2015
Investor day
2015-19 Strategic Plan
New foundations for growth
March 19, 2015
2015 Investor day
Agenda
Enel Group
Investor Relations
2014 main developments
Francesco Starace
CEO
FY 2014 results
Alberto De Paoli
CFO
2015-2019 strategic plan
Francesco Starace
CEO
2015-2019 key financial figures
Alberto De Paoli
CFO
Closing remarks
Francesco Starace
CEO
1
2015 Investor day
Opening remarks
Enel Group
Investor Relations
Strong player in all technologies and across many geographies
New organizational structure implemented to address industry
challenges
Management actions to address group complexity and unlock value
A new strategy to drive increased returns to shareholders
2
2014 main developments
Highlights
Enel Group
Investor Relations
New Group organization established
Targeted disposals achieved
Financial targets delivered
Paving the way for a new strategic plan
3
2014 main developments
New Group organization established
Enel Group
Investor Relations
Challenges
Solutions implemented
Complex organization
Structurally integrated group with
focus on synergies
Multiple decision making centers for
capital allocation
Global business lines
Latam - Iberia different strategic
challenges
Separation of Endesa and Enersis
Fragmented approach to innovation
New focus on emerging businesses
4
2014 main developments
New Group organization established
Enel Group
Investor Relations
Global Business Lines
Global
Generation
Global
Infrastructures
& Networks
Renewable
Energies
Global
Trading
Upstream
Gas
Regions
Italy
Iberia
Latam
Customers
Best practices
Local stakeholders
implementation
Regulation
Efficiencies in capex &
Revenues
opex
Cash flow
Capital allocation
EBITDA
EBITDA
East Europe
Simple and focused organization
5
2014 main developments
New Group organization established
Enel Group
Investor Relations
Enel
Enel
100%
100%
Enel Iberoamérica
Enel Iberoamérica
92.06%
70.14%
Endesa
60.62%1
100%
Enel Latinoamerica
20.3%
Endesa
Enersis
40.32%
Unlisted companies
Enersis
Listed companies
Structure in line with market fundamentals
1.
Of which 40.32% owned through Enel Latinoamerica, 100% controlled by Enel Iberoamérica
6
2014 main developments
Targeted disposals achieved
Enel Group
Investor Relations
2014 Disposals (€bn)
Minorities buy-out and other operations (€bn)
Sale of ∼22% Endesa
3.1
Minorities buy-out Latam
-0.6
Renewables
0.5
4.8% of Enersis1
-0.7
Other assets
0.3
Extraordinary dividend Endesa releverage
-0.5
Total proceeds
3.9
Other
-0.4
∼4
Total
-2.2
Target
Proceeds achieved with a different mix of assets
1.
Indirect acquisition via extraordinary dividend from Endesa
7
2014 main developments
Financial targets delivered
Enel Group
Investor Relations
Actual 2014
Targets
Recurring EBITDA
15.5 €bn
15.5 €bn
Net ordinary income
3 €bn
3 €bn
Net debt
37.41 €bn
372 €bn
Dividend per share
0.14 €/sh
≥ 0.13 €/sh
Commitment met despite challenging market conditions
1.
2.
Excluding net debt of asset held for sale (0.6 €bn of Slovenske Elektrarne)
Target disclosed in March 2014
8
2015 Investor day
Agenda
Enel Group
Investor Relations
2014 main developments
Francesco Starace
CEO
FY 2014 results
Alberto De Paoli
CFO
2015-2019 strategic plan
Francesco Starace
CEO
2015-2019 key financial figures
Alberto De Paoli
CFO
Closing remarks
Francesco Starace
CEO
9
FY 2014 results
Consolidated results (€mn)
Enel Group
Investor Relations
Revenues
Recurring EBITDA1
-4%
-2%
78,663
75,791
15,769
15,502
FY 2013
FY 2014
FY 2013
FY 2014
Group net ordinary income2
Net debt3
-4%
-6%
3,119
2,994
39,706
37,383
FY 2013
1.
2.
3.
FY 2014
FY 2013
Excluding capital gains and losses equal to 922 €mn in 2013 and 255 €mn in 2014
Excluding extraordinary items equal to +116 € mn in 2013 and -2,477 €mn in 2014
Excluding net debt of asset held for sale (+10 €mn in 2013 and -620€mn mainly for Slovenske Elektrarne in 2014)
FY 2014
10
FY 2014 results
Group recurring EBITDA (€mn)
Enel Group
Investor Relations
-1.7%
+215
-34
-352
15,769
-89
2013
1.
2.
Italy1
Iberia
Latam
Generation&Energy Management (GEM), Market, Infrastructures and Networks
Holding and Services
East
Europe
+35
-42
15,502
Renewables
H&S 2
2014
11
FY 2014 results
Group recurring EBITDA analysis (€mn)
Enel Group
Investor Relations
By responsibility
East Europe
1,204
8%
Italy2
6,173
40%
By business
Networks
Latam
3,091
~47%
20%
15.51
20%
15.5
Iberia
3,203
Generation3
12%
Renewables
1,815
~12%
~34%
Renewables
~7%
Retail
Regulated and quasi-regulated4
70% EBITDA from regulated and quasi-regulated businesses
1.
2.
Including Holding and Services (16 €mn)
GEM, Market, Infrastructures and Networks
3.
4.
Including retail in Iberia
Networks, generation with long term PPA (power purchase agreement),
renewables with PPA and generation in the Iberian islands
12
FY 2014 results
From EBITDA to Group net income (€mn)
Enel Group
Investor Relations
15,757
-6,243
-6,427
Goodwill imp.
-891
Reported
EBITDA
1.
2.
1
D&A
Impairment
Including accruals to bad debt provisions
Including equity income for -35€mn
3,087
-3,165
+850
EBIT
-255
Net financial Income taxes Minorities
expenses2
517
Group net
Income
13
FY 2014 results
From Net Income to Net Ordinary Income (€mn)
Enel Group
Investor Relations
1
+4,062
East
Europe
Generation
Italy
517
Group net
income
1.
-1,392
2,142
-193
2,994
Capital gain
Group net
ordinary
income
1,460
Hydro
Aysen
180
EGP
162
Other
118
Impairment on
net income
Taxes:
extraordinary
items
Impairment on net income for ~4.1 €bn derives from: total impairment of ~6,4 €bn, other impairment on equity investments for ~0.2 €bn, lower taxes for
~-1,5 €bn and impairment pertaining to non-controlling interests for ~-1,0 €bn.
14
FY 2014 results
Capex1 (€bn)
Enel Group
Investor Relations
By activity2
By business
Growth
3.1
37%
By region
Networks
2.5
Iberia
15%
46%
6.7
33%
54%
Maintenance
3.6
FY 2013 capex:
• 60% Maintenance
• 40% Growth
Latam
6.7
6.7
Generation
2.2
38%
27%
25%
Renewables
1.7
3% 2%
Other
Retail
0.1
0.2
Italy
14%
4%
East Europe
2%
Other
North
America
Anticipating re-focus on growth capex
1.
2.
Gross of contributions 0.7 €bn
Reclassified as per new investment plan
15
FY 2014 results
Net free cash flow (€mn)
Enel Group
Investor Relations
15,502
- 1,974
+506
-1,396
- 2,730
9,908
- 6,701
Net
Capex
6,038
3,207
-2,068
1,139
Recurring ∆ Provisions 1
EBITDA
Working
capital
change and
other
Income
taxes
paid
Financial
expenses
FFO
2
Gross capex
3
Free
cash
flow
Net dividend
paid
Net free
cash
flow
1.1 €bn of net free cash flow delivered
1.
2.
3.
Accruals, releases, utilizations of provisions in EBITDA (i.e. personnel related and risks and charges). It includes bad debt provision accruals equal to 749 €mn
Funds from operations after working capital change
16
Gross of contributions
FY 2014 results
Net debt evolution (€mn)
Enel Group
Investor Relations
-2,323(1)
Dec 31,
2013
Net free cash flow
Extraordinary
activities
FX effect
Dec 31,
2014
Asset held
for sale
-1,100
38,003
+620
Dec 31, 2014 on
continuing
operations
37,383
+1,664
39,706
+1,139
Net debt/EBITDA
~ 2.5x
1.
Calculated on continuing operations
Net debt/EBITDA
~ 2.4x
17
2015 Investor day
Agenda
Enel Group
Investor Relations
2014 main developments
Francesco Starace
CEO
FY 2014 results
Alberto De Paoli
CFO
2015-2019 strategic plan
Francesco Starace
CEO
2015-2019 key financial figures
Alberto De Paoli
CFO
Closing remarks
Francesco Starace
CEO
18
2015-2019 strategic plan
Enel today
Enel Group
Investor Relations
Leading
network
operator
61 mn end users
37 mn smart meters
40 €bn RAB
Leading retail
business
56 mn power
customers
5 mn gas
customers
Leading
renewable
operator
Balanced
generation
portfolio
9.6 GW installed
86 GW installed
Renewables
Hydro1
31%
7%
5%
Nuclear
~96 GW 17%
Oil
& Gas
CCGT
22%
18%
Coal
Best positioned to capture opportunities
1.
Including EGP Hydro operations
19
2015-2019 strategic plan
Enel today1
Enel Group
Investor Relations
Europe
Capacity: 66.5 GW
End users: 45.8 mn
Russia
Capacity: 9.1 GW
North America
Capacity: 2.1 GW
Mexico & Central America
Capacity: 0.8GW
Latin America
Capacity: 14.3 GW
End users: 14.4 mn
Africa
Capacity: 0.1 GW
Countries of presence2
Global diversified player
1.
2.
Data as of 31st December 2014
Presence with operational assets
20
2015-2019 strategic plan
Key global themes in the utility sector
Enel Group
Investor Relations
Demand growth in emerging countries
Capex driven towards infrastructure
expansion and upgrade
Technology evolution in mature countries
Grid digital transformation
and new business models in customer
interaction
Technology evolution in renewables
Increased penetration
in world’s energy mix
Enel well positioned in this context
21
2015-2019 strategic plan
Key global themes in the utility sector: emerging
countries
Key growth drivers
Enel Group
Investor Relations
Enel positioning1
Countries of
presence
Countries of
interest
Areas under
screening2
Electricity consumption per capita
expected to increase by 30% by 2030
6.3 bn people will live in urban areas from 3.9
bn of today by 2050
800 million people will get into the “middle
class” segment by 2030
1.5 bn people in Africa, Latam and Asia will
gain access to electricity by 2030
End users: ~ 15 mn
Installed capacity: ~ 27 GW
Strategic Pipeline: ~ 20 GW3
1.
2.
3.
2014 data
East Africa, Middle East, Asia-Pacific
Including renewables and conventional generation
22
2015-2019 strategic plan
Key global themes in the industry: mature countries
Enel Group
Investor Relations
Enel positioning
New business opportunities
Large scale innovation in infrastructure
(storage, electric vehicles, smart grids)
Market integration through storage diffusion
Active customer and new home services
Innovation tech. for integrated energy services
New Downstream2
Market value1
(€bn)
15
T&D
42
27
7
20
2013
End users : ~ 46 mn
> 80% digitalized
14
28
Free Power & Gas customers: ~22 mn
2020
Enel elaboration on “Beyond the storm –value growth in the EU power sector ” McKinsey & Company, December 2014
1 Calculated on EBIT
2 Energy efficiency, distributed generation
23
2015-2019 strategic plan
Key global themes in the industry: renewables
business
World renewables capacity1 (GW)
Enel Group
Investor Relations
Enel positioning
Europe
5.8 GW in operation
0.1 GW in execution
4.0 GW pipeline
+190%
1,930
North America
2.1 GW in operation
0.4 GW in execution
5.1 GW pipeline
670
Latin America
1.7 GW in operation
1.0 GW in execution
12.4 GW pipeline
2015
Africa
10 MW in operation
0.5 GW in execution
4.5 GW pipeline
2030
Countries of
presence
Countries of
interest
Areas under
screening
1. Source: World Energy Outlook 2014- IEA
24
2015-2019 strategic plan
Key pillars
Enel Group
Investor Relations
1
Operational efficiency
2
Industrial growth
3
Active portfolio management
4
Shareholder remuneration
25
2015-2019 strategic plan
Operational efficiency (€bn)
Enel Group
Investor Relations
-7%
Opex1
9.9
3
9.2
Leverage on new
organizational structure:
integration and technology
sharing
9.2
3
Cash costs
-8%
2014
2016
2019
13.5
12.4
12.2
2016
2019
-10%
Maintenance capex2
3.6
3.2
3
Distribution and Generation:
best practice sharing and
capital allocation
optimization
2014
2016
3
2014
3.0
2019
Efficiency focus and optimization of maintenance capex
1.
2.
3.
Total fixed costs in nominal terms (net of capitalizations). Reclassified as per new strategic plan criteria
Gross capex. Reclassified as per new strategic plan criteria
Net of perimeter effect
26
2015-2019 strategic plan
Operational efficiency: focus on opex1
Enel Group
Investor Relations
Networks
•
•
•
•
Network digitalization
Centralized planning
Workforce management using mobile devices
Leverage global procurement
-12%
€/end user
58.5
51.7
2014
2019
-8%
Renewables
• Economies of scale
k€/MW
76.0
70.0
2014
2019
• O&M best practice standardization
• Maintenance contract optimization
Conventional
Generation
Staff
•
•
•
•
Capacity shut down for ca. 13 GW2
Profitability assessment of each power plant
Workforce redeployment to increase efficiency
Leverage global procurement
• Cost Reduction for Holding and Country
Services via in-sourcing and headcount
reduction
-7%
k€/MW
44.6
41.3
2014
2019
-10%
% of Total
Fixed Costs
24%
21%
2014
2019
Pursuing efficiency across all the businesses
1.
2.
In nominal terms
Cumulative 2014-19
27
2015-2019 strategic plan
Operational efficiency: focus on maintenance
capex (€bn)
Enel Group
Investor Relations
Conventional Generation
-14%
Maintenance capex1
4.4
-9%
3.8
17.32
15.7
Previous
New
Networks3
-11%
11.0
Previous Plan
2014-18
New Plan
2015-19
9.8
Previous
New
Optimizing maintenance capex through global integration
1.
2.
3.
Gross Capex.
Previous Plan (16.6 €bn) + contributions (2.0 €bn) + reclassification as per new plan criteria (-1.3 €bn)
Reclassified as per new plan criteria
28
2015-2019 strategic plan
Key pillars
Enel Group
Investor Relations
1
Operational efficiency
2
Industrial growth
3
Active portfolio management
4
Shareholder remuneration
29
2015-2019 strategic plan
Industrial growth: main criteria
Enel Group
Investor Relations
Decreasing business risk profile: no merchant exposure
Increasing optionality based on project size and
diversification
Significant flexibility in total spending
Average time to EBITDA less than 2 years and high level
of self financing
Solid EBITDA growth
30
2015-2019 strategic plan
Industrial growth (€bn)
Enel Group
Investor Relations
Capex plan1
New Plan
34.0
Maintenance
46%
15.7
34.0
Growth
18.3
54%
29.7
+48%
12.4
18.3
2
Previous Plan
17.3
-9%
15.7
Maintenance
17.3
58%
29.7
2
Previous plan 2014-18
New Plan 2015-19
Maintenance
Growth
42%
Growth
12.4
+6 €bn of growth capex vs previous plan
1.
2.
Gross of contributions (2.9 €bn in previous plan and 2.6 €bn in new plan)
Reclassification as per new plan criteria
31
2015-2019 strategic plan
Industrial growth (€bn)
Enel Group
Investor Relations
Growth capex by Geography1
Growth capex by Business1
Renewables
Italy
Latam
18%
Networks
48%
30%
RoW3
18.3
9%
18.3
49%
11%
Iberia
20%
Generation
2%
Retail
Regulated
and quasi-regulated2
Spread over WACC
min 200 bps
7%
North
America
6%
Rest of
Europe
Average time to EBITDA
< 2 years
Accelerating high quality growth and value creation
1.
2.
3.
Gross Capex
Networks, generation with long term PPA (power purchase agreement), renewables with PPA and generation in the Iberian islands
Mainly Egypt, South Africa, Morocco, Turkey
32
2015-2019 strategic plan
Industrial growth: EBITDA (€bn)
Enel Group
Investor Relations
90% of additional EBITDA in
regulated and quasi
regulated activities
Additional growth
EBITDA by business
(cumulative 2015-19)
Growth EBITDA
Renewables
6.7
~ 1 €bn EBITDA growth at
2016 from projects under
execution
Networks
47%
29%
~6.7
2.4
1.3
~ 2.4 €bn EBITDA growth in
2019
9%
0.4
15%
Retail
2015
2017
2019
2015-19
Generation
Solid and reliable growth
33
2015-2019 Strategic Plan
Industrial growth
Enel Group
Investor Relations
Networks
Retail
+3.6 mn end users
+11 mn smart meters
Renewables
+4.5 mn new customers
in power & gas free
market
+7.1 GW
Conventional
generation
+720 MW in Latam
0.7GW under construction at 2019
Total 2019 Capacity: 16 GW3 Total 2019 Capacity: 71 GW
End users (mn)
Smart meters (mn)
2014
Free Customer base (mn)
48
Renewables
Hydro2
37
31%
65
61
21.5
7% Nuclear
5%
CCGT
~96 GW 17%
26.0
Oil
& Gas
2014
1.
2.
3.
2019
2019
Net of assets held for sale
Including EGP Hydro operations
Net of disposals.
2014
2019
Hydro2
32%
~87 GW1 4%
Oil 11%
& Gas
22%
18%
Renewables
16%
20%
Nuclear
CCGT
17%
Coal
Coal
34
2015-2019 strategic plan
Industrial growth: networks (€bn)
Enel Group
Investor Relations
Stable returns over 40 €bn
RAB
Growth capex1 by region
Growth capex1 by project
Commercial
losses Latam
+11 mn smart meters
installed
Strong focus on new
technologies in Europe
Smart Meters
6%
Italy
37%
37%
40% decrease of average
interruptions in Latam
Latam
5.4
Growth EBITDA in 2019 ~0.8 €bn
1.
2.
Gross Capex
Regulated WACC
26%
Quality
5.4
11% Smart Grids
4%
40%
22%
RoW
Average time to EBITDA
< 2 years
17%
New connections
Iberia
Spread over WACC2 200/300 bps
35
2015-2019 strategic plan
Industrial growth: retail
Enel Group
Investor Relations
Focus on free market
Innovation of new energy
service offerings
Power customers (mn)
+19%
Digitalization, big data as
enabler of new home
products and services
Gas customers (mn)
+21%
Iberia
20.0
16.8
5.7
Italy
4.7
12.0
1.7
1.2
11.3
Cross selling and anti-churn
actions
3.5
5.5
2014
4.0
8.0
2019
2014
2019
26mn total free market customers by 2019 in Italy and Iberia
36
2015-2019 strategic plan
Industrial growth: retail
Enel Group
Investor Relations
Focus on new energy services
New Energy Services
commodity related & energy efficiency solutions
New Energy services EBITDA1 (€mn)
‘Simple’ products
LED, electric vehicles, home devices
CAGR
+29%
‘Complex’ products
Heat pumps, boilers & solar
Tailor made corporate offers
~500
~140
2014
2019
Average time to EBITDA < 1 year
A new growth strategy based on turn-key and integrated services
1.
Including Italy, Iberia and Latam
37
2015-2019 strategic plan
Industrial growth: renewables
Enel Group
Investor Relations
Leverage sector growth
trends
Predictable cash-flows
Growth capex 1
Brazil
Chile
Mexico
Diversification reduces
risk profile
Close to 50% of additional
capacity addressed
Average time to EBITDA
< 2 years
47%
19%
Rest of
Latam
Brazil
Chile
Mexico
6%
38%
6%
15%
Growth EBITDA in 2019 ~1€bn
1.
Rest of
Latam
8.8 €bn
North
America
Additional capacity
New
countries
7.1 GW
21%
13%
Europe
North
America
22%
New
countries
13%
Europe
Spread over WACC 200/300 bps
Gross Capex
38
2015-2019 strategic plan
Industrial growth: conventional generation
Enel Group
Investor Relations
0.7 GW additional capacity
under PPA regime
0.7 GW under construction in
2019
Quimbo
Los Condores
Country: Colombia
Country: Chile
Technology: Large hydro
Technology Hydro
Capacity: 400 MW
Capacity: 153 MW
Expected production: ~2.0 TWh
Expected production: ~0.5 TWh
COD: 2015
COD: 2018
Small size projects,
sustainable and balanced
pipeline
Capacity (GW)
86
71
Average time to EBITDA ~4
years
2014
Growth EBITDA in 2019 ~0.2 €bn
Italy
Iberia
Russia
Slovakia
Latam
2019
Spread over WACC +200bps
39
2015-2019 strategic plan
Key pillars
Enel Group
Investor Relations
1
Operational efficiency
2
Industrial growth
3
Active portfolio management
4
Shareholder remuneration
40
2015-2019 strategic plan
Active portfolio management
Enel Group
Investor Relations
All assets under ongoing review
Capital recycling to drive higher returns
Providing additional resources to fuel growth
Consistency with the strategic plan
~5% of total group invested capital
41
2015-2019 strategic plan
Active portfolio management
Enel Group
Investor Relations
~ 2 €bn under execution
Latam reorganization
~ 2 €bn already identified
~ 1€bn to be identified
Further growth opportunities
5 €bn total capital recycle
Cash neutral over plan period
Net income accretion1 of ca. 200 €mn
1.
Net of disposals
42
2015-2019 strategic plan
Key pillars
Enel Group
Investor Relations
1
Operational efficiency
2
Industrial growth
3
Active portfolio management
4
Shareholder remuneration
43
2015-2019 strategic plan
Shareholder remuneration
Enel Group
Investor Relations
Dividend policy
Transition phase
Actual DPS
(€/sh)
50%
55%
60%
65%
65%
2015
2016
2017
2018
2019
Accelerating returns
0.14
2014
Minimum DPS
(€/sh)
0.16
2015
0.18
2016
Short-term certainty
44
2015 Investor day
Agenda
Enel Group
Investor Relations
2014 main developments
Francesco Starace
CEO
FY 2014 results
Alberto De Paoli
CFO
2015-2019 strategic plan
Francesco Starace
CEO
2015-2019 key financial figures
Alberto De Paoli
CFO
Closing remarks
Francesco Starace
CEO
45
2015-2019 key financial figures
Introduction
Enel Group
Investor Relations
1
EBITDA and Net income evolution
2
Financial plan and strategy
3
Focus on cash flow generation
46
2015-2019 key financial figures
EBITDA evolution (€bn)
Enel Group
Investor Relations
+10%
~+2.4
~+1
~-0.7
~-0.5
~-0.7
~17
15.5
FY 2014
Growth
Efficiency
Regulatory
Scenario
Disposals
FY 2019E
47
2015-2019 key financial figures
EBITDA evolution (€bn)
Enel Group
Investor Relations
2014
2019
Italy
20%
Iberia
20%
Latam
25%
21%
East Europe
8%
15.51
~171
Renewables
15%
12%
40%
35%
47%
~70%
Regulated and
quasi-regulated
4%
45%
Networks
Renewables
Retail
15.51
Generation2
12%
34%
7%
~171
Regulated and quasiregulated
15%
31%
~75%
Regulated and
quasi-regulated
9%
Decreasing business risk profile
1.
2.
Including Holding and Services
Including retail in Iberia
48
2015-2019 key financial figures
Net income evolution (€bn)
Enel Group
Investor Relations
> +35%
~+0.7
~-0.3
~-0.9
~+2.4
~- 0.6
~-0.2
>4.1
3.0
Ordinary net
income 2014
EBITDA
Financial
expenses
D&A
Income tax ∆ Minorities
Disposals
Ordinary net
income
2019E
49
2015-2019 key financial figures
Financial plan and strategy
Enel Group
Investor Relations
Actions completed
Further actions
Repayment of 4.3 €bn debt at maturity
Further repayment of debt at maturity
with excess cash
Liability management
Bond Tender/Exchange (~2.2 €bn)
Further liability management actions
Committed revolving credit line renegotiation
(~11.6 €bn)
Additional pre-hedge operations to catch
opportunities in low yield environment
Pre-hedge operations (~4 - 5€bn)
Debt maturity extension
Total annual savings vs 2014 >300 €mn
Optimized mix of fixed and floating
of the next bond issuances
Target of ca. 20% reduction in financial expenses on debt by 2019
50
2015-2019 key financial figures
Financial plan and strategy
Enel Group
Investor Relations
Gross and Net Debt (€bn)
Net Financial expenses on Debt (€bn)
-20%1
-10.3
6.5%
6.0%
57.0
13.1
6.5
37.4
5.1%
51.8
49.2
8.1
4.5
6.1
4.5
39.2
38.6
5.4%
5.0%
5.0%
46.7
5.7
4.7
2.8
4.0%
2.6
2.5
2.3
36.3
3.0%
2.0%
1.0%
2014
2015
2016
2019
2.4x
Net debt/EBITDA
2.1x
0.0%
2014
2015
2016
2019
Net debt
Financial receivables
Cash
1. On interest expenses on debt
Net financial exp.
Cost of net debt
Cost of gross debt
51
2015-2019 key financial figures
Growth plan funding (€bn)
Enel Group
Investor Relations
18.3
~6
12.4
Growth capex
previous
plan
Growth
capex new
plan
~1.5
~1.5
25% self-financing1
~2.52
Efficiencies on opex
~12
Savings on financial
expenses
Efficiencies
on maintenance capex
Additional
Investments
Additional growth fully funded by efficiencies and cash flow
1.
2.
Self financing on additional investments (EBITDA net of taxes)
Post tax
52
2015-2019 key financial figures
Cash flow generation (€bn)
Enel Group
Investor Relations
~79
~5
~1.5
~11
~12
~49.5
~16
~33.5
~18
~15.5
~14
~1.5
Recurring ∆ Provisions 1∆ NWC and
EBITDA
other
Income
taxes paid
Financial
expenses
paid
FFO
Maintenence FFO after
capex 2
maint.
Capex
Growth
capex 2
FCF
Net
dividends
paid 3
Net FCF
Positive Net Free Cash Flow of ca. 1.5 €bn
1.
2.
3.
Accruals, releases, utilizations of provisions in EBITDA (i.e. personnel related and risks and charges). It includes bad debt provision accruals equal to 2.6 €bn
Gross Capex (contributions 2.6 €bn)
Including dividends paid to minorities
53
2015 Investor day
Agenda
Enel Group
Investor Relations
2014 main developments
Francesco Starace
CEO
FY 2014 results
Alberto De Paoli
CFO
2015-2019 strategic plan
Francesco Starace
CEO
2015-2019 key financial figures
Alberto De Paoli
CFO
Closing remarks
Francesco Starace
CEO
54
2015 Investor day
Closing remarks
Enel Group
Investor Relations
Plan delivers
Efficiency – ~5 €bn over the plan
Free cash flow generation of 15.5 €bn
Growth EBITDA of 2.4 €bn in 2019: +10% vs 2014
Attractive return to shareholders – Target payout 65%
55
2015 Investor day
Closing remarks
Enel Group
Investor Relations
2015
2016
2017
CAGR (%)
2015-19
Recurring EBITDA
~15.0
~15.0
~15.6
~+3%
Net ordinary income
~3.0
~ 3.1
~3.4
~+10%
Minimun DPS
0.16 €/sh
0.18 €/sh
Pay-out
50%
55%
60%
+7%
FFO/Net Debt
21%
24%
27%
~+9%
~+17%
56
2015-19 Strategic plan
annexes
57
Assumptions
Commodities
Enel Group
Investor Relations
Brent $/bbl
69
Coal $/ton
75
60
74
84
63
2015
2016
2017
2015
Gas TTF €/MWh
2016
2017
CO2 €/ton
11
22
21
9
7
19
2015
2016
2017
2015
2016
2017
58
Assumptions
Macroeconomics
Enel Group
Investor Relations
GDP
Electricity demand (yoy)
4.5%
1.9%
3.2%
1.1%
4.6%
3.4%
1.3%
0.6%
0.8%
1.0%
4.1%
1.22
1.17
1.2%
1.13
1.4%
1.6%
1.8%
2.5%
2.0%
1.8%
2015
2016
2017
2015
2016
2017
Spain
FX - €/$
Italy
Latam1
Spain
Italy
Power Prices ITA €/Mwh
2015
2016
2017
Latam2
Power Prices Spain €/Mwh
55
57
52
52
47
2015
1.
2.
46
2016
2017
Argentina, Brazil, Chile (CIS), Colombia, Peru .GDP weighted by real levels
Argentina, Brazil, Chile (CIS), Colombia, Peru. Average growth weighted by Enel’s production
2015
2016
2017
59
Strategic plan 2015-19
Focus on efficiency (€bn)
Enel Group
Investor Relations
Opex evolution1
Opex by business
CAGR
+0.7
3.8
-6.4%
2.7
Conventional
generation
-0.2
-1.1
2014
+0.5
3.6
2019
-1%
Networks
9.9
9.7
-0.5
2014
2019
11.5%
9.2
Renewables
4.1
Retail, services
and other
CPI
Growth
FX
1.2
0.7
2014
2014
3.4
2019
-2.6%
3.6
Efficiency 2019 Disposals 2019
2014
1.Total Fixed Costs (net of Capitalizations)
2019
60
2015-2019 strategic plan
Key global themes in the utility sector: demand growth
Enel Group
Investor Relations
Increasing share of electricity on total
world energy consumption
World electricity demand (TWh)
+8,000TWh
Emerging countries
33,900
Mature countries
21,400
22%
(’15-’30)
24,500
13,400
+60%
19%
12,500
11,100
+12%
2015
2020
2025
2030
2015
2030
Prospective energy demand driven by emerging countries
Source: World Energy Outlook 2014- IEA
61
Strategic plan 2015-19: focus on divisions
Italian operations: targets1
Enel Group
Investor Relations
Capex2 (€bn)
~5.93
~5.63
~5.23
~1.83
~1.83
~1.63
~0.2
~0.1
~0.1
~1.2
~1.3
~1.3
~0.3
~0.2
~0.2
~0.8
~0.6
~0.9
~1.3
~1.4
~1.3
~3.7
~3.4
~3.4
2015
2016
2017
2015
2016
Networks
1.
2.
3.
EBITDA (€bn)
Gross of disposals
Gross Capex
Including Services
Conventional generation
2017
Retail
62
Strategic plan 2015-19: focus on divisions
Iberia: targets1
Enel Group
Investor Relations
Capex2 (€bn)
EBITDA (€bn)
~3.13
~1.03
~1.13
~1.13
~0.6
~0.7
~0.7
~0.4
~0.5
~0.4
2015
2016
2017
Conventional generation and Retail
1.
2.
3.
Gross of disposals
Gross Capex
Including Services
~3.13
~3.23
~1.8
~1.7
~1.8
~1.3
~1.4
~1.4
2015
2016
2017
Networks
63
Strategic plan 2015-19: focus on divisions
Latam: targets1
Enel Group
Investor Relations
Capex2 (€bn)
EBITDA (€bn)
~4.23
~4.33
~3.73
~1.0
2015
~1.83
~1.73
~1.0
~1.0
~0.8
Gross of disposals
Gross Capex
Including Services
~2.1
~2.5
~2.5
2016
2015
2016
~0.7
2017
Conventional generation
1.
2.
3.
~1.8
~1.6
~2.13
~1.1
~1.7
2017
Networks
64
Strategic plan 2015-19: focus on divisions
East Europe operations: targets1, 2
Enel Group
Investor Relations
Capex3 (€bn)
EBITDA (€bn)
~0.6
~0.6
2016
2017
~0.5
1.
2.
3.
~0.3
~0.3
~0.3
2015
2016
2017
Net of assets held for sale
Gross of disposals
Gross Capex
2015
65
Strategic plan 2015-19: focus on divisions
Renewables: targets1
Enel Group
Investor Relations
Capex2 (€bn)
~2.1
2015
1. Net of disposals
2. Gross Capex
EBITDA (€bn)
~2.1
2016
~2.0
~1.9
~1.8
2017
2015
2016
~2.1
2017
66
Strategic plan 2015-19
Capex plan (€bn)
Enel Group
Investor Relations
34.0
2.6
6.7
0.7
7.8
0.8
7.0
0.6
6.4
0.4
6.4
0.4
6.4
0.4
31.4
6.0
7.0
6.4
6.0
6.0
6.0
2014
2015
2016
2017
2018
2019
2015-19
Contributions
Net capex
By business
By country
Italy
40%
45%
Latam
Networks
28%
34.0
17%
Renewables
Retail
34.0
Generation
Other
22%
3%
2%
28%
Iberia
New countries
4%
9%
2%
North America
Rest of Europe
67
Strategic plan 2015-19
New CO2 reduction Target
Enel Group
Investor Relations
CO2 specific emissions performance and target of reduction
(gCO2/kWheq.)
618
-32%
-35%
-15%
465
418
1990 2007
396
396
395
2012 2013 2014
<380
Carbon
Neutrality
2020
2050
68
FY 2014 results
annexes
FY 2014 results
From EBITDA to Net Income(€mn)
Enel Group
Investor Relations
FY14
Reported
FY13
Reported
Restated1
% vs
FY14
Ordinary2
FY13
Ordinary2
Restated1
% vs
15,757
16,691
-5.6
15,502
15,769
-1.7
D&A
(12,670)
(6,951)
(6,243)
(5,973)
EBIT
3,087
9,740
9,259
9,796
(3,130)
(2,804)
(3,130)
(2,867)
Net income from equity
investments using equity method
(35)
217
142
217
EBT
(78)
7,153
6,271
7,146
Income tax
850
(2,373)
(2,007)
(2,432)
Net income3
772
4,780
4,264
4714
(255)
(1,545)
(1,270)
(1,595)
517
3,235
2,994
3,119
EBITDA
Net financial charges
Minorities
Group net income
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
-68.3
n.s.
-84.0
-5.5
12.2
-4.0
70
FY 2014 results
Focus on taxes (€mn)
Enel Group
Investor Relations
+1,465
2,007
+747
-366
+77
2,222
-243
+1,392
-850
Income Taxes Tax credit on
2014
extraordinary
items
Impairment
impact and
capital gains
Extraordinary items
Ordinary
taxes
Deferred
Taxes
(RHT)
Deferred
taxes - tax
reform
LATAM
Deferred
taxes - tax
reform
Spain
Other
Pro-forma
taxes 2014
Ordinary items
Proforma tax rate equal to 33.7%
71
FY 2014 results
Group reported EBITDA evolution (€mn)
Enel Group
Investor Relations
-5.6%
16,691
+79
+215
-29
+8
-89
-352
+158
-924
1,022
15,757
1,780
98
1,938
3,443
3,091
S&H
3,195
3,203
EGP
1,293
1,204
Latam
Iberia
4,008
I&N
International
Italian operations
5,958
866
1,084
FYM13
restated1
6,223
Market
GEM
G&EM
Italy2
Market
Italy
I&N
Italy
International Iberia
Latam
EGP3
1. 2013 restated due to the application of IFRS 11
2. Including non recurring items of +50 €mn (remeasurement of fair value of SE Hydropower)
3. Including non recurrent items of +123 €mn (El Salvador settlement)
4. Including the Engineering & Research division and elisions. Including non recurring item of +82 €mn (Arctic Russia price adjustment)
I&N
3,979
Market
GEM
1,081
1,163
S&H4
FYM14
72
FY 2014 results: EBITDA evolution
G&EM Italy (€mn)
Enel Group
Investor Relations
+7.3%
+170
1,084
FY13
restated1
-19
1,163
Other2
FY14
-72
Generation
margin
1. Due to the application of IFRS 11
2. Including non recurring item of +50 €mn remeasurement of fair value of SE Hydropower
Gas
margin
73
FY 2014 results: EBITDA evolution
Market Italy (€mn)
Enel Group
Investor Relations
+24.8%
+239
-24
1,081
Free
market
Regulated
market
FY14
866
FY13
restated
74
FY 2014 results: EBITDA evolution
Infrastructure & Networks Italy (€mn)
Enel Group
Investor Relations
-0.7%
4,008
FY13
restated
-235
Energy
margin
-103
Connection
fees
+309
Other
3,979
FY14
75
FY 2014 results: EBITDA evolution
International (€mn)
Enel Group
Investor Relations
-6.9%
-12.3%
1,293
+80
1,373
-171
+10
+33
-41
399
1,204
358
Enel Russia
France, Belgium, EIH4
SEE3
Slovakia
289
708
+10
299
537
-23
FY13
restated1
Other
items2
1. Due to the application of IFRS 11
2. Pertaining to Enel Investment Holding
FY13
restated1
adjusted
3. Romania and Greece
4. Enel Investment Holding
Slovakia
SEE3
France, Enel Russia
Belgium,
EIH4
FY14
76
FY 2014 results: EBITDA evolution
Iberia1 (€mn)
Enel Group
Investor Relations
+0.3%
3,195
FY13
restated2
1. Enel GAAP
2. Due to the application of IFRS 11
-95
+212
-109
3,203
Liberalized
business
Regulated
business
Other
FY14
77
FY 2014 results: EBITDA evolution
Latam1 (€mn)
Enel Group
Investor Relations
-10.2%
3,443(2)
-266
+15
Peru
424 €mn
+68
+102
+28
-294
3,091(3)
Peru
432 €mn
Colombia
1,071 €mn
Colombia
1,097 €mn
Chile
805 €mn
Chile
759 €mn
Brazil
841 €mn
Brazil
787 €mn
Argentina
313 €mn
Argentina
32 €mn
FY13
restated4
Argentina
1. Enel’s GAAP figure
2. Including other items of -11 €mn
Brazil
Chile
3. Including other items of -16 €mn
4. Due to the application of IFRS 11
Colombia
Peru
Forex
effect
FY14
78
FY 2014 results: EBITDA evolution
Renewables (€mn)
Enel Group
Investor Relations
+8.9%
+2.0%
+123
1,780
+6
-1
+30
+1,938
1,815
246
276
203
202
North America
Latin America
1,331
FY13
restated1
1,337
Europe
Europe
Latin
America
1. Due to the application of IFRS 11
2. Non recurrent items of +123 €mn (El Salvador settlement)
North
America
FY14
Recurring
Non
recurring2
FY14
79
FY 2014 results: EBITDA evolution
Other1 (€mn)
Enel Group
Investor Relations
n.s.
+1,022
-42
-882
+98
FY13
Services
1. Including Services & Holding, Engineering & Research, upstream gas and nuclear activities
Other
FY14
80
FY 2014 results
Forward sales
Enel Group
Investor Relations
Italy
Spain
Latam
95%
75%
35%
75%
65%
5%
2015
2016
2015
2016
2015
2016
55.2
47.4
57.6
56.2
70.1
72.3
Hedged
Unhedged
Average price €/MWh
81
Financial annexes: FY 2014
From Gross Debt to Net Debt (€mn)
Enel Group
Investor Relations
Short-term debt
57,032
6,561
8,377
-1,174
13,088
Tariff deficit
37,383
Long-term debt
48,655
Gross Debt 2014
Financial receivables
Cash and cash equivalent
Net Financial Position
FY13
58,047
-10,611
(o.w. TD -3,177)
-7,730
39,706
Change YoY
%
-1.7%
-38.2%
+69.3%
-5.9%
82
Financial annexes: FY 2014
Gross debt maturity profile and structure (FY 2014)
Enel Group
Investor Relations
Interest rate composition
Debt maturity
Floating
Maturity
< 2017
23%
30%
70%
77%
Maturity
> 2017
Currency composition1
Other
Third party debt composition
2%
Latam
currencies
East Europe
7%
10%
Iberia
65%
EUR
Italy
3%
7%
Renewables
16%
1.
Long term only
Enel
35%
1%
GBP
USD
Fixed +
Hedged
7%
8%
Latam
39%
EFI
83
Financial annexes: FY 2014
Debt Structure by Instrument 2014
Enel Group
Investor Relations
Third Parties view
Debt by instrument
Bonds
Enel Spa
EFI
Italy
Eastern
Latam Renewables Europe
& Other
Iberia
Total
19.65
19.91
-
0.15
3.82
-
0.27
Bank Loans
-
-
3.66
0.50
0.39
2.90
0.40
Tax Partnership
-
-
-
-
-
0.79
-
Other Loans
-
-
-
0.56
0.57
0.21
-
0.43
-
0.10
0.06
-
0.03
0.03
-
2.40
-
0.20
-
-
-
43.80
7.85
0.79
1.34
0.65
2.60
20.08
22.31
3.76
1.47
4.78
3.93
0.70
57.03
Financial Receivables
-
-
-1.26
-0.53
-0.67
-0.42
-0.22
Tariff Deficit
-
-
-
-1.17
-
-
-
-3.10
-1.17
Other short term financial
receivables
-0.67
-
-1.35
-0.02
-0.05
-0.19
-0.01
Cash
-6.97
-1.01
-0.18
-0.65
-2.31
-0.33
-1.64
-2.29
-13.09
12.44
21.30
0.97
-0.90
1.75
2.99
-1.17
37.38
Other short term debt
Commercial Paper
Gross debt
Net Debt
84
Financial annexes
Debt maturity coverage
Enel Group
Investor Relations
~26.5
Long term
committed
credit lines1
Cash
~13.4
~13.1
FY 2014
1.
~25.8
Short term
~8.4
~3.3
Long term
~5.1
< 12m
~5.8
~4.9
~7.2
~4.9
2016
2017
2018
2019
Lines with maturities after December 2015 (including 9.4 €bn revolving forward start credit facility)
After 2019
85
FY 2014
Balance sheet
Enel Group
Investor Relations
FY13
restated
FY14
Net financial debt
39,706
37,383
-5.9
Shareholders’ equity
52,832
51,145
-3.2
Net capital employed
92,538
88,528
-4.3
€mn
%
86
FY 2014
Generation & Energy Management - Italy
Enel Group
Investor Relations
FY13
restated
FY14
22,798
22,606
-0.8
1,084
1,163
+7.3
EBIT
493
(1,539)
n.s.
Capex
313
285
-8.9
5,621
5,314
-5.5
€mn
Revenues
EBITDA
Headcount
%
87
FY 2014
Market - Italy
Enel Group
Investor Relations
FY13
restated
FY14
16,921
15,226
-10.0
EBITDA
866
1,081
+24.8
EBIT
362
455
+25.7
99
111
+12.1
3,687
3,633
-1.5
€mn
Revenues
Capex
Headcount
%
88
FY 2014
Infrastructure & Network - Italy
Enel Group
Investor Relations
FY13
restated
FY14
Revenues
7,698
7,366
-4.3
EBITDA
4,008
3,979
-0.7
EBIT
3,028
2,943
-2.8
Capex
1,046
996
-4,8
17,689
17,398
-1.6
€mn
Headcount
%
89
FY 2014
International
Enel Group
Investor Relations
FY13
restated
FY14
Revenues
6,296
5,278
-16.2
EBITDA
1,293
1,204
-6.9
EBIT
(23)
(2,682)
n.s.
Capex
924
936
+1.3
11,439
10,403
-9.1
€mn
Headcount
%
90
FY 2014
Iberia
Enel Group
Investor Relations
FY13
restated
FY14
21,123
20,900
-1.1
EBITDA
3,195
3,203
+0.3
EBIT
1,382
1,240
-10.3
845
993
+17.5
10,933
10,500
-4.0
€mn
Revenues
Capex
Headcount
%
91
FY 2014
Latam
Enel Group
Investor Relations
FY13
restated
FY14
Revenues
9,551
9,647
+1.0
EBITDA
3,443
3,091
-10.2
EBIT
2,385
1,549
-35,1
Capex
1,315
1,609
+22.4
11,608
12,301
+6.0
€mn
Headcount
%
92
FY 2014
Renewables
Enel Group
Investor Relations
FY13
restated
FY14
Revenues
2,769
2,921
+5.5
EBITDA
1,780
1,938
+8.9
EBIT
1,205
1,124
-6.7
Capex
1,294
1,658
+28.1
Headcount
3,469
3,609
+4.0
€mn
%
93
FY 2014
Other1
Enel Group
Investor Relations
€mn
FY14
%
2,885
2,013
-30.2
Holding
276
246
-10.9
Services
1,447
1,434
-0.9
Engineering & Research
313
347
+10.9
Upstream
967
84
-91.3
EBITDA3
1,022
98
-90.4
Holding
(65)
(80)
-23.1
Services
137
105
-22.8
14
12
-14.3
936
61
-93.5
Revenues2
Engineering & Research
Upstream
1.
2.
3.
FY13
restated
Including Services & Holding, Engineering & Research, upstream gas
Including Other & Elisions of -118€mn in FY13 and -98€mn in FY14
Including Other & Elisions of 0€mn in FY13and 0€mn in FY14
94
FY 2014
Other1 - Continued
Enel Group
Investor Relations
€mn
FY13
restated
FY14
%
EBIT2
908
(3)
-100.3
Holding
(74)
(92)
-24.3
37
21
-41.7
9
8
-11.1
936
60
-93.6
Capex
84
113
+34.5
Holding
13
11
-15.4
Services & other
60
88
+46.7
Engineering & Research
3
2
-33.3
Upstream
8
12
+50.0
5,803
5,896
-1.6
789
791
+0.3
Services & other
3,865
3,803
-1.6
Engineering & Research
1,190
1,161
-2.4
52
48
-7.7
Services & other
Engineering & Research
Upstream
Headcount
Holding
Upstream
1. Including Services & Holding, Engineering & Research, upstream gas
2. Including Other & Elisions of 0€mn in FY13 and 0€mn in FY14
95
FY 2014
Capex by business area (€mn)1
Enel Group
Investor Relations
+13.2%
6,701
5,920
S&H 2
EGP
84
113
1,658
+34.5%
+28.1%
1,294
Latam
Iberia
1,609
+22.4%
845
993
+17.5%
924
936
+1.3%
1,046
996
99
313
111
285
-4.8%
+12.1%
-8.9%
FY13
FY14
1,315
International
I&N
Market
GEM
1. Continuing operations, gross of contributions
2. Including Services & Holding, Engineering & Research, upstream gas
96
Operational annexes
Operational annexes
Production mix (TWh)
+0.8%
71.2
Group production mix
Enel Group
Investor Relations
71.8
0.7%
10.1%
0.4%
8.6%
47.3%
49.2%
9.4%
9.7%
32.5%
32.1%
Italy
+0.5%
281.8
283.1
10.4%
10.5%
14.0%
13.2%
28.8%
29.0%
FY13
restated
FY14
+0.3%
14.4%
13.8%
6.6%
7.3%
25.8%
26.2%
FY13
restated
Other renewables
Hydro
210.6
Other
countries
FY14
Coal
Nuclear
Oil & gas
CCGT
211.3
13.7%
13.9%
15.3%
14.7%
22.6%
22.1%
19.2%
18.5%
5.7%
6.5%
23.5%
24.3%
FY13
restated
FY14
98
FY2014 Group total net installed capacity1
Breakdown by source and location
Enel Group
Investor Relations
Hydro
Other
ren.
Nuclear
Coal
Oil & gas
ST/OCGT
TOTAL
Italy
12,698
1,662
-
6,486
5,199
10,778
36,823
Iberia
4,764
1,793
3,318
5,306
5,445
2,923
23,549
Centrel
2,329
28
1,814
797
-
-
4,968
19
847
-
-
406(2)
-
1,272
9,843
2,809
-
836
4,253
2,642
20.383
Russia
-
-
-
3,623
809
4,675
9,107
Other countries
(South Africa)
-
10
-
-
-
-
10
29,653
7,149
5,132
17,048
16,112
21,018
96,112
MW
SEE
Americas
TOTAL
1.
2.
Including Group renewable capacity
3. Including 406 MW of installed capacity in Belgium
CCGT
99
FY2014 Group total net production1
Breakdown by source and location
Enel Group
Investor Relations
GWh
Hydro
Other
ren.
Nuclear
Coal
CCGT
Oil & gas
ST/OCGT
TOTAL
Italy
23,058
6,928
-
35,362
6,198
278
71,824
Iberia
8,899
4,238
24,762
24,365
5,538
6,238
74,040
Centrel
4,225
52
14,420
1,853
-
-
20,550
2,153 (2)
-
-
690(3)
-
2,876
38,100
7,185
-
2,157
19,720
4,265
71,427
Russia
-
-
-
18,254
5,249
18,873
42,376
Other countries
(South Africa)
-
8
-
-
-
-
8
74,315
20.564
39,182
81,991
37,395
29.654
283,101
SEE
Americas
TOTAL
1.
2.
3.
33
Including Group renewable production
Including 347 GWh of net production in France and Belgium
Including 690 GWh of net production in France and Belgium
100
FY2014 Enel Green Power net installed capacity:
Breakdown by source and location
Enel Group
Investor Relations
Hydro
Geothermal
Wind
Other
TOTAL
Europe
1,574
761
3,202
298
5,835
Latam
732
-
829
137
1,698
North America
318
72
1,665
28
2,083
Other countries
(South Africa)
-
-
-
10
10
MW
TOTAL
2,624
833
5,696
473
9,626
101
FY2014 Enel Green Power net production
Breakdown by source and location
Enel Group
Investor Relations
GWh
Hydro
Europe
7,352
Wind
Other
TOTAL
5,547
7,349
414
20,662
3,187
-
1,238
29
4,454
North America
913
407
5,309
45
6,674
Other countries
(South Africa)
-
-
-
8
8
Latam
TOTAL
11,452
Geothermal
5,954
13,896
496
31,798
102
Contact us
Enel Group
Investor Relations
Investor Relations Team ([email protected])
Tel. +39 06 8305 7975
Visit our website at:
www.enel.com (Investor Relations)
103
Disclaimer
Enel Group
Investor Relations
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, Alberto De
Paoli, declares that the accounting information contained herein correspond to document
results, books and accounting records.
104