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Enel
Investor Presentation • Jul 29, 2021
4317_10-q_2021-07-29_c893ed35-a2cd-41c0-95de-c55fd082ca84.pdf
Investor Presentation
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First Half
Consolidated results July 29th, 2021
Key highlights of the period
| Financial results | Push on renewables | Simplification | Shareholder return |
|---|---|---|---|
| Visible translation of operating recovery into financials |
Significant acceleration in RES additions with +3.6 GW built over the LTM |
Earnings accretion from Latam restructuring |
0.38 €/sh guaranteed DPS +6% vs 2020 |
Delivering on a fully sustainable capex plan, with investments up by 20% yoy
Capex by business model and GBL (€bn)
106 232
3
Global Power Generation
Key highlights
-
It considers nuclear and renewables (consolidated and managed)
-
It includes nuclear and renewable managed capacity and production.
Acceleration in renewables additions, 3,600 MW built in the last twelve months
Renewable capacity evolution LTM and outlook1 (GW)
Pipeline enhances visibility on 2021-23 target (and beyond) and ringfences returns
-
- It includes storage for around 32 GW in early stage and around 8 in mature pipeline
-
- It includes capacity in execution and built
-
- Calculated using 2021-23 mature pipeline
Infrastructure & Networks
Electricity distributed1 : quarterly evolution (TWh)
- 2020 restated figures
Retail & Enel X
-
It includes energy losses.
-
Public and private charging points. It includes interoperability points.
H1 2021 Financial results
Financial highlights (€mn)
Solid and visible recovery in the operating performance bodes well for full year target
EBITDA by business line
12
- It excludes extraordinary items in H1 2020 (-149 €mn: -82 €mn donations and emergency costs, -67 €mn impairment) and H1 2021 (-641 €mn: -24 €mn COVID-19, -555 €mn energy transition fund, -62 €mn impairment).
2,296 2,198 1,073 961 - 500 1,00 0 1,50 0 2,00 0 2,50 0 3,00 0 3,50 0 4,00 0 4,50 0 5,00 0 H1 2020 H1 2021 Global Power Generation Visible recovery in Q2 driven by new renewable additions 32% 21% 9% 33% 5% Italy Iberia North America Latin America RoW H1 2021 3.2 €bn 3,369 3,159 EBITDA evolution (€mn) EBITDA by geography -6% EGP Conventional Generation & Trading Normalization of trading activities and short position in Spain 145 €mn negative impact from currency devaluation c.250 €mn from new capacity installed H120: ~170 €mn provision rev. in Spain H121: ~200 €mn CO2 regularization, hydro canon in Spain and Texas storm1 Non recurring
Infrastructure and Networks
Performance up by 2% yoy net of Latam FX and non-recurring items in Europe
EBITDA evolution (€mn) EBITDA by geography
users (€/cust)
Retail Up by single digit yoy, back to pre COVID levels
EBITDA evolution (€mn) Free market – Energy sold (TWh)1
B2C B2B
+4%
+11%
-%
+3%
Net Income up by 10% net of FX and non-recurring items
Net Ordinary Income evolution (€bn)
1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 Cash flow (€bn)1
- Rounded figures
10.0
-
- Calculation includes 0.4 €bn provision reversal in Spain reported separately in Q1 2020
-
- Accruals, releases, utilizations of provisions in EBITDA (i.e. personnel related and risks and charges), accruals of bad debt
-
- Includes dividends received from equity investments
Debt evolution
Net debt evolution (€bn) Gross debt (€bn)
Increasing the share of sustainable finance while further reducing cost of debt
Liability management program
Share of sustainable finance after liability management
Savings on financial expenses around 100 €mn per year from 2022. Crystallising the current low rate curve
Share of sustainable finance sources up by 13 p.p. vs 2020. On track to reach the 48% target in 2023
~500 €mn negative non-recurring impact on financial expenses expected by YE
linked bond
Solid operating recovery and delivery support the achievement of FY targets
Focus on ongoing simplification in Latam to unlock value
Full speed on renewables development backed by growing pipeline
DPS + EPS growth underpins a 2021TSR >10%
First Half 2021 Consolidated results
Annexes
Macroscenario
| (%) GDP |
(%) CPI |
€1 FX against |
(€/MWh) Spot Price |
(TWh)2 Electricity Demand |
||||||
|---|---|---|---|---|---|---|---|---|---|---|
| H1 2021 |
H1 2020 |
H1 2021 |
H1 2020 |
H1 2021 |
H1 2020 |
H1 2021 |
H1 2020 |
H1 2021 |
H1 2020 |
|
| Italy | 16 15 |
(18 13) |
1 35 |
(0 38) |
- | - | 66 96 |
32 21 |
154 81 |
143 50 |
| Iberia | 19 94 |
(21 60) |
2 47 |
(0 29) |
- | - | 58 23 |
28 86 |
120 35 |
113 90 |
| Latin America |
||||||||||
| Argentina | 18 49 |
(19 96) |
46 83 |
42 76 |
113 89 |
78 84 |
- | - | 69 87 |
65 03 |
| Brazil | 13 03 |
(10 86) |
8 35 |
2 13 |
5 91 |
6 13 |
29 42 |
29 06 |
305 11 |
286 00 |
| Chile | 15 48 |
(13 70) |
3 80 |
2 63 |
871 44 |
921 76 |
61 94 |
42 06 |
40 12 |
38 94 |
| Colombia | 19 14 |
(15 54) |
3 63 |
2 20 |
4 462 50 , |
4 205 78 , |
36 77 |
81 89 |
35 88 |
34 51 |
| Peru | 38 53 |
(29 87) |
3 25 |
1 60 |
4 58 |
3 96 |
7 89 |
7 01 |
26 63 |
23 15 |
| of Rest Europe |
||||||||||
| Romania | 14 15 |
(9 97) |
0 19 |
0 31 |
4 95 |
4 83 |
54 63 |
28 69 |
31 21 |
28 91 |
| Russia | 2 86 |
(4 59) |
6 50 |
3 21 |
87 05 |
79 70 |
15 36 |
16 35 |
410 21 |
388 81 |
| North America |
||||||||||
| USA | 13 27 |
(9 03) |
5 33 |
0 73 |
1 19 |
1 12 |
- | - | 1 795 30 , |
1 730 81 , |
| Mexico | 18 42 |
(18 71) |
88 5 |
3 33 |
23 74 |
25 76 |
- | - | 155 45 |
149 63 |
| Africa Asia & Oceania , |
||||||||||
| India | 24 61 |
(24 14) |
6 26 |
6 23 |
88 50 |
84 62 |
- | - | 676 92 |
602 55 |
| Australia | 9 50 |
(6 24) |
3 28 |
(0 26) |
1 57 |
1 68 |
- | - | - | - |
| South Africa |
17 41 |
(17 47) |
4 97 |
2 22 |
16 99 |
19 41 |
- | - | 110 20 |
104 16 |
Group consolidated net capacity: breakdown by technology and geography
| MW | Hydro | Wind | Geothermal | Solar & Other |
Nuke | Oil & Gas |
Coal | CCGT | TOTAL |
|---|---|---|---|---|---|---|---|---|---|
| Italy | 12 432 , |
786 | 772 | 29 | - | 2 237 , |
5 594 , |
4 583 , |
26 433 , |
| Iberia | 4 747 , |
2 422 , |
- | 625 | 3 328 , |
2 334 , |
2 764 , |
5 445 , |
21 666 , |
| Latin America |
10 585 , |
2 402 , |
69 | 2 020 , |
- | 2 682 , |
546 | 4 165 , |
22 469 , |
| Argentina | 328 1 , |
- | - | - | - | 169 1 , |
- | 922 1 , |
419 4 , |
| Brazil | 1 272 , |
1 628 , |
- | 1 072 , |
- | - | - | 319 | 4 291 , |
| Chile | 3 551 , |
642 | 69 | 621 | - | 603 | 320 | 1 467 , |
7 272 , |
| Colombia | 3 097 , |
- | - | 86 | - | 180 | 226 | - | 3 589 , |
| Perù | 792 | 132 | - | 179 | - | 730 | - | 457 | 2 292 , |
| Other1 | 545 | - | - | 62 | - | - | - | - | 606 |
| of Rest Europe |
19 | 956 | - | 130 | - | 4 447 , |
- | 829 | 6 381 , |
| Romania | - | 498 | - | 36 | - | - | - | - | 534 |
| Russia | - | 90 | - | - | - | 4 447 , |
- | 829 | 5 366 , |
| Other2 | 19 | 368 | - | 94 | - | - | - | - | 481 |
| North America |
53 | 5 572 , |
72 | 1 410 , |
- | - | - | - | 7 106 , |
| Mexico | 53 | 893 | - | 220 | - | - | - | - | 1 165 , |
| Canada | - | 211 | - | - | - | - | - | - | 211 |
| USA | - | 4 468 , |
72 | 1 191 , |
- | - | - | - | 5 730 , |
| Oceania3 Africa Asia & , |
- | 812 | - | 667 | - | - | - | - | 1 479 , |
| Total | 27 836 , |
12 950 , |
913 | 4 881 , |
3 328 , |
11 700 , |
8 904 , |
15 023 , |
85 534 , |
-
Includes Panama, Guatemala and Costa Rica
-
Includes Greece
-
Includes Australia, South Africa, India and Zambia
Group consolidated net production: breakdown by technology and geography
| GWh | Hydro | Wind | Geothermal | Solar & Other |
Nuke | Oil & Gas |
Coal | CCGT | TOTAL |
|---|---|---|---|---|---|---|---|---|---|
| Italy | 9 226 , |
703 | 2 725 , |
32 | - | 193 | 4 015 , |
4 840 , |
21 734 , |
| Iberia | 3 704 , |
2 983 , |
- | 495 | 12 815 , |
1 752 , |
430 | 5 414 , |
27 592 , |
| Latin America |
17 123 , |
005 4 , |
133 | 1 534 , |
- | 1 026 , |
1 359 , |
9 507 , |
34 686 , |
| Argentina | 1 084 , |
- | - | - | - | 213 | - | 5 650 , |
6 947 , |
| Brazil | 2 213 , |
2 893 , |
- | 674 | - | - | - | 355 | 6 134 , |
| Chile | 3 817 , |
825 | 133 | 549 | - | 257 | 1 237 , |
2 360 , |
9 178 , |
| Colombia | 6 229 , |
- | - | 60 | - | 6 | 122 | - | 6 417 , |
| Perù | 2 521 , |
286 | - | 205 | - | 549 | - | 1 142 , |
4 704 , |
| Other1 | 1 259 , |
- | - | 47 | - | - | - | - | 1 305 , |
| of Rest Europe |
27 | 1 034 , |
- | 87 | - | 6 684 , |
- | 3 038 , |
10 869 , |
| Romania | - | 595 | - | 20 | - | - | - | - | 615 |
| Russia | - | 35 | - | - | - | 6 684 , |
- | 3 038 , |
9 757 , |
| Other2 | 27 | 404 | - | 67 | - | - | - | - | 497 |
| North America |
56 | 8 641 , |
162 | 937 | - | - | - | - | 9 796 , |
| Mexico | 56 | 799 | - | 253 | - | - | - | - | 1 108 , |
| Canada | - | 321 | - | - | - | - | - | - | 321 |
| USA | - | 7 521 , |
162 | 684 | - | - | - | - | 8 367 , |
| Oceania3 Africa Asia & , |
- | 580 | - | 562 | - | - | - | - | 1 142 , |
| Total | 30 136 , |
945 17 , |
3 020 , |
3 647 , |
12 815 , |
9 654 , |
803 5 , |
22 799 , |
105 819 , |
-
Includes Panama, Guatemala and Costa Rica
-
Includes Greece
-
Includes Australia, South Africa, India and Zambia
Group total additional capacity1 : breakdown by technology and geography
| MW | Hydro | Wind | Geothermal | Solar & Other |
Nuke | Oil & Gas |
Coal | CCGT | TOTAL |
|---|---|---|---|---|---|---|---|---|---|
| Italy | 16 | 14 | 3 | - | - | - | - | - | 33 |
| Iberia | - | - | - | 15 | - | - | - | - | 15 |
| Latin America |
- | 273 | 28 | 219 | - | - | 1 | - | 522 |
| Argentina | - | - | - | - | - | - | - | - | - |
| Brazil | - | 273 | - | 94 | - | - | - | - | 367 |
| Chile | - | - | 28 | 125 | - | - | - | - | 154 |
| Colombia | - | - | - | - | - | - | 1 | - | 1 |
| Perù | - | - | - | - | - | - | - | - | - |
| Other2 | - | - | - | - | - | - | - | - | - |
| of Rest Europe |
- | - | - | 6 | - | - | - | 16 | 22 |
| Romania | - | - | - | - | - | - | - | - | - |
| Russia | - | - | - | - | - | - | - | 16 | 16 |
| Other3 | - | - | - | 6 | - | - | - | - | 6 |
| North America |
- | - | - | 465 | - | - | - | - | 465 |
| Mexico | - | - | - | - | - | - | - | - | - |
| Canada | - | - | - | - | - | - | - | - | - |
| USA | - | - | - | 465 | - | - | - | - | 465 |
| Oceania4 Africa Asia & , |
- | 293 | - | 275 | - | - | - | - | 568 |
| Total | 16 | 580 | 31 | 982 | - | - | 1 | 16 | 625 1 , |
-
Excludes managed capacity
-
Includes Panama, Guatemala and Costa Rica
-
Includes Greece
-
Includes Australia, South Africa, India and Zambia
Renewable projects in execution: breakdown by technology and geography1
| MW | Wind | Hydro | Geothermal | Solar & Other |
Total |
|---|---|---|---|---|---|
| Italy | 106 | 46 | 4 | 23 | 179 |
| Iberia | 439 | 20 | - | 2,044 | 2,503 |
| Latin America | 2,185 | 156 | - | 2,901 | 5,242 |
| Rest of Europe | 201 | - | - | - | 201 |
| North America | 1,105 | - | - | 1,010 | 2,115 |
| Africa, Asia & Oceania | 1,167 | - | - | 420 | 1,587 |
| Total | 5,203 | 222 | 4 | 6,398 | 11,827 |
EGP mature pipeline
Infrastructure & Networks KPIs
| (TWh)1 Electricity distributed |
End users |
(mn) | (mn)1 Smart meters |
||||
|---|---|---|---|---|---|---|---|
| H1 | H1 | H1 | H1 | H1 | H1 | ||
| 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||
| Italy | 106 | 101 | 31 | 31 | 30 | 30 | |
| 4 | 0 | 5 | 4 | 8 | 8 | ||
| Iberia | 64 | 58 | 12 | 12 | 12 | 12 | |
| 2 | 8 | 3 | 2 | 5 | 3 | ||
| Latin America |
67 3 |
63 9 |
27 9 |
27 4 |
0 4 |
0 4 |
|
| Argentina | 8 2 |
8 1 |
2 5 |
2 5 |
- | - | |
| Brazil | 40 0 |
37 6 |
18 3 |
17 9 |
- | - | |
| Chile | 8 | 8 | 2 | 2 | 0 | 0 | |
| 0 | 7 | 0 | 0 | 3 | 3 | ||
| Colombia | 7 | 6 | 3 | 3 | 0 | 0 | |
| 0 | 7 | 7 | 6 | 1 | 1 | ||
| Peru | 4 1 |
3 7 |
1 5 |
1 4 |
- | - | |
| of | 8 | 7 | 3 | 2 | 0 | 0 | |
| Rest | 7 | 4 | 0 | 9 | 1 | 7 | |
| Europe | |||||||
| Romania | 7 | 7 | 3 | 2 | 1 | 0 | |
| 8 | 4 | 0 | 9 | 0 | 7 | ||
| Total | 245 | 231 | 74 | 74 | 44 | 44 | |
| 7 | 1 | 8 | 0 | 7 | 2 | ||
Retail KPIs
| Power | Gas | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Customers | (mn) | Volumes1 | (TWh) | Customers | (mn) | Volumes (bsmc) |
||||
| 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||
| H1 | H1 | H1 | H1 | H1 | H1 | H1 | H1 | |||
| Italy | 22 | 23 | 45 | 43 | 4 | 4 | 2 | 2 | ||
| 2 | 1 | 5 | 2 | 1 | 1 | 5 | 7 | |||
| Iberia | 10 | 10 | 39 | 39 | 1 | 1 | 2 | 2 | ||
| 2 | 5 | 4 | 0 | 7 | 7 | 8 | 6 | |||
| Latin America |
27 9 |
27 4 |
62 9 |
58 4 |
0 0 |
0 0 |
0 1 |
0 1 |
||
| of | 3 | 3 | 3 | 4 | 0 | 0 | 0 | 0 | ||
| Rest | 0 | 0 | 4 | 4 | 1 | 1 | 1 | 1 | ||
| Europe | ||||||||||
| Total | 63 | 64 | 152 | 0 | 8 | 8 | 5 | 5 | ||
| 3 | 2 | 1 | 145 | 5 | 5 | 4 | 4 | |||
Enel X KPIs
| Points1 Charging (k) |
(mn) lighting Street |
(#) Electric buses |
Storage | (MW) | (GW) Demand Response |
|||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 H1 |
2020 H1 |
2021 H1 |
2020 H1 |
2021 H1 |
2020 H1 |
2021 H1 |
2020 H1 |
2021 H1 |
2020 H1 |
|
| Italy | 32 3 |
19 6 |
1 6 |
1 6 |
- | - | 32 | 12 | 0 8 |
0 5 |
| Iberia | 8 0 |
5 7 |
0 1 |
0 1 |
31 | 7 | 21 | 20 | - | - |
| Latin America |
2 5 |
1 0 |
1 1 |
0 7 |
1 333 , |
455 | 22 | 14 | - | - |
| North America |
79 9 |
61 0 |
- | - | 111 | - | 42 | 17 | 4 1 |
3 8 |
| of Rest Europe |
1 1 |
0 4 |
- | - | - | - | 20 | 47 | 1 1 |
0 5 |
| Africa Asia & Oceania , |
0 7 |
- | - | - | - | - | - | - | 1 4 |
1 3 |
| Other | 107 0 |
18 5 |
- | - | - | - | - | - | - | - |
| Total | 231 6 |
106 2 |
2 9 |
2 4 |
1 475 , |
462 | 137 | 110 | 7 4 |
6 1 |
Baseload power price & production sold forward
| Baseload price | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 2022 | 2023 | ||||||||
| Italy (€/MWh) | 52.3 | 53.9 | 55.3 | |||||||
| Iberia (€/MWh) | 47.2 | 48.4 | 49.2 |
| Production sold forward |
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | 2022 | 2023 | ||||||||||
| price | % | price | % | price | % | |||||||
| (€/MWh)1 Italy |
51 9 |
92% | 60 7 |
99% | 65 0 |
20% | ||||||
| (€/MWh)1 Iberia |
70 7 100% |
73 8 |
74% | ~74 | ~20% | |||||||
| (USD/MWh) Brazil |
57 8 100% |
56 7 100% |
56 8 |
100% | ||||||||
| (USD/MWh) Chile |
70 5 100% |
65 7 |
100% | 66 2 |
100% | |||||||
| (USD/MWh) Colombia |
67 0 100% |
64 5 |
100% | 64 5 |
97% | |||||||
| (USD/MWh) Peru |
56 4 100% |
59 1 |
100% | 61 6 |
100% |
- Average hedged price; wholesale price for Italy, retail price for Spain. 31
Capex1 (€mn)
| Conventional Global |
Generation & Trading |
& | Infrastructure Networks |
EGP | Retail | Enel | X | Services & |
Other | Total | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 H1 |
2020 H1 |
2021 H1 |
2020 H1 |
2021 H1 |
2020 H1 |
2021 H1 |
2020 H1 |
2021 H1 |
2020 H1 |
2021 H1 |
2020 H1 |
2021 H1 |
2020 H1 |
|
| Italy | 97 | 55 | 1,088 | 803 | 160 | 80 | 187 | 135 | 40 | 27 | 17 | 4 | 1,589 | 1,103 |
| Iberia | 100 | 116 | 345 | 242 | 205 | 221 | 67 | 43 | 21 | 22 | 4 | 5 | 744 | 649 |
| Latin America |
49 | 45 | 674 | 537 | 679 | 572 | - | - | 15 | 7 | 3 | - | 1,419 | 1,162 |
| Argentina | 11 | 10 | 57 | 44 | - | - | - | - | - | - | - | - | 68 | 55 |
| Brazil | 3 | 8 | 396 | 312 | 291 | 312 | - | - | 2 | 2 | 3 | - | 694 | 633 |
| Chile | 17 | 10 | 72 | 51 | 333 | 230 | - | - | 1 | 1 | - | - | 423 | 292 |
| Colombia | 7 | 5 | 105 | 92 | 28 | 23 | - | - | 7 | 5 | - | - | 147 | 124 |
| Peru | 12 | 12 | 43 | 38 | 2 | 5 | - | - | 6 | - | - | - | 64 | 55 |
| Other | - | - | - | - | 23 | 2 | - | - | - | - | - | - | 23 | 2 |
| of Rest Europe |
13 | 23 | 85 | 85 | 98 | 68 | 8 | 4 | 1 | - | - | - | 206 | 181 |
| Romania | - | - | 85 | 85 | 1 | - | 8 | 4 | 1 | - | - | - | 95 | 90 |
| Russia | 13 | 23 | - | - | - | - | - | - | - | - | - | - | 13 | 23 |
| Other | - | - | - | - | 97 | 68 | - | - | - | - | - | - | 97 | 68 |
| North America |
2 | - | - | - | 669 | 740 | - | - | 22 | 23 | - | - | 693 | 763 |
| Africa, Asia & Oceania |
- | - | - | - | 138 | 217 | - | - | 1 | 1 | - | - | 139 | 219 |
| Other | - | - | 1 | 2 | 9 | 14 | - | - | 38 | 23 | 36 | 22 | 83 | 61 |
| Total | 262 | 239 | 2,193 | 1,668 | 1,958 | 1,912 | 262 | 182 | 138 | 103 | 61 | 33 | 4,873 | 4,138 |
Asset development Capex1 (€mn)
| Conventional Generation & Global Trading |
Infrastructure & Networks |
EGP | Retail | Enel X |
Services & Other |
Total | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| H1 2021 |
H1 2020 |
H1 2021 |
H1 2020 |
H1 2021 |
H1 2020 |
H1 2021 |
H1 2020 |
H1 2021 |
H1 2020 |
H1 2021 |
H1 2020 |
H1 2021 |
H1 2020 |
|
| Italy | 66 | 26 | 568 | 313 | 108 | 44 | - | - | 37 | 23 | 6 | - | 786 | 407 |
| Iberia | 3 | 1 | 134 | 68 | 173 | 192 | - | - | 7 | 5 | 1 | - | 318 | 266 |
| Latin America |
3 | 5 | 200 | 132 | 641 | 545 | - | - | 11 | 5 | - | - | 854 | 688 |
| Argentina | - | - | 15 | 4 | - | - | - | - | - | - | - | - | 15 | 4 |
| Brazil | - | - | 123 | 77 | 279 | 309 | - | - | - | - | - | - | 402 | 386 |
| Chile | 2 | 3 | 19 | 12 | 325 | 221 | - | - | 1 | 1 | - | - | 347 | 237 |
| Colombia | - | 1 | 30 | 35 | 19 | 14 | - | - | 6 | 4 | - | - | 55 | 55 |
| Peru | - | 1 | 14 | 5 | - | - | - | - | 4 | - | - | - | 18 | 5 |
| Other | - | - | - | - | 18 | - | - | - | - | - | - | - | 18 | - |
| of Rest Europe |
6 | 15 | 29 | 33 | 96 | 67 | - | - | - | - | - | - | 131 | 115 |
| Romania | - | - | 29 | 33 | 1 | - | - | - | - | - | - | - | 29 | 33 |
| Russia | 6 | 15 | - | - | - | - | - | - | - | - | - | - | 6 | 15 |
| Other | - | - | - | - | 96 | 67 | - | - | - | - | - | - | 96 | 67 |
| North America |
- | - | - | - | 664 | 734 | - | - | 2 | 1 | - | - | 666 | 735 |
| Africa, Asia & Oceania |
- | - | - | - | 135 | 215 | - | - | - | - | - | - | 135 | 215 |
| Other | - | - | - | 1 | 5 | 7 | - | - | 38 | 23 | 10 | 7 | 53 | 38 |
| Total | 77 | 47 | 931 | 548 | 1,823 | 1,805 | - | - | 95 | 57 | 17 | 7 | 2,943 | 2,464 |
Revenues1 (€mn)
| E-MARKET SDIR CERTIFIED |
|---|
| Conventional Generation & Global Trading |
Infrastructure Networks & |
EGP | Retail | Enel X |
Services Other & |
Total | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 H1 |
2020 H1 |
2021 H1 |
2020 H1 |
2021 H1 |
2020 H1 |
2021 H1 |
2020 H1 |
2021 H1 |
2020 H1 |
2021 H1 |
2020 H1 |
2021 H1 |
2020 H1 |
|
| Italy | 3,674 | 8,763 | 3,551 | 3,633 | 1,173 | 1,092 | 8,020 | 7,148 | 218 | 153 | (3,636) | (4,015) | 13,000 | 16,774 |
| Iberia | 2,604 | 2,519 | 1,233 | 1,252 | 417 | 390 | 6,143 | 5,931 | 124 | 113 | (2,321) | (1,674) | 8,200 | 8,531 |
| Latin America |
1,019 | 674 | 4,464 | 4,463 | 1,608 | 1,432 | 637 | 759 | 97 | 72 | (757) | (630) | 7,068 | 6,770 |
| Argentina | 72 | 88 | 288 | 363 | 17 | 23 | - | 2 | 5 | 1 | (1) | (2) | 381 | 475 |
| Brazil | 341 | 68 | 2,923 | 2,801 | 435 | 233 | 135 | 158 | 9 | 5 | (305) | (128) | 3,538 | 3,137 |
| Chile | 435 | 336 | 607 | 614 | 584 | 587 | 45 | 140 | 23 | 27 | (224) | (275) | 1,470 | 1,429 |
| Colombia | 82 | 95 | 306 | 303 | 406 | 422 | 360 | 361 | 37 | 37 | (168) | (158) | 1,023 | 1,060 |
| Peru | 89 | 87 | 340 | 382 | 61 | 66 | 97 | 98 | 23 | 2 | (59) | (67) | 551 | 568 |
| Other | - | - | - | - | 105 | 101 | - | - | - | - | - | - | 105 | 101 |
| of Rest Europe |
241 | 277 | 196 | 191 | 149 | 164 | 577 | 580 | 37 | 22 | (180) | (199) | 1,020 | 1,035 |
| Romania | - | - | 196 | 191 | 92 | 109 | 577 | 580 | 13 | 11 | (180) | (201) | 698 | 690 |
| Russia | 241 | 277 | - | - | 2 | - | - | - | - | - | - | 2 | 243 | 279 |
| Other | - | - | - | - | 55 | 55 | - | - | 24 | 11 | - | - | 79 | 66 |
| North America |
47 | 8 | - | - | 524 | 459 | 5 | (1) | 118 | 68 | - | (4) | 694 | 530 |
| Africa, Asia & Oceania |
- | - | - | - | 68 | 44 | - | - | 26 | 28 | - | - | 94 | 72 |
| Other | (93) | 35 | 16 | 9 | 2 | (6) | - | - | 13 | 7 | (161) | (382) | (223) | (337) |
| Total | 7,492 | 12,276 | 9,460 | 9,548 | 3,941 | 3,575 | 15,382 | 14,417 | 633 | 463 | (7,055) | (6,904) | 29,853 | 33,375 |
| Conventional Generation & Global Trading |
Infrastructure EGP Networks & |
Retail | Enel X |
Services Other & |
Total | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| H1 2021 |
H1 2020 |
H1 2021 |
H1 2020 |
H1 2021 |
H1 2020 |
H1 2021 |
H1 2020 |
H1 2021 |
H1 2020 |
H1 2021 |
H1 2020 |
H1 2021 |
H1 2020 |
|
| Italy | 292 | 180 | 1,498 | 1,873 | 650 | 745 | 1,164 | 1,134 | 44 | 9 | (20) | 33 | 3,628 | 3,974 |
| Iberia | 392 | 605 | 908 | 1,121 | 256 | 216 | 250 | 305 | 22 | 25 | 5 | 2 | 1,833 | 2,274 |
| Latin America |
175 | 125 | 691 | 773 | 856 | 953 | 109 | 105 | 28 | 23 | (37) | (54) | 1,822 | 1,925 |
| Argentina | 43 | 50 | (4) | 23 | 11 | 18 | 3 | (3) | 3 | - | (2) | - | 54 | 88 |
| Brazil | 45 | 20 | 368 | 384 | 142 | 118 | 50 | 55 | (1) | (3) | (8) | (19) | 596 | 555 |
| Chile | (1) | (3) | 57 | 83 | 280 | 366 | 19 | 15 | (4) | 4 | (27) | (35) | 324 | 430 |
| Colombia | 22 | (4) | 189 | 185 | 284 | 314 | 25 | 27 | 21 | 23 | - | - | 541 | 545 |
| Peru | 66 | 62 | 81 | 98 | 62 | 63 | 12 | 11 | 9 | (1) | - | - | 230 | 233 |
| Other | - | - | - | - | 77 | 74 | - | - | - | - | - | - | 77 | 74 |
| of Rest Europe |
42 | 77 | 53 | 55 | 77 | 80 | 43 | 39 | 5 | 3 | 1 | 2 | 221 | 256 |
| Romania | (1) | - | 53 | 55 | 36 | 42 | 43 | 39 | 4 | 4 | 1 | 2 | 136 | 142 |
| Russia | 43 | 76 | - | - | (1) | (2) | - | - | - | - | - | - | 42 | 74 |
| Other | - | 1 | - | - | 42 | 40 | - | - | 1 | (1) | - | - | 43 | 40 |
| North America |
(22) | 10 | - | - | 317 | 305 | 5 | (1) | 6 | (20) | (2) | (1) | 304 | 293 |
| Africa, Asia & Oceania |
- | - | - | - | 40 | 22 | - | - | (2) | (1) | - | - | 38 | 21 |
| Other | (12) | 4 | (13) | (6) | (18) | (30) | - | - | (2) | (16) | (82) | (50) | (127) | (98) |
| Total | 867 | 1,001 | 3,137 | 3,816 | 2,178 | 2,291 | 1,571 | 1,582 | 101 | 23 | (135) | (68) | 7,719 | 8,645 |
| E-MARKET SDIR CERTIFIED |
|---|
| Conventional Generation & Global Trading |
Infrastructure & Networks |
EGP | Retail | Enel X |
Services & Other |
Total | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| H1 2021 |
H1 2020 |
H1 2021 |
H1 2020 |
H1 2021 |
H1 2020 |
H1 2021 |
H1 2020 |
H1 2021 |
H1 2020 |
H1 2021 |
H1 2020 |
H1 2021 |
H1 2020 |
|
| Italy | 357 | 228 | 1,806 | 1,896 | 661 | 746 | 1,234 | 1,143 | 49 | 9 | 46 | 46 | 4,153 | 4,068 |
| Iberia | 395 | 614 | 908 | 1,121 | 256 | 216 | 250 | 305 | 22 | 25 | 5 | 14 | 1,836 | 2,295 |
| Latin America |
197 | 140 | 718 | 781 | 860 | 954 | 111 | 105 | 29 | 23 | (34) | (52) | 1,881 | 1,951 |
| Argentina | 43 | 50 | (4) | 25 | 11 | 18 | 3 | (3) | 3 | - | (2) | - | 54 | 90 |
| Brazil | 45 | 20 | 387 | 389 | 142 | 118 | 51 | 55 | (1) | (3) | (8) | (18) | 616 | 561 |
| Chile | 21 | 12 | 65 | 83 | 283 | 366 | 20 | 15 | (3) | 4 | (24) | (34) | 362 | 446 |
| Colombia | 22 | (4) | 189 | 186 | 285 | 314 | 25 | 27 | 21 | 23 | - | - | 542 | 546 |
| Peru | 66 | 62 | 81 | 98 | 62 | 64 | 12 | 11 | 9 | (1) | - | - | 230 | 234 |
| Other | - | - | - | - | 77 | 74 | - | - | - | - | - | - | 77 | 74 |
| of Rest Europe |
42 | 77 | 61 | 56 | 77 | 80 | 45 | 39 | 5 | 3 | 3 | 2 | 233 | 257 |
| Romania | (1) | - | 61 | 56 | 36 | 42 | 45 | 39 | 4 | 4 | 3 | 2 | 148 | 143 |
| Russia | 43 | 76 | - | - | (1) | (2) | - | - | - | - | - | - | 42 | 74 |
| Other | - | 1 | - | - | 42 | 40 | - | - | 1 | (1) | - | - | 43 | 40 |
| North America |
(22) | 10 | - | - | 318 | 306 | 5 | (1) | 6 | (19) | (2) | (1) | 305 | 295 |
| Africa, Asia & Oceania |
- | - | - | - | 40 | 22 | - | - | (2) | (1) | - | - | 38 | 21 |
| Others | (8) | 4 | (5) | (5) | (14) | (28) | - | - | (1) | (15) | (58) | (49) | (86) | (93) |
| Total | 961 | 1,073 | 3,488 | 3,849 | 2,198 | 2,296 | 1,645 | 1,591 | 108 | 25 | (40) | (40) | 8,360 | 8,794 |
36 1. It excludes extraordinary items in H1 2020 (-149 €mn: -82 €mn donations and emergency costs, -67 €mn impairment) and H1 2021 (-641 €mn: -24 €mn COVID-19, -555 €mn energy transition fund, -62 €mn impairment).
Reported EBIT1(€mn)
| Conventional Generation & Global Trading |
Infrastructure Networks & |
EGP | Retail | Enel X |
Services Other & |
Total | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| H1 2021 |
H1 2020 |
H1 2021 |
H1 2020 |
H1 2021 |
H1 2020 |
H1 2021 |
H1 2020 |
H1 2021 |
H1 2020 |
H1 2021 |
H1 2020 |
H1 2021 |
H1 2020 |
|
| Italy | 196 | 102 | 924 | 1,169 | 514 | 585 | 779 | 758 | 19 | (15) | (56) | (1) | 2,376 | 2,598 |
| Iberia | 112 | 356 | 538 | 752 | 150 | 122 | 157 | 186 | (2) | 10 | (20) | (16) | 935 | 1,410 |
| Latin America |
95 | (708) | 378 | 418 | 521 | 765 | 6 | (36) | 19 | 19 | (36) | (55) | 983 | 403 |
| Argentina | 13 | 19 | (15) | 13 | 9 | 16 | (6) | (16) | 2 | - | (1) | - | 2 | 32 |
| Brazil | 40 | 15 | 161 | 152 | 107 | 85 | (22) | (44) | (2) | (4) | (9) | (20) | 275 | 184 |
| Chile | (24) | (776) | 33 | 60 | 203 | 283 | 7 | 3 | (4) | 2 | (28) | (34) | 187 | (462) |
| Colombia | 14 | (12) | 146 | 131 | 260 | 287 | 18 | 15 | 16 | 22 | - | - | 454 | 443 |
| Peru | 52 | 46 | 53 | 62 | 49 | 45 | 9 | 6 | 7 | (1) | - | - | 170 | 158 |
| Other | - | - | - | - | (107) | 49 | - | - | - | - | 2 | (1) | (105) | 48 |
| of Rest Europe |
28 | 52 | 11 | 14 | 45 | 52 | 38 | 23 | 3 | - | 1 | - | 126 | 141 |
| Romania | (1) | - | 11 | 14 | 25 | 32 | 38 | 23 | 3 | 2 | 1 | 1 | 77 | 72 |
| Russia | 29 | 52 | - | - | (5) | (2) | - | - | (1) | - | - | - | 23 | 50 |
| Other | - | - | - | - | 25 | 22 | - | - | 1 | (2) | - | (1) | 26 | 19 |
| North America |
(22) | 11 | - | - | 169 | 170 | 4 | (2) | (14) | (42) | (2) | (2) | 135 | 135 |
| Africa, Asia & Oceania |
- | - | - | - | 13 | 3 | - | - | (4) | (2) | - | - | 9 | 1 |
| Other | (13) | 3 | (13) | (7) | (24) | (32) | - | - | (15) | (18) | (128) | (91) | (193) | (145) |
| Total | 396 | (184) | 1,838 | 2,346 | 1,388 | 1,665 | 984 | 929 | 6 | (48) | (241) | (165) | 4,371 | 4,543 |
From EBITDA to net income1 (€mn)
| H1 2021 |
H1 2020 |
∆ | H1 2021 |
H1 2020 |
∆ | |
|---|---|---|---|---|---|---|
| reported | reported | yoy | ordinary | ordinary | yoy | |
| EBITDA | 7 719 , |
8 645 , |
-10 7% |
8 360 , |
8 794 , |
-4 9% |
| D&A | (3 348) , |
(4 102) , |
(3 162) , |
(3 339) , |
||
| EBIT | 4 371 , |
4 543 , |
-3 8% |
198 5 , |
455 5 , |
-4 7% |
| financial charges Net |
(1 061) , |
(1 119) , |
(1 051) , |
(1 119) , |
||
| income from equity investments using equity method Net |
138 | 13 | 68 | 35 | ||
| EBT | 3 448 , |
3 437 , |
3% 0 |
4 215 , |
4 371 , |
6% -3 |
| Income tax |
(1 177) , |
(1 034) , |
(1 376) , |
(1 283) , |
||
| Net income |
2 271 , |
2 403 , |
2 839 , |
3 088 , |
||
| Minorities | (493) | (456) | (540) | (683) | ||
| income Group net |
1 778 , |
1 947 , |
-8 7% |
2 299 , |
2 405 , |
-4 4% |
D&A reported (€mn)
1
| 0 | 2021 H1 |
2020 H1 |
∆ yoy |
|---|---|---|---|
| Generation and Trading |
471 | 1 185 , |
60% - |
| Enel Green Power |
790 | 626 | 26% |
| Distribution | 1 299 , |
1 470 , |
12% - |
| Retail | 587 | 653 | 10% - |
| Enel X |
95 | 71 | 34% |
| Others and adjustments |
106 | 97 | 9% |
| Total | 3 348 , |
4 102 , |
18% - |
Gross debt1structure
Debt structure by instrument (€bn)
| Debt by instrument | Enel Spa | EFI | EGP SpA and Central Others |
Italy | Iberia | Latin America |
North America |
Europe | Africa, Asia and Oceania |
Total |
|---|---|---|---|---|---|---|---|---|---|---|
| Bonds | 5.55 | 32.21 | - | - | 0.02 | 4.80 | - | 0.06 | - | 42.64 |
| Bank Loans | 1.39 | - | 0.34 | 3.60 | 2.54 | 1.88 | 0.42 | 0.28 | 0.36 | 10.81 |
| Tax Partnership | - | - | - | - | - | - | 0.52 | - | - | 0.52 |
| Other Loans | - | - | - | 0.52 | 0.95 | 0.30 | 0.52 | 0.08 | 0.01 | 2.38 |
| Other short term debt | 0.24 | 0.04 | 0.01 | 0.94 | 0.24 | 0.47 | - | - | 0.06 | 2.00 |
| Commercial Paper | - | 0.08 | - | - | 1.61 | - | 2.09 | - | - | 3.78 |
| Gross debt | 7.18 | 32.33 | 0.35 | 5.06 | 5.36 | 7.45 | 3.55 | 0.42 | 0.43 | 62.13 |
| Financial Receivables | -0.27 | -0.91 | -0.44 | -0.39 | -0.50 | -0.79 | - | - | -0.04 | -3.34 |
| Tariff Deficit | - | - | - | - | -0.83 | - | - | - | - | -0.83 |
| Other short term financial receivables | -1.25 | -0.77 | - | -0.36 | -0.03 | -0.15 | -0.15 | - | -0.02 | -2.73 |
| Cash and cash equivalents | -1.06 | -0.28 | -0.27 | -0.60 | -0.18 | -1.60 | -0.13 | -0.61 | -0.08 | -4.81 |
| Net Debt – Third Parties |
4.60 | 30.37 | -0.36 | 3.71 | 3.82 | 4.91 | 3.27 | -0.19 | 0.29 | 50.42 |
| Net Debt – Intercompany |
11.93 | -34.30 | 7.46 | 8.65 | 3.00 | 2.34 | 0.71 | 0.13 | 0.08 | - |
| Net Debt – Group View |
16.53 | -3.93 | 7.10 | 12.36 | 6.82 | 7.25 | 3.98 | -0.06 | 0.37 | 50.42 |
Debt maturity coverage split by typology (€bn)
- Of which 15 € bn of long term committed credit lines with maturities beyond March 2022
Balance sheet (€mn)
Balance sheet structure (€bn)
53% Net debt / Net capital employed
Headcount
1
| 0 | H1 2021 | FY 2020 | ∆ |
|---|---|---|---|
| Generation and Trading | 8,057 | 8,142 | -1% |
| Enel Green Power | 8,606 | 8,298 | 4% |
| Distribution | 33,225 | 34,332 | -3% |
| Retail | 6,192 | 6,324 | -2% |
| Enel X | 3,160 | 2,989 | 6% |
| Others and adjustments | 6,683 | 6,632 | 1% |
| Total | 65,923 | 66,717 | -1% |
Disclaimer
This presentation contains certain forward-looking statements that reflect the Company's management's current views with respect to future events and financial and operational performance of the Company and its subsidiaries. These forward-looking statements are based on Enel S.p.A.'s current expectations and projections about future events. Because these forward-looking statements are subject to risks and uncertainties, actual future results or performance may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are beyond the ability of Enel S.p.A. to control or estimate precisely, including changes in the regulatory environment, future market developments, fluctuations in the price and availability of fuel and other risks. You are cautioned not to place undue reliance on the forward-looking statements contained herein, which are made only as of the date of this presentation. Enel S.p.A. does not undertake any obligation to publicly release any updates or revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation. The information contained in this presentation does not purport to be comprehensive and has not been independently verified by any independent third party. Certain numbers in this presentation are rounded, while certain figures may have been restated. This presentation does not constitute a recommendation regarding the securities of the Company. This presentation does not contain an offer to sell or a solicitation of any offer to buy any securities issued by Enel S.p.A. or any of its subsidiaries.
Pursuant to art. 154-bis, paragraph 2, of the Italian Unified Financial Act of February 24, 1998, the executive in charge of preparing the corporate accounting documents at Enel, Alberto De Paoli, declares that the accounting information contained herein correspond to document results, books and accounting records.
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Monica Girardi Head of Group Investor Relations
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Federico Baroncelli Serena Carioti Federica Dori Matteo Marengon Federica Pozzi Fabrizio Ragnacci Noemi Tomassi Emanuele Toppi
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