2011 Results 20122016 Plan Rome March 8, 2012
2011 Results & 20122016 Plan Agenda 2011 macro scenario Worldwide Energy industry 2011 results 2012 outlook 20122016 strategic update Macro assumptions Key priorities Divisional targets F. Conti L. Ferraris F. Conti CEO CFO Managerial actions Mature markets Growth markets Efficiencies Financial outcome Overall financial targets 1
Group Strategy 20122016 Plan 2011 macro scenario Worldwide GDP and industrial production evolution 1 Mature markets +4.0% GDP growth Industrial production growth +3.0% +2.0% +2.2% +2.0% +6.2% +5.3% +1.0% 0.0% +1.0% +2.9% +3.7% +3.7% +3.6% 1.0% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 10 10 10 10 11 11 11 11 0.4% 1Q 12 2010 3Q11 0.6% 4Q11 1Q12 2010 3Q11 4Q11 1Q12 Eurozone USA Eurozone 1.9% USA +8.0% +6.0% GDP growth Growth markets Industrial production growth +10.3% +4.0% +5.5% +2.0% +3.1% +7.3% +5.4% +5.0% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 10 10 10 10 11 11 11 11 12 1. Source: Global Insight. Yearonyear changes Latam 2010 3Q11 4Q11 Emerging markets 1Q12 2
Group Strategy 20122016 Plan 2011 macro scenario Energy industry Electricity demand evolution 1 110 105 2008 level = 100 102 94 97 98 95 98 96 99 93 98 98 95 99 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 2009 2010 2011 Italy Spain 2 Latam Slovakia Russia 1. Source: local Transmission System Operator (TSO) 2. Peninsular 3
2011 Results 2011 results 4
2011 Results Financial highlights Consolidated results mn FY10 FY11 % Revenues 73,377 79,514 +8.4 EBITDA 17,480 17,717 +1.4 recurring 1 17,410 17,416 EBIT 11,258 11,366 +1.0 Group net income 4,390 4,148 5.5 Group net ordinary income 1 4,405 4,097 7.0 Net debt 2 44,924 44,629 0.7 1. Excluding capital gains, losses and oneoff items 2. Excluding net debt of assets held for sale 5
2011 Results From EBIT to Net Income mn FY10 FY11 % EBIT 11,258 11,366 +1.0 Net financial charges (3,198) (3,024) 5.4 Interest charges Other Net income from equity investments using equity method 2,850 348 14 2,776 248 96 2.6 28.7 n.m. EBT 8,074 8,438 +4.5 Income tax (2,401) (3,080) +28.3 Net income (continuing operations & including third parties) 5,673 5,358 5.6 Minorities (1,283) (1,210) 5.7 Group net income 4,390 4,148 5.5 6
2011 Results Focus on forward electricity sales Level of total production hedged (%) Italy Spain 2 100 100 100 100 ~ 15 ~ 55 60 ~ 90 95 ~ 85 ~40 45 (1) ~ 5 10 2012 2013 2012 2013 Latam 100 100 Slovakia 100 100 ~ 25 30 ~ 35 40 ~ 60 Unhedged Hedged ~ 70 75 ~ 60 65 ~ 40 2012 2013 2012 2013 Forward sales continue to be a strong tool to offset price risk 1. Including rollover 2. Not including domestic coal output 7
2011 Results Group EBITDA evolution ( mn) +1.4% 17,480 210 +78 +472 +122 645 +275 +145 17,717 66 211 1,310 1,585 7,896 7,251 S&H 1 EGP 1,520 Iberia & Latam International 1,642 I&N 3,813 Market G&EM 4,285 483 561 2,392 2,182 FY10 G&EM Italy Market Italy I&N Italy International Iberia & Latam EGP S&H 1 FY11 1. Including the Engineering & Innovation division and elisions 8
2011 Results EBITDA evolution: G&EM Italy ( mn) 8.8% 2,392 408 84 36 +318 2,182 FY10 Generation margin Gas & Trading margin Ancillary services Other FY11 9
2011 Results EBITDA evolution: Infrastructure & Networks Italy ( mn) +12.4% 3,813 34 +220 +286 4,285 FY10 Energy margin Connection fees Other FY11 10
2011 Results EBITDA evolution: International ( mn) +8.0% 1,520 +99 29 5 +57 1,642 433 490 57 318 52 289 712 Russia France & Belgium SEE Centrel 811 FY10 Centrel 1 SEE 2 France & Belgium 3 Russia FY11 1. Slovenské Elektrárne 2. Romanian, Bulgarian and Greek operations 3. Including Enel Investment Holding 11
2011 Results EBITDA evolution 1 : Endesa Iberia ( mn) 11.0% 4,487 262 122 240 +70 +61 3,994 FY10 Perimeter effect Net capital gains Liberalized business Regulated business Others FY11 1. Enel s GAAP figures 12
2011 Results EBITDA evolution 1 : Endesa Latam ( mn) 4.5% 3,409 89 109 +24 +22 3,257 FY10 Forex effect Networth tax Colombia Generation business Distribution business FY11 1. Enel s GAAP figures 13
2011 Results EBITDA evolution: Enel Green Power ( mn) +21.0% 12 1,310 7 84 +53 +23 +22 +184 1,585 184 107 34 336 389 Enel.si North America 878 Iberia and Latin America 871 Italy and Europe FY10 Italy and Europe Iberia and Latin America North America Enel.si Other FY11 14
2011 Results Net debt evolution ( mn) 295 (1) December 31, 2010 Cashflow from operations Capex Net financial charges 2 Taxes Dividends 3 Extraordinary activities 4 December 31, 2011 +1 (5) 44,924 44,629 636 (5) +16,417 7,589 2,526 2,371 3,517 +518 1. Net debt change calculated on continuing operations 2. Net financial charges due to interest expenses 3. Including 882 mn of dividends paid to minorities 4. Mainly related with Maritza sale 5. Net financial debt of assets held for sale 15
2011 Results Enel s debt maturity profile ( bn) Total liquidity available Debt maturity profile ~30 Other 1 ~0.8 Long term committed credit lines 2 ~13 ~26.5 Tariff Deficit cash in 3 ~1.7 ~14.5 New term loans signed in February 2012 ~3.7 ~4.8 (6) Bonds 4 Cash and cash equivalents 5 ~3.4 ~7.0 ~9.7 ~9.7 ~3.9 ~5.7 ~6.1 ~6.6 Short term Long term 2012 2012 2013 2014 2015 2016 After2016 Liquidity available to cover maturities up to 2014 1. Disposal of Terna 0.3 bn, EIB financing 0.3 bn, financial receivable 0.2 bn 2. As of 31st of December 2011. Lines with maturities beyond 2014 3. Additional cash in from private placements occurred during the 1st quarter of 2012 4. Bond retail 3 bn in February 2012, private placements 0.4 bn during January and February 2012 5. As of 31st of December 2011 6. Commercial paper 3.2 bn, short term debt 1.6 bn as of Dec 31st 2011 16
Group Strategy 20122016 Plan 2012 outlook 17
Group Strategy 20122016 Plan 2012 outlook Focus on Italy: GEM division Slow demand recovery (CAGR 200812: 0.4%) Electricity demand (TWh) 339 332 ~334 2008 2011 2012 EBITDA ( bn) 1.9 (1) Overcapacity & PV peak shaving Net installed capacity (GW) ~121 117 99 45% >45% 22% 12 ~15 2008 2011 2012 Solar PV Reserve margin Gas demand 2 (bcm) 1.3 83 76 ~75 2011 2012 Gas oversupply 34 28 ~27 2008 2011 2012 Thermal generation Residential and industrial 1. Excluding extraordinary items for ~ 300 mn 2. Net of network losses 2012 profitability impacted by demand decline, solar overcapacity and gas scenario 18
Group Strategy 20122016 Plan 2012 outlook Focus on Spain 1 Electricity demand (TWh) CAGR 20082012: 1.1% 264 255 ~ 253 EBITDA ( bn) ~4.0 ~3.7 2008 2011 2012 ~33% ~28% Endesa s 2012 EBITDA main parameters ~67% ~72% LRT + social bonus Lower islands margin Gas supply 2011 2012 Unregulated business Regulated business 2 Demand decline and increasing commodities prices 1. Peninsular 2. Regulated activities include also extrapeninsular operations 19
Group Strategy 20122016 Plan 2012 outlook Focus on Latam Electricity demand 1 (TWh) 803 ~833 EBITDA ( bn) 2011 2012 ~3.3 ~53% ~3.6 ~50% Endesa output (TWh) 62.8 66.1 ~47% ~50% 2011 2012 Unregulated business Regulated business 2011 2012 Organic growth to increase profitability 1. Countries where Enel operates 20
Group Strategy 20122016 Plan 2012 outlook Focus on Russia & Slovakia Russia: change in Plan assumptions Russia EBITDA ( mn) New Plan Old Plan ~500 ~500 Gas net back parity: 2023 vs. 2015 Electricity demand CAGR: +1.3% (1) vs. +1.4% (2) 2011 2012 Slovakia: change in Plan assumptions Slovakia EBITDA ( mn) New Plan Old Plan ~800 ~800 Electricity prices CAGR: +4.6% (1) vs. +5.6% (2) Electricity demand CAGR: +1.8% (1) vs. +1.9% (2) 2011 2012 1. CAGR 20112016 2. CAGR 20102015 Resilient platforms in a stable scenario 21
Group Strategy 20122016 Plan 2012 outlook Focus on Renewables Enel Green Power net installed capacity (GW) 7.1 ~8.1 EBITDA ( bn) 2011 2012 Enel Green Power load factor ~40% ~40% ~1.4 ~1.7 2011 (1) 2012 2011 2012 Organic growth to increase profitability 1. Excluding non recurring items 22
Group Strategy 20122016 Plan 20122016 strategic update 23
Group Strategy 20122016 Plan 20122016 strategic update Base assumptions of Enel Group s Plan GDP 1 CAGR 20112016 Electricity demand CAGR 20112016 Italy +0.6% Italy +1.2% Spain +1.0% Spain 2 +1.5% Russia +3.6% Russia +1.3% Slovakia +3.4% Slovakia +1.8% Latam 3 +4.4% Latam 3,4 +5.1% Commodities Brent ($/bbl) Coal 5 ($/ton) 111 107 100 100 122 131 125 128 2011 2012 2014 2016 2011 2012 2014 2016 1. Source: Global Insight 2. Peninsular 3. Brazil, Chile (CIS), Colombia, Peru, Argentina 4. Average growth weighted by Enel s production 5. CIF ARA 24
Group Strategy 20122016 Plan 20122016 strategic update Base assumptions of Enel Group s Plan Focus on CO 2 CO 2 Emissions 1 (Mtons) Margin correlation to CO 2 price increase Emission hedged with CO 2 portfolio Italy 185 Negative Iberia 150 Positive ~60% Slovakia 15 Positive 1. Enel s cumulated 201216 Balanced net exposure to CO 2 prices 25
Group Strategy 20122016 Plan 20122016 strategic update Key priorities Maintaining our leadership in mature energy markets Deliver organic growth in: renewables, Latam, Russia and Eastern Europe Accelerate efficiencies and operational excellence Tight control on capex Leadership in innovation Consolidate financial stability A consistent overall strategic approach 26
Group Strategy 20122016 Plan 20122016 strategic update Italian operations Operational excellence Best practice sharing, synergies and zenith plan ongoing Working capital optimization Just in time approach in the investment decisions Tight control in capex Margins protections through hedging and portfolio optimization Optimize marginal plant management Leadership in free market Margins resilience Focused growth in mass market and SOHO segments Cost leadership and quality of service to final customers Smart grids and electric mobility development Focus on efficiencies and capex optimization 27
Group Strategy 20122016 Plan 20122016 strategic update Italian operations Divisional targets ( bn) Capex 1 EBITDA 2 ~7.1 Growth: ~20% ~5.7 ~0.5 ~5.3 ~5.3 Maintenance: ~80% 31% 5% ~1.3 ~0.5 ~1.1 ~0.5 ~1.3 64% I&N G&EM ~3.9 ~3.7 ~3.5 Market 20122016 2012 2014 2016 Less uncertainties looking forward 1. Net of connection fees 2. Service&Holding not included 28
Group Strategy 20122016 Plan 20122016 strategic update Iberian operations Operational excellence Proactive with regulation Tight control in capex Synergies & Zenith plan Cash optimization: selective just in time investments Energy management: leverage on short position Leadership in free market strategy with limited risk exposure Complete reorganization in distribution Maintain quality of service and grid modernization Margins resilience Focus on profitability and leadership consolidation 29
Group Strategy 20122016 Plan 20122016 strategic update Iberian operations Targets ( bn) Capex 1 ~5.3 EBITDA Growth: ~18% 45% ~3.7 ~3.8 ~28% ~26% ~4.0 ~26% Maintenance: ~82% 55% ~72% ~74% ~74% 20122016 Unregulated business Regulated business 2 2012 2014 2016 Regulated business, demand recovery and price increase to improve long term profitability 1. Net of connection fees 2. Regulated activities include also extrapeninsular operations 30
Group Strategy 20122016 Plan 20122016 strategic update Latam operations Organic growth opportunities Generation: ~1.1 GW additional capacity & increasing pipeline Cash optimization Distribution: ~1.8 mn new clients over the period Pursue new regulatory model in Argentina Structure optimization Capture opportunities to optimize current structure Synergies & Zenith plan, Operational excellence Cash optimization: selective just in time investments Operational excellence Consolidate leadership position 31
Group Strategy 20122016 Plan 20122016 strategic update Latam operations Targets ( bn) Capex EBITDA ~5.4 Regulated ~60% Maintenance Growth ~3.6 ~3.9 ~50% ~50% ~4.6 ~51% 47% Unregulated ~40% 2012 2016 53% ~50% ~50% ~49% 2012 2014 2016 Regulated Unregulated Democracy, Demography and Development as a driver to increase profitability 32
Group Strategy 20122016 Plan 20122016 strategic update International operations Slovakia Strengthen market position Increase sales to Centrel area Organic growth and margins protection Russia Strengthen market position Strict financial discipline in investment decisions Best practice sharing, Zenith plan ongoing Efficiency programmes Margin growth through capacity additions and efficiencies 33
Group Strategy 20122016 Plan 20122016 strategic update International operations Divisional targets ( bn) Capex 1 EBITDA ~4.0 ~2.4 Growth: 55% 15% ~1.8 ~0.4 30% ~1.6 ~0.3 ~0.3 ~0.8 Maintenance: 45% 55% Other 2 Russia ~0.5 ~0.8 ~0.6 ~0.9 ~1.2 Slovakia 20122016 2012 2014 2016 1. Net of connection fees 2. Romania, France & Belgium and Enel Investment Holding International operations confirmed as a growth pillar for the Group 34
Group Strategy 20122016 Plan 20122016 strategic update Renewable operations Focus on fastgrowing and new markets with a selective approach Selective growth by technology, geography and quality of the natural resource Leverage on scale and pursue efficiency Economy of scales in procurement and know how sharing worldwide Opex optimization and focus on operating performance Innovation and technological improvement Pilot test on new technologies (hybridization, solar thermodinamic) Leveraging a diversified platform of geographies and technologies 35
Group Strategy 20122016 Plan 20122016 strategic update Renewable operations Targets ( bn) 6.1 Capex EBITDA 22% 29% ~2.6 Growth: ~90% 34% 4% 11% ~1.7 ~2.2 Maintenance: ~10% Italy Iberia Rest of Europe Latam North America 20122016 2012 2014 2016 Steady growing profitability levels 36
Group Strategy 20122016 Plan Managerial actions 37
Group Strategy 20122016 Plan Managerial actions Mature markets Upward vertical integration Gas sourcing diversification and flexibility o Upstream gas o LNG midstream (Porto Empedocle) Italy Generation Generation portfolio flexibility and competitiveness o New pumping storage opportunities in Spain o Backup capacity & efficiency projects in Italy Smart grids and services for final customer o Smart meters and electric vehicles Iberia Distribution Margin hedging through solid customer base Sales Maintaining leadership in core energy markets 38
Group Strategy 20122016 Plan Managerial actions Growth markets Worldwide Renewables New capacity added: ~ 4.5 GW Latin America New capacity added: ~ 1.1 GW Russia and East. Europe Russia: revamping initiatives Slovakia: ca. + 1 GW new nuclear capacity Romania: Efficiency improvements (smart meters) Solid growth in attractive business and geographies Total capacity increase ca. +6.6GW by 2016 39
Group Strategy 20122016 Plan Managerial actions Efficiencies: cash flow optimization Focus on asset allocation ( bn) 1 ~31 ~27 Capex optimization ~48% ~62% Asset allocation 3 bn: lower capex in Italy&Spain (mainly in liberalized business) ~52% ~38% Efficiencies 1 bn: Optima Capex Project 201115 Old Plan 20122016 New Plan Maintenance Growth A more focused and effective capex programme 1. Net of connection fees 40
Group Strategy 20122016 Plan Managerial actions Efficiencies: cash flow optimization EnelEndesa synergies, Zenith programmes, One Company Project( mn) EnelEndesa synergies programme 1 2011 target of ca. 1.3 bn achieved Ca. 1.3 bn maintained from 2012 onward Zenith & Zenith 2 programmes 20092011 target of ca. 3.8 bn cumulated achieved 20092015 new target ca. 5.9 bn cumulated One Company Project 2016 target of ca. 400 mn of yearly cost savings Enhancing efficiencies and cost savings 1. Including Endesa s Zenith programme 41
Group Strategy 20122016 Plan Financial targets 42
Group Strategy 20122016 Plan Financial targets Dividends Dividend payout policies New dividend policy Based on 2011 results Based on 201216 results ~ 11 bn Enel 60% (1) 40% (2) as a floor Endesa 2 30% To be decided year on year ~ 3.5 bn EGP 2 30% 30% ~ 7.5 bn Other dividend payments Other public subsidiaries dividend payments expected to be reduced by 3040% on average vs 2011 Cumulated cash out new Plan 20122016 Minorities Enel s shareholders Balance sheet strength, flexibility and growth 1. Balance equal to 0.16 euro per share to be paid in June 2012 2. Dividends to be paid once a year 43
Group Strategy 20122016 Plan Financial targets 20122016 cumulated cash flow available to net debt reduction ( bn) ~66 ~27 ~14 ~11 ~14 ~1.8 ~1.3 ~14.5 Cash flow from operations 1 Capex Net financial Dividends 3 programme 2 charges Cash flow available from operations Disposals Minority stakes buyout & other Total cash flow available Financial discipline confirmed as a priority 1. Posttax 2. Net of connection fees equal to about 3.4 bn and including capitalized financial expenses 3. Ca. 7.5 bn to Enel s shareholders and ca. 3.5 bn to minorities 44
Group Strategy 20122016 Plan Overall financial targets ( bn) 2012 2014 2016 EBITDA 1 ~ 16.5 ~ 17.0 ~ 19.0 Ordinary net income ~ 3.4 ~ 3.8 ~ 5.0 (40% dividend payout) Net debt ~ 43 ~ 39 ~ 30 1. Recurring Ebitda, excluding noncash items and capital gains 45
Annexes
2011 results Operational annexes Production mix (TWh) 3.2% 81.6 79.0 Group production mix 2.8% 21.6% 1.5% 21.7% +1.3% Italy 34.1% 7.1% 41.0% 7.8% 290.2 293.9 34.4% 28.0% 15.6% 12.9% FY10 FY11 13.2% 16.2% 25.2% 29.3% +3.0% 14.2% 3.9% 13.4% 4.3% 208.6 214.9 27.9% 23.9% 20.7% 9.9% 17.2% 14.1% FY10 FY11 International 21.7% 25.0% Other renewables Hydro Coal Nuclear Oil & gas CCGT 19.7% 2.7% 25.3% 18.4% 2.9% 22.4% FY10 FY11 47
2011 results Operational annexes FY2011 Group total net installed capacity 1 : breakdown by source and location MW Hydro Other Nuclear Coal CCGT Oil & gas ren. ST/OCGT TOTAL Italy 13,647 1,445 6,804 5,964 12,022 39,882 Iberia 4,684 1,760 3,526 5,455 4,746 (2) 4,936 (3) 25,107 Centrel 2,329 9 1,818 845 400 5,401 SEE 14 654 (4) 668 Americas 9,591 800 488 3,880 2,492 17,251 Russia 3,623 800 4,604 9,027 TOTAL 30,265 4,668 5,344 17,215 15,390 24,454 97,336 1. Including Group renewable capacity 2. Including 123 MW of installed capacity in Morocco 3. Including 1,013 MW of installed capacity in Ireland 4. Including 166 MW other renewable capacity in France 48
2011 results Operational annexes FY2011 Group total net production 1 : breakdown by source and location GWh Hydro Other ren. Nuclear Coal CCGT Oil & gas ST/OCGT TOTAL Italy 22,144 6,136 32,423 17,137 1,148 78,988 Iberia 6,311 3,579 25,177 26,728 7,939 (2) 9,923 (3) 79,657 Centrel 3,791 25 14,340 2,259 20,415 SEE 25 768 (4) 2,624 3,417 Americas 37,952 2,041 2,085 21,237 5,638 68,953 Russia 20,023 1,108 21,301 42,432 TOTAL 70,223 12,549 39,517 86,142 47,421 38,010 293,862 1. Including Group renewable capacity 2. Including 745 GWh of net production in Morocco 3. Including 70 GWh of net production in Ireland 4. Including 245 GWh of net production in France 49
2011 results Operational annexes FY2011 renewables net installed capacity: breakdown by source and location MW Hydro Geothermal Wind Other TOTAL Italy & Europe 1,525 722 1,272 64 3,583 Iberia & Latam 701 1,664 121 2,486 North America 313 47 605 45 1,010 TOTAL 2,539 769 3,541 230 7,079 50
2011 results Operational annexes FY2011 renewables net production: breakdown by source and location GWh Hydro Geothermal Wind Other TOTAL Italy & Europe 5,689 5,300 1,572 22 12,583 Iberia & Latam 3,339 3,161 476 6,976 North America 1,069 268 1,409 175 2,921 TOTAL 10,097 5,568 6,142 673 22,480 51
2011 results Financial annexes Group EBITDA: regulated/unregulated activities FY2011 EBITDA 17,717 mn Stability and high visibility 9% 49% 42% Forward sales and hedging procurement contracts to protect margin Unregulated Regulated EGP 52
2011 results Financial annexes EBITDA evolution Services & Holding 1 ( mn) +145 +115 211 66 +30 FY10 Import Other FY11 1. Including Engineering and Innovation division and and Other & Elisions 53
2011 results Financial annexes EBITDA evolution: Market Italy ( mn) +16.1% +166 88 483 561 FY10 Free market Regulated market FY11 54
2011 results Financial annexes Enel s longterm debt maturity profile ( mn) Endesa Enel Group (excluding Endesa) Bonds Bank loans and others 2,473 7,199 26,529 3,010 9,672 4,259 5,413 3,866 1,796 2,070 5,673 1,192 4,481 6,061 6,574 688 841 5,373 5,733 23,519 <12m 2013 2014 2015 2016 After 2016 6 years and 7 month Average cost of gross debt: 4.9% 55
2011 results Financial annexes Enel Group liquidity analysis ( mn) Amount Outstanding Available Committed credit lines 25,505 9,649 15,856 (1) Cash and cash equivalents (7,015) 7,015 Total 25,505 2,634 22,871 Uncommitted lines 2,745 798 1,947 Commercial paper Total liquidity 9,309 37,559 3,211 6,643 6,098 30,916 1. Of which 13 bn with maturity after 2014 56
2011 results Financial annexes Debt structure 1 Average debt maturity: 6 years and 7 months Average cost of gross debt 2 : 4.9% (Fixed+hedged)/Total gross longterm debt: 78% (Fixed+hedged)/Total net debt: 96% Rating: Standard&Poor s = A/A2 Negative credit watch Moody s = A3/P2 Negative outlook Fitch = A/F2 Stable outlook mn December 31, 2010 December 31, 2011 % Longterm 49,873 45,127 9.5 Shortterm 3 11,208 14,471 +29.1 Cash 4 (16,157) (14,969) 7.4 Net debt 44,924 44,629 0.7 1. As of December 31st, 2011 2. Average cost of net debt equal to 5.9% 3. Including current maturities of longterm debt 4. Including factoring and other current receivables 57
2011 results Financial annexes Enel s group financial debt evolution 1 mn Enel Group (excluding Endesa) Endesa 12.31.2010 12.31.2011 12.31.2010 12.31.2011 Group Total 12.31.2011 Bank loans maturities > 12m Bonds maturities > 12m Preference shares > 12m Other loans maturities > 12m Financial receivables maturities > 12m 10,778 28,655 257 1,439 8,333 32,445 398 2,499 4,806 5,746 1,474 724 1,128 1,585 5,016 180 746 1,077 9,918 37,461 180 1,144 3,576 Total net LT debt maturities > 12m 38,251 38,677 11,622 6,450 45,127 Bank loans maturities < 12m Bonds maturities < 12m Preference shares < 12m Other loans maturities < 12m Financial receivables maturities < 12m Total net LT debt maturities < 12m 465 1,138 27 25 1,605 4,199 1,075 139 110 5,303 484 716 169 9,265 7,896 2,695 1,398 166 5,522 1,263 6,894 2,473 305 5,632 4,040 Other ST bank debt Commercial paper Cash Collateral and other derivatives payables Other ST financial debt ST debt 211 5,343 343 129 6,026 826 2,016 650 4 3,496 70 2,062 51 2,183 62 1,188 53 1,303 888 3,204 650 57 4,799 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) 319 671 415 3,427 2,799 370 1,076 592 4,313 2,448 47 156 1,832 7,748 232 2,754 2,946 370 1,076 824 7,067 498 Net financial debt 41,050 41,125 3,874 3,504 44,629 1. As of December 31, 2011 58
2011 results Financial annexes Enel s group financial debt by subsidiary 1 mn Endesa EFI 2 EIH 2 Slovenské EP 2 ED 2 Other Total Bonds 15,332 6,414 17,668 297 223 39,934 Bank loans 4,363 4,280 2,510 627 627 2,657 1,748 16,812 Preference shares 180 180 Other loans (159) (5,687) (568) (241) (678) (426) (7,759) Commercial paper 1,188 2,016 3,204 Other (1,170) (2,871) (1,005) (130) (26) (110) (92) (2,338) (7,742) Total 18,366 3,504 21,189 167 33 276 1,887 (793) 44,629 1. As of December 31st, 2011 2. EFI: Enel Financial International; EIH: Enel Investments Holding; EP: Enel Produzione; ED: Enel Distribuzione 59
2011 results Financial annexes Enel s group financial debt Average cost of net debt Average cost of gross debt Average residual maturity (years:months) 5.0% 5.5% 5.9% 4.6% 4.6% 4.9% 7:1 6:8 6:7 2009 2010 2011 2009 2010 2011 2009 2010 2011 Net financial debt ( bn) Fixed + Hedged /Total net debt Fixed + Hedged /Total gross long term debt 50.9 44.9 44.6 80% 93% 96% 71% 79% 78% 2009 2010 2011 2009 2010 2011 2009 2010 2011 60
2011 results Financial annexes Enel s longterm debt maturity profile ( mn) Enel Group (excluding Endesa) mn <12m 2013 2014 2015 2016 After 2016 Bank loans Bonds Other Total 4,199 1,075 139 5,413 417 1,600 53 2,070 2,327 2,102 52 4,481 1,492 3,837 44 5,373 1,182 4,504 47 5,733 2,915 20,402 202 23,519 Endesa mn <12m 2013 2014 2015 2016 After 2016 Bank loans Bonds Other 1 Total 2,695 1,398 166 4,259 319 1,182 295 1,796 370 723 99 1,192 207 422 59 688 233 551 57 841 456 2,138 416 3,010 1. Including preference shares 61
2011 results Financial annexes Enel Group liquidity analysis excluding Endesa ( mn) 1 Amount Outstanding Available 60M credit facility for Endesa acquisition 2009 credit facility for Endesa acquisition (2014) 2009 credit facility for Endesa acquisition (2016) Other committed credit lines 2 1,933 1,359 617 14,359 1,933 1,359 617 3,908 10,451 Total committed credit lines 18,268 7,817 10,451 Other shortterm bank debt uncommitted lines 1,223 778 445 Total credit lines 19,491 8,595 10,896 Commercial paper 6,000 2,021 3,979 Total credit lines + CP 25,491 10,616 14,875 Cash and cash equivalents Total liquidity 25,491 (4,261) 6,355 4,261 19,136 1. As of December 31st, 2011 2. Including 1,420 mn relating to a committed line pertaining to Slovenske Elektrarne 62
2011 results Financial annexes Endesa liquidity analysis ( mn) 1 Amount Outstanding Available Total committed credit lines 7,237 1,832 5,405 Other shortterm bank debt uncommitted lines 1,522 20 1,502 Total credit lines 8,759 1,852 6,907 Commercial paper issued by the Endesa Group 3,309 1,190 2,119 Total credit lines + CP 12,068 3,042 9,026 Cash and cash equivalents (2,754) 2,754 Total liquidity 12,068 288 11,780 1. As of December 31st, 2011 63
2011 results Financial annexes Capex by business area ( mn) 1 +5.6% 92 7,090 1,065 7,484 1,557 81 2,866 2,491 62 1,210 1,450 1,147 1,383 648 432 90 S&H EGP Iberia & Latam International I&N Market G&EM FY10 FY11 1. Continuing operations, gross of connection fees 64
2011 results Financial annexes Balance sheet mn FY10 FY11 % Net financial debt 44,924 44,629 0.7 Shareholders equity 53,866 54,440 +1.1 Net capital employed 98,790 99,069 +0.3 65
2011 results Financial annexes Generation & Energy Management Italy mn FY10 FY11 % Revenues 17,540 23,146 +32.0 EBITDA 2,392 2,182 8.8 EBIT 1,832 1,590 13.2 Capex 648 432 33.3 Headcount 6,601 6,334 4.0 66
2011 results Financial annexes Market Italy mn FY10 FY11 % Revenues 18,697 17,731 5.2 EBITDA 483 561 +16.1 EBIT 58 141 +143.1 Capex 62 90 +45.2 Headcount 3,823 3,745 2.0 67
2011 results Financial annexes Infrastructure & Network Italy mn FY10 FY11 % Revenues 7,427 7,460 +0.4 EBITDA 3,813 4,285 +12.4 EBIT 2,911 3,347 +15.0 Capex 1,147 1,383 +20.6 Headcount 19,152 18,951 1.0 68
2011 results Financial annexes International mn FY10 FY11 % Revenues 6,360 7,715 +21.3 EBITDA 1,520 1,642 +8.0 EBIT 903 1,062 +17.6 Capex 1,210 1,450 +19.8 Headcount 14,876 13,779 7.4 69
2011 results Financial annexes Iberia & Latam mn FY10 FY11 % Revenues 31,263 32,647 +4.4 EBITDA 7,896 7,251 8.2 EBIT 4,643 4,057 12.6 Capex 2,866 2,491 13.1 Headcount 24,731 22,877 7.5 70
2011 results Financial annexes Enel Green Power mn FY10 FY11 % Revenues 2,179 2,539 +16.5 EBITDA 1,310 1,585 +21.0 EBIT 966 1,080 +11.8 Capex 1,065 1,557 +46.2 Headcount 2,955 3,229 +9.3 71
2011 results Financial annexes Services & Holding 1 mn FY10 FY11 % Revenues 2,420 2,515 +3.9 Holding 679 762 +12.2 Services 1,133 1,356 +19.7 Engineering & Innovation 608 397 34.7 EBITDA 2 66 211 +219.7 Holding (68) (38) Services 136 237 +74.3 Engineering & Innovation 14 12 14.3 1. Including the Engineering & Innovation division 2. Including Other & Elisions of 16 mn in FY10 and 0 mn in FY11 72
2011 results Financial annexes Services & Holding 1 Continued mn FY10 FY11 % EBIT 2 (55) 89 Holding (75) (52) Services 26 132 +407.7 Engineering & Innovation 10 9 10.0 Capex 92 81 12.0 Holding 7 13 +85.7 Services & other 80 64 20.0 Engineering & Innovation 5 4 20.0 Headcount 6,175 6,445 +4.4 Holding 803 873 +8.7 Services & other 4,033 4,245 +5.3 Engineering & Innovation 1,339 1,327 0.9 1. Including the Engineering & Innovation division 2. Including Other & Elisions of 16 mn in FY10 and 0 mn in FY11 73
2011 results Financial annexes EBIT by business area ( mn) +1.0% 11,258 11,366 966 1,080 89 n.m. +11.8% 4,643 4,057 12.6% EGP Iberia & Latam International I&N Market G&EM S&H 1 903 1,062 2,911 3,347 58 141 1,832 1,590 +17.6% +15.0% +143.1% 13.2% 55 FY10 FY11 1. Including Engineering and Innovation division and Other & Elisions 74
Disclaimer This presentation contains certain statements that are neither reported financial results nor other historical information ( forwardlooking statements ). These forwardlooking statements are based on Enel S.p.A. s current expectations and projections about future events. Because these forwardlooking statements are subject to risks and uncertainties, actual future results may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are beyond the ability of Enel S.p.A. to control or estimate precisely, including changes in the regulatory environment, future market developments, fluctuations in the price and availability of fuel and other risks. You are cautioned not to place undue reliance on the forwardlooking statements contained herein, which are made only as of the date of this presentation. Enel S.p.A. does not undertake any obligation to publicly release any revisions to any forwardlooking statements to reflect events or circumstances after the date of this presentation. Pursuant to art. 154BIS, 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. 75
Contact us Team (investor.relations@enel.com) Luca Torchia (Head of IR) Pedro Cañamero (Equity IR) Elisabetta Ghezzi (Fixed income IR) +39 06 83053437 +39 06 83055292 +39 06 83052708 Visit our website at: www.enel.com () 76