3. Enel SpA
1H2008 results Investor Relations
Financial highlights: consolidated
€mn 1H07 1H08 %
Revenues 18,857 29,316 55.5
EBITDA 4,462 7,405 66.0
EBIT 3,134 5,285 68.6
Group net income 1,982 2,851 43.8
Net debt 55,7911,2 51,2912 -8.1
1. Figures as of 12.31.2007
2
2. Not including net debt of discontinued activities
4. Enel SpA
1H2008 results Investor Relations
From EBIT to net income
€mn 1H07 1H08 %
EBIT 3,134 5,285 68.6
Net financial charges (87) 1,446
Interest charges 358 1,543 -
Fair value of Acciona put option - (113) -
Other (445) 16 -
Net income from equity investments using equity method 1 27 -
EBT 3,222 3,866 20
Income tax 1,174 819 (30.2)
Net income (continuing operations) 2,048 3,047 48.8
Net income (discountinued operations) 226 -
Net income (including third parties) 2,048 3,273 59.8
Minorities (66) (422) -
Group net income 1,982 2,851 43.8
EPS (€) 0.32 0.46 43.8
3
5. Enel SpA
1H2008 results Investor Relations
Group EBITDA evolution (€mn)
+2,943
+2,251 +136 +38 7,405
69
580
2,436
+226 +176
4,462 +116
31
444 291
185
115
S&H
International
2,008
1,782 Ib&Latam
Market
I&N
G&EM
1,905 2,021
1H07 G&EM I&N Market Ib&Latam Intern. S&H1 1H08
1. Including the Engineering and Innovation division and intercompany adjustments 4
6. Enel SpA
1H2008 results Investor Relations
Group EBITDA by business area(€mn)
4,462 €mn 7,405 €mn
42% 41%
58% 59%
1H07 1H08
WELL BALANCED PORTFOLIO OF ACTIVITIES
Generation & sales
Networks
5
7. Enel SpA
1H2008 results Investor Relations
Forward electricity sales: focus on Italy
Level of total production hedged (%)
~100 % 100 % 100 %
20%
60%
~80% ~40%
Non Hedged
Hedged 2008 2009 2010
Latest sale campaign at a baseload price of 106.5 €/MWh
6
12. Enel SpA
1H2008 results Investor Relations
EBITDA evolution: international division (€mn)
+136
580
+5 +6 +41 +3 7
+81 27
444 28
4 95
22
90
423
342
Centrel
SEE
North America
Russia
France & Belgium -14
1H07 Centrel SEE North France Russia 1H08
America & Belgium
11
13. Enel SpA
1H2008 results Investor Relations
Focus on Russia
Unit price 1 (€/MWh)
+18.7%
15.9
13.4
1H07 1H08
Coal spark spread (€/MWh) Gas spark spread (€/MWh)
+89.5% +45.4%
7.2
3.8 3.2
2.2
1H07 1H08 1H07 1H08
1. Unit price excluding capacity payment 12
14. Enel SpA
1H2008 results Investor Relations
EBITDA evolution: Iberia & Latam division (€mn)
+2,251
+2,366 +8 -143 (1)
+20 2,436
185
1H07 Endesa Eufer Viesgo Enel 1H08
Latam
1. Including 109 €mn of capital loss for Viesgo Group disposal 13
17. Enel SpA
1H2008 results Investor Relations
Net debt evolution (€mn)
+6,014
December Cash-flow Capex Extra- Net Dividends June
31, 2007 from ordinary financial 30, 2008
operations activities charges
-51.291
-55.791
Discontinued
Discontinued operations
-211
operations
-1.725
-57,516 +5,630 -3,207(1) +7,138(2) -1,543 (3) -2,004 (4) -51,502
(1) Includes Viesgo and Endesa Europa Investments for 613 mn €.
(2) Includes net debt deconsolidation for 1.689 mn €.
(3) Current net interest charges
(4) Includes 210 mn € of dividends to minorities 16
21. Enel SpA
Operational annexes Investor Relations
Operational data
North America
0.6 GW
1.0 TWh Russia
8.2 GW
2.8 TWh
8.7 TWh
Central America
0.5 GW
1.2 TWh
Colombia
1.9 GW
4.0 TWh Brazil France Slovakia
2.4 TWh 0.8 GW 0.5TWh 5.6 GW
1.3 TWh Romania
11.6 TWh
Peru 4.7 TWh
2.8TWh
1.1 GW
Iberia1
2.9 TWh 18.7 GW
1.7 TWh 31.1 TWh Bulgaria
39.4 TWh 0.6 GW
Argentina 2.0 TWh
Chile Italy
3.0 GW
3.6 GW 5.3 TWh 40.3 GW
6.8 TWh 4.5 TWh 46.4 TWh Greece
2.2 TWh 68.9 TWh 0.1 GW
0.1 TWh
Inst. Cap. (GW)
Net. prod. (TWh) Total installed capacity: 85 GW
Tot Sales to final customers (TWh)
Total net production: 116.5 TWh
20
1. Including Marocco capacity of 0.1GW and Marocco production of 0.3 TWh
22. Enel SpA
Operational annexes Investor Relations
Operational Data – Generation Mix
Italy
46,438 (TWh)
2929
40,300 (MW)
1005
4948 14,758
13,982 3,519
12,513
14,419
12,719
5,946
Capacity (MW) Production (GWh)
Other renewables Coal Oil & gas
Hydro CCGT
21
23. Enel SpA
Operational annexes Investor Relations
Operational Data – Generation Mix
Iberia & Latam
Iberia - Endesa 19,872
29,3502 Latam - Endesa
1,025 898 9
8,933 3,858
16,0391 10,223
2,636 12
987 3,009 360 10,452
3,892 1,447
2,633 9,472 5,788
3,724
2,441 4,656
2,362 4,275 2,616
Capacity (MW) Production (GWh) Capacity (MW) Production (GWh)
Iberia - Enel Latam - Enel
2,611 1,622
40
348
794
1,710
364
664
1,582
697 24
707
640
772 497
142
Capacity (MW) Production (GWh) Capacity (MW) Production (GWh)
Other renewables Coal Oil & gas
1. Including Marocco capacity of 82 MW 22
2. Including Marocco production of 288 GWh Hydro Nuclear CCGT
24. Enel SpA
Operational annexes Investor Relations
Operational Data – Generation Mix
Centrel – South Eastern Europe
Slovakia 11,641 Greece
1,510
105 106
2,311
5,635
98 105
1,254
7,820
2,329
2,052
7 1
Capacity (MW) Production (GWh) Capacity (MW) Production (GWh)
Bulgaria
1,974
1,974
592
592
Capacity (MW) Production (GWh)
Other renewables Coal Oil & gas
23
Hydro Nuclear CCGT
25. Enel SpA
Operational annexes Investor Relations
Operational Data – Generation Mix
Russia – North America – France
Russia North America 1,031
8,220
3,606 445
573
2,783 259
586
4,614 1,560
314
1,223
Capacity (MW) Production (GWh) Capacity (MW) Production (GWh)
France
8
3
Capacity (MW) Production (GWh)
Other renewables Coal Oil & gas
24
Hydro Nuclear CCGT
26. Enel SpA
Operational annexes Investor Relations
Operational Data – Electricity and gas distribution
Electricity (TWh) Gas (bcm)
2.1% 17.2%
Volumes Distributed: 32.3%
Breakdown by country 65.6% 82.8%
Electricity (TWh) Gas (bcm)
2.1% 6.4%
0.4%
Sales 27.4%
Breakdown by country
40.4% 50.7%
72.6%
Russia Iberia&Latam
Italy SEE Centrel 25
27. Enel SpA
Operational annexes Investor Relations
Italian market overview: electricity1 and gas consumption2
Electricity consumption (TWh) Gas consumption (bcm)
-0.0%
+7.8%
168.7 168.6
25.3 20.5
45.8
42.5 1
1
17.1
105.4 16.2
101.2
10.4
10.3
46 46.4 15 17.3
-3.8 -3.7
1H07 1H08 1H07 1H08
Import Other
Net production: other Thermoelectric
Net production: Enel Industrial
Pumped storage consumption Residential & commercial
1. Source: Terna electricity statistical data
26
2. Source: Ministry of Economic development and Enel’s estimates
28. Enel SpA
Operational annexes Investor Relations
Italian market overview: electricity sales1
Regulated market (TWh) Free market2 (TWh) Enel’s free customers3 (thousand)
+11.5%
-18.3% 1,858.0
96.6 +40.2% 107.7
25.8
61.3 18.4
-28.6%
50.1 +4.7%
668.0
51.5 78.2 81.9
43.1
-16.3%
9.8 7
1H07 1H08 1H07 1H08
1H07 1H08
Enel
Other Total sales (TWh)
157.9 157.8
1H07 1H08
1. Excluding losses on the grid. Other operators’ data are Enel’s estimates
2. Including self-consumption and sales to protected customers 27
3. Including dual energy customers
39. Enel SpA
Financial annexes Investor Relations
Debt structure
• Average debt maturity: 5 years and 3 months
• Average cost of debt: 5.3%3
• (Fixed+hedged)/Total long-term debt: 47%
• (Fixed+hedged)/Total net debt: 50%
• Rating: S&P’s = A-/A-2 Outlook negative; Moody’s = A2/P-1 Outlook
negative
€mn 2007 IH2008 %
Long-term 50,816 49,192 -3.2%
Short-term1 8,014 10,809 34.9%
Cash2 -3,039 -8,710 186.6%
Net debt 55,791 51,291 -8.1%
1. Including current maturities of long-term debt
2. Including factoring and other current receivables
3. Including Endesa cost of debt equal to 6.2%
38
50. Enel SpA
Investor Relations
Disclaimer
THESE SLIDES HAVE BEEN PREPARED BY THE COMPANY SOLELY FOR THE USE DURING THE CONFERENCE
CALL OF ENEL 1H2008 RESULTS.
THE INFORMATION CONTAINED HEREIN HAS NOT BEEN INDEPENDENTLY VERIFIED. NONE OF THE
COMPANY OR REPRESENTATIVES SHALL HAVE ANY LIABILITY WHATSOEVER IN NEGLIGENCE OR
OTHERWISE FOR ANY LOSS HOWSOEVER ARISING FROM ANY USE OF THESE SLIDES OR THEIR CONTENTS
OR OTHERWISE ARISING IN CONNECTION WITH THESE SLIDES OR ANY MATERIAL DISCUSSED DURING
THE ABOVE MEETINGS.
THIS DOCUMENT IS BEING FURNISHED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE
REPRODUCED OR REDISTRIBUTED TO ANY OTHER PERSON.
THE INFORMATION CONTAINED HEREIN AND OTHER MATERIAL DISCUSSED DURING THE CONFERENCE
CALL MAY INCLUDE FORWARD-LOOKING STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING
STATEMENTS ABOUT THE COMPANY’S BELIEFS AND EXPECTATIONS. THESE STATEMENTS ARE BASED ON
CURRENT PLANS, ESTIMATES, PROJECTIONS AND PROJECTS, AND THEREFORE YOU SHOULD NOT PLACE
UNDUE RELIANCE ON THEM.
FORWARD LOOKING STATEMENTS INVOLVE INHERENT RISKS AND UNCERTAINTIES. WE CAUTION YOU
THAT A NUMBER OF IMPORTANT FACTORS COULD CAUSE ACTUAL RESUTLS TO DIFFER MATERIALLY FROM
THOSE CONTAINED IN ANY FORWARD-LOOKING STATEMENT. SUCH FACTORS INCLUDE, BUT ARE NOT
LIMITED TO: TRENDS IN ENEL’S CORE ENERGY BUSINESS, ITS ABILITY TO IMPLEMENT COST-CUTTING
PLANS, CHANGES IN THE REGULATORY ENVIRONMENT AND FUTURE CAPITAL EXPENDITURE.
PURSUANT TO ARTICLE, 154-BIS, PARAGRAPH 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.
49