 4,807 19,041 Enel Group liquidity analysis excluding Endesa (€mn)1 33
  • 35.
    Investor Relations Enel S.p.A. Totalcommitted 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 AvailableOutstanding 1. As of September 30th, 2014 3,889 639 4,528 3,318 7,846 - 7,846 31 0 31 1,026 1,057 (2,950) (1,893) 3,859 639 4,497 2,292 6,789 2,950 9,739 Endesa liquidity analysis (€mn)1 34
  • 36.
    Investor Relations Enel S.p.A. 9M13 restated 9M14 3,679 Other2 1.Continuing operations, gross of connection fees 2. Including Services & Holding, Engineering & Research, upstream gas and nuclear activities 4,012 1,294 1,424 1,060 723 696 593 598 823 +9.1% 155 130 -14.6% +28.8% +10.0% +0.8% -3.7% +38.0% -16.1% 41 35 6950 Enel Green Power Iberia & Latam Infrastructure & Networks Market Generation & Energy Management International Capex by business area (€mn)1 35
  • 37.
    Investor Relations Enel S.p.A. +6.3% 112-51 +58 119 9M13 restated Services 9M14Other 1. Including Services & Holding, Engineering & Research, upstream gas and nuclear activities EBITDA evolution - Other1 (€mn) 36
  • 38.
    Investor Relations Enel S.p.A. FY13 restated 9M14%€mn 39,706 52,832 92,538 44,578 52,843 97,421 +12.3 - +5.3 Net financial debt Shareholders’ equity Net capital employed Balance sheet 37
  • 39.
  • 40.
  • 41.
  • 42.
  • 43.
  • 44.
  • 45.
    Investor Relations Enel S.p.A. 9M14%€mn Revenues2 Holding Services Engineering & Research Upstream EBITDA3 Holding Services Engineering & Research Upstream 9M13 restated 1. Including Services & Holding, Engineering & Research, upstream gas and nuclear activities 2. Including Other & Elisions of -90 €mn in 9M13 and -79 €mn in 9M14 3. Including Other & Elisions of 0 €mn in 9M13 and 0 €mn in 9M14 1,371 215 1,027 218 1 112 (12) 128 9 (13) 1,456 199 1,021 234 81 119 (32) 77 6 68 +6.2 -7.4 -0.6 +7.3 >100 +6.3 >100 -39.8 -33.3 n.m. Other1 (1/2) 44
  • 46.
    Investor Relations Enel S.p.A. EBIT2 Holding Services& other Engineering & Research Upstream Capex Holding Services & other Engineering & Research Upstream Headcount Holding Services & other Engineering & Research Upstream 9M14 %€mn 9M13 restated 1. Including Services & Holding, Engineering & Research, upstream gas and nuclear activities 2. Including Other & Elisions of 0 €mn in 9M13 and 0 €mn in 9M14 3. As of December 31st, 2013 32 (19) 59 5 (13) 41 1 29 2 9 5,896 789 3,865 1,190 52 50 (38) 18 3 67 35 2 25 1 7 5,772 776 3,779 1,171 46 +56.3 -100 -69.5 -40.0 n.m. -14.6 +100 -13.8 -50.0 -22.2 -2.1 -1.6 -2.2 -1.6 -11.5 Other1 (2/2) (3) 45
  • 47.
    Investor Relations Enel S.p.A. 9M14 -2.7% Iberia& Latam Market I&N Other1 G&EM International EGP +24.3% +21.3% +16.4% +0.5% -20.2% +7.5% 7,352 7,155 881 2,442 2,173 2,335 538 626 395 479 1. Including Services & Holding, Engineering & Research, upstream gas and nuclear activities 9M13 restated +56.3% 885 3,061 50 EBIT by business area (€mn) 272 338 32 46
  • 48.
    Investor Relations Enel S.p.A. Thispresentation 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 47
  • 49.
    Investor Relations Enel S.p.A. InvestorRelations 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 48