Download - 1 Q 2008 Consolidated Results
Enel SpAInvestor Relations
1Q2008 Consolidated Results
Rome, May 14, 2008
1
Enel SpAInvestor Relations
Agenda
• 1Q2008 results
• Questions and answers
• Annexes
2
Enel SpAInvestor Relations
Financial highlights: consolidated
1Q07 1Q08 %€mn
1Q2008 results
1. As of December 31, 20072. Net of discontinued operations
Revenues
EBITDA
EBIT
Group net income
Net debt
9,728
2,332
1,709
943
55,7911
15,082
3,445
2,337
1,004
57,0722
55.0
47.7
36.7
6.5
2.3
3
Enel SpAInvestor Relations
From EBIT to net income
1Q07 1Q08 %€mn
EBIT
Net financial charges
Interest charges
Fair value of Acciona put option
Other
Net income from equity investments using equity method
EBT
Income tax
Net income (continuing operations)
Net income (discountinued operations)
Net income (including third parties)
Minorities
Group net income
1,709
127147
-
(20)
2
1,584
597
987
987
44
943
2,337
748
777
(110)
81
23
1,612
504
1,108
95
1,203
199
1,004
36.7
489.0
-
-
-
-
1.8
(15.6)
12.3
-
21,9
6.5
1Q2008 results
4
Enel SpAInvestor Relations
EBITDA evolution (€mn)
7658
289232
1217
87
967
905
981
707
69
189
2,332+120 -274
+1,130 +573,445
Market
1Q07 Market G&EM I&N Intern S&H1 1Q08
G&EMI&N
InternationalS&H
+1,113
1Q2008 results
+62
+18
Ibe&Latam
Iberia&Latam
1. It includes the Engineering and Innovation division and elisions
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Enel SpAInvestor Relations
EBITDA evolution: domestic G&EM division (€mn)
1Q07 Generation margin
1Q08Fair value Non-recurring
981
+64 -61-253
707
-274
1Q2008 results
-24
Trading margin
6
Enel SpAInvestor Relations
Operational data - Italy
22,3 23
54,6
10,4
-1,8-2
52
13,1
+0.9%
86,2 (TWh)85,4 (TWh)
Net production: otherImport
Pumped storage consumptionNet production: Enel
Electricity demand
1. Source: Terna electricity statistical data and Enel’s estimates
1Q2008 results
CoalCCGT
Oil & gasOther renewablesHydro
21.3% 21.0%
35.0%
24.3% 29.1%
14.9% 8.4%
6.5%6.5%
33.0%
1Q07 1Q08
23.0(TWh)22.3 (TWh)
+3.1%
Enel production mix
1Q07 1Q08
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Enel SpAInvestor Relations
3.7
39.8 40.727.1 24.0
8.3 12.3
4.8
EnelOther
1Q081Q07 1Q081Q07
-11.4%
-22.9%
+48.2%
+2.3%27.7
31.948.1
Italian market overview: electricity sales1
Total Enel sales (TWh)
-13.2%
Regulated market (TWh) Free market2 (TWh)
+10.2%
53.0
36.335.4
1Q081Q07
+2.5%
1. Excluding losses on the grid. Other operators’ data are Enel’s estimates2. Including self-consumption 3. Including dual energy customers
Enel’s free customers3 (thousand)
458
1,611
1Q081Q07
1Q2008 results
8
Enel SpAInvestor Relations
EBITDA evolution: domestic market division (€mn)
1Q07 Regulatedmarket
1Q08Freemarket
69+20
+100 189
+120
1Q2008 results
9
Enel SpAInvestor Relations
905 967
EBITDA evolution: domestic I&N division (€mn)
+62
905+75 -13 967
1Q07 Electricity 1Q08Gas
1Q2008 results
10
Enel SpAInvestor Relations
EBITDA evolution: Iberia & Latam division (€mn)
1Q07 Endesa 1Q08Viesgo Enel Latam
+1,108+5 -5 +22 1,217
+1,130
1Q2008 results
Eufer
87
+659
+449
Iberia
Latam
11
Enel SpAInvestor Relations
191217
41
4012
14
-1-13
18
1
EBITDA evolution: international division (€mn)
+57
CentrelSouth-Eastern Europe (SEE)North AmericaFranceRussia
232 +26 -1
289
+2
+31
1Q07 North America
1Q08SEECentrel France
1Q2008 results
-2
Russia
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Enel SpAInvestor Relations
EBITDA evolution: services & holding1 (€mn)
+18
58+13 +5 76
1Q07 Import 1Q08Other
1Q2008 results
1. It includes the Engineering and Innovation division and elisions
13
Enel SpAInvestor Relations
-57,072
-1,772
-55,791
-1,725
Net debt evolution (€mn)
1. Including 160€mn capital expenditure of Endesa Europa2. Dividends paid by Endesa to third parties
December31, 2007
CapexCash-flowfrom
operations
Extra-ordinaryactivities
Netfinancialcharges
Dividends March31, 2008
-57,516 +1,767 -1,3311 -777-905 -822 -58,844
-1,328
1Q2008 results
14
Enel SpAInvestor Relations
1,262 1,509
389539
1,307
1,366
8072
3,0303,494
1Q07 1Q08
Wind Mini-hydro
OtherGeothermal
Focus on renewables1
1470 1533
589982
671
67851
49
2,7793,244
+16.7% +15.3%
214-28 218
+1.9%
Capacity (MW)
1Q07 1Q08
Production (GWh)
EBITDA evolution (€mn)
1Q07 1Q08Italy Interna-tional
1. Excluding large hydro and Endesa
1Q2008 results
+32
15
Enel SpAInvestor Relations
Focus on RussiaFocus on Russia
1Q07 1Q08
2.73
7.00
Coal spark spread (€/MWh)
+156.4%
1Q07 1Q08
1.222.73
Gas Spark spread (€/MWh)
+123.8%
1Q07 1Q08
13.2516.00
+20.8%
Unit price 1 (€/MWh)
1. Unit price excluding capacity payment
1Q2008 results
16
Enel SpAInvestor Relations
Agenda
• 1Q2008 results
• Questions and answers
• Annexes
17
Enel SpAInvestor Relations
Agenda
• 1Q2008 results
• Questions and answers
• Annexes
18
Enel SpAInvestor Relations
Italian market overview: electricity1 and gas consumption2
1Q2008 results - Operational annexes
22.3 23.0
54.6
10.4
-1,8-2
52.0
13.1
+0.9%
86,285,4
Net production: otherImport
Pumped storage consumptionNet production: Enel
Electricity demand (TWh)
12.1 13.6
5.7
9.0
5.5
8.1
0.40.4
+10.0%
28,726,1
Gas consumption (bcm)
IndustrialThermoelectricOther
Residential & commercial1. Source: Terna electricity statistical data and Enel’s estimates2. Source: Ministry of Economic development and Enel’s estimates
1Q07 1Q08 1Q07 1Q08
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Enel SpAInvestor Relations
Enel’s gas salesEnel’s gas sales
1Q07 1Q08
1.8
2.2
Volumes sold to final customers (bcm)
+61.1%
1Q07 1Q08
2,347
2,525
+26.7%
Customers (thousand)
1Q2008 results - Operational annexes
0.7
2.9
Iberia&LatamItaly
2,975
450Iberia&LatamItaly
20
Enel SpAInvestor Relations
Fuel cost evolution
282.6
Oil (€/ton)
351.725.9
Gas (€c/mc)
29.0 61.9
Coal (€/ton)
95.8
44.154.5
Average fuel cost (€/MWh)
1Q07 1Q08
1Q07 1Q08
+23.6%
+54.8%+12.0%+24.5%
1Q2008 results - Operational annexes
1Q07 1Q08 1Q07 1Q08
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Enel SpAInvestor Relations
Oil & gas ST/OCGT
1.9
1.3
-
-
1.7
-
1Q08 Group net production: breakdown by source and location
TWh Hydro
4.8
1.0
1.1
-
6.2
0.3
Nuclear
-
5.1
4.3
-
-
-
Coal
8.1
6.0
0.7
1.0
0.5
-
Iberia
Centrel
Italy
SEE
Latam
NorthAmerica
Renewables- other
1.5
0.7
-
0.1
-
0.2
CCGT
6.7
1.8
-
-
3.0
-
1Q08
23.0
15.9
6.1
1.1
11.3
0.5
1Q07
22.3
1.4
6
0.8
0.7
0.4
TOTAL 13.4 57.92.5 4.911.5 31.69.4 16.3
1Q2008 results - Operational annexes
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Enel SpAInvestor Relations
Production mix
Group production mix
CoalCCGTOil & gas
NuclearOther renewablesHydro
22.8% 23.1%
16.2%
28.0%
17.1% 19.8%10.5% 8.6%
5.6% 4.3%13.0%
31.0%
1Q07 1Q08
57.9 (TWh)31.6 (TWh)
+83.2%
26.5% 24.5%
26.8%
23.5%
13.6%
3.0%3.4%
44.2%
25.8%8.6%0.1%
34.9 (TWh)9.3 (TWh)
+275.3%
DomesticDomestic
International1International1
21.3% 21.0%
35.0%
24.3% 29.1%
14.9% 8.4%
6.5%6.5%
33.0%
1Q07 1Q08
23.0(TWh)22.3 (TWh)
+3.1%
1Q07 1Q08
1Q2008 results - Operational annexes
23
Enel SpAInvestor Relations
Enel’s electricity and gas distributionEnel’s electricity and gas distribution
1Q07 1Q08
62.9 64.3
Volumes distributed in Italy (TWh)
+2.2%
1Q07 1Q08
3.2
34.3
+971.8%
Volumes distributed abroad (TWh)
1,5
0,1
1Q07 1Q08
1.4 1.6
Volumes distributed (bcm)
+14.3%
2054
187
1Q07 1Q08
2,036 2,241
+10.1%
End users (thousand)
1Q2008 results - Operational annexes
Iberia&LatamItaly
ItalyIberia&Latam
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Enel SpAInvestor Relations
Income statement
1Q2008 results - Financial annexes
1Q07 1Q08 %€mn
Operating revenues
Operating costs
EBITDA
% of revenues
EBIT
% of revenues
9,728
7,396
2,332
24%
1,709
18%
15,082
11,637
3,445
23.0%
2,337
15%
55.0
57.3
47.7
36.7
25
Enel SpAInvestor Relations
EBIT by business area (€mn)EBIT by business area (€mn)
750 489
697743
137
186
33 5334
134
58
732
134
Market
G&EM
I&N
International
S&H1
+9.4%
+187.9%
+60.6%
+36.7%
1Q07 1Q08
1,709
2,337
+294%
-34.8%
6.6% Iberia & Latam
1Q2008 results - Financial annexes
1. It includes the Engineering and Innovation division and elisions
26
Enel SpAInvestor Relations
Balance sheetBalance sheet
December 31, 2007 March 31, 2008 %€mn
Net financial debt
Shareholders’ equity
Net capital employed
55,791
23,789
79,580
57,072
24,906
81,978
2.3
4.7
3.0
1Q2008 results - Financial annexes
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Enel SpAInvestor Relations
Debt structureDebt structure
1. Including current maturities of long-term debt2. Including factoring and other current receivables
• Average debt maturity: 5 years and 6 months
• Average cost of debt: 5.3%
• (Fixed+hedged)/Total long-term debt: 51%
• (Fixed+hedged)/Total net debt: 46%
• Rating: S&P’s = A-/A-2 outlook negative; Moody’s = A2/P-1 C.W. negative
December 31, 2007 March 31, 2008 %€mn
Long-term debt
Short-term debt1
Cash2
Net debt
50,816
8,014
-3039
55,791
50,354
10,219
-3,501
57,072
-0.9
27.5
15.2
2.3
1Q2008 results - Financial annexes
28
Enel SpAInvestor Relations
Domestic MarketDomestic Market
1Q07 1Q08 %€mn
Revenues
EBITDA
EBIT
Capex
Headcount
5,617
69
34
4
4,7721
6,408
189
134
4
4,710
14
174
-
-
-1
1Q2008 results - Financial annexes
1. Figure as of December 31, 2007
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Enel SpAInvestor Relations
Domestic Generation & Energy ManagementDomestic Generation & Energy Management
1Q07 1Q08 %€mn
Revenues
EBITDA
EBIT
Capex
Headcount
3,970
981
750
223
8,4321
5,573
707
489
293
8,226
40
-28
-35
31
-2.4
1. Figure as of December 31, 2007 and reclassified according to new organisational structure
1Q2008 results - Financial annexes
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Enel SpAInvestor Relations
Domestic Infrastructure & NetworkDomestic Infrastructure & Network
1Q07 1Q08 %€mn
Revenues
Power
Gas
EBITDA
Power
Gas
EBIT
Power
Gas
Capex
Headcount
1,381
1,260
121
905
823
82
697
638
59
315
22,7101
1,669
1,562
107
967
898
69
743
697
46
296
22,437
21
24
-12
7
9
-16
7.0
9
-22
-6
-1
1Q2008 results - Financial annexes
1. Figure as of December 31, 2007
31
Enel SpAInvestor Relations
Iberia & LatamIberia & Latam
1Q07 1Q08 %€mn
Revenues
EBITDA
EBIT
Capex
Headcount
297
87
58
78
20,2261
4,018
1,217
732
472
20,377
-
-
-
-
-0.7
1Q2008 results - Financial annexes
1. Figure as of December 31, 2007
32
Enel SpAInvestor Relations
International activitiesInternational activities
1Q07 1Q08 %€mn
Revenues
EBITDA
EBIT
Capex
Headcount
762
232
137
66
11,5281
944
289
186
95
11,319
23.9
24.6
35.8
43.9
-1.8
1Q2008 results - Financial annexes
1. Figure as of December 31, 2007
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Enel SpAInvestor Relations
Services & Holding1Services & Holding1
%€mn
Revenues
EBITDA
EBIT
Capex
Headcount
666
58
33
12
5,8322
739
76
53
11
6,176
-11
31
61
-8
6
1Q07 1Q08
1Q2008 results - Financial annexes
1. It includes Engineering&Innovation division and elisions2. Figure as of December 31, 2007
34
Enel SpAInvestor Relations
Capex by business area (€mn)Capex by business area (€mn)
223293
315296
78
472
66
95
111244
Market
G&EM
I&N
International
S&H1
+505.1%
+43.9%
-8.3%
+67.7%
1Q07 1Q08
698
1,171
+31.4%
-6.0%
Iberia & Latam
1Q2008 results - Financial annexes
1. It includes the Engineering and Innovation division and elisions
35
Enel SpAInvestor Relations
Disclaimer
THESE SLIDES HAVE BEEN PREPARED BY THE COMPANY SOLELY FOR THE USE DURING THE CONFERENCE CALL ON 1Q2008 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 ABOVE CONFERENCE.
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 CONFERENCE CALL ON 1Q2008 RESULTS 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 EXPENDITURE.
PURSUANT TO ARTICLE, 154-BIS, PARAGRAPH 2, OF THE UNIFIED FINANCIAL ACT OFFEBRUARY 24, 1998, THE EXECUTIVE IN CHARGE OF PREPARING THE CORPORATE ACCOUNTING DOCUMENTS AT ENEL, LUIGI FERRARIS, DECLARES THAT THE ACCOUNTING INFORMATIONCONTAINED HEREIN CORRESPOND TO DOCUMENT RESULTS, BOOKS AND ACCOUNTING RECORDS.
36
Enel SpAInvestor Relations
Contact us
Investor Relations Team ([email protected])
Visit our website at:
www.enel.it (Investor Relations)
Visit our website at:
www.enel.it (Investor Relations)
• Luca Torchia (Head of IR)
• Elisabetta Ghezzi
• Donatella Izzo
• Federica Todaro
• Angela Tretola
+39 06 83053437
+39 06 83052708
+39 06 83057449
+39 06 83059502
+39 06 83052062
+39 06 83053437
+39 06 83052708
+39 06 83057449
+39 06 83059502
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