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Enel SpA
                       Investor Relations




2012 Interim Results



August 2, 2012
Enel SpA
                           Investor Relations



Agenda




  • Opening remarks

  • 2012 Interim Results

  • Annexes




                             1
Enel SpA
                            Opening remarks                                                                            Investor Relations



              Electricity demand1 vs. plan assumptions



                         Electricity demand 1H2012                                       Electricity demand 2011-2016 CAGR



                   1H12 actual             -2.1%
                                            2.1%                                                  Italy       +1.2%
                                                                                                              +1 2%
Italy
                   FY12 budget                                +0.4%


                   1H12 actual                        -0.1%                                     Spain2         +1.5%
Spain2
                   FY12 b d t
                        budget                    -0.8%
                                                   0 8%


                   1H12 actual                                  +1.7%                           Russia        +1.3%
Russia
                   FY12 budget                                 +1.0%


                   1H12 actual                      -0.1%                                      Slovakia        +1.8%
Slovakia
                   FY12 budget                                  +1.6%


                   1H12 actual                                               +5.0%             Latam3,4                 +5.1%
Latam3,4
                   FY12 budget                                            +4.4%



                                                                 Budget     Mature markets   Growth markets
1.   Data not adjusted for working days and temperatures
2.   Peninsular
3.   Brazil, Chile (CIS), Colombia, Peru, Argentina                                                                      2
4.   Average demand growth weighted by production
Enel SpA
                         Opening remarks                                                                         Investor Relations



            Spanish regulation
                                                                                                                   FY12e EBITDA
                                                                                                                   impact (€mn)


                                        ● Decrease of distribution remuneration                                              -278


                                        ● 10% reduction of national coal volumes                                                -9

       Measures
                                        ● 10% reduction of capacity payments                                                    -9
         already
       approved1                        ● Decrease of remuneration of extra peninsular generation
                                                                      extra-peninsular                                       -100
                                                                                                                              100


                                        ● Direct impact on Supreme Court resolution on social bonus                          +112


                                        ● Potential claim of historical social bonus financing (non-recurring)         +80 / +100


                                                                                                         TOTAL ~       -204 / -184



                        Strong commitment to minimize any potential negative
                                 impact of new regulatory measures


1.   Royal Decree 13/2012 and 20/2012
                                                                                                                   3
Enel SpA
     Opening remarks                                         Investor Relations



Latam rationalization process (1/2)




            92%


             Endesa
             E d                                  Other
                                                  Oth
              Latam                           shareholders

           60.6%                                     39.4%



                   Assets                     Cash




                               ENERSIS




                        One platform for growth

                                                               4
Enel SpA
     Opening remarks                                                 Investor Relations



Latam rationalization process (2/2)




      Consolidated industrial position in Latin American countries




         Larger financial resources to finance growth in Latam




   Increased visibility and value enhancement of LatAm subsidiaries




           Cash to fuel growth and assets consolidation

                                                                       5
Enel SpA
                           Investor Relations



Agenda




  • Opening remarks

  • 2012 Interim Results

  • Annexes




                             6
Enel SpA
                            2012 Interim results                                                Investor Relations



            Financial highlights: consolidated




             €mn                                               1H11               1H12                %


             Revenues                                         38,391             40,692          +6.0

             EBITDA                                            8,929              8,282            -7.2

                    - recurring1,2                             8,512              8,282            -2.7

             EBIT                                              6,072              5,341          -12.0

             Group net income                                  2,552              1,821          -28.6
                                                          1
             Group net ordinary income                         2,305              1,640          -28.9
                                                                       (3),(4)            (4)
             Net debt                                         44,629
                                                              44 629             47,572
                                                                                 47 572          +6.6
                                                                                                 +6 6




1.   Excluding capital gains, losses and one-off items.
2.   Including EGP fair value adjustment.
3.   As of December 31, 2011
4.   Excluding net debt of assets held for sale                                                   7
Enel SpA
              2012 Interim results                                                  Investor Relations



   From EBIT to Net Income



 €mn                                                            1H11      1H12       %

EBIT                                                            6,072     5,341    -12.0

Net financial charges                                          (1,410)
                                                               (     )   (1,501)   +6.5
   Interest charges                                              1,410     1,437    +1.9
   Other                                                             0        64    n.m.
Net income from equity investments
 et co e o equ ty         est e ts
using equity method                                                63        45    -28.6

EBT                                                             4,725     3,885    -17.8

Income tax                                                     (1,536)   ( ,
                                                                         (1,493)
                                                                               )     2.8
                                                                                    -2.8
Net income (continuing operations & including third parties)    3,189     2,392    -25.0
Minorities                                                      (637)     (571)    -10.4
Group net income                                                2,552
                                                                2 552     1,821
                                                                          1 821    -28.6
                                                                                    28 6




                                                                                      8
Enel SpA
                          2012 Interim results                                                  Investor Relations



          Focus on forward electricity sales

                                          Level of total production hedged (%)

                                        Italy
                                                                            Spain
                            100                  100                100                100
                             ~5                  ~ 30
                                                                                      ~ 60-65

                           ~ 95(1)              ~ 70(1)
                                                                                      ~ 35-40

                           2012                 2013                2012              2013(2)

                                        Latam                              Slovakia
                            100                  100                100                100

                         ~ 20-25                ~ 30-35                                ~ 25


                         ~75-80
                          75 80                                                        ~ 75
                                                ~ 65 70
                                                  65-70


                           2012                 2013                2012               2013
    Unhedged
    Hedged


1. Including roll-over
2. Not including domestic coal output                                                             9
Enel SpA
                          2012 Interim results                                                                                    Investor Relations



          Group EBITDA evolution (€mn)


                                                                                 -7.2%


             8,929             -551
     48                                          +2               -52              -41            +33       -69   +31     8,282
               876
                                                                                                                                   79
                                                                                                                           807



              3,611
              3 611
                                                                                                                          3,644


                                                                                   Other1
               798                                                                 EGP
                                                                                   Iberia & Latam
                                                                                   International                           757
                                                                                   I&N
              2,025
                                                                                   Market
                                                                                   G&EM                                   1,973
               326
                                                                                                                           328
              1,245
                                                                                                                           694

             1H11            G&EM           Market              I&N            Inter-            Iberia &   EGP   Other   1H12
                             Italy           Italy              Italy         national            Latam

1. Including Services & Holding, Engineering & Innovation, upstream gas and nuclear activities                                      10
Enel SpA
     2012 Interim results                                            Investor Relations



EBITDA evolution: G&EM Italy (€mn)



                                  -44.3%




   1,245       -151
                            +73            -261

                                                      -212
                                                       212

                                                              694




    1H11    Generation      Trading   Perimeter and   Other   1H12
             margin         margin     revaluation
                                          effects



                                                                       11
Enel SpA
     2012 Interim results                                   Investor Relations



EBITDA evolution: Market Italy (€mn)



                                     +0.6%


              326             -              +2      328




             1H11            Free        Regulated   1H12
                            market        market




                                                              12
Enel SpA
     2012 Interim results                                   Investor Relations



EBITDA evolution: Infrastructure & Networks Italy (€mn)




                                 -2.6%



                      +119        -35       -136
          2,025                                     1,973




          1H11        Energy   Connection   Other   1H12
                      margin      fees




                                                              13
Enel SpA
                     2012 Interim results                                                     Investor Relations



       EBITDA evolution: International (€mn)



                                                               -5.1%




                          798                  +27       -104
                                                                                    +36     757
                                                                          -
                           229
                                                                                            265
                            22
                                                                                            22
                           190
                                                                                            86
                                                         720
                                                                Russia
                                                                R   i
                                                                France & Belgium
                           357                                  SEE                         384
                                                                Centrel



                         1H11                 Centrel1   SEE2          France      Russia   1H12
                                                                     & Belgium3




1. Slovenské Elektrárne
2. Romanian, Bulgarian and Greek operations                                                       14
3. Including Enel Investment Holding
Enel SpA
                        2012 Interim results                                   Investor Relations



         EBITDA evolution1: Endesa - Iberia2 (€mn)



                                                   +0.4%



                                        +97         -113
                                                     113

                            2,152                              +25     2,161




                            1H11     Liberalized   Regulated   Other   1H12
                                      business     business




1. Enel’s GAAP figures
2. Including Ireland and Marocco                                                 15
Enel SpA
                         2012 Interim results                                           Investor Relations



          EBITDA evolution1: Endesa - Latam (€mn)



                                                       +1.6%



                          1,459       -117         +88          -8     +61      1,483




                          1H11     Generation   Distribution   Other   Forex    1H12
                                                                       effect




1. Enel’s GAAP figures
                                                                                          16
Enel SpA
             2012 Interim results                                                          Investor Relations



     EBITDA evolution: Enel Green Power (€mn)


                                              -7.9%



                                                              +16.1%



      876        -181
                                                          +67          +14       -5          807
      181                                   +36                                                       5
                                 695                                                          71
10                        10
       57                        57
                                                                                             264
      216                        197

                                                      Enel.si
                                                      E l i
                                                      North America
                                                      Iberia and Latin America
      431                        431                                                         467
                                                      Italy and Europe




      1H11        Other         1H11      Italy and     Iberia and      North    Enel.si     1H12
                               adjusted    Europe      Latin America   America




                                                                                             17
Enel SpA
                       2012 Interim results                                                                                                   Investor Relations



        Net debt evolution (€mn)


                                                                                -2,943
                                                                                -2 943
                                                                                             (1)




             December 31,    Cash-flow                   Capex         Net financial               Taxes        Dividends3    Extra-      June 30,
                 2011     from operations                               charges2                                             ordinary       2012
                                                                                                                             activities
    +1(4)                                                                                                                                            +10(4)




                -44,629                                                                                                                   -47,572




                                                         -2,806          -1,283
                                    +4,699                                                    -1,607             -2,002        +65




1. Net debt change calculated on continuing operations    3. Including 497€mn of dividends paid to minorities
2. Net financial charges due to interest expenses         4. Net financial debt of assets held for sale
                                                                                                                                                18
Enel SpA
                           Investor Relations



Agenda




  • Opening remarks

  • 2012 Interim Results

  • Annexes




                             19
Enel SpA
             2012 Interim results - Operational annexes                            Investor Relations



    Production mix (TWh)                                           -3.1%



                                                           39.3            38.1
                                                            1.3%            2.1%
                                                           21.4%           15.7%
    Group production mix

                                           Italy           37.9%           49.6%
            +3.0%
                                                           7.8%
                                                                            8.3%
   144.4               148.7                               31.6%
                                                                           24.3%

    13.2%              11.8%
                                                           1H11            1H12
    16.5%              14.2%

                                                                   +5.2%
    28.4%              31.9%


    13.0%              14.0%                               105.1           110.6
     4.3%               5.1%
                                                           17.6%           15.1%
    24.6%              23.0%
                                                           14.6%           13.7%

   1H11                1H12                International   24.9%           25.9%

                                                           17.8%           18.8%
Other renewables    Coal       Oil & gas                    3.1%            4.0%
Hydro               Nuclear    CCGT                        22.0%           22.5%

                                                           1H11            1H12
                                                                                     20
Enel SpA
                           2012 Interim results - Operational annexes                                                                      Investor Relations


           1H2012 Group total net installed capacity1: breakdown by source
           and location

        MW                       Hydro                   Other         Nuclear                  Coal                CCGT    Oil & gas    TOTAL
                                                          ren.                                                              ST/OCGT

        Italy                  13,652                    1,466                     -         6,746                 5,916     12,021     39,801


       Iberia                    4,729                   1,771            3,535              5,533           4,682(2)       4,781(3)    25,031


     Centrel                     2,329                        7           1,816                  849                    -       400      5,401


         SEE                           19            704(4)                        -                  -            405(5)          -     1,128


   Americas                      9,677                   1,100                     -             488               3,880       2,475    17,620


      Russia                               -                   -                   -         3,623                   809       4,575     9,007


     TOTAL                   30,406                 5,048               5,351            17,239              15,692         24,252      97,988
1. Including Group renewable capacity                     4. Including 166 MW other renewable capacity in France
2. Including 123 MW of installed capacity in Morocco      5. Including 405 MW of installed capacity in Belgium                               21
3. Including 1,013 MW of installed capacity in Ireland
Enel SpA
                          2012 Interim results - Operational annexes                                                                Investor Relations


           1H2012 Group total net production1: breakdown by source and
           location

        GWh                     Hydro               Other         Nuclear                   Coal            CCGT    Oil & gas     TOTAL
                                                     ren.                                                           ST/OCGT

        Italy                  9,264                3,174                     -       18,870               5,967       0,791     38,066


      Iberia                   3,033                2,154          13,734             15,947             3,090(2)   4,766(3)     42,724


     Centrel                   2,355                    16           7,091               1,063                  -          -     10,525


        SEE                          35             695(4)                    -                   -       317(5)           -      1,047


   Americas                  19,441                 1,582                     -             991            9,370       2,865     34,249


      Russia                            -                  -                  -       10,625               2,384       9,085     22,094


     TOTAL                 34,128                   7,621        20,825             47,496               21,128     17,507      148,705
1. Including Group renewable production              4. Including 180 GWh of net production in France
2. Including 458 GWh of net production in Morocco    5. Including 317 GWh of net production in Belgium                                22
3. Including 17 GWh of net production in Ireland
Enel SpA
           2012 Interim results - Operational annexes             Investor Relations


   1H2012 renewables net installed capacity: breakdown by source
   and location


 MW            Hydro        Geothermal          Wind    Other   TOTAL


Italy &
Europe
                1,532           722            1,299      106   3,659



Iberia &
 Latam
                 788               -           1,749      120   2,657



 North
America
                 313             47              830       48   1,238
                                                                1 238




TOTAL         2,633             769           3,878       274   7,554




                                                                    23
Enel SpA
           2012 Interim results - Operational annexes              Investor Relations


   1H2012 renewables net production: breakdown by source and
   location


 GWh           Hydro
               H d o        Geothermal
                            Geothe mal          Wind    Other
                                                        Othe     TOTAL


Italy &
                2,634         2,611            1,205       48    6,498
Europe



Iberia &
               1,836               -           1,962      238    4,036
 Latam



 North
                 565            140            1,217
                                               1 217      110    2,032
                                                                 2 032
America




TOTAL         5,035           2,751           4,384       396   12,566




                                                                     24
Enel SpA
     2012 Interim results - Financial annexes                        Investor Relations



Group EBITDA: regulated/unregulated activities




          1H 2012 EBITDA

             8 282 €mn
             8,282
                                                Stability and high
                                                     visibility

                               10%       50%




                                 40%




         Forward sales and
       hedging procurement
        contracts to protect                    Unregulated
              margin                            Regulated
                                                EGP




                                                                       25
Enel SpA
          2012 Interim results - Financial annexes                      Investor Relations



Enel s long term
Enel’s long-term debt maturity profile (€mn)


        Endesa
        E d
        Enel Group (excluding Endesa)                          34,615
                                                                3,419



Bonds                          3,844

Bank loans and others          1,154

                                                       7,954
                                                       7 954   31,196
                                               7,156
                                       5,931    720    2,259
        4,998                          1,164

        2,827
        2 827
                                                       5,695
                                               6,436
                     1,009             4,767
        2,171            793
                         666
                         343
        <12m            2H13           2014    2015    2016     After
                                                                2016



                         6 years and 8 month
                   Average cost of gross debt: 4.9%
                   A          t f        d bt 4 9%

                                                                          26
Enel SpA
                         2012 Interim results - Financial annexes                                                    Investor Relations



          Enel s
          Enel’s debt maturity profile (€bn)


         Total liquidity available                                                  Debt maturity profile
                                                                                                                   ~34.6

                            ~20.2



        Long term
        committed             ~10.9
       credit lines1



Bilateral revolving
       lines signed                                            ~10.8
       in July 2012           ~0.5
                                                                                                 ~7.2       ~8.0
                                                                58
                                                               ~5.8        (3)

                                                                                   ~9.7   ~5.9
        Cash and              ~8.8
cash equivalents2
                                                                                                                                Short term
                                                                ~5.0             ~1.0
                                                                                                                                Long term


                           1H 2012                              < 12m            2H13     2014    2015      2016   After2016



                             Liquidity available to cover maturities up to 2014
                               q     y                                p

 1. As of 30th of June 2012. Lines with maturities beyond 2014
 2. As of 30th of June 2012
 3. Commercial paper 4.5€bn, short term debt 1.3€bn as of June 30th 2012
                                                                                                                       27
Enel SpA
                    2012 Interim results - Financial annexes                           Investor Relations



        Enel Group liquidity analysis (€mn)



                                                               Amount   Outstanding   Available


    Committed credit lines                                     23,550      10,276      13,274(1)
    Cash and cash equivalents                                       -      (8,845)       8,845
    Total                                                      23,550       1,431      22,119
    Uncommitted lines                                           1,767
                                                                1 767         125        1,642
    Commercial paper                                            9,318       4,495        4,823
    Total liquidity                                            34,635       6,051     28,584




1. Of which 11€bn with maturity after 2014
                                                                                         28
Enel SpA
                        2012 Interim results - Financial annexes                      Investor Relations



            Debt structure1


             • Average debt maturity: 6 years and 8 months
             • Average cost of gross debt2: 4.9%
             • (Fixed+hedged)/Total gross long-term debt: 68%
             • (Fixed+hedged)/Total net debt: 83%
             • Rating:            Standard&Poor’s = BBB+/A-2 Stable Outlook
                                  Moody’s = Baa1/P-2 Under Review
                                  Fitch = BBB+/F2 Rating Watch Negative
                                                         December 31,   June 30,
                  €mn                                                                %
                                                                2011       2012

                  Long-term                                   45,127     53,164    +17.8

                  Short-term3                                 14,471     10,762    -25.6

                  Cash4                                      (14,969)   (16,354)    +9.3

                  Net debt                                    44,629     47,572     +6.6

1.   As of June 30th, 2012
2.   Average cost of net debt equal to 6.1%
3.   Including current maturities of long-term debt
4.   Including factoring and other current receivables                                   29
Enel SpA
                     2012 Interim results - Financial annexes                                                   Investor Relations



        Enel s
        Enel’s group financial debt evolution1


                                           Enel Group (
                                                    p (excluding Endesa)
                                                               g       )              Endesa              Group - Total
                                                                                                              p
 €mn
                                                    12.31.2011   06.30.2012   12.31.2011    06.30.2012    06.30.2012

Bank loans – maturities > 12m                            8,333       13,545         1,585        3,046          16,591
Bonds – maturities > 12m                                32,445       34,356         5,016        4,463          38,819
Preference shares > 12m                                      -            -           180            -               -
Other loans – maturities > 12m                             398          536           746          719           1,255
Financial receivables – maturities > 12m                -2,499       -2,419        -1,077       -1,082          -3,501

Total net LT debt - maturities > 12m                   38,677       46,018         6,450         7,146         53,164

Bank loans – maturities < 12m                           4,199          391          2,695           372            763
Bonds – maturities < 12m                                1,075        1,716          1,398         2,128          3,844
Preference shares < 12m                                     -             -             -           180            180
Other loans – maturities < 12m                            139            64           166           147            211
Financial receivables – maturities < 12m                 -110           -32        -5,522        -5,022         -5,054
Total net LT debt - maturities < 12m                    5,303        2,139        -1,263        -2,195             -56

Other ST bank debt                                        826          207            62            60            267
Commercial paper                                        2,016        3,477         1,188         1,013          4,490
Cash Collateral and other derivatives payables            650          932             -             -            932
Other ST financial debt                                     4           14            53            61             75
ST debt                                                 3,496        4,630         1,303         1,134          5,764

Factoring receivables                                     -370
                                                           370         -301
                                                                        301             -             -            -301
                                                                                                                    301
Cash Collateral and other derivatives receivables       -1,076       -1,526             -             -          -1,526
Other ST financial receivables                            -592         -355          -232          -218            -573
Cash at banks and marketable securities                 -4,313       -6,554        -2,754        -2,346          -8,900
Total net ST debt (incl. current maturities)            2,448       -1,967        -2,946        -3,625          -5,592

Net financial debt
N t fi    i l d bt                                     41,125
                                                       41 125       44,052
                                                                    44 052         3,504
                                                                                   3 504         3,521
                                                                                                 3 521         47,572
                                                                                                               47 572



1. As of June 30th, 2012                                                                                           30
Enel SpA
                  2012 Interim results - Financial annexes                                                                  Investor Relations



      Enel s
      Enel’s group financial debt by subsidiary1



€mn                        Enel SpA         Endesa            EFI2        EIH2 Slovenské               EP2          ED2    Other       Total


Bonds                        17,223         6,591       18,336             297               -            -            -    216     42,663
Bank loans                     3,312        3,418         4,244                -        844           605          2,908   2,023    17,354
Preference shares                     -        180               -             -             -            -            -       -         180
Other loans                    (160) (5,238)                     -             -     (602)         (259)           (466)   (364)   (7,089)
Commercial paper                      -     1,013         3,477                -             -            -            -       -      4,490
Other                       (4,676) (2,443)                 (32)          (14)              9      (108)            (75) (2,687) (10,026)
Total                        15,699
                             15 699         3,521
                                            3 521       26,025
                                                        26 025             283          251           238          2,367
                                                                                                                   2 367   (812)    47,572
                                                                                                                                    47 572




1. As of June 30th, 2012
2. EFI: Enel Financial International; EIH: Enel Investments Holding; EP: Enel Produzione; ED: Enel Distribuzione              31
Enel SpA
                    2012 Interim results - Financial annexes                                        Investor Relations



         Enel s
         Enel’s group financial debt


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


             5.9%       6.1%
  5.5%
                                                 4.9%   4.9%            6.8                          6.8
                                   4.6%                                                6.7




 2010       2011        1H12       2010      2011       1H12            2010          2011          1H12


                Net financial debt (€bn)                        Fixed + Hedged                Fixed + Hedged
                                                                /Total net debt         /Total gross long term debt
                                          47.6
                                          47 6
                                                               93%    96%
             44.9                                                              83%           79%       78%
                            44.6                                                                                68%




             2010           2011          1H12                 2010   2011     1H12          2010      2011      1H12




 1. As of June 30th, 2012                                                                             32
Enel SpA
                    2012 Interim results - Financial annexes                        Investor Relations



        Enel s long term
        Enel’s long-term debt maturity profile (€mn)


                 Enel Group (excluding Endesa)

                   €mn           <12m       2H13       2014    2015    2016 After 2016


                Bank loans         391       263      2,566    2,660   1,126     6,930
                Bonds            1,716        43      2,155    3,721   4,511    23,926
                Other               64        37         46       55      58       340
                Total            2,171       343      4,767    6,436   5,695   31,196


                 Endesa

                   €
                   €mn           <12m       2H13       2014
                                                        0      2015    2016 After 2016
                                                                              te   0 6


                Bank loans         372       121        374     225    1,619      707
                Bonds            2,128       471        685     434      581    2,292
                Other1             327        74        105      61       59      420
                Total            2,827       666      1,164     720    2,259    3,419




1. Including preference shares
                                                                                         33
Enel SpA
                   2012 Interim results - Financial annexes                                                      Investor Relations



       Enel Group liquidity analysis excluding Endesa (€mn)1


                                                                                        Amount   Outstanding   Available

  2009 credit facility for Endesa acquisition (2014)                                     1,359        1,359           -
  2009 credit facility for Endesa acquisition (2016)                                       617          617           -
  Other committed credit lines2                                                         17,509
                                                                                        17 509        6,855
                                                                                                      6 855      10,654
                                                                                                                 10 654
  Total committed credit lines                                                          19,485        8,831     10,654
  Other short-term bank debt – uncommitted lines                                           279          116          163
  Total credit lines                                                                    19,764        8,947     10,817
  Commercial paper                                                                       6,000        3,481      2,519
  Total credit lines + CP                                                               25,764       12,428     13,336
  Cash and cash equivalents                                                                  -      (6,499)      6,499
  Total liquidity                                                                   25,764           5,929     19,835




1. As of June 30th, 2012
2. Including 1,420€mn relating to a committed line pertaining to Slovenske Elektrarne
                                                                                                                   34
Enel SpA
                   2012 Interim results - Financial annexes                            Investor Relations



       Endesa liquidity analysis (€mn)1



                                                              Amount   Outstanding   Available


  Total committed credit lines                                  ,
                                                               4,065       1,445
                                                                            ,          2,620
                                                                                        ,
  Other short-term bank debt – uncommitted lines               1,488           9        1,479
  Total credit lines                                           5,553       1,454       4,099
  Commercial paper issued by the Endesa Group                  3,318
                                                               3 318       1,014
                                                                           1 014        2,304
                                                                                        2 304
  Total credit lines + CP                                      8,871       2,468       6,403
  Cash and cash equivalents                                        -      (2,346)       2,346
  Total liquidity                                             8,871         122       8,749




1. As of June 30th, 2012
                                                                                         35
Enel SpA
                  2012 Interim results - Financial annexes                                               Investor Relations



      Capex by business area (€mn)1


                                                             -3.0%
                                                              3.0%


                                    2,846                                            2,762
                          16
                                                                                       91
                                      624                                              457



                                                                                       875
                                      933



                                                                                                      Other2
                                                                                       515
                                      573                                                             EGP
                                                                                                      Iberia & Latam
                                                                                                      International
                                                                                                      I&N
                                                                                       666
                                      579                                                             Market
                                                                                                 20   G&EM
                          12
                                      109                                              138
                                    1H11                                             1H12



1. Continuing operations, gross of connection fees
2. Including Services & Holding, Engineering & Innovation, upstream gas and nuclear activities
                                                                                                           36
Enel SpA
     2012 Interim results - Financial annexes               Investor Relations



Balance sheet




  €mn                                    FY11     1H12      %

  Net financial debt                   44,629
                                       44 629    47,572
                                                 47 572   +6.6
                                                          +6 6

  Shareholders’ equity                 54,440    54,631   +0.4

  Net capital employed
        p       p y                    99,069
                                         ,      102,203
                                                   ,      +3.2




                                                              37
Enel SpA
                  2012 Interim results - Financial annexes               Investor Relations



       Generation & Energy Management - Italy




           €mn                            1H11                1H12       %


           Revenues                     10,221               11,304   +10.6

           EBITDA                         1,245                694    -44.3

           EBIT                             956                385    -59.7
                                                                       59 7

           Capex                            109                138    +26.6
                                                  (1)
           Headcount                      6,277
                                          6 277               6,181
                                                              6 181    -1.5
                                                                       -1 5




1. As of December 31st, 2011                                                  38
Enel SpA
                  2012 Interim results - Financial annexes              Investor Relations



       Market - Italy




           €mn                            1H11               1H12       %


           Revenues                       8,803              9,408    +6.9

           EBITDA                           326               328     +0.6

           EBIT                             180               126    -30.0
                                                                      30 0

           Capex                             12                20    +66.7
                                                  (1)
           Headcount                      3,745
                                          3 745              3,711
                                                             3 711    -0.9
                                                                      -0 9




1. As of December 31st, 2011                                                 39
Enel SpA
                  2012 Interim results - Financial annexes               Investor Relations



       Infrastructure & Network - Italy




           €mn                            1H11                1H12       %


           Revenues                       3,594               3,784    +5.3

           EBITDA                         2,025               1,973    -2.6

           EBIT                           1,567
                                          1 567               1,502
                                                              1 502    -4.1
                                                                        41

           Capex                            579                666    +15.0
                                                  (1)
           Headcount                    18,951
                                        18 951               18,846
                                                             18 846    -0.6
                                                                       -0 6




1. As of December 31st, 2011                                                  40
Enel SpA
                  2012 Interim results - Financial annexes               Investor Relations



       International




           €mn                            1H11                1H12       %


           Revenues                       3,819               4,273   +11.9

           EBITDA                           798                757     -5.1

           EBIT                             496                595    +20.0
                                                                      +20 0

           Capex                            573                515    -10.1
                                                  (1)
           Headcount                    13,779
                                        13 779               13,395
                                                             13 395    -2.8
                                                                       -2 8




1. As of December 31st, 2011                                                  41
Enel SpA
                  2012 Interim results - Financial annexes              Investor Relations



       Iberia & Latam




           €mn                            1H11                1H12      %


           Revenues                     15,844               16,495   +4.1

           EBITDA                         3,611               3,644   +0.9

           EBIT                           2,197
                                          2 197               2,145
                                                              2 145   -2.4
                                                                       24

           Capex                            933                875    -6.2
                                                  (1)
           Headcount                    22,877
                                        22 877               23,047
                                                             23 047   +0.7
                                                                      +0 7




1. As of December 31st, 2011                                                 42
Enel SpA
                  2012 Interim results - Financial annexes              Investor Relations



       Enel Green Power




           €mn                            1H11               1H12       %


           Revenues                       1,329              1,332   +0.2

           EBITDA                           876               807     -7.9

           EBIT                             684               570    -16.7
                                                                      16 7

           Capex                            624               457    -26.8
                                                  (1)
           Headcount                      3,229
                                          3 229              3,379
                                                             3 379   +4.6
                                                                     +4 6




1. As of December 31st, 2011                                                 43
Enel SpA
                    2012 Interim results - Financial annexes                                                     Investor Relations



        Other1


        €mn                                                          1H11                        1H12      %


         Revenues2                                                 1,007
                                                                    ,                            930     -7.6
         Holding                                                       340                       156     -54.1
         Services                                                      529                       678    +28.2
         Engineering & Innovation                                      201                       166     -17.4
                                                                                                          17 4

         Upstream                                                          1                       1         -

         EBITDA3                                                         48                       79    +64.6
         Holding                                                      (28)                       (18)   +35.7
         Services                                                        94                      103     +9.6
         Engineering & Innovation
            i    i            i                                         (1)
                                                                        ( )                        3     n.m.
         Upstream                                                       (8)                       (9)   +12.5


1. Including Services & Holding, Engineering & Innovation, upstream gas and nuclear activities
2. Including Other & Elisions of -64€mn in 1H11 and -71€mn in 1H12
3. Including Other & Elisions of -9€mn in 1H11 and 0€mn in 1H12
                                                                                                                   44
Enel SpA
                    2012 Interim results - Financial annexes                                                       Investor Relations



        Other1 - Continued


        €mn
        €                                                            1H11                        1H12       %

           EBIT2                                                        (8)                        18      n.m.
           Holding
           H ldi                                                       (33)                       (23)    +30.3
                                                                                                          +30 3
           Services & other                                               45                        49     +8.9
           Engineering & Innovation                                      (3)                         1   +133.3
           Upstream                                                      (8)                       (9)    +12.5

           Capex                                                         16                        91    +468.8
           Holding                                                         2                         2         -
           Services & other                                               13                        23    +76.9
           Engineering & Innovation                                        1                         1         -
           Upstream                                                        0                        65     n.m.

           Headcount                                                6,502(3)                     6,457     -0.7
           Holding                                                      873                        867      -0.7
           Services & other                                           4,245                      4,249     +0.1
           Engineering & Innovation                                   1,327                      1,283      -3.3
            p
           Upstream                                                       57                        58     +1.8


1. Including Services & Holding, Engineering & Innovation, upstream gas and nuclear activities
2. Including Other & Elisions of -9€mn in 1H11 and 0€mn in 1Q12
                                                                                                                     45
3. As of December 31st, 2011
Enel SpA
                   2012 Interim results - Financial annexes                                                        Investor Relations



       EBIT by business area (€mn)


                                                                   -12.0%




                                          6,072
                                             684                                           5,341
                                                                                                         18     n.m.
                                                                                                 570          -16.7%

       Other
       Oth 1                                2,197
       EGP                                                                                                    -2.4%
                                                                                            2,145
       Iberia & Latam
       International                         496
       I&N                                                                                       595          +20.0%
       Market                                1,567
       G&EM
                                                                                                 1,502        -4.1%
                                             180
                                                                                                 126          -30.0%
                                             956                                                              -59.7%
                                                                                                 385
                                 -8
                                           1H11                                             1H12


1. Including Services & Holding, Engineering & Innovation, upstream gas and nuclear activities                         46
Enel SpA
                                                                        Investor Relations



 Disclaimer



This presentation may contain 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
                    S.p.A.                       precisely
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 th date of this presentation. Enel S A d
   d      l     f the d t   f thi         t ti   E l S.p.A. does not undertake
                                                                     t   d t k
any obligation to publicly release any revisions to any forward-looking
statements to reflect events or circumstances after the date of this presentation.

Pursuant
P s ant to art. 154-BIS, par. 2 of the Unified Financial Act of Feb a 24,
             a t 154 BIS pa 2,                                   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.


                                                                          47
Enel SpA
                                                                      Investor Relations



Contact us


     Investor Relations Team (investor.relations@enel.com)
                             (investor relations@enel com)

 • Luca Torchia   (Head of IR)                           +39 06 8305 3437

 • Pedro Cañamero      (Equity IR)                       +39 06 8305 5292

 • Elisabetta Ghezzi    (Fixed income IR)                +39 06 8305 2708



 • Matteo Cavadini    (Staff)                            +39 06 8305 2326

 • Marco Donati    (Staff)                               +39 06 8305 9252

 • Federica Dori   (Staff)                               +39 06 8305 7975

 • Federica Todaro     (Staff)                           +39 06 8305 9502


                                 Visit our website at:

                      www.enel.com (Investor Relations)
                                                                        48

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2012 Interim Results, August 2, 2012

  • 1. Enel SpA Investor Relations 2012 Interim Results August 2, 2012
  • 2. Enel SpA Investor Relations Agenda • Opening remarks • 2012 Interim Results • Annexes 1
  • 3. Enel SpA Opening remarks Investor Relations Electricity demand1 vs. plan assumptions Electricity demand 1H2012 Electricity demand 2011-2016 CAGR 1H12 actual -2.1% 2.1% Italy +1.2% +1 2% Italy FY12 budget +0.4% 1H12 actual -0.1% Spain2 +1.5% Spain2 FY12 b d t budget -0.8% 0 8% 1H12 actual +1.7% Russia +1.3% Russia FY12 budget +1.0% 1H12 actual -0.1% Slovakia +1.8% Slovakia FY12 budget +1.6% 1H12 actual +5.0% Latam3,4 +5.1% Latam3,4 FY12 budget +4.4% Budget Mature markets Growth markets 1. Data not adjusted for working days and temperatures 2. Peninsular 3. Brazil, Chile (CIS), Colombia, Peru, Argentina 2 4. Average demand growth weighted by production
  • 4. Enel SpA Opening remarks Investor Relations Spanish regulation FY12e EBITDA impact (€mn) ● Decrease of distribution remuneration -278 ● 10% reduction of national coal volumes -9 Measures ● 10% reduction of capacity payments -9 already approved1 ● Decrease of remuneration of extra peninsular generation extra-peninsular -100 100 ● Direct impact on Supreme Court resolution on social bonus +112 ● Potential claim of historical social bonus financing (non-recurring) +80 / +100 TOTAL ~ -204 / -184 Strong commitment to minimize any potential negative impact of new regulatory measures 1. Royal Decree 13/2012 and 20/2012 3
  • 5. Enel SpA Opening remarks Investor Relations Latam rationalization process (1/2) 92% Endesa E d Other Oth Latam shareholders 60.6% 39.4% Assets Cash ENERSIS One platform for growth 4
  • 6. Enel SpA Opening remarks Investor Relations Latam rationalization process (2/2) Consolidated industrial position in Latin American countries Larger financial resources to finance growth in Latam Increased visibility and value enhancement of LatAm subsidiaries Cash to fuel growth and assets consolidation 5
  • 7. Enel SpA Investor Relations Agenda • Opening remarks • 2012 Interim Results • Annexes 6
  • 8. Enel SpA 2012 Interim results Investor Relations Financial highlights: consolidated €mn 1H11 1H12 % Revenues 38,391 40,692 +6.0 EBITDA 8,929 8,282 -7.2 - recurring1,2 8,512 8,282 -2.7 EBIT 6,072 5,341 -12.0 Group net income 2,552 1,821 -28.6 1 Group net ordinary income 2,305 1,640 -28.9 (3),(4) (4) Net debt 44,629 44 629 47,572 47 572 +6.6 +6 6 1. Excluding capital gains, losses and one-off items. 2. Including EGP fair value adjustment. 3. As of December 31, 2011 4. Excluding net debt of assets held for sale 7
  • 9. Enel SpA 2012 Interim results Investor Relations From EBIT to Net Income €mn 1H11 1H12 % EBIT 6,072 5,341 -12.0 Net financial charges (1,410) ( ) (1,501) +6.5 Interest charges 1,410 1,437 +1.9 Other 0 64 n.m. Net income from equity investments et co e o equ ty est e ts using equity method 63 45 -28.6 EBT 4,725 3,885 -17.8 Income tax (1,536) ( , (1,493) ) 2.8 -2.8 Net income (continuing operations & including third parties) 3,189 2,392 -25.0 Minorities (637) (571) -10.4 Group net income 2,552 2 552 1,821 1 821 -28.6 28 6 8
  • 10. Enel SpA 2012 Interim results Investor Relations Focus on forward electricity sales Level of total production hedged (%) Italy Spain 100 100 100 100 ~5 ~ 30 ~ 60-65 ~ 95(1) ~ 70(1) ~ 35-40 2012 2013 2012 2013(2) Latam Slovakia 100 100 100 100 ~ 20-25 ~ 30-35 ~ 25 ~75-80 75 80 ~ 75 ~ 65 70 65-70 2012 2013 2012 2013 Unhedged Hedged 1. Including roll-over 2. Not including domestic coal output 9
  • 11. Enel SpA 2012 Interim results Investor Relations Group EBITDA evolution (€mn) -7.2% 8,929 -551 48 +2 -52 -41 +33 -69 +31 8,282 876 79 807 3,611 3 611 3,644 Other1 798 EGP Iberia & Latam International 757 I&N 2,025 Market G&EM 1,973 326 328 1,245 694 1H11 G&EM Market I&N Inter- Iberia & EGP Other 1H12 Italy Italy Italy national Latam 1. Including Services & Holding, Engineering & Innovation, upstream gas and nuclear activities 10
  • 12. Enel SpA 2012 Interim results Investor Relations EBITDA evolution: G&EM Italy (€mn) -44.3% 1,245 -151 +73 -261 -212 212 694 1H11 Generation Trading Perimeter and Other 1H12 margin margin revaluation effects 11
  • 13. Enel SpA 2012 Interim results Investor Relations EBITDA evolution: Market Italy (€mn) +0.6% 326 - +2 328 1H11 Free Regulated 1H12 market market 12
  • 14. Enel SpA 2012 Interim results Investor Relations EBITDA evolution: Infrastructure & Networks Italy (€mn) -2.6% +119 -35 -136 2,025 1,973 1H11 Energy Connection Other 1H12 margin fees 13
  • 15. Enel SpA 2012 Interim results Investor Relations EBITDA evolution: International (€mn) -5.1% 798 +27 -104 +36 757 - 229 265 22 22 190 86 720 Russia R i France & Belgium 357 SEE 384 Centrel 1H11 Centrel1 SEE2 France Russia 1H12 & Belgium3 1. Slovenské Elektrárne 2. Romanian, Bulgarian and Greek operations 14 3. Including Enel Investment Holding
  • 16. Enel SpA 2012 Interim results Investor Relations EBITDA evolution1: Endesa - Iberia2 (€mn) +0.4% +97 -113 113 2,152 +25 2,161 1H11 Liberalized Regulated Other 1H12 business business 1. Enel’s GAAP figures 2. Including Ireland and Marocco 15
  • 17. Enel SpA 2012 Interim results Investor Relations EBITDA evolution1: Endesa - Latam (€mn) +1.6% 1,459 -117 +88 -8 +61 1,483 1H11 Generation Distribution Other Forex 1H12 effect 1. Enel’s GAAP figures 16
  • 18. Enel SpA 2012 Interim results Investor Relations EBITDA evolution: Enel Green Power (€mn) -7.9% +16.1% 876 -181 +67 +14 -5 807 181 +36 5 695 71 10 10 57 57 264 216 197 Enel.si E l i North America Iberia and Latin America 431 431 467 Italy and Europe 1H11 Other 1H11 Italy and Iberia and North Enel.si 1H12 adjusted Europe Latin America America 17
  • 19. Enel SpA 2012 Interim results Investor Relations Net debt evolution (€mn) -2,943 -2 943 (1) December 31, Cash-flow Capex Net financial Taxes Dividends3 Extra- June 30, 2011 from operations charges2 ordinary 2012 activities +1(4) +10(4) -44,629 -47,572 -2,806 -1,283 +4,699 -1,607 -2,002 +65 1. Net debt change calculated on continuing operations 3. Including 497€mn of dividends paid to minorities 2. Net financial charges due to interest expenses 4. Net financial debt of assets held for sale 18
  • 20. Enel SpA Investor Relations Agenda • Opening remarks • 2012 Interim Results • Annexes 19
  • 21. Enel SpA 2012 Interim results - Operational annexes Investor Relations Production mix (TWh) -3.1% 39.3 38.1 1.3% 2.1% 21.4% 15.7% Group production mix Italy 37.9% 49.6% +3.0% 7.8% 8.3% 144.4 148.7 31.6% 24.3% 13.2% 11.8% 1H11 1H12 16.5% 14.2% +5.2% 28.4% 31.9% 13.0% 14.0% 105.1 110.6 4.3% 5.1% 17.6% 15.1% 24.6% 23.0% 14.6% 13.7% 1H11 1H12 International 24.9% 25.9% 17.8% 18.8% Other renewables Coal Oil & gas 3.1% 4.0% Hydro Nuclear CCGT 22.0% 22.5% 1H11 1H12 20
  • 22. Enel SpA 2012 Interim results - Operational annexes Investor Relations 1H2012 Group total net installed capacity1: breakdown by source and location MW Hydro Other Nuclear Coal CCGT Oil & gas TOTAL ren. ST/OCGT Italy 13,652 1,466 - 6,746 5,916 12,021 39,801 Iberia 4,729 1,771 3,535 5,533 4,682(2) 4,781(3) 25,031 Centrel 2,329 7 1,816 849 - 400 5,401 SEE 19 704(4) - - 405(5) - 1,128 Americas 9,677 1,100 - 488 3,880 2,475 17,620 Russia - - - 3,623 809 4,575 9,007 TOTAL 30,406 5,048 5,351 17,239 15,692 24,252 97,988 1. Including Group renewable capacity 4. Including 166 MW other renewable capacity in France 2. Including 123 MW of installed capacity in Morocco 5. Including 405 MW of installed capacity in Belgium 21 3. Including 1,013 MW of installed capacity in Ireland
  • 23. Enel SpA 2012 Interim results - Operational annexes Investor Relations 1H2012 Group total net production1: breakdown by source and location GWh Hydro Other Nuclear Coal CCGT Oil & gas TOTAL ren. ST/OCGT Italy 9,264 3,174 - 18,870 5,967 0,791 38,066 Iberia 3,033 2,154 13,734 15,947 3,090(2) 4,766(3) 42,724 Centrel 2,355 16 7,091 1,063 - - 10,525 SEE 35 695(4) - - 317(5) - 1,047 Americas 19,441 1,582 - 991 9,370 2,865 34,249 Russia - - - 10,625 2,384 9,085 22,094 TOTAL 34,128 7,621 20,825 47,496 21,128 17,507 148,705 1. Including Group renewable production 4. Including 180 GWh of net production in France 2. Including 458 GWh of net production in Morocco 5. Including 317 GWh of net production in Belgium 22 3. Including 17 GWh of net production in Ireland
  • 24. Enel SpA 2012 Interim results - Operational annexes Investor Relations 1H2012 renewables net installed capacity: breakdown by source and location MW Hydro Geothermal Wind Other TOTAL Italy & Europe 1,532 722 1,299 106 3,659 Iberia & Latam 788 - 1,749 120 2,657 North America 313 47 830 48 1,238 1 238 TOTAL 2,633 769 3,878 274 7,554 23
  • 25. Enel SpA 2012 Interim results - Operational annexes Investor Relations 1H2012 renewables net production: breakdown by source and location GWh Hydro H d o Geothermal Geothe mal Wind Other Othe TOTAL Italy & 2,634 2,611 1,205 48 6,498 Europe Iberia & 1,836 - 1,962 238 4,036 Latam North 565 140 1,217 1 217 110 2,032 2 032 America TOTAL 5,035 2,751 4,384 396 12,566 24
  • 26. Enel SpA 2012 Interim results - Financial annexes Investor Relations Group EBITDA: regulated/unregulated activities 1H 2012 EBITDA 8 282 €mn 8,282 Stability and high visibility 10% 50% 40% Forward sales and hedging procurement contracts to protect Unregulated margin Regulated EGP 25
  • 27. Enel SpA 2012 Interim results - Financial annexes Investor Relations Enel s long term Enel’s long-term debt maturity profile (€mn) Endesa E d Enel Group (excluding Endesa) 34,615 3,419 Bonds 3,844 Bank loans and others 1,154 7,954 7 954 31,196 7,156 5,931 720 2,259 4,998 1,164 2,827 2 827 5,695 6,436 1,009 4,767 2,171 793 666 343 <12m 2H13 2014 2015 2016 After 2016 6 years and 8 month Average cost of gross debt: 4.9% A t f d bt 4 9% 26
  • 28. Enel SpA 2012 Interim results - Financial annexes Investor Relations Enel s Enel’s debt maturity profile (€bn) Total liquidity available Debt maturity profile ~34.6 ~20.2 Long term committed ~10.9 credit lines1 Bilateral revolving lines signed ~10.8 in July 2012 ~0.5 ~7.2 ~8.0 58 ~5.8 (3) ~9.7 ~5.9 Cash and ~8.8 cash equivalents2 Short term ~5.0 ~1.0 Long term 1H 2012 < 12m 2H13 2014 2015 2016 After2016 Liquidity available to cover maturities up to 2014 q y p 1. As of 30th of June 2012. Lines with maturities beyond 2014 2. As of 30th of June 2012 3. Commercial paper 4.5€bn, short term debt 1.3€bn as of June 30th 2012 27
  • 29. Enel SpA 2012 Interim results - Financial annexes Investor Relations Enel Group liquidity analysis (€mn) Amount Outstanding Available Committed credit lines 23,550 10,276 13,274(1) Cash and cash equivalents - (8,845) 8,845 Total 23,550 1,431 22,119 Uncommitted lines 1,767 1 767 125 1,642 Commercial paper 9,318 4,495 4,823 Total liquidity 34,635 6,051 28,584 1. Of which 11€bn with maturity after 2014 28
  • 30. Enel SpA 2012 Interim results - Financial annexes Investor Relations Debt structure1 • Average debt maturity: 6 years and 8 months • Average cost of gross debt2: 4.9% • (Fixed+hedged)/Total gross long-term debt: 68% • (Fixed+hedged)/Total net debt: 83% • Rating: Standard&Poor’s = BBB+/A-2 Stable Outlook Moody’s = Baa1/P-2 Under Review Fitch = BBB+/F2 Rating Watch Negative December 31, June 30, €mn % 2011 2012 Long-term 45,127 53,164 +17.8 Short-term3 14,471 10,762 -25.6 Cash4 (14,969) (16,354) +9.3 Net debt 44,629 47,572 +6.6 1. As of June 30th, 2012 2. Average cost of net debt equal to 6.1% 3. Including current maturities of long-term debt 4. Including factoring and other current receivables 29
  • 31. Enel SpA 2012 Interim results - Financial annexes Investor Relations Enel s Enel’s group financial debt evolution1 Enel Group ( p (excluding Endesa) g ) Endesa Group - Total p €mn 12.31.2011 06.30.2012 12.31.2011 06.30.2012 06.30.2012 Bank loans – maturities > 12m 8,333 13,545 1,585 3,046 16,591 Bonds – maturities > 12m 32,445 34,356 5,016 4,463 38,819 Preference shares > 12m - - 180 - - Other loans – maturities > 12m 398 536 746 719 1,255 Financial receivables – maturities > 12m -2,499 -2,419 -1,077 -1,082 -3,501 Total net LT debt - maturities > 12m 38,677 46,018 6,450 7,146 53,164 Bank loans – maturities < 12m 4,199 391 2,695 372 763 Bonds – maturities < 12m 1,075 1,716 1,398 2,128 3,844 Preference shares < 12m - - - 180 180 Other loans – maturities < 12m 139 64 166 147 211 Financial receivables – maturities < 12m -110 -32 -5,522 -5,022 -5,054 Total net LT debt - maturities < 12m 5,303 2,139 -1,263 -2,195 -56 Other ST bank debt 826 207 62 60 267 Commercial paper 2,016 3,477 1,188 1,013 4,490 Cash Collateral and other derivatives payables 650 932 - - 932 Other ST financial debt 4 14 53 61 75 ST debt 3,496 4,630 1,303 1,134 5,764 Factoring receivables -370 370 -301 301 - - -301 301 Cash Collateral and other derivatives receivables -1,076 -1,526 - - -1,526 Other ST financial receivables -592 -355 -232 -218 -573 Cash at banks and marketable securities -4,313 -6,554 -2,754 -2,346 -8,900 Total net ST debt (incl. current maturities) 2,448 -1,967 -2,946 -3,625 -5,592 Net financial debt N t fi i l d bt 41,125 41 125 44,052 44 052 3,504 3 504 3,521 3 521 47,572 47 572 1. As of June 30th, 2012 30
  • 32. Enel SpA 2012 Interim results - Financial annexes Investor Relations Enel s Enel’s group financial debt by subsidiary1 €mn Enel SpA Endesa EFI2 EIH2 Slovenské EP2 ED2 Other Total Bonds 17,223 6,591 18,336 297 - - - 216 42,663 Bank loans 3,312 3,418 4,244 - 844 605 2,908 2,023 17,354 Preference shares - 180 - - - - - - 180 Other loans (160) (5,238) - - (602) (259) (466) (364) (7,089) Commercial paper - 1,013 3,477 - - - - - 4,490 Other (4,676) (2,443) (32) (14) 9 (108) (75) (2,687) (10,026) Total 15,699 15 699 3,521 3 521 26,025 26 025 283 251 238 2,367 2 367 (812) 47,572 47 572 1. As of June 30th, 2012 2. EFI: Enel Financial International; EIH: Enel Investments Holding; EP: Enel Produzione; ED: Enel Distribuzione 31
  • 33. Enel SpA 2012 Interim results - Financial annexes Investor Relations Enel s Enel’s group financial debt Average cost of net debt Average cost of gross debt Average residual maturity (years:months) 5.9% 6.1% 5.5% 4.9% 4.9% 6.8 6.8 4.6% 6.7 2010 2011 1H12 2010 2011 1H12 2010 2011 1H12 Net financial debt (€bn) Fixed + Hedged Fixed + Hedged /Total net debt /Total gross long term debt 47.6 47 6 93% 96% 44.9 83% 79% 78% 44.6 68% 2010 2011 1H12 2010 2011 1H12 2010 2011 1H12 1. As of June 30th, 2012 32
  • 34. Enel SpA 2012 Interim results - Financial annexes Investor Relations Enel s long term Enel’s long-term debt maturity profile (€mn) Enel Group (excluding Endesa) €mn <12m 2H13 2014 2015 2016 After 2016 Bank loans 391 263 2,566 2,660 1,126 6,930 Bonds 1,716 43 2,155 3,721 4,511 23,926 Other 64 37 46 55 58 340 Total 2,171 343 4,767 6,436 5,695 31,196 Endesa € €mn <12m 2H13 2014 0 2015 2016 After 2016 te 0 6 Bank loans 372 121 374 225 1,619 707 Bonds 2,128 471 685 434 581 2,292 Other1 327 74 105 61 59 420 Total 2,827 666 1,164 720 2,259 3,419 1. Including preference shares 33
  • 35. Enel SpA 2012 Interim results - Financial annexes Investor Relations Enel Group liquidity analysis excluding Endesa (€mn)1 Amount Outstanding Available 2009 credit facility for Endesa acquisition (2014) 1,359 1,359 - 2009 credit facility for Endesa acquisition (2016) 617 617 - Other committed credit lines2 17,509 17 509 6,855 6 855 10,654 10 654 Total committed credit lines 19,485 8,831 10,654 Other short-term bank debt – uncommitted lines 279 116 163 Total credit lines 19,764 8,947 10,817 Commercial paper 6,000 3,481 2,519 Total credit lines + CP 25,764 12,428 13,336 Cash and cash equivalents - (6,499) 6,499 Total liquidity 25,764 5,929 19,835 1. As of June 30th, 2012 2. Including 1,420€mn relating to a committed line pertaining to Slovenske Elektrarne 34
  • 36. Enel SpA 2012 Interim results - Financial annexes Investor Relations Endesa liquidity analysis (€mn)1 Amount Outstanding Available Total committed credit lines , 4,065 1,445 , 2,620 , Other short-term bank debt – uncommitted lines 1,488 9 1,479 Total credit lines 5,553 1,454 4,099 Commercial paper issued by the Endesa Group 3,318 3 318 1,014 1 014 2,304 2 304 Total credit lines + CP 8,871 2,468 6,403 Cash and cash equivalents - (2,346) 2,346 Total liquidity 8,871 122 8,749 1. As of June 30th, 2012 35
  • 37. Enel SpA 2012 Interim results - Financial annexes Investor Relations Capex by business area (€mn)1 -3.0% 3.0% 2,846 2,762 16 91 624 457 875 933 Other2 515 573 EGP Iberia & Latam International I&N 666 579 Market 20 G&EM 12 109 138 1H11 1H12 1. Continuing operations, gross of connection fees 2. Including Services & Holding, Engineering & Innovation, upstream gas and nuclear activities 36
  • 38. Enel SpA 2012 Interim results - Financial annexes Investor Relations Balance sheet €mn FY11 1H12 % Net financial debt 44,629 44 629 47,572 47 572 +6.6 +6 6 Shareholders’ equity 54,440 54,631 +0.4 Net capital employed p p y 99,069 , 102,203 , +3.2 37
  • 39. Enel SpA 2012 Interim results - Financial annexes Investor Relations Generation & Energy Management - Italy €mn 1H11 1H12 % Revenues 10,221 11,304 +10.6 EBITDA 1,245 694 -44.3 EBIT 956 385 -59.7 59 7 Capex 109 138 +26.6 (1) Headcount 6,277 6 277 6,181 6 181 -1.5 -1 5 1. As of December 31st, 2011 38
  • 40. Enel SpA 2012 Interim results - Financial annexes Investor Relations Market - Italy €mn 1H11 1H12 % Revenues 8,803 9,408 +6.9 EBITDA 326 328 +0.6 EBIT 180 126 -30.0 30 0 Capex 12 20 +66.7 (1) Headcount 3,745 3 745 3,711 3 711 -0.9 -0 9 1. As of December 31st, 2011 39
  • 41. Enel SpA 2012 Interim results - Financial annexes Investor Relations Infrastructure & Network - Italy €mn 1H11 1H12 % Revenues 3,594 3,784 +5.3 EBITDA 2,025 1,973 -2.6 EBIT 1,567 1 567 1,502 1 502 -4.1 41 Capex 579 666 +15.0 (1) Headcount 18,951 18 951 18,846 18 846 -0.6 -0 6 1. As of December 31st, 2011 40
  • 42. Enel SpA 2012 Interim results - Financial annexes Investor Relations International €mn 1H11 1H12 % Revenues 3,819 4,273 +11.9 EBITDA 798 757 -5.1 EBIT 496 595 +20.0 +20 0 Capex 573 515 -10.1 (1) Headcount 13,779 13 779 13,395 13 395 -2.8 -2 8 1. As of December 31st, 2011 41
  • 43. Enel SpA 2012 Interim results - Financial annexes Investor Relations Iberia & Latam €mn 1H11 1H12 % Revenues 15,844 16,495 +4.1 EBITDA 3,611 3,644 +0.9 EBIT 2,197 2 197 2,145 2 145 -2.4 24 Capex 933 875 -6.2 (1) Headcount 22,877 22 877 23,047 23 047 +0.7 +0 7 1. As of December 31st, 2011 42
  • 44. Enel SpA 2012 Interim results - Financial annexes Investor Relations Enel Green Power €mn 1H11 1H12 % Revenues 1,329 1,332 +0.2 EBITDA 876 807 -7.9 EBIT 684 570 -16.7 16 7 Capex 624 457 -26.8 (1) Headcount 3,229 3 229 3,379 3 379 +4.6 +4 6 1. As of December 31st, 2011 43
  • 45. Enel SpA 2012 Interim results - Financial annexes Investor Relations Other1 €mn 1H11 1H12 % Revenues2 1,007 , 930 -7.6 Holding 340 156 -54.1 Services 529 678 +28.2 Engineering & Innovation 201 166 -17.4 17 4 Upstream 1 1 - EBITDA3 48 79 +64.6 Holding (28) (18) +35.7 Services 94 103 +9.6 Engineering & Innovation i i i (1) ( ) 3 n.m. Upstream (8) (9) +12.5 1. Including Services & Holding, Engineering & Innovation, upstream gas and nuclear activities 2. Including Other & Elisions of -64€mn in 1H11 and -71€mn in 1H12 3. Including Other & Elisions of -9€mn in 1H11 and 0€mn in 1H12 44
  • 46. Enel SpA 2012 Interim results - Financial annexes Investor Relations Other1 - Continued €mn € 1H11 1H12 % EBIT2 (8) 18 n.m. Holding H ldi (33) (23) +30.3 +30 3 Services & other 45 49 +8.9 Engineering & Innovation (3) 1 +133.3 Upstream (8) (9) +12.5 Capex 16 91 +468.8 Holding 2 2 - Services & other 13 23 +76.9 Engineering & Innovation 1 1 - Upstream 0 65 n.m. Headcount 6,502(3) 6,457 -0.7 Holding 873 867 -0.7 Services & other 4,245 4,249 +0.1 Engineering & Innovation 1,327 1,283 -3.3 p Upstream 57 58 +1.8 1. Including Services & Holding, Engineering & Innovation, upstream gas and nuclear activities 2. Including Other & Elisions of -9€mn in 1H11 and 0€mn in 1Q12 45 3. As of December 31st, 2011
  • 47. Enel SpA 2012 Interim results - Financial annexes Investor Relations EBIT by business area (€mn) -12.0% 6,072 684 5,341 18 n.m. 570 -16.7% Other Oth 1 2,197 EGP -2.4% 2,145 Iberia & Latam International 496 I&N 595 +20.0% Market 1,567 G&EM 1,502 -4.1% 180 126 -30.0% 956 -59.7% 385 -8 1H11 1H12 1. Including Services & Holding, Engineering & Innovation, upstream gas and nuclear activities 46
  • 48. Enel SpA Investor Relations Disclaimer This presentation may contain 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 S.p.A. precisely 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 th date of this presentation. Enel S A d d l f the d t f thi t ti E l S.p.A. does not undertake t d t k any obligation to publicly release any revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation. Pursuant P s ant to art. 154-BIS, par. 2 of the Unified Financial Act of Feb a 24, a t 154 BIS pa 2, 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. 47
  • 49. Enel SpA Investor Relations Contact us Investor Relations Team (investor.relations@enel.com) (investor relations@enel com) • Luca Torchia (Head of IR) +39 06 8305 3437 • Pedro Cañamero (Equity IR) +39 06 8305 5292 • Elisabetta Ghezzi (Fixed income IR) +39 06 8305 2708 • Matteo Cavadini (Staff) +39 06 8305 2326 • Marco Donati (Staff) +39 06 8305 9252 • Federica Dori (Staff) +39 06 8305 7975 • Federica Todaro (Staff) +39 06 8305 9502 Visit our website at: www.enel.com (Investor Relations) 48