Enel

Earnings Release • Jul 19, 2017

Informazione Regolamentata n. 0116-68-2017		Data/Ora Ricezione 19 Luglio 2017 18:09:37	MTA
Societa'	:	ENEL
Identificativo Informazione Regolamentata	:	92014
Nome utilizzatore	:	ENELN04 - Giannetti
Tipologia	:	REGEM
Data/Ora Ricezione	:	19 Luglio 2017 18:09:37
Data/Ora Inizio Diffusione presunta	:	19 Luglio 2017 18:09:38
Oggetto	:	semestre 2017	Enel pubblica il Report sui dati operativi di Gruppo del secondo trimestre e del primo
Testo del comunicato

Vedi allegato.

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ENEL PUBBLICA IL REPORT SUI DATI OPERATIVI DI GRUPPO DEL SECONDO TRIMESTRE E DEL PRIMO SEMESTRE 2017

Roma, 19 luglio 2017 – Enel S.p.A. ("Enel") ha pubblicato il "Quarterly Bulletin" ("Report") contenente i dati operativi del Gruppo del secondo trimestre e del primo semestre 2017.

Il Report, pubblicato in anticipo rispetto all'approvazione da parte del Consiglio di Amministrazione di Enel e alla divulgazione dei dati economico-finanziari contenuti nei documenti contabili periodici, si pone l'obiettivo di rafforzare ulteriormente la trasparenza del Gruppo nei confronti della comunità finanziaria, in linea con le best practice dei mercati più evoluti.

Il Report, allegato al presente comunicato stampa, è a disposizione del pubblico presso la sede sociale, sul sito internet di Enel (www.enel.com), e – unitamente al presente comunicato – presso il meccanismo di stoccaggio autorizzato "eMarket Storage" ().

Operating data

1

1

Group net production

		2Q 2017			1H 2017
Group	GWh	% Weight	∆ yoy	GWh	% Weight	∆ yoy
Hydro	13,424	23.2%	-23%	27,559	22.7%	-15%
Wind	3,995	6.9%	-6%	8,494	7.0%	-11%
Other Renewables	1,979	3.4%	7%	3,954	3.3%	8%
Nuclear	5,912	10.2%	-33%	13,096	10.8%	-31%
Coal	16,635	28.7%	11%	34,843	28.8%	7%
CCGT	9,832	17.0%	12%	20,447	16.9%	17%
Oil & Gas	6,095	10.5%	1%	12,772	10.5%	-6%
Total	57,872	100%	-7%	121,164	100%	-5%
Italy	GWh	% Weight	∆ yoy	GWh	% Weight	∆ yoy
Hydro	4,289	32.6%	-17%	7,657	28.0%	-11%
Wind	242	1.8%	-27%	594	2.2%	-22%
Other Renewables	1,474	11.2%	-1%	2,955	10.8%	-1%
Coal	5,556	42.2%	-11%	12,382	45.2%	-10%
CCGT	1,464	11.1%	-6%	3,432	12.5%	5%
Oil & Gas	128	1.0%	-10%	352	1.3%	85%
Total	13,1540	100%	-12%	27,372	100%	-8%
Iberia	GWh	% Weight	∆ yoy	GWh	% Weight	∆ yoy
Hydro	1,627	8.7%	-40%	3,140	8.3%	-38%
Wind	792	4.2%	-2%	1,753	4.7%	-13%
Other Renewables	9	0.0%	-78%	14	0.0%	-85%
Nuclear	5,912	31.6%	-7%	13,096	34.8%	2%
Coal	5,910	31.6%	101%	11,633	30.9%	77%
CCGT	2,699	14.4%	76%	4,691	12.5%	65%
Oil & Gas	1,749	9.4%	11%	3,352	8.9%	5%
Total	18,698	100%	17%	37,678	100%	15%
Latam	GWh	% Weight	∆ yoy	GWh	% Weight	∆ yoy
Hydro	6,977	47.1%	-17%	15,558	49.6%	-3%
Wind	739	5.0%	25%	1,397	4.4%	33%
Other Renewables	259	1.7%	68%	548	1.7%	100%
Coal	930	6.3%	23%	1,830	5.8%	-4%
CCGT	4,973	33.6%	12%	10,023	31.9%	11%
Oil & Gas	939	6.3%	-16%	2,043	6.5%	-18%
Total	14,8170	100%	-4%	31,398	100%
1 Europe & North Africa	GWh	% Weight	∆ yoy	GWh	% Weight	∆ yoy
Hydro	4	0.0%	-99%	18	0.1%	-98%
Wind	365	4.2%	8%	901	4.7%	4%
Other Renewables	48	0.6%	0%	75	0.4%	-1%
Nuclear	-	0.0%	n.m.	-	0.0%	n.m.
Coal	4,238	49.1%	-16%	8,999	46.6%	-12%
CCGT	696	8.1%	-44%	2,302	11.9%	-2%
Oil & Gas	3,279	38.0%	3%	7,025	36.4%	-10%
Total	8,630	100%	-33%	19,319	100%
2
North & Central America Hydro	GWh	% Weight	∆ yoy	GWh	% Weight	∆ yoy
	526	24.0%	-24%	1,187	25.2%	-23%
Wind	1,605	73.3%	-23%	3,454	73.2%	-26%
Other Renewables	59	2.7%	-45%	75	1.6%	-69%
Total	2,191	100%	-24%	4,716	100%
3 Sub Saharan Africa & Asia	GWh	% Weight	∆ yoy	GWh	% Weight	∆ yoy
Wind	252	66.1%	115%	395	57.9%	144%
Other Renewables Total	129 381	33.9% 100%	n.m. 214%	287 681	42.1% 100%	2% -32% -27% n.m. 299%

1. Includes Romania, Russia, Slovakia, Belgium, Greece, Bulgaria. Deconsolidation of Slovenske Elektrarne from July 2016

2. Includes Mexico, Panama, USA, Canada, Guatemala, Costa Rica. Deconsolidation of US renewable JV from December 2016 3. Includes South Africa, India.

Group installed capacity¹

	Group installed capacity1
	1H 2017
		Italy		Iberia		Latam		Europe & North Africa		North & Central America		Sub-Saharan Africa & Asia	Total
	M W	∆ yoy	M W	∆ yoy	M W	∆ yoy	M W	∆ yoy	M W	∆ yoy	M W	∆ yoy	M W	∆ yoy
Hydro	12,418	(3)	4,764	1	9,600	162	19	(1,590)	623	(241)	-	-	27,424	(1,671)
Wind	772	44	1,618	2	1,092	112	741	-	2,018	(518)	371	199	6,612	(160)
Other Ren.	859	(2)	14	(32)	792	307	106	(28)	204	92	323	165	2,298	502
Nuclear	-	-	3,318	-	-	-	-	(1,814)	-	-	-	-	3,318	(1,814)
Coal	6,340	(138)	5,168	-	835	-	3,623	(388)	-	-	-	-	15,965	(526)
CCGT	4,535	0	5,445	(0)	4,240	(76)	809	(406)	-	-	-	-	15,028	(483)
Oil & Gas	2,739	0	2,417	-	2,698	114	4,447	(66)	-	-	-	-	12,300	48
Total	27,662	(98)	22,744	(30)	19,256	619	9,744	(4,292)	2,845	(667)	695	364	82,946	(4,104)

Group additional capacity1,2 in 1H 2017

		1H 2017
MW	Italy	Iberia	Latam	Europe & North Africa	North & Central America	Sub-Saharan Africa & Asia	Total
Hydro	3	-	10	-	-	-	13
Wind	55	-	-	-	-	36	91
Other Ren.	1	-	287	-	60	-	348
Nuclear	-	-	-	-	-	-	-
Coal	-	-	-	-	-	-	-
CCGT	-	-	-	-	-	-	-
Oil & Gas	-	-	46	-	-	-	46
Total	58	-	343	-	60	36	498

Global Infrastructure & Network

Electricity distributed (TWh)	1H 2017	1H 2016	∆yoy	3 End users (mn)	1H 2017	1H 2016	∆yoy
Italy	110.3	110.0	0.3%	Italy	31.5	31.6	-0.1%
Iberia	54.9	52.9	3.9%	Iberia	12.1	12.0	0.8%
Latam	44.9	39.7	13.1%	Latam	18.9	15.4	22.6%
Europe & North Africa	7.5	7.3	3.4%	Europe & North Africa	2.8	2.7	1.7%
Total	217.7	209.9	3.7%	Total	65.2	61.6	5.8%

Retail

Energy sold (TWh)	1H 2017	1H 2016	∆yoy	Power customers (mn)	1H 2017	1H 2016	∆yoy
Italy	49.4	45.9	7.6%	Italy	26.4	26.8	-1.2%
Iberia	47.2	45.7	3.2%	Iberia	10.9	11.0	-0.8%
Latam	37.3	32.4	15.0%	Latam	18.0	15.4	17.2%
Europe & North Africa	4.9	7.0	-31.1%	Europe & North Africa	2.8	2.7	2.3%
Total	138.6	131.0	5.8%	Total	58.2	55.9	4.1%
Gas sold (bmc)	1H 2017	1H 2016	∆yoy	Gas customers (mn)	1H 2017	1H 2016	∆yoy
Italy	2.9	2.6	9.9%	Italy	4.0	3.9	3.6%
Iberia	3.3	3.1	6.5%	Iberia	1.5	1.5	2.9%
Total	6.2	5.7	8.1%	Total	5.5	5.4	3.4%

1. Consolidated perimeter excluding managed capacity under JV in US and Italy for 2.2 GW

2. It includes additional capacity from non organic growth

3. At the end of the period

Financial data

Income statement & balance sheet Dividends³

€ mn	1Q 2017	1Q 2016	∆ yoy
Revenues	19,366	17,872	8%
Reported EBITDA*	3,914	4,017	-3%
Ordinary EBITDA*	3,763	3,871	-3%
Reported EBIT*	2,525	2,670	-5%
Ordinary EBIT*	2,374	2,524	-6%
Rep. Group net income*	983	939	5%
Group net ord. income*	943	795	19%
EPS (€)	0.10	0.09	11%
1 FFO	1,740	1,567	11%
Total assets	154,215	155,596	-1%
Assets held for sale*	6	11	-45%
Shareholder's equity	53,900	52,575	3%
Liabilities held for sale	-	-	0%
Financial net debt	39,282	37,553	5%
FFO/Net debt*	26%	28%	+5 p.p.
Net debt*/Ebitda	2.6x	2.5x	-
2 Capex	1,453	1,650	-12%
- Growth	997	1,142	-13%
- Maintenance	456	508	-10%

1. FFO: funds from operations after ∆ WC and provisions

2. 1Q 2016 figure includes 103 €mn related to assets held for sale

3. ex-dividend date 23.01.2017 for the interim dividend (0.09 €/sh), next ex-dividend date 24.07.2017

4. Bloomberg / brokers consensus

Rating⁴

	2016		2015
€/share	Amount		Amount	∆ yoy
Pay-out	57%	+2 p.p.	55%	+10 p.p.
DPS	0.18	13%	0.16	14%

Valuation data⁴

	30/06/2017	30/06/2016	∆ yoy
Share Price (€)	4.694	3.980	17.9%
P/E	13.2	11.8	12.3%
EV/EBITDA	7.3	7.2	2.5%
Dividend Yield	4.5%	4.5%	-1.1%

Stock performance (01/01/2017 – 17/07/2017)

*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 to the related consolidated results for the definition of these indicators.

		S&P		Fitch		Moody's
	Rating	Outlook	Rating	Outlook	Rating	Outlook
Enel	BBB	POS	BBB+	STABLE	Baa2	STABLE
Endesa	BBB	POS	BBB+	STABLE	W R	-
Enel Americas	BBB	STABLE	BBB	STABLE	Baa3	STABLE
Enel Chile	BBB+	STABLE	-	-	-	-
Enel Dx Rio (Brazil)	BB	NEG	-	-	-	-
Cochòn (Argentina)	-	-	-	-	B3	POS
Emgesa (Colombia)	BBB	NEG	BBB	STABLE	-	-
Enel Russia	-	-	BB+	STABLE	Ba3	NEG
Italy	BBB-u	STABLE	BBB	STABLE	Baa2	NEG
Spain	BBB+	POS	BBB+	STABLE	Baa2	STABLE
Chile	A+	STABLE	A+	NEG	Aa3	STABLE
Brazil	BB	Watch neg	BB	NEG	Ba2	NEG
Argentina	B	STABLE	B	STABLE	B3	POS
Colombia	BBB	NEG	BBB	STABLE	Baa2	STABLE
Russia	BB+	POS	BBB-	STABLE	Ba1	STABLE

Focus on Italy

GWh	Jan-May 2017	Jan-May 2016	∆ yoy
Hydro	13,939	15,862	-12.1%
Thermo	78,687	72,455	8.6%
- Biomass	7,512	7,607	-1.2%
Geothermal	2,426	2,471	-1.8%
Wind	7,953	9,148	-13.1%
PV	9,864	8,705	13.3%
Total net production	112,869	108,641	3.9%
Import	18,107	22,232	-18.6%
Export	2,621	2,688	-2.5%
Net import	15,486	19,544	-20.8%
Pumped storage	1,117	1,104	1.2%
Electricity demand	127,238	127,081	0.1%
Pool Price (€/MWh) 2
			Delta	2016 2017

Italy energy balance¹ Enel Italian retail business

Energy Sold (TWh)	1H 2017	1H 2016	∆ yoy
Regulated Market	21.4	22.6	-5.6%
Free Market	28.0	23.3	20.3%

Power customers (mn)	1H 2017	1H 2016	∆ yoy
Regulated Market	18.9	20.1	-5.9%
Free Market	7.5	6.7	13.0%

Pool Price (€/MWh) 2

1. Source: Terna

2. Source: GME

3. Net of own consumption and pumped storage. Renewables includes Biomass. Source TERNA.

ESG: Enel ranking¹

Corporate events

SIGNIFICANT EVENTS: https://www.enel.com/content/dam/enel-common/press/en/1666746-1\_PDF-1.pdf

July 27th, 2017: half year financial report at June 30th, 2017 November 8th, 2017: interim financial report at September 30th, 2017.

PRESS RELEASES ²: https://www.enel.com/en/media/press-releases.economico.html

June 16, 2017 - MERGER BY INCORPORATION OF ENEL SOUTH AMERICA INTO ENEL

June 15, 2017 - ENEL BOARD OF DIRECTORS APPOINTS COMMITTEES

June 14, 2017 - ENEL ENTERS RUSSIAN RENEWABLE SECTOR WITH 291 MW OF WIND CAPACITY AWARDED

May 29, 2017 - ENEL SIGNS TAX EQUITY AGREEMENT FOR 300 MW ROCK CREEK WIND PROJECT IN THE USA

May 23, 2017 - ENEL FINANCE INTERNATIONAL PLACES BIGGEST EVER US BOND BACKED BY AN ITALIAN CORPORATE TOTALLING 5 BILLION US DOLLARS

May 17, 2017 - ENEL TO INVEST FURTHER IN SPANISH RENEWABLE SECTOR WITH 540 MW OF WIND CAPACITY AWARDED

May 12, 2017 - ENEL'S NET ORDINARY INCOME UP 18.6% IN 1Q 2017 DUE TO LOWER FINANCIAL EXPENSES AND REDUCED IMPACT FROM MINORITIES

May 9, 2017 - ENEL STARTS CONSTRUCTION OF NEW 298 MW WIND PROJECT IN THE UNITED STATES

May 5, 2017 - ENEL: THE NEW BOARD OF DIRECTORS CONFIRMS FRANCESCO STARACE AS CHIEF EXECUTIVE OFFICER AND GENERAL MANAGER

May 4, 2017 - ENEL SHAREHOLDERS' MEETING APPROVES 2016 FINANCIAL STATEMENTS AND APPOINTS NEW BOARD OF DIRECTORS, CONFIRMING PATRIZIA GRIECO AS CHAIRMAN

April 28, 2017 - ENEL PUBLISHES 2017 FIRST QUARTER GROUP OPERATING DATA REPORT

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 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.

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.