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

1Q2007 Results1Q2007 Results

AgendaAgenda

Questions & Answers

Annexes

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

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

International

43.140.0

+7.8%+7.8%

1Q071Q06

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

4.9 8.331.0 31.4

32.6 27.1

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

81.0 79.7

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)

1Q071Q06

15.912.2

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

1Q2007 Results

Thermoelectric

Industrials

Residential & Commercial

-12.7%-12.7%

1Q071Q06

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

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

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

1Q2007 Results

-1.3%-1.3%

32.0 31.6

Domestic

International

1Q071Q06

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

1Q2007 Results

19.8 22.8

5.85.6

31.013.6

17.131.0

-1.3%-1.3%

Other renewables

Nuclear

Gas CCGT

Oil & Gas ST/OCGT

32.0 TWh 31.6 TWh

1Q071Q06

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

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

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

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

1Q2007 Results

+225+225

317176

905846

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

+25+25

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

1Q2007 Results

1Q071Q06 Regulatedmarket

Freemarket

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

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

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

1Q071Q06

IberiaSlovakiaRomaniaBulgariaNorth AmericaSouth AmericaRussiaFrance

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

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

-14,994-4,330 -147

1Q07FY06

1Q07 Results

Questions and Answers

AnnexesAnnexes

AgendaAgenda

15.224.3

5.0 6.5

Oil & Gas

Otherrenewables

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

22.3TWh28.6TWh

-6.3TWh -22.0%

1Q071Q06

3.412.0

Nuclear

Oil & Gas

Otherrenewables

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

9.3TWh9.3TWh3.4TWh3.4TWh

+5.9TWh +173.5%

1Q071Q06

Income statement

€ mn 1Q06 1Q07 %

Operating revenues

Operating costs

EBITDA

% of revenues

10,251

From EBIT to EPS

€ mn 1Q06 1Q07 %

Net financial charges

Net income (including third parties)

Group net income

EPS (€)

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

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

127 193

652 697

695754

Market

International

1,7091,583

+126mn +8.0%

+83.3%

+52.0%

-64.8%

1Q071Q06

MarketMarket

€ mn 1Q06 1Q07

Revenues

EBITDA

Headcount

5,176 1

Generation & Energy ManagementGeneration & Energy Management

€ mn 1Q06 1Q07

Revenues

EBITDA

Headcount

9,573 1

24,244

€ mn 1Q06 1Q07

Revenues

EBITDA

Headcount

24,701

Infrastructure & NetworkInfrastructure & Network

International activitiesInternational activities

€ mn 1Q06 1Q07

13,821

Revenues

EBITDA

Headcount

13,861 1

Services & HoldingServices & Holding

€ mn 1Q06 1Q07

Revenues

Holding

Services and other

EBITDA

Holding

Services and other

Holding

Services and other

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

Services & Holding - ContinuedServices & Holding - Continued

€ mn 1Q06 1Q07

Holding

Services and other

Headcount

Holding

Services and other

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

15 1237

4Market

International

Services & Holding

+198mn +39.6%

-55.6%

+47.7%

+289.2%

-20.0%

1Q071Q06

Debt structureDebt structure

€ mn %

+325.9%

206.8%

+28.3%

Long-term

Short-term2

Net debt

11,104

11,690

11,518

-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

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.

Contact usContact us

Luca Torchia: +39 06 8305 3437

Massimiliano Bevignani: +39 8305 7023

Donatella Izzo: +39 06 83057449

Ijung Park: +39 06 83052062

Fausto Sblandi: +39 06 83052226

Federica Todaro: +39 06 8305 9502

investor.relations@enel.it

Visit our website at:

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Investor Relations Team:

1 q 2007 consolidated results

enel netproduction

enel estimates7

bcm gas enel customers

domestic market division

net production

group total production

international division

enels domestic production

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