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Enel
Investor Presentation • Apr 23, 2019
4317_10-q_2019-04-23_45e04ffc-acee-4346-afed-9356bdd218a7.pdf
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| Informazione Regolamentata n. 0116-34-2019 |
Data/Ora Ricezione 23 Aprile 2019 18:22:22 |
MTA | |
|---|---|---|---|
| Societa' | : | ENEL | |
| Identificativo Informazione Regolamentata |
: | 117403 | |
| Nome utilizzatore | : | ENELN04 - Cozzolino | |
| Tipologia | : | REGEM | |
| Data/Ora Ricezione | : | 23 Aprile 2019 18:22:22 | |
| Data/Ora Inizio Diffusione presunta |
: | 23 Aprile 2019 18:22:23 | |
| Oggetto | : | Enel publishes 2019 first quarter Group operating data Report |
|
| Testo del comunicato |
Vedi allegato.
Media Relations Investor Relations
T +39 06 8305 5699 T +39 06 8305 7975
enel.com enel.com
[email protected] [email protected]
ENEL PUBLISHES 2019 FIRST QUARTER GROUP OPERATING DATA REPORT
Rome, April 23 rd , 2019 – Enel S.p.A. ("Enel") published its Quarterly Bulletin ("Report"), with the Group's operating data relating to the first quarter of 2019.
The Report, which is published ahead of the approval by the Enel Board of Directors and the disclosure of the performance and financial data contained in Enel's periodic financial reports, is aimed at further strengthening Enel's transparency towards the financial community, in line with best practices in the most advanced markets.
The Report attached to this press release is available to the public at Enel's registered office, on the Enel website (www.enel.com), and - together with this press release - through the authorised storage mechanism "eMarket Storage" ().
1
Quarterly Bulletin 1Q 2019
Investor Relations Team [email protected] +39 06 8305 7975
www.enel.com/investors Website
| Index | ||||||
|---|---|---|---|---|---|---|
| 1. Group Summary | ||||||
| 2. Group Net Installed Capacity | ||||||
| 3. Group Net Production | ||||||
| 4. Group Infrastructure & Networks | ||||||
| 5. Retail | ||||||
| 6. Italian Energy Market | ||||||
| 7. Main Financial & Market performance | ||||||
| 8. Disclaimer |
3
2. Group Net Installed Capacity1
| 2019 Added | ||||||
|---|---|---|---|---|---|---|
| 1Q 2019 | 1Q 2018 | ∆ yoy | capacity | |||
| Group | MW | % Weight | MW | % Weight | ∆ yoy | MW |
| Hydro | 27,855 | 32.3% | 27,791 | 32.4% | 0.2% | 10 |
| Wind | 8,740 | 10.1% | 7,735 | 9.0% | 13.0% | 550 |
| Solar & Others | 2,392 | 2.8% | 2,929 | 3.4% -18.3% | 63 | |
| Geothermal | 876 | 1.0% | 802 | 0.9% | 9.1% | 72 |
| Total Renewables | 39,863 | 46.2% | 39,257 | 45.7% | 1.5% | 695 |
| Nuke | 3,318 | 3.8% | 3,318 | 3.9% | 0.0% | - |
| Coal | 15,828 | 18.4% | 15,965 | 18.6% | -0.9% | - |
| CCGT | 14,991 | 17.4% | 15,028 | 17.5% | -0.2% | 35 |
| Oil & Gas | 12,245 | 14.2% | 12,255 | 14.3% | -0.1% | - |
| Total Thermal | 46,381 | 53.8% | 46,566 | 54.3% -0.4% | 35 | |
| Total Enel Group | 86,244 | 100% | 85,822 | 100% | 0.5% | 730 |
| Italy | MW | % Weight | MW | % Weight | ∆ yoy | MW |
| Hydro | 12,419 | 45.0% | 12,401 | 44.9% | 0.1% | 8.0 |
| Wind | 772 | 2.8% | 772 | 2.8% | 0.0% | - |
| Solar & Others | 30 | 0.1% | 80 | 0.3% -62.2% | - | |
| Geothermal | 763 | 2.8% | 761 | 2.8% | 0.2% | 0.6 |
| Total Renewables | 13,984 | 50.7% | 14,015 | 50.7% -0.2% | 8.6 | |
| Coal | 6,340 | 23.0% | 6,340 | 22.9% | 0.0% | - |
| CCGT | 4,535 | 16.4% | 4,535 | 16.4% | 0.0% | - |
| Oil & Gas | 2,739 | 9.9% | 2,739 | 9.9% | 0.0% | - |
| Total Thermal | 13,613 | 49.3% | 13,613 | 49.3% | 0.0% | - |
| Total | 27,598 | 100% | 100% -0.1% | 8.6 | ||
| 27,628 | ||||||
| Iberia | MW | % Weight | MW | % Weight | ∆ yoy | MW |
| Hydro | 4,763 | 20.9% | 4,758 | 21.0% | 0.1% | 2 |
| Wind | 1,750 | 7.7% | 1,618 | 7.1% | 8.1% | - |
| Solar & Others | 14 | 0.1% | 14 | 0.1% | -0.1% | - |
| Total Renewables | 6,527 | 28.7% | 6,390 | 28.2% | 2.1% | 2 |
| Nuke | 3,318 | 14.6% | 3,318 | 14.6% | 0.0% | - |
| Coal | 5,052 | 22.2% | 5,168 | 22.8% | -2.2% | - |
| CCGT | 5,480 | 24.1% | 5,445 | 24.0% | 0.6% | 35 |
| Oil & Gas | 2,377 | 10.4% | 2,377 | 10.5% | 0.0% | - |
| Total Thermal | 16,227 | 71.3% | 16,307 | 71.8% -0.5% | 35 | |
| Total | 22,754 | 100% | 22,698 | 100% | 0.2% | 37 |
| South America | MW | % Weight | MW | % Weight | ∆ yoy | MW |
| Hydro | 10,031 | 47.9% | 9,990 | 47.7% | 0.4% | - |
| Wind | 1,616 | 7.7% | 1,666 | 8.0% | -3.0% | - |
| Solar & Others | 1,575 | 7.5% | 1,491 | 7.1% | 5.6% | - |
| Geothermal | 41 | 0.2% | 41 | 0.2% | 0.0% | - |
| Total Renewables | 13,263 | 63.4% | 13,188 | 62.9% | 0.6% | - |
| Coal | 813 | 3.9% | 835 | 4.0% | -2.6% | - |
| CCGT | 4,168 | 19.9% | 4,240 | 20.2% | -1.7% | - |
| Oil & Gas | 2,682 | 12.8% | 2,692 | 12.8% | -0.4% | - |
| Total Thermal | 7,663 | 36.6% | 7,767 | 37.1% -1.3% | - | |
| Total | 20,926 | 100.0% | 20,955 | 100% -0.1% | - | |
| Rest of Europe | MW | % Weight | MW | % Weight | ∆ yoy | MW |
| Hydro | 19 | 0.2% | 19 | 0.2% | 0.0% | - |
| Wind | 741 | 7.6% | 741 | 7.6% | 0.0% | - |
| Solar & Others | 123 | 1.3% | 123 | 1.3% | 0.0% | - |
| Total Renewables | 883 | 9.0% | 883 | 9.0% | 0.0% | - |
| Coal | 3,623 | 37.1% | 3,623 | 37.1% | 0.0% | - |
| CCGT | 809 | 8.3% | 809 | 8.3% | 0.0% | - |
| Oil & Gas | 4,447 | 45.6% | 4,447 | 45.6% | 0.0% | - |
| Total Thermal | 8,878 | 91.0% | 8,878 | 91.0% | 0.0% | - |
| Total | 9,761 | 100% | 9,761 | 100% | 0.0% | - |
| North & Central America | MW | % Weight | MW | % Weight | ∆ yoy | MW |
| Hydro | 623 | 13.9% | 623 | 15.2% | 0.0% | - |
| Wind | 3,490 | 78.0% | 2,566 | 62.8% | 36.0% | 550 |
| Solar & Others | 292 | 6.5% | 896 | 21.9% -67.4% | 29 | |
| Geothermal | 72 | 1.6% | - | 0.0% | n.m. | 72 |
| Total | 4,476 | 100% | 4,085 | 100% | 9.6% | 650 |
| Africa, Asia & Oceania | MW | % Weight | MW | % Weight | ∆ yoy | MW |
| Wind | 371 | 50.9% | 371 | 53.4% | 0.0% | - |
| Solar & Others Total |
357 729 |
49.1% 100% |
323 695 |
46.6% 100% |
10.5% 4.9% |
34 34 |
- Consolidated perimeter excluding managed capacity under JV in North America, Italy, Australia and Mexico equal to around 3.7 GW.
3. Group Net Production
| 1Q 2019 | 1Q 2018 | ∆ yoy | 1Q 2019 | |||
|---|---|---|---|---|---|---|
| Group | GWh | % Weight | GWh | % Weight | ∆ yoy | GWh |
| Hydro | 13,912 | 23.5% | 15,132 | 24.3% | -8.1% | 13,912 |
| Wind | 6,275 | 10.6% | 5,762 | 9.3% | 8.9% | 6,275 |
| Solar & Others | 1,056 | 1.8% | 1,083 | 1.7% | -2.5% | 1,056 |
| Geothermal | 1,498 | 2.5% | 1,476 | 2.4% | 1.4% | 1,498 |
| Total Renewables | 22,741 | 38.5% | 23,453 | 37.7% | -3.0% | 22,741 |
| Nuke | 7,084 | 12.0% | 6,650 | 10.7% | 6.5% | 7,084 |
| Coal | 13,535 | 22.9% | 16,221 | 26.1% | -16.6% | 13,535 |
| CCGT | 10,399 | 17.6% | 9,667 | 15.5% | 7.6% | 10,399 |
| Oil & Gas | 5,338 | 9.0% | 6,215 | 10.0% | -14.1% | 5,338 |
| Total Thermal | 36,355 | 61.5% | 38,753 | 62.3% | -6.2% | 36,355 |
| Total Enel Group | 59,097 | 100% | 62,206 | 100% | -5.0% | 59,097 |
| Italy | GWh | % Weight | GWh | % Weight | ∆ yoy | GWh |
| Hydro | 3,037 | 27.7% | 3,783 | 28.9% | -19.7% | 3,037 |
| Wind | 442 | 4.0% | 464 | 3.5% | -4.8% | 442 |
| Solar & Others | 14 | 0.1% | 35 | 0.3% | -60.2% | 14 |
| Geothermal | 1,405 | 12.8% | 1,421 | 10.8% | -1.1% | 1,405 |
| Total Renewables | 4,897 | 44.7% | 5,703 | 43.5% -14.1% | 4,897 | |
| Coal | 3,812 | 34.8% | 5,583 | 42.6% | -31.7% | 3,812 |
| CCGT | 2,166 | 19.7% | 1,705 | 13.0% | 27.0% | 2,166 |
| Oil & Gas | 92 | 0.8% | 117 | 0.9% | -21.5% | 92 |
| Total Thermal | 6,069 | 55.3% | 7,405 | 56.5% -18.0% | 6,069 | |
| Total | 10,966 | 100% | 13,108 | 100% -16.3% | 10,966 | |
| Iberia | GWh | % Weight | GWh | % Weight | ∆ yoy | GWh |
| Hydro | 1,483 | 8.7% | 2,047 | 11.1% | -27.6% | 1,483 |
| Wind | 1,108 | 6.5% | 1,170 | 6.3% | -5.3% | 1,108 |
| Solar & Others | 6 | 0.0% | 4 | 0.0% | 25.7% | 6 |
| Total Renewables | 2,596 | 15.2% | 3,221 | 17.4% -19.4% | 2,596 | |
| Nuke | 7,084 | 41.6% | 6,650 | 35.9% | 6.5% | 7,084 |
| Coal | 4,059 | 23.8% | 5,273 | 28.5% | -23.0% | 4,059 |
| CCGT | 1,843 | 10.8% | 1,724 | 9.3% | 6.9% | 1,843 |
| Oil & Gas | 1,449 | 8.5% | 1,645 | 8.9% | -11.9% | 1,449 14,436 |
| Total Thermal | 14,436 | 84.8% | 15,291 | 82.6% | -5.6% | |
| Total | 17,032 | 100% | 18,512 | 100.0% | -8.0% | |
| South America | GWh | % Weight | GWh | % Weight | ∆ yoy | GWh |
| Hydro Wind |
8,878 1,311 |
50.6% 7.5% |
8,465 1,019 |
51.0% 6.1% |
4.9% 28.6% |
17,032 8,878 1,311 |
| Solar & Others | 776 | 4.4% | 690 | 4.2% | 12.5% | 776 |
| Geothermal | 54 | 0.3% | 55 | 0.3% | -2.3% | 54 |
| Total Renewables | 11,020 | 62.8% | 10,229 | 61.6% | 7.7% | 11,020 |
| Coal | 1,147 | 6.5% | 843 | 5.1% | 36.1% | 1,147 |
| CCGT | 4,842 | 27.6% | 4,625 | 27.8% | 4.7% | 4,842 |
| Oil & Gas | 550 | 3.1% | 914 | 5.5% | -39.9% | 550 |
| Total Thermal | 6,539 | 37.2% | 6,382 | 38.4% | 2.5% | 6,539 |
| Total | 17,559 | 100.0% | 16,612 | 100.0% | 5.7% | 17,559 |
| Rest of Europe1 | GWh | % Weight | GWh | % Weight | ∆ yoy | GWh |
| Hydro | 19 | 0.2% | 19 | 0.2% | -3% | 19 |
| Wind | 518 | 5.2% | 527 | 5.1% | -2% | 518 |
| Solar & Others | 31 | 0.3% | 27 | 0.3% | 12% | 31 |
| Total Renewables | 568 | 5.7% | 574 | 5.6% | -1% | 568 |
| Coal | 4,516 | 45.7% | 4,522 | 44.1% | 0% | 4,516 |
| CCGT | 1,547 | 15.7% | 1,613 | 15.7% | -4% | 1,547 |
| Oil & Gas | 3,247 | 32.9% | 3,539 | 34.5% | -8% | 3,247 |
| Total Thermal | 9,311 | 94.3% | 9,673 | 94.4% | -4% | 9,311 |
| Total | 9,879 | 100% | 10,247 | 100% | -4% | 9,879 |
| GWh | % Weight | GWh | % Weight | ∆ yoy | GWh | |
| North & Central America2 Hydro |
495 | 15.0% | 818 | 24% | -39% | 495 |
| Wind | 2,695 | 81.7% | 2,400 | 71% | 12% | 2,695 |
| Solar & Others | 68 | 2.1% | 169 | 5% | -60% | 68 |
| Geothermal | 39 | 1.2% | - | 0% | n.m. | 39 |
| Total | 3,297 | 100% | 3,387 | 100% | -3% | 3,297 |
| Africa, Asia & Oceania3 | GWh | % Weight | GWh | % Weight | ∆ yoy | GWh |
| Wind | 201 | 55.4% | 182 | 54% | 10% | 201 |
| Solar & Others Total |
162 363 |
44.6% 100% |
157 340 |
46% 100% |
3% 7% |
162 363 |
-
Includes Romania, Russia, Greece, Bulgaria
-
Includes Mexico, Panama, USA, Canada, Guatemala, Costa Rica.
-
Includes South Africa, India.
4. Group Infrastructure & Networks
| Electricity distributed (TWh) | 1Q 2019 | 1Q 2018 | ∆yoy | End users1 (mn) |
1Q 2019 | 1Q 2018 | ∆yoy |
|---|---|---|---|---|---|---|---|
| Italy | 57.3 | 57.2 | 0.1% | Italy | 31.4 | 31.4 | 0.0% |
| Iberia | 31.4 | 31.7 | -0.9% | Iberia | 12.2 | 12.1 | 0.7% |
| South America | 34.6 | 23.2 | 49.2% | South America | 26.4 | 19.1 | 38.3% |
| Rest of Europe | 4.0 | 4.0 | 0.5% | Rest of Europe | 2.9 | 2.8 | 1.3% |
| Total | 127.3 | 116.1 | 9.7% | Total | 72.9 | 65.5 | 11.4% |
(mn) 1Q 2019 1Q 2018 ∆yoy
1.End Users represent the number of distribution delivery points at the end of the period.
5. Retail
| Energy sold (TWh)2 | 1Q 2019 | 1Q 2018 | ∆yoy | Power customers3 (mn) |
1Q 2019 | 1Q 2018 | ∆yoy |
|---|---|---|---|---|---|---|---|
| Italy | 26.1 | 27.2 | -3.9% | Italy | 24.7 | 25.9 | -4.4% |
| Regulated | 10.0 | 11.0 | -9.3% | Regulated | 15.9 | 17.8 | -11.0% |
| Free Market | 16.1 | 16.1 | -0.2% | Free Market | 8.8 | 8.0 | 10.3% |
| Iberia | 22.2 | 23.5 | -5.2% | Iberia | 10.7 | 10.8 | -0.6% |
| South America | 26.8 | 18.8 | 42.5% | South America | 25.8 | 18.3 | 41.1% |
| Rest of Europe | 1.9 | 2.8 | -31.8% | Rest of Europe | 3.0 | 2.9 | 5.0% |
| Total | 77.1 | 72.2 | 6.7% | Total | 64.3 | 57.9 | 11.2% |
| Gas sold (bmc) | 1Q 2019 | 1Q 2018 | ∆yoy | Gas customers (mn) | 1Q 2019 | 1Q 2018 | ∆yoy |
|---|---|---|---|---|---|---|---|
| Italy | 2.2 | 2.2 | -1.0% | Italy | 4.2 | 4.1 | 0.3% |
| Iberia | 1.8 | 1.9 | -7.1% | Iberia | 1.6 | 1.6 | 2.6% |
| Romania | 0.01 | 0.02 | -57.6% | Romania | 0.05 | 0.03 | 72.4% |
| Total | 4.0 | 4.1 | -4.1% | Total | 5.8 | 5.7 | 1.3% |
- Net of energy losses.
6. Italian Energy Market
Italy energy balance
| GWh | Jan-Feb 2019 |
Jan-Feb 2018 |
∆ yoy |
|---|---|---|---|
| Hydro | 5,385 | 5,332 | 1.0% |
| Thermo | 34,039 | 32,743 | 4.0% |
| - Biomass | 2,873 | 2,921 | -1.6% |
| Geothermal | 935 | 939 | -0.4% |
| Wind | 4,659 | 3,682 | 26.5% |
| PV | 2,726 | 2,081 | 31.0% |
| Total net production | 47,744 | 44,777 | 6.6% |
| Import | 7,491 | 9,510 | -21.2% |
| Export | 853 | 526 | 62.2% |
| Net import | 6,638 | 8,984 | -26.1% |
| Pumped storage | 431 | 415 | 3.9% |
| Electricity demand | 53,951 | 53,346 | 1.1% |
Source: TERNA Source: GME
| (mn) | 1Q 2019 | 1Q 2018 | ∆yoy | |
|---|---|---|---|---|
| Gas customers (mn) | 1Q 2019 1Q 2018 | Дуоу | |
|---|---|---|---|
| Italy | 4.2 | 4.1 | 0.3% |
| Iberia | 1.6 | 1.6 | 2.6% |
| Romania | 0.05 | 0.03 | 72.4% |
| Total | 5.8 | 5.7 | 1.3% |
- Power Customers represent clients with active contracts with Enel.
Pool price (€/MWh)
7. Main Financials & Market performance
| Enel Group figures as of December 31st, 2018. | Dividends | |||||
|---|---|---|---|---|---|---|
| € mn | FY 2018 | FY 2017 | ∆ yoy | €/share | FY 2018 | |
| Revenues | 75,672 | 74,639 | 1% | Amount | Ex-Date | |
| Reported EBITDA1 | 16,351 | 15,653 | 4% | Ordinary (interim) | 0.14 | 01/23/19 |
| Ordinary EBITDA1 | 16,158 | 15,555 | 4% | Ordinary (Final)4 | ||
| Reported EBIT1 | 9,900 | 9,792 | 1% | Total DPS | 0.28 | |
| Ordinary EBIT1 | 9,793 | 9,736 | 1% | Pay out | 70% | |
| Rep. Group net income1 | 4,789 | 3,779 | 27% | 4. Final dividend 2018 to be approved by the AGM 2019. | ||
| Group net ord. Income1 | 4,060 | 3,709 | 9% | 31/03/2019 31/03/2018 | ||
| EPS (€) | 0.40 | 0.36 | 9% | Share Price (€) | 5.704 | 4.970 |
| FFO2 | 11,075 | 10,126 | 9% | P/E | 12.1 | 13.3 |
| FY 2018 | FY 2017 | ∆ yoy | EV/EBITDA | 7.8 | 7.2 | |
| Total assets | 165,424 | 155,641 | 6% | Dividend Yield | 4.9% | 5.3% |
| Assets held for sale1 | 688 | 1,970 | -65% | Source: Bloomberg. | ||
| Shareholder's equity | 47,852 | 52,161 | -8% | |||
| Liabilities held for sale | 407 | 1,729 | -76% | Enel Group's Ratings | ||
| Financial net debt | 41,089 | 37,410 | 10% | Rating | Outlook | |
| FFO/Net debt1 | 27% | 27% | 0% | Moody's | Baa2 | Stable |
| Net debt1 /Ebitda |
2.5x | 2.4x | +0.1 x | S&P | BBB+ | Stable |
| Capex3 | 8,530 | 8,499 | 0% | Fitch | A- | Stable |
| - Asset development | 4,720 | 4,879 | -3% | |||
| - Asset management | 2,266 | 2,194 | 3% | |||
| - Customers | 1,545 | 1,426 | 8% |
| Enel Group figures as of December 31st, 2018. | Dividends | |||||||
|---|---|---|---|---|---|---|---|---|
| € mn | FY 2018 | FY 2017 | ∆ yoy | €/share | FY 2018 | FY 2017 | ||
| Revenues | 75,672 | 74,639 | 1% | Amount | Ex-Date | Amount | Ex-Date | |
| Reported EBITDA1 | 16,351 | 15,653 | 4% | Ordinary (interim) | 0.14 | 01/23/19 | 0.105 | 01/22/18 |
| Ordinary EBITDA1 | 16,158 | 15,555 | 4% | Ordinary (Final)4 | 0.14 | 07/22/19 | 0.132 | 07/23/18 |
| Reported EBIT1 | 9,900 | 9,792 | 1% | Total DPS | 0.28 | 0.237 | ||
| Ordinary EBIT1 | 9,793 | 9,736 | 1% | Pay out | 70% | 65% | ||
| Rep. Group net income1 | 4,789 | 3,779 | 27% | 4. Final dividend 2018 to be approved by the AGM 2019. | ||||
| Group net ord. Income1 | 4,060 | 3,709 | 9% | 31/03/2019 31/03/2018 | ∆ yoy | |||
| EPS (€) | 0.40 | 0.36 | 9% | Share Price (€) | 5.704 | 4.970 | 14.8% | |
| FFO2 | 11,075 | 10,126 | 9% | P/E | 12.1 | 13.3 | -8.6% | |
| FY 2018 | FY 2017 | ∆ yoy | EV/EBITDA | 7.8 | 7.2 | 8.8% | ||
| Total assets | 165,424 | 155,641 | 6% | Dividend Yield | 4.9% | 5.3% | -7.6% | |
| Assets held for sale1 | 688 | 1,970 | -65% | Source: Bloomberg. |
| 41,089 | 37,410 | 10% | Rating | Outlook | Update | |
|---|---|---|---|---|---|---|
| 27% | 27% | 0% | Moody's | Baa2 | Stable | 01/07/2019 |
| 2.5x | 2.4x | +0.1 x | S&P | BBB+ | Stable | 09/19/2018 |
| 8,530 | 8,499 | 0% | Fitch | A- | Stable | 02/11/2019 |
-
Alternative performance indicators not envisaged in the IFRS-EU accounting standards are intended to facilitate the assessment of the Group's performance and financial position. Please refer to the press releases of the related consolidated results for the definition of these indicators.
-
FFO: funds from operations after Δ WC and provisions 3. Includes capex related to assets held for sale for 378 €mn at FY 2018 and 369 €mn at FY 2017.
Stock performance (01/01/2019 - 12/04/2019)
8. Disclaimer
This document 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 forwardlooking 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.
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.
