1 q 2007 consolidated results

1Q2007 Consolidated ResultsLuigi Ferraris - Executive VP Accounting, Planning and Control1Q2007 Consolidated ResultsLuigi Ferraris - Executive VP Accounting, Planning and Control

Rome, May 9, 2007Rome, May 9, 2007

Enel SpAInvestor Relations


22

1Q2007 Results1Q2007 Results

AgendaAgenda

Questions & Answers

Annexes

33



Financial highlightsFinancial highlights

Revenues 10,251 9,728 -5,1

EBITDA 2,107 2,332 +10,7

Group net income 842 943 +12,0

Net debt 11,6901 14,994 +28,3

Revenues 10,251 9,728 -5,1

EBITDA 2,107 2,332 +10,7

Group net income 842 943 +12,0

Net debt 11,6901 14,994 +28,3

1Q06 1Q07 %

1. As of December 31, 20061. As of December 31, 2006

1Q2007 Results

€mn

44



Operational data: Enel’s total electricity sales (TWh)Operational data: Enel’s total electricity sales (TWh)

37.5 35.4

2.5 7.7

1Q2007 Results

Italy

International

43.140.0

+7.8%+7.8%

1Q071Q06

55



28.6 22.3

52.751.7

7.413.1

Operational data: Italian market overview (TWh)Operational data: Italian market overview (TWh)

1Q2007 Results

Pumped storage consumption

Net production

Import85.186.5

Enel Net production

-2.2 -2.0

-1.6%-1.6%

1Q071Q06

66



4.9 8.331.0 31.4

32.6 27.1

12.5

Operational data: Enel’s domestic electricity salesOperational data: Enel’s domestic electricity sales

1Q2007 Results

Electricity – Total market sales1 (TWh)

-1.6%-1.6%

+3.2%+3.2%

-16.9%-16.9%

+1.3%+1.3%

+69.4%+69.4%

Regulated market

Freemarket

Other

Enel

Other

Enel

81.0 79.7

12.9

1. Excluding losses on the grid. Data relating to other operators are Enel’s estimates2. Including Dual Energy1. Excluding losses on the grid. Data relating to other operators are Enel’s estimates2. Including Dual Energy

Free customers2 (thousand)

458

57

1Q071Q06

77



15.912.2

5.5

5.3

8.1

8.3

Operational data: Italian gas market overview (bcm)Operational data: Italian gas market overview (bcm)

1Q2007 Results

Thermoelectric

Other

Industrials

Residential & Commercial

30.0

26.2

-12.7%-12.7%

1Q071Q06

0.5

0.4

Source: Ministry of the Economic Development and Enel estimatesSource: Ministry of the Economic Development and Enel estimates

88



Operational data: Enel’s domestic gas salesOperational data: Enel’s domestic gas sales

2.11.8

1Q2007 Results

Gas – Total volumes sold (bcm) Gas – Enel customers (thousand)

2,205 2,347

-14.3%-14.3% +6.4%+6.4%

1Q071Q06 1Q071Q06

99



Operational data: Group total production (TWh)Operational data: Group total production (TWh)

1Q2007 Results

28.6

22.3

9.3

3.4

-1.3%-1.3%

32.0 31.6

Domestic

International

1Q071Q06

1010



Operational data: Group total production mix (%)Operational data: Group total production mix (%)

1Q2007 Results

19.8 22.8

5.85.6

13.0

31.013.6

17.131.0

10.5

29.8

-1.3%-1.3%

Other renewables

Coal

Nuclear

Gas CCGT

Hydro

Oil & Gas ST/OCGT

32.0 TWh 31.6 TWh

1Q071Q06

1111



64.6 62.9

3.23.2

Operational data: Group total electricity distributionOperational data: Group total electricity distribution

1Q2007 Results

-2.5%-2.5%

Electricity – Volumes distributed (TWh)

67.8 66.1

Domestic

International

1Q071Q06

1212



Operational data: Enel’s domestic gas distributionOperational data: Enel’s domestic gas distribution

1.8

1.4

1,965 2,036

1Q2007 Results

-22.2%-22.2% +3.6%+3.6%

Gas – Volumes distributed (bcm) Gas – End users (thousand)

1Q071Q06 1Q07 1Q06

1313



EBITDA evolution (€mn)EBITDA evolution (€mn)

1Q2007 Results

+225+225

57114

317176

905846

985

928

68

43

2,107 +25 +57+59

+141 -57 2,332

1Q071Q06 Market G&EM I&R International S&H

1. Including intercompany adjustments1. Including intercompany adjustments

G&EMMarket

N&IInternational

S&H 1

1414



+25+25

43

+13

68+12

EBITDA evolution: domestic market division (€mn)EBITDA evolution: domestic market division (€mn)

1Q2007 Results

1Q071Q06 Regulatedmarket

Freemarket

1515



EBITDA evolution: domestic G&EM division (€mn)EBITDA evolution: domestic G&EM division (€mn)

1Q2007 Results

+57+57

1Q071Q06 Generationmargin

Fair valueBilateral contractswith SB

Nonrecurring

928 +8

+141 -92 985

1616



846 894

EBITDA evolution: domestic I&N division (€mn)EBITDA evolution: domestic I&N division (€mn)

1Q2007 Results

+59+59

846 +48+11 905

1Q071Q06 Electricity Gas

1717



44

189

30

27

11

31

54

19

72

12

Iberia Slovakia Romania Bulgaria NorthAmerica

SouthAmerica

Russia France

EBITDA evolution: international division (€mn)EBITDA evolution: international division (€mn)

1Q2007 Results

-30+141+141

176 -18

+189 -3317

-29-7 +20 +1 -12

1

15-12

1Q071Q06

IberiaSlovakiaRomaniaBulgariaNorth AmericaSouth AmericaRussiaFrance

1818



EBITDA evolution: services & holding1 (€mn)EBITDA evolution: services & holding1 (€mn)

1Q2007 Results

1. Including intercompany adjustments1. Including intercompany adjustments

-57-57

114-52

-23 57+18

1Q071Q06 Import Nonrecurring

Other

1919



Net debt evolution (€mn)Net debt evolution (€mn)

1Q2007 Results

-3,304-3,304

Cash flow from

operationsCapex

Extra-ordinary activities

Net financial charges

-11,690 +1,871

-698

-14,994-4,330 -147

1Q07FY06



2020

1Q07 Results

Questions and Answers

AnnexesAnnexes

AgendaAgenda



2121

34.5

14.9

26.0

33.0

19.3

21.3

15.224.3

5.0 6.5

CCGT

Hydro

Coal

Oil & Gas

Otherrenewables

Operational data: Enel’s domestic production mix (%)

22.3TWh28.6TWh

-6.3TWh -22.0%

1Q071Q06



2222

2.0

62.3

25.8

23.7

26.5

44.2

3.412.0

Nuclear

Hydro

Coal

Oil & Gas

Otherrenewables

Operational data: Enel’s International production mix (%)

9.3TWh9.3TWh3.4TWh3.4TWh

+5.9TWh +173.5%

0.1

1Q071Q06



2323

Income statement

€ mn 1Q06 1Q07 %

Operating revenues

Operating costs

EBITDA

% of revenues

EBIT

% of revenues

10,251

7,967

2,107

21%

1,583

15%

9,728

7,396

2,332

24%

1,709

18%

-5.1%

-7.2%

10.7%

8.0%



2424

From EBIT to EPS

€ mn 1Q06 1Q07 %

EBIT

Net financial charges

EBT

Net income (including third parties)

Group net income

EPS (€)

1,583

-131

1,452

875

842

0.14

1,709

-125

1,584

987

943

0.15

8.0%

-4.6%

9.1%

12.8%

12.0%



2525

Balance sheet

€ mn FY06 1Q07 %

Net financial debt

Shareholders' equity

Net capital employed

11,690

19,025

30,715

14,994

20,521

35,515

28.3%

7.9%

15.6%



2626

EBIT by business area (€mn)EBIT by business area (€mn)

91 32

127 193

652 697

695754

18

33

Market

G&M

I&N

International

S&H

1,7091,583

+126mn +8.0%

+83.3%

+8.5%

+6.9%

+52.0%

-64.8%

1Q071Q06



2727

5,615

68

33

4

5,147

MarketMarket

€ mn 1Q06 1Q07

Revenues

EBITDA

EBIT

Capex

Headcount

5,889

43

18

9

5,176 1




2828

Generation & Energy ManagementGeneration & Energy Management

€ mn 1Q06 1Q07

4,023

985

754

223

9,569

Revenues

EBITDA

EBIT

Capex

Headcount

4,536

928

695

151

9,573 1




2929

1,383

1,262

121

905

823

82

697

638

59

315

24,244

€ mn 1Q06 1Q07

Revenues

Power

Gas

EBITDA

Power

Gas

EBIT

Power

Gas

Capex

Headcount

1,375

1,261

114

846

775

71

652

599

53

288

24,701

Infrastructure & NetworkInfrastructure & Network

1




3030

International activitiesInternational activities

€ mn 1Q06 1Q07

1,059

317

193

144

13,821

Revenues

EBITDA

EBIT

Capex

Headcount

607

176

127

37

13,861 1




3131

482

210

272

53

-11

64

28

-15

43

Services & HoldingServices & Holding

€ mn 1Q06 1Q07

Revenues

Holding

Services and other

EBITDA

Holding

Services and other

EBIT

Holding

Services and other

540

304

236

108

68

40

85

65

20

1. Excluding inter-company adjustments equal to €4mn in 1Q07 and €6mn in 1Q06 respectively1. Excluding inter-company adjustments equal to €4mn in 1Q07 and €6mn in 1Q06 respectively

1

1



3232

Services & Holding - ContinuedServices & Holding - Continued

12

1

11

5,317

681

4,636

€ mn 1Q06 1Q07

Capex

Holding

Services and other

Headcount

Holding

Services and other

15

0

15

5,237

652

4,585

1




3333

Capex by business area (€mn)Capex by business area (€mn)

15 1237

144

288

315

151

223

9

4Market

G&M

I&N

International

Services & Holding

698

500

+198mn +39.6%

-55.6%

+47.7%

+9.4%

+289.2%

-20.0%

1Q071Q06



3434

Debt structureDebt structure

€ mn %

+3.7%

+325.9%

206.8%

+28.3%

Long-term

Short-term2

Cash3

Net debt

FY06

11,104

1,409

-823

11,690

1Q071

11,518

6,001

-2,525

14,994

1 Including both continuing and discontinued operations2 Including current maturities of long-term debt3 Including factoring and other current receivables

Average debt maturity: 5 years and 6 months

Average cost of debt: 4.7%

(Fixed+hedged)/Total long-term debt: 81%

(Fixed+hedged)/Total net debt: 62%

Rating:

S&P’s = A+/A-1 C.W. negative; Moody’s = Aa3/P-1 C.W. negative



3535

DisclaimerDisclaimer

THESE SLIDES HAVE BEEN PREPARED BY THE COMPANY SOLELY FOR THE USE AT ENEL’S CONFERENCE CALL ON FIRST QUARTER 2007 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 ANALYST PRESENTATION.

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 ABOVE CONFERENCE 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 RESULTS 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 EXPENDITURES.



3636

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[email protected]

Visit our website at:

www.enel.it (Investor Relations)

Investor Relations Team:

1 q 2007 consolidated results

Sports

enel netproduction

enel estimates7

bcm gas enel customers

domestic market division

net production

group total production

international division

enels domestic production