Enel 2011 Risultati 2012-2016 Piano

Enel SpA Investor Relations
2011 Results 2012-2016 Plan
Rome - March 8, 2012
2011 Results & 2012-2016 Plan
Agenda
2011 macro scenario

Worldwide Energy industry
F. Conti
CEO
2011 results
2012 outlook 2012-2016 strategic update
Macro assumptions Key priorities Divisional targets
L. Ferraris F. Conti
CFO
Managerial actions
Mature markets Growth markets Efficiencies
Financial outcome
Overall financial targets
Group Strategy 2012-2016 Plan
2011 macro scenario

Worldwide
GDP and industrial production evolution1 Mature markets
+4.0% +3.0% +2.0% +2.2%
GDP growth
+2.0%
Industrial production growth

+6.2% +5.3% +2.9%
-0.4% 4Q11 2010 3Q11
+1.0%
+1.0% 0.0% -1.0% 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11
+3.7% +3.7% +3.6%
1Q12 2010 3Q11 4Q11 1Q12
1Q 12
-0.6% -1.9%
Eurozone
USA
Eurozone
USA
Growth markets
+8.0% +6.0% +4.0% +2.0% +5.5%
GDP growth
Industrial production growth

+10.3% +7.3%
+3.1%
+5.4%
+5.0%
1Q 10
2Q 10
3Q 10
4Q 10
1Q 11
2Q 11
3Q 11
4Q 11
1Q 12
2010
3Q11
4Q11
1Q12
Latam
1. Source: Global Insight. Year-on-year changes
Emerging markets
2011 macro scenario

Energy industry
Electricity demand evolution1
110 105 102 98 95 98 96 93 99 98 98 95 99
2008 level = 100
97 94
2009 2010 2011
2009 2010 2011
2009 2010 2011
2009 2010 2011
2009 2010 2011
Italy
Spain2
Latam
Slovakia
Russia
1. Source: local Transmission System Operator (TSO) 2. Peninsular
2011 Results
2011 results
2011 Results
Financial highlights
Consolidated results
mn Revenues EBITDA - recurring1 EBIT Group net income Group net ordinary income1 Net debt2
FY10 73,377 17,480 17,410 11,258 4,390 4,405 44,924
FY11
% +8.4 +1.4 +1.0 -5.5 -7.0 -0.7
79,514
17,717 17,416 11,366
4,148
4,097 44,629
1. Excluding capital gains, losses and one-off items 2. Excluding net debt of assets held for sale
2011 Results
From EBIT to Net Income
mn
EBIT Net financial charges
Interest charges Other
FY10
11,258 (3,198)
2,850 348
FY11
11,366 (3,024)
2,776 248
%
+1.0 -5.4
-2.6 -28.7
Net income from equity investments using equity method EBT Income tax
14
8,074 (2,401) 5,673 (1,283) 4,390
96 8,438 (3,080) 5,358 (1,210) 4,148
n.m. +4.5 +28.3 -5.6 -5.7 -5.5
Net income (continuing operations & including third parties)

Minorities Group net income
2011 Results
Focus on forward electricity sales

Level of total production hedged (%)
Italy 100
~ 15 ~ 85 ~40 - 45(1)
Spain2 100
~ 55 - 60
100
100
~ 90 - 95 ~ 5 - 10
2012
Latam 100
~ 25 - 30
Unhedged Hedged
2013
2012 Slovakia
2013
100
~ 35 - 40 ~ 60 - 65
100
100
~ 60
~ 70 - 75
~ 40
2012
2013
2012
2013
Forward sales continue to be a strong tool to offset price risk

1. Including roll-over 2. Not including domestic coal output
2011 Results
Group EBITDA evolution (mn)

+1.4%
17,480
66 1,310
-210
+78
+472
+122
-645
+275
+145
17,717
1,585 211
7,896 S&H1 EGP Iberia & Latam International I&N Market G&EM
7,251
1,520 3,813 483 2,392
1,642
4,285 561 2,182
FY10
G&EM Italy
Market Italy
I&N Italy
International
Iberia & Latam
EGP
S&H1
FY11
8
1. Including the Engineering & Innovation division and elisions
2011 Results
EBITDA evolution: G&EM Italy (mn)
-8.8%
2,392
-408 -84 +318 -36 2,182
FY10
Generation Gas & Trading margin margin
Ancillary services
Other
FY11
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% +57 1,642
1,520
433
57 318
+99
-29
-5
490 52 289 Russia France & Belgium SEE Centrel
712
811
FY10
Centrel1
SEE2
France & Belgium3
Russia
FY11
1. Slovensk Elektrrne 2. Romanian, Bulgarian and Greek operations 3. Including Enel Investment Holding
11
2011 Results
EBITDA evolution1: Endesa - Iberia (mn)
-11.0%
4,487
-262
-122
-240
+70
+61
3,994
FY10
Perimeter effect
Net capital Liberalized business gains
Regulated business
Others
FY11
1. Enels GAAP figures
12
2011 Results
EBITDA evolution1: Endesa - Latam (mn)
-4.5% 3,409 -89
-109
+24
+22
3,257
FY10
Forex effect
Net-worth tax Colombia
Generation business
Distribution business
FY11
1. Enels GAAP figures
13
2011 Results
EBITDA evolution: Enel Green Power (mn)
+21.0% +184 1,310

12
1,585
184
-7
+53
+23
+22
84 336
107
389
34
878
Enel.si North America Iberia and Latin America Italy and Europe
871
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, Cash-flow 2010 from operations
Capex
Net financial charges2
Taxes
Dividends3
Extraordinary activities4
December 31, 2011
+1(5)
-44,924
-44,629
-7,589 -636
(5)
-2,526
-2,371 -3,517 +518
+16,417
1. Net debt change calculated on continuing operations 2. Net financial charges due to interest expenses 3. Including 882mn of dividends paid to minorities
4. Mainly related with Maritza sale 5. Net financial debt of assets held for sale
15
2011 Results
Enels debt maturity profile (bn)

Total liquidity available
~30
Other1 Long term committed credit lines2 Tariff Deficit cash in3 New term loans signed in February 2012 Bonds4
Debt maturity profile
~0.8
~13
~26.5 ~14.5 ~4.8(6) ~5.7

~9.7 ~3.9
Short term Long term
~1.7 ~3.7 ~3.4
~9.7
~6.1
~6.6
Cash and cash equivalents5
~7.0
2012
2012
2013
2014
2015
2016
After2016
Liquidity available to cover maturities up to 2014

1. Disposal of Terna 0.3bn, EIB financing 0.3bn, financial receivable 0.2bn 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 3bn in February 2012, private placements 0.4bn during January and February 2012 5. As of 31st of December 2011 6. Commercial paper 3.2bn, short term debt 1.6bn as of Dec 31st 2011
16
2012 outlook
17
2012 outlook
Focus on Italy: GEM division
Electricity demand (TWh)
339
Slow demand recovery

(CAGR 2008-12: -0.4%) 2008
332
~334
EBITDA (bn)
1.9(1)
2011
2012
Net installed capacity (GW)

117 ~121
>45%
1.3
Overcapacity & PV peak shaving
99
22%
45%
12 2008 2011 Solar PV
~15 2012 Reserve margin
Gas demand2 (bcm)

83 76 ~75
2011
2012
Gas oversupply
34 2008 28 2011 ~27 2012 Residential and industrial
Thermal generation
2012 profitability impacted by demand decline, 1. Excluding extraordinary items for ~ 300mn solar overcapacity and gas scenario 2. Net of network losses
18
2012 outlook
Focus on Spain1
Electricity demand (TWh)
CAGR 2008-2012: -1.1%
264
255
~ 253
EBITDA (bn)
~4.0 2008 2011 2012 ~33%
~3.7
~28% ~72% 2012
Unregulated business Regulated business2
Endesas 2012 EBITDA main parameters

LRT + social bonus Lower islands margin Gas supply
~67% 2011
Demand decline and increasing commodities prices

1. Peninsular 2. Regulated activities include also extra-peninsular operations
19
2012 outlook
Focus on Latam
Electricity demand1 (TWh)
~833 803
EBITDA (bn)
~3.6 ~50%
~3.3 2011 2012 ~53%
Endesa output (TWh)

66.1 62.8 ~47% 2011 ~50% 2012
Unregulated business Regulated business
2011
2012
Organic growth to increase profitability

1. Countries where Enel operates
20
2012 outlook
Focus on Russia & Slovakia
Russia: change in Plan assumptions
New Plan Gas net back parity: 2023 vs. Old Plan 2015 +1.4%(2)
Russia EBITDA (mn)

~500 ~500
Electricity demand CAGR: +1.3%(1) vs.
2011
2012
Slovakia: change in Plan assumptions

New Plan Electricity prices CAGR: Old Plan
Slovakia EBITDA (mn)

~800 ~800
+4.6%(1) vs. +5.6%(2)
Electricity demand CAGR: +1.8%(1) vs. +1.9%(2)
2011
2012
1. CAGR 2011-2016 2. CAGR 2010-2015
Resilient platforms in a stable scenario

21
2012 outlook
Focus on Renewables
Enel Green Power net installed capacity (GW)
~8.1
7.1
EBITDA (bn)
~1.7 2011 2012 ~1.4
Enel Green Power load factor

~40% ~40%
2011(1) 2012
2011
2012
Organic growth to increase profitability

1. Excluding non recurring items
22
2012-2016 strategic update
23

Base assumptions of Enel Groups Plan
GDP1 CAGR 2011-2016
Italy Spain Russia Slovakia Latam 3 +0.6% +1.0% +3.6% +3.4% +4.4%
Electricity demand CAGR 2011-2016

Italy Spain 2 Russia Slovakia Latam
3,4
+1.2% +1.5% +1.3% +1.8% +5.1%
Commodities
Brent ($/bbl) Coal5 ($/ton)
111
2011
1. 2. 3. 4. 5.
107
2012
100
2014
100
2016
122
2011
131
2012
125
2014
128
2016
Source: Global Insight Peninsular Brazil, Chile (CIS), Colombia, Peru, Argentina Average growth weighted by Enels production CIF ARA
24

Base assumptions of Enel Groups Plan
Focus on CO2
CO2 Emissions1 (Mtons) Margin correlation to CO2 price increase Emission hedged with CO2 portfolio
Italy
185
Negative
Iberia
150
Positive
~60%
Slovakia
15
Positive
1. Enels cumulated 2012-16
Balanced net exposure to CO2 prices
25

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

Italian operations
Best practice sharing, synergies and zenith plan on-going
Operational excellence
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
Focused growth in mass market and SOHO segments Cost leadership and quality of service to final customers Smart grids and electric mobility development
Margins resilience
Focus on efficiencies and capex optimization

27

Italian operations
Divisional targets (bn) Capex1
~7.1
Growth: ~20% 5%
EBITDA2
~5.7 ~0.5
31%
~5.3 ~0.5
~5.3 ~0.5 ~1.3
~1.3
Maintenance: ~80%
~1.1
64%
I&N G&EM Market
~3.9
~3.7
~3.5
2012-2016
2012
2014
2016
Less uncertainties looking forward

1. Net of connection fees 2. Service&Holding not included
28

Iberian operations
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

Iberian operations
Targets (bn) Capex1
~5.3
Growth: ~18%
EBITDA
~4.0
45%
~3.7 ~28%
~3.8 ~26% ~26%
Maintenance: ~82%
55%
~74% ~72% ~74%
2012-2016
Unregulated business Regulated business2
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 extra-peninsular operations
30

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 Capture opportunities to optimize current structure Synergies & Zenith plan, Operational excellence Cash optimization: selective just in time investments
Structure optimization
Consolidate leadership position

31

Latam operations
Targets (bn) Capex
~5.4
EBITDA
~4.6
Regulated ~60% Maintenance Growth
~3.6 ~50%
~3.9 ~51% ~50%
47%
Unregulated ~40%
~50%
53%
~50%
~49%
2012 2012 2016

Regulated
2014
Unregulated
2016
Democracy, Demography and Development as a driver to increase profitability

32

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 on-going
Efficiency programmes
Margin growth through capacity additions and efficiencies
33

International operations
Divisional targets (bn) Capex1
~4.0 ~2.4
Growth: 55% 30%
EBITDA
~0.4
15%
~1.8 ~1.6 ~0.3 ~0.3 ~0.6 ~1.2 ~0.8
Maintenance: 45%
55% Other2 Russia Slovakia
~0.5
~0.8 2012
~0.9
2012-2016
2014
2016
International operations confirmed as a growth pillar for the Group

1. Net of connection fees 2. Romania, France & Belgium and Enel Investment Holding
34

Renewable operations
Focus on fast-growing 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

Renewable operations
Targets (bn) Capex
6.1
EBITDA
22% Growth: ~90% 34%
29%
~2.6 ~2.2
4% 11%
~1.7
Maintenance: ~10%
Italy Iberia Rest of Europe
Latam North America
2012-2016
2012
2014
2016
Steady growing profitability levels

36
Managerial actions
37
Managerial actions
Mature markets
Gas sourcing diversification and flexibility Upward vertical integration o Upstream gas o LNG midstream (Porto Empedocle)
Generation portfolio flexibility and competitiveness
Italy
Generation
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
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
Managerial actions Efficiencies: cash flow optimization

Focus on asset allocation (bn)1 Capex optimization
~27
~48% ~62%
~31
Asset allocation
-3bn: lower capex in Italy&Spain (mainly in liberalized business)
~52% ~38%
Efficiencies
-1bn: Optima Capex Project
2011-15 Old Plan
2012-2016 New Plan

Maintenance Growth
A more focused and effective capex programme
1. Net of connection fees
40
Managerial actions Efficiencies: cash flow optimization

Enel-Endesa synergies, Zenith programmes, One Company Project(mn)
Enel-Endesa synergies programme1
2011 target of ca. 1.3 bn achieved Ca. 1.3 bn maintained from 2012 onward
Zenith &
Zenith 2
programmes
2009-2011 target of ca. 3.8 bn cumulated achieved 2009-2015 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 Endesas Zenith programme
41
Financial targets
42
Financial targets
Dividends
Dividend pay-out policies
Based on 2011 results Based on 2012-16 results
New dividend policy
~ 11 bn
Enel Endesa2 EGP2
60%(1) 30%
40%(2)
as a floor
To be decided year on year
~ 3.5 bn
30%
30%
~ 7.5 bn
Minorities Enels shareholders
Other dividend payments

Other public subsidiaries dividend payments expected to be reduced by 30-40% on average vs 2011 Cumulated cash out new Plan 2012-2016
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
Financial targets
2012-2016 cumulated cash flow available to net debt reduction (bn)
~66
~27
~14 ~11 ~1.8 ~1.3 ~14.5
~14
Capex Cash flow from operations1 programme2
Net financial charges
Dividends3
Cash flow available from operations
Disposals
Minority Total cash flow stakes available buy-out & other
Financial discipline confirmed as a priority

1. Post-tax 2. Net of connection fees equal to about 3.4 bn and including capitalized financial expenses 3. Ca. 7.5 bn to Enels shareholders and ca. 3.5 bn to minorities
44
Overall financial targets (bn)
2012
2014
2016
EBITDA1 Ordinary net income

(40% dividend pay-out)
~ 16.5
~ 3.4 ~ 43
~ 17.0 ~ 3.8 ~ 39
~ 19.0 ~ 5.0 ~ 30
Net debt
1. Recurring Ebitda, excluding non-cash items and capital gains
45
Annexes
2011 results - Operational annexes
Production mix (TWh)

81.6
-3.2%
79.0
1.5% 21.7%
Group production mix

+1.3%
Italy
2.8% 21.6% 34.1%
41.0%
7.8% 28.0%
7.1%
290.2
15.6% 13.2% 25.2% 14.2% 3.9%
293.9
12.9% 16.2%
34.4%
FY10
+3.0%
FY11
29.3% 13.4% 4.3%
208.6
20.7% 9.9%
214.9
17.2% 14.1% 25.0% 18.4% 2.9% 22.4%
27.9%
23.9%
FY10
Other renewables Hydro
FY11
Coal Nuclear Oil & gas CCGT
International
21.7% 19.7% 2.7% 25.3%
FY10
FY11
47
FY2011 Group total net installed capacity1: breakdown by source and location
MW Hydro 13,647 Other ren. 1,445 Nuclear Coal 6,804 CCGT 5,964 Oil & gas ST/OCGT 12,022 TOTAL
Italy
39,882 25,107 5,401 668 17,251 9,027 97,336

48
Iberia
4,684
1,760
3,526
5,455
4,746(2)
4,936(3)
Centrel
2,329
1,818
845
400
SEE
14
654(4)
Americas
9,591
800
488
3,880
2,492
Russia
3,623
800
4,604
TOTAL
30,265
4,668
5,344
17,215
15,390
24,454
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
FY2011 Group total net production1: breakdown by source and location

GWh Italy Hydro 22,144 Other ren. 6,136 Nuclear Coal 32,423 CCGT 17,137 Oil & gas ST/OCGT 1,148 TOTAL
78,988 79,657 20,415 3,417 68,953 42,432 293,862

49
Iberia
6,311
3,579
25,177
26,728
7,939(2)
9,923(3)
Centrel
3,791
25
14,340
2,259
SEE
25
768(4)
2,624
Americas
37,952
2,041
2,085
21,237
5,638
Russia
20,023
1,108
21,301
TOTAL
70,223
12,549
39,517
86,142
47,421
38,010
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
FY2011 renewables net installed capacity: breakdown by source and location

MW Italy & Europe Hydro 1,525 Geothermal 722 Wind 1,272 Other 64 TOTAL
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
FY2011 renewables net production: breakdown by source and location

GWh Hydro 5,689 Geothermal 5,300 Wind 1,572 Other 22 TOTAL
Italy & Europe
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
EBITDA evolution - Services & Holding1 (mn)
+145
+115
211
+30 66
FY10
Import
Other
FY11
1. Including Engineering and Innovation division and and Other & Elisions
53
EBITDA evolution: Market Italy (mn)
+16.1%
+166 483
-88 561
FY10
Free market
Regulated market
FY11
54
Enels long-term debt maturity profile (mn)
Endesa Enel Group (excluding Endesa)
26,529
Bonds Bank loans and others 2,473 7,199
3,010
9,672
4,259
23,519
5,413
3,866
1,796 2,070
5,673
1,192 4,481
6,061
688 5,373
6,574
841 5,733
<12m
2013
2014
2015
2016
After 2016
6 years and 7 month Average cost of gross debt: 4.9%

55
Enel Group liquidity analysis (mn)
Amount Committed credit lines Cash and cash equivalents Total Uncommitted lines Commercial paper
Outstanding
Available 15,856(1) 7,015 22,871 1,947 6,098
25,505
25,505 2,745 9,309
9,649
(7,015) 2,634 798 3,211
Total liquidity
37,559
6,643
30,916
1. Of which 13bn with maturity after 2014
56
Debt structure1
Average debt maturity: 6 years and 7 months Average cost of gross debt2: 4.9% (Fixed+hedged)/Total gross long-term debt: 78% (Fixed+hedged)/Total net debt: 96%
Rating:
Standard&Poors = A-/A-2 Negative credit watch

Moodys = A3/P-2 Negative outlook Fitch = A-/F2 Stable outlook
mn Long-term Short-term3 Cash4 Net debt

1. 2. 3. 4. As of December 31st, 2011 Average cost of net debt equal to 5.9% Including current maturities of long-term debt Including factoring and other current receivables
December 31, 2010 49,873 11,208 (16,157) 44,924
December 31, 2011 45,127 14,471
% -9.5 +29.1
(14,969)
44,629
-7.4
-0.7
57
Enels group financial debt evolution1
mn
Enel Group (excluding Endesa) 12.31.2010

10,778 28,655 257 -1,439
38,251 465 1,138 27 -25 1,605 211 5,343 343 129 6,026
Endesa 12.31.2010
4,806 5,746 1,474 724 -1,128
11,622 484 716 169 -9,265 -7,896 70 2,062 51 2,183
Group - Total
12.31.2011
9,918 37,461 180 1,144 -3,576 45,127 6,894 2,473 305 -5,632 4,040 888 3,204 650 57 4,799 -370 -1,076 -824 -7,067 -498 44,629
12.31.2011
8,333 32,445 398 -2,499
38,677 4,199 1,075 139 -110 5,303 826 2,016 650 4 3,496
12.31.2011
1,585 5,016 180 746 -1,077 6,450 2,695 1,398 166 -5,522 -1,263 62 1,188 53 1,303 -232 -2,754 -2,946 3,504
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
-319 -671 -415 -3,427 2,799

41,050
-370 -1,076 -592 -4,313 2,448

41,125
-47 -156 -1,832 -7,748

3,874
1. As of December 31, 2011
58
Enels group financial debt by subsidiary1
mn Bonds Bank loans
Enel SpA 15,332 4,363 -
Endesa 6,414 4,280 180
EFI2 17,668 2,510 -
EIH2 Slovensk 297 627 (568)
EP2 627 (241)
ED2 2,657 (678)
Other 223 1,748 -
Total 39,934 16,812 180
Preference shares
Other loans
Commercial paper Other Total
(159) (5,687)
(426) (7,759)
1,188
2,016
(130) 167
(26) 33
(110) 276
3,204
(1,170) (2,871) (1,005) 18,366 3,504 21,189
(92) (2,338) (7,742) 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
Enels group financial debt

Average residual maturity (years:months)
Average cost of net debt
Average cost of gross debt
5.5% 5.0%
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

80% 93% 96%
Fixed + Hedged /Total gross long term debt

79% 78%
50.9
71%
44.9
44.6
2009
2010
2011
2009
2010
2011
2009
2010
2011
60
Enels long-term debt maturity profile (mn)
Enel Group (excluding Endesa) mn Bank loans Bonds Other Total Endesa <12m 4,199 1,075 139 5,413 2013 417 1,600 53 2,070 2014 2,327 2,102 52 4,481 2015 1,492 3,837 44 5,373 2016 1,182 4,504 47 5,733 After 2016 2,915 20,402 202 23,519
mn
Bank loans Bonds Other1 Total
<12m
2,695 1,398 166 4,259
2013
319 1,182 295 1,796
2014
370 723 99 1,192
2015 207 422 59 688
2016 233 551 57 841
After 2016
456 2,138 416 3,010
1. Including preference shares
61
Enel Group liquidity analysis excluding Endesa (mn)1
Amount 60M credit facility for Endesa acquisition 2009 credit facility for Endesa acquisition (2014) 2009 credit facility for Endesa acquisition (2016) Other committed credit lines2 Total committed credit lines Other short-term bank debt uncommitted lines Total credit lines Commercial paper Total credit lines + CP Cash and cash equivalents 1,933 1,359 617 14,359 18,268 1,223 19,491 6,000 25,491 -
Outstanding 1,933 1,359 617 3,908 7,817 778 8,595 2,021 10,616 (4,261)
Available 10,451 10,451 445 10,896 3,979 14,875 4,261
Total liquidity
25,491
6,355
19,136
1. As of December 31st, 2011 2. Including 1,420mn relating to a committed line pertaining to Slovenske Elektrarne
62
Endesa liquidity analysis (mn)1
Amount Total committed credit lines 7,237 1,522
Outstanding 1,832 20
Available 5,405 1,502
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
8,759
3,309 12,068 -
1,852
1,190 3,042 (2,754)
6,907
2,119 9,026 2,754
Total liquidity
12,068
288
11,780
1. As of December 31st, 2011
63
Capex by business area (mn)1
+5.6% 7,484
81
7,090
92
1,065
1,557
2,866
2,491
1,210 1,147
62
1,450
1,383 432
90
648
S&H EGP Iberia & Latam International I&N Market G&EM
FY10
FY11
1. Continuing operations, gross of connection fees
64
Balance sheet
mn
Net financial debt
Shareholders equity Net capital employed
FY10
FY11
44,924
53,866 98,790
44,629
54,440 99,069
-0.7
+1.1 +0.3
65
Generation & Energy Management - Italy
mn
FY10 17,540 2,392 1,832 648 6,601
FY11
Revenues
EBITDA EBIT Capex
23,146
2,182 1,590 432
+32.0
-8.8 -13.2 -33.3
Headcount
6,334
-4.0
66
Market - Italy
mn
FY10 18,697 483 58 62 3,823
FY11
Revenues
EBITDA EBIT Capex
17,731
561 141 90
-5.2
+16.1 +143.1 +45.2
Headcount
3,745
-2.0
67
Infrastructure & Network - Italy
mn
FY10 7,427 3,813 2,911 1,147 19,152
FY11
% +0.4
+12.4 +15.0 +20.6
Revenues
EBITDA EBIT Capex
7,460
4,285 3,347 1,383
Headcount
18,951
-1.0
68
International
mn
FY10 6,360 1,520 903 1,210 14,876
FY11
% +21.3
+8.0 +17.6 +19.8
Revenues
EBITDA EBIT Capex
7,715
1,642 1,062 1,450
Headcount
13,779
-7.4
69
Iberia & Latam
mn
FY10 31,263 7,896 4,643 2,866 24,731
FY11
% +4.4
-8.2 -12.6 -13.1
Revenues
EBITDA EBIT Capex
32,647
7,251 4,057 2,491
Headcount
22,877
-7.5
70
Enel Green Power
mn
FY10 2,179 1,310 966 1,065 2,955
FY11
% +16.5
+21.0 +11.8 +46.2
Revenues
EBITDA EBIT Capex
2,539
1,585 1,080 1,557
Headcount
3,229
+9.3
71
Services & Holding1
mn
FY10
FY11
Revenues
Holding Services Engineering & Innovation
2,420
679
1,133 608
2,515
762 1,356 397
+3.9
+12.2 +19.7 -34.7
EBITDA2
66
(68) 136 14
211
(38) 237 12
+219.7
+74.3 -14.3
1. Including the Engineering & Innovation division 2. Including Other & Elisions of -16mn in FY10 and 0mn in FY11
72
Services & Holding1 -
Continued
mn
EBIT2
FY10 (55)
(75) 26 10
FY11 89
(52) 132 9
% +407.7 -10.0
Capex
Holding Services & other Engineering & Innovation
92
7 80 5
81
13 64 4
-12.0
+85.7 -20.0 -20.0
Headcount
Holding
Services & other Engineering & Innovation
6,175
803 4,033 1,339
6,445
873
4,245 1,327
+4.4
+8.7
+5.3 -0.9
73
1. Including the Engineering & Innovation division 2. Including Other & Elisions of -16mn in FY10 and 0mn in FY11
EBIT by business area (mn)

+1.0%
11,258
966
11,366
1,080
89
n.m. +11.8%
4,643 EGP Iberia & Latam International I&N Market G&EM S&H1
4,057
-12.6%
903 2,911 58 1,832 -55
1,062
+17.6%
3,347 141 1,590
+15.0% +143.1% -13.2%
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 (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 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 revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation. 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.
75
Contact us
Investor Relations Team (investor.relations@enel.com)

Luca Torchia
(Head of IR) (Equity IR) (Fixed income IR)
+39 06 83053437 +39 06 83055292
Pedro Caamero Elisabetta Ghezzi
+39 06 83052708
Visit our website at: www.enel.com (Investor Relations)
76

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Enel 2011 Risultati 2012-2016 Piano

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Enel SpA Investor Relations

2011 Results 2012-2016 Plan

Rome - March 8, 2012

2011 Results & 2012-2016 Plan

Enel SpA Investor Relations

2011 macro scenario

Group Strategy 2012-2016 Plan

Enel SpA Investor Relations

2011 macro scenario

Industrial production growth

+3.7% +3.7% +3.6%

1Q12 2010 3Q11 4Q11 1Q12

Industrial production growth

Group Strategy 2012-2016 Plan

Enel SpA Investor Relations

2011 macro scenario

2008 level = 100

2009 2010 2011

2009 2010 2011

2009 2010 2011

2009 2010 2011

2009 2010 2011

1. Source: local Transmission System Operator (TSO) 2. Peninsular

Enel SpA Investor Relations

Enel SpA Investor Relations

FY10 73,377 17,480 17,410 11,258 4,390 4,405 44,924

% +8.4 +1.4 +1.0 -5.5 -7.0 -0.7

Enel SpA Investor Relations

From EBIT to Net Income

96 8,438 (3,080) 5,358 (1,210) 4,148

n.m. +4.5 +28.3 -5.6 -5.7 -5.5

Net income (continuing operations & including third parties)

Enel SpA Investor Relations

Focus on forward electricity sales

Forward sales continue to be a strong tool to offset price risk

Enel SpA Investor Relations

Group EBITDA evolution (mn)

1,520 3,813 483 2,392

4,285 561 2,182

Iberia & Latam

1. Including the Engineering & Innovation division and elisions

Enel SpA Investor Relations

EBITDA evolution: G&EM Italy (mn)

-408 -84 +318 -36 2,182

Generation Gas & Trading margin margin

Enel SpA Investor Relations

EBITDA evolution: Infrastructure & Networks Italy (mn)

Enel SpA Investor Relations

EBITDA evolution: International (mn)

+8.0% +57 1,642

490 52 289 Russia France & Belgium SEE Centrel

France & Belgium3

Enel SpA Investor Relations

EBITDA evolution1: Endesa - Iberia (mn)

Net capital Liberalized business gains

1. Enels GAAP figures

Enel SpA Investor Relations

EBITDA evolution1: Endesa - Latam (mn)

-4.5% 3,409 -89

Net-worth tax Colombia

1. Enels GAAP figures

Enel SpA Investor Relations

EBITDA evolution: Enel Green Power (mn)

+21.0% +184 1,310