Enel

Investor Presentation • Mar 6, 2020

Informazione Regolamentata n. 0116-7-2020		Data/Ora Ricezione 06 Marzo 2020 17:46:44	MTA
Societa'	:	ENEL
Identificativo Informazione Regolamentata	:	128396
Nome utilizzatore	:	ENELN07 - Giannetti
Tipologia	:	REGEM
Data/Ora Ricezione	:	06 Marzo 2020 17:46:44
Data/Ora Inizio Diffusione presunta	:	06 Marzo 2020 17:46:45
Oggetto	:	Gruppo del quarto trimestre e dell'anno 2019	Enel pubblica il report sui dati operativi di
Testo del comunicato

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ENEL PUBBLICA IL REPORT SUI DATI OPERATIVI DI GRUPPO DEL QUARTO TRIMESTRE E DELL'ANNO 2019

Roma, 6 marzo 2020 – Enel S.p.A. ("Enel") ha pubblicato il "Quarterly Bulletin" ("Report") contenente i dati operativi del Gruppo del quarto trimestre e dell'anno 2019.

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" ().

Quarterly Bulletin FY 2019

Investor Relations Team investor.relations@enel.com +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. Main Financial & Market performance
7. Disclaimer

1. Group Summary

Net Production - breakdown by country

Renewables Conventional Generation

Group Infrastructure & Networks

Free power market

2. Group Net Installed Capacity¹

						2019 Added
	FY 2019		FY 2018		∆ yoy	capacity
Group	MW	% Weight	MW	% Weight	∆ yoy	MW
Hydro	27,830	33.0%	27,844	32.5%	-0.1%	51
Wind	10,327	12.2%	8,190	9.6%	26.1%	2,227
Solar & Others	3,100	3.7%	2,364	2.8%	31.1%	1,222
Geothermal	878	1.0%	804	0.9%	9.3%	75
Total Renewables Nuclear	42,134 3,318	50.0% 3.9%	39,203 3,318	45.8% 3.9%	7.5% 0.0%	3,575 -
Coal	11,695	13.9%	15,828	18.5%	-26.1%	-
CCGT	14,991	17.8%	12,798	14.9%	17.1%	-
Oil & Gas	12,211	14.5%	14,473	16.9%	-15.6%	-
Total Conventional Generation	42,215	50.0%	46,417	54.2%	-9.1%	-
Total Enel Group	84,350	100%	85,620	100%	-1.5%	3,575
	MW	% Weight	MW	% Weight	∆ yoy	MW
Italy Hydro	12,406	45.2%	12,411	44.9%	0.0%	17.8
Wind	772	2.8%	772	2.8%	0.0%	-
Solar & Others	28	0.1%	65	0.2%	-56.7%	-
Geothermal	766	2.8%	762	2.8%	0.4%	3.1
Total Renewables	13,972	50.9%	14,011	50.7%	-0.3%	20.9
Coal	6,206	22.6%	6,340	23.0%	-2.1%	-
CCGT	4,535	16.5%	2,312	8.4%	96.2%	-
Oil & Gas Total Conventional Generation	2,739 13,480	10.0% 49.1%	4,962 13,613	18.0% 49.3%	-44.8% -1.0%	- -
Total	27,452	100%	27,624	100%	-0.6%	20.9
Iberia	MW	% Weight	MW	% Weight	∆ yoy	MW
Hydro	4,748	20.3%	4,761	21.0%	-0.3%	29
Wind	2,291	9.8%	1,750	7.7%	30.9%	541
Solar & Others Total Renewables	353 7,391	1.5% 31.7%	14 6,525	28.7%	0.1% 2438.4% 13.3%	339 909
Nuclear	3,318	14.2%	3,318	14.6%	0.0%	-
Coal	4,825	20.7%	5,052	22.2%	-4.5%	-
CCGT	5,480	23.5%	5,445	24.0%	0.6%	-
Oil & Gas	2,334	10.0%	2,377	10.5%	-1.8%	-
Total Conventional Generation	15,957	68.3%	16,192	71.3%	-1.4%	-
Total	23,348	100%	22,717	100%	2.8%	909
Latin America Hydro	MW 10,579	% Weight 49.9%	MW 10,575	% Weight 49.0%	∆ yoy 0.0%	MW 4
Wind	1,556	7.3%	1,616	7.5%	-3.8%	29
Solar & Others	1,500	7.1%	1,636	7.6%	-8.3%	314
Geothermal	41	0.2%	41	0.2%	0.0%	-
Total Renewables	13,676	64.5%	13,869	64.2%	-1.4%	347
Coal	664	3.1%	813	3.8%	-18.3%	-
CCGT	4,168	19.7%	4,233	19.6%	-1.5%	-
Oil & Gas Total Conventional Generation	2,691 7,523	12.7% 35.5%	2,688 7,734	12.4% 35.8%	0.1% -2.7%	- -
Total	21,200	100.0%	21,603	100%	-1.9%	347
Rest of Europe	MW	% Weight	MW	% Weight	∆ yoy	MW
Hydro	19	0.3%	19	0.2%	0.0%	-
Wind Solar & Others	895 123	14.2% 2.0%	741 123	7.6% 1.3%	20.8% 0.0%	154 -
Total Renewables	1,037	16.5%	883	9.0%	17.5%	154
Coal	-	0.0%	3,623		37.1% -100.0%	-
CCGT	809	12.9%	809	8.3%	0.0%	-
Oil & Gas	4,447	70.7%	4,447	45.6%	0.0%	-
Total Conventional Generation	5,255	83.5%	8,878		91.0% -40.8%	-
Total	6,293	100%	9,761		100% -35.5%	154
North America	MW	% Weight	MW	% Weight	∆ yoy	MW
Hydro	77	1.5%	78	2.4%	-1.2%	-
Wind	4,395	83.2%	2,940	91.3%	49.5%	1,456
Solar & Others	738	14.0%	202	6.3%	265.3%	536
Geothermal	72	1.4%	-	0.0%	n.m.	72
Total	5,282	100%	3,220	100%	64.0%	2,063
Africa, Asia & Oceania	MW	% Weight	MW	% Weight	∆ yoy	MW
Wind	418	53.9%	371	53.4%	12.7%	47
Solar & Others Total	357 776	46.1% 100%	323 695	46.6% 100%	10.5% 11.7%	34 81

1. Consolidated perimeter excluding managed capacity under JV in North America, Italy, Australia, Mexico and Morocco equal to around 3.7 GW.

4

3. Group Net Production

	FY 2019		FY 2018		∆ yoy	Q4 2019
Group	GWh	% Weight	GWh	% Weight	∆ yoy	GWh
Hydro	62,580	27.3%	65,893	26.3%	-5.0%	17,013
Wind	26,668	11.6%	22,161	8.9%	20.3%	7,736
Solar & Others	3,995	1.7%	5,005	2.0%	-20.2%	1,080
Geothermal	6,149	2.7%	5,881	2.3%	4.5%	1,551
Total Renewables	99,391	43.4%	98,940	39.5%	0.5%	27,379
Nuclear Coal	26,279	11.5%	24,067	9.6%	9.2%	6,034
CCGT	37,592 44,980	16.4% 19.6%	64,366 38,134	25.7% 15.2%	-41.6% 18.0%	5,344 10,670
Oil & Gas	20,887	9.1%	24,832	9.9%	-15.9%	5,373
Total Conventional Generation	129,738	56.6%	151,399		60.5% -14.3%	27,422
Total Enel Group	229,129	100%	250,339	100%	-8.5%	54,801
Italy	GWh	% Weight	GWh	% Weight	∆ yoy	GWh
Hydro	17,246	36.8%	18,395	34.6%	-6.2%	4,774
Wind	1,357	2.9%	1,289	2.4%	5.3%	412
Solar & Others Geothermal	36 5,669	0.1% 12.1%	125 5,667	0.2% 10.6%	-70.9% 0.0%	2 1,409
Total Renewables	24,308	51.8%	25,476	47.9%	-4.6%	6,596
Coal	12,757	27.2%	20,698	38.9%	-38.4%	3,387
CCGT	9,591	20.4%	6,578	12.4%	45.8%	2,177
Oil & Gas	256	0.5%	481	0.9%	-46.8%	41
Total Conventional Generation	22,604	48.2%	27,757		52.1% -18.6%	5,605
Total	46,912	100%	53,232		100% -11.9%	12,201
	GWh	% Weight	GWh	% Weight	∆ yoy	GWh
Iberia Hydro	5,861	9.5%	8,459	11.4%	-30.7%	1,914
Wind	4,127	6.7%	3,688	5.0%	11.9%	1,295
Solar & Others	102	0.2%	25	0.0%	301.8%	57
Total Renewables	10,090	16.4%	12,172		16.4% -17.1%	3,267
Nuclear	26,279	42.8%	24,067	32.4%	9.2%	6,034
Coal	7,643	12.4%	22,316	30.1%	-65.8%	1,289
CCGT	11,687	19.0%	8,957	12.1%	30.5%	2,938
Oil & Gas Total Conventional Generation	5,703 51,312	9.3% 83.6%	6,681 62,021	9.0%	-14.6% 83.6% -17.3%	1,320 11,580
Total	61,402	100%	74,193	100.0% -17.2%		14,847
Latin America1	GWh	% Weight	GWh	% Weight	∆ yoy	GWh
Hydro	39,191	54.6%	38,733	54.9%	1.2%	10,236
Wind	6,297	8.8%	6,138	8.7%	2.6%	1,649
Solar & Others	2,766	3.9%	3,052	4.3%	-9.4%	722
Geothermal	194	0.3%	214	0.3%	-9.4%	44
Total Renewables	48,448	67.4%	48,137	68.2%	0.6%	12,651
Coal CCGT	3,858 17,908	5.4% 24.9%	2,781 16,816	3.9% 23.8%	38.7% 6.5%	669 3,989
Oil & Gas	1,621	2.3%	2,843	4.0%	-43.0%	312
Total Conventional Generation	23,388	32.6%	22,441	31.8%	4.2%	4,970
Total	71,836	100.0%	70,578	100.0%	1.8%	17,621
Rest of Europe2	GWh	% Weight	GWh	% Weight	∆ yoy	GWh
Hydro	39	0.1%	32	0.1%	21.9%	8
Wind Solar & Others	1,807 159	5.2% 0.5%	1,700 163	4.1% 0.4%	6.3% -2.3%	568 26
Total Renewables	2,005	5.8%	1,894	4.6%	5.8%	601
Coal	13,333	38.7%	18,572	45.2%	-28.2%	-
CCGT	5,793	16.8%	5,783	14.1%	0.2%	1,567
Oil & Gas	13,307	38.6%	14,827	36.1%	-10.2%	3,701
Total Conventional Generation	32,433	94.2%	39,182		95.4% -17.2%	5,268
Total	34,438	100%	41,076		100% -16.2%	5,869
North America3	GWh	% Weight	GWh	% Weight	∆ yoy	GWh
Hydro	244	1.9%	274	2.8%	-11.0%	81
Wind	12,122	93.5%	8,413	86.3%	44.1%	3,596
Solar & Others	319	2.5%	1,066	10.9%	-70.1%	99
Geothermal	285	2.2%	-	0%	n.m.	98
Total	12,969	100%	9,752		100% 33.0%	3,873
	GWh	% Weight	GWh	% Weight	∆ yoy	GWh
Africa, Asia & Oceania4 Wind	959	61.0%	933	61.9%	2.7%	216
Solar & Others Total	612 1,571	39.0% 100%	574 1,508	38.1% 100%	6.7% 4.2%	173 390

1. Includes South America, Costa Rica, Guatemala and Panama.

2. Includes Romania, Russia, Greece and Bulgaria.

3. Includes Mexico, USA and Canada.

4. Includes South Africa, India and Zambia.

4. Group Infrastructure & Networks

Electricity distributed (TWh)	FY 2019	FY 2018	∆yoy	End users1 (mn)	FY 2019	FY 2018	∆yoy
Italy	224.6	226.5	-0.8%	Italy	31.5	31.4	0.0%
Iberia	126.5	124.9	1.3%	Iberia	12.2	12.2	0.5%
Latin America	137.3	117.4	16.9%	Latin America	26.7	26.5	0.8%
Argentina	16.8	17.5	-4.3%	Argentina	2.5	2.5	-1.6%
Brazil	81.3	61.3	32.7%	Brazil	17.2	17.1	0.5%
Chile	16.6	16.5	0.6%	Chile	2.0	1.9	2.5%
Colombia	14.4	14.0	2.4%	Colombia	3.5	3.4	2.7%
Peru	8.2	8.0	2.1%	Peru	1.4	1.4	0.8%
Rest of Europe	15.7	15.6	0.3%	Rest of Europe	2.9	2.9	1.8%
Total	504.0	484.4	4.1%	Total	73.3	72.9	0.4%

(mn) FY 2019 FY 2018 ∆yoy Argentina 16.8 17.5 -4.3% Argentina 2.5 2.5 -1.6% Brazil 81.3 61.3 32.7% Brazil 17.2 17.1 0.5% Chile 16.6 16.5 0.6% Chile 2.0 1.9 2.5% Colombia 14.4 14.0 2.4% Colombia 3.5 3.4 2.7% Peru 8.2 8.0 2.1% Peru 1.4 1.4 0.8%

1.End Users represent the number of distribution delivery points at the end of the period.

5. Retail

Total energy sold (TWh)2	FY 2019	FY 2018	∆yoy	Total power customers4 (mn)	FY 2019	FY 2018	∆yoy
Italy	97.5	104.3	-6.5%	Italy	23.7	25.2	-5.8%
Regulated	35.6	39.8	-10.7%	Regulated	14.4	16.6	-12.9%
Free Market	62.0	64.5	-3.9%	Free Market	9.2	8.6	8.0%
Iberia	89.4	89.6	-0.2%	Iberia	10.6	10.8	-1.1%
Regulated	11.4	12.9	-11.5%	Regulated	4.8	5.1	-4.5%
Free Market	78.1	76.8	1.7%	Free Market	5.8	5.7	1.9%
Latin America	105.0	91.1	15.2%	Latin America	26.7	26.5	0.8%
Argentina	13.7	14.5	-5.3%	Argentina	2.5	2.5	-1.6%
Brazil3	62.2	48.1	29.4%	Brazil3	17.2	17.1	0.5%
Chile	12.8	12.8	-0.4%	Chile	2.0	1.9	2.5%
Colombia	9.4	8.9	5.3%	Colombia	3.5	3.4	2.7%
Peru	6.9	6.8	1.5%	Peru	1.4	1.4	0.8%
Rest of Europe	9.7	10.4	-6.4%	Rest of Europe	3.1	3.0	1.9%
Total	301.7	295.4	2.1%	Total	64.1	65.4	-2.0%

Gas sold (bmc)	FY 2019	FY 2018	∆yoy	Gas customers (mn)	FY 2019	FY 2018	∆yoy
Italy	4.7	4.8	-0.5%	Italy	4.2	4.1	1.6%
Iberia	5.7	6.4	-10.3%	Iberia	1.6	1.6	2.8%
Romania	0.01	0.01	75.1%	Romania	0.05	0.04	22.1%
Total	10.5	11.2	-6.1%	Total	5.9	5.7	2.1%

1. Net of energy losses.

2. Consider the full consolidation of Enel Dx Sao Paulo since June 2018.

Total energy sold (TWh)2	FY 2019	FY 2018	∆yoy	Total power customers4 (mn)	FY 2019	FY 2018	∆yoy
	97.5	104.3	-6.5%	Italy	23.7	25.2
Regulated	35.6	39.8	-10.7%	Regulated	14.4	16.6
Free Market	62.0	64.5	-3.9%	Free Market	9.2	8.6
Iberia	89.4	89.6	-0.2%	Iberia	10.6	10.8
Regulated	11.4	12.9	-11.5%	Regulated	4.8	5.1
Free Market	78.1	76.8	1.7%	Free Market	5.8	5.7
Latin America	105.0	91.1	15.2%	Latin America	26.7	26.5
Argentina	13.7	14.5	-5.3%	Argentina	2.5	2.5
Brazil3	62.2	48.1	29.4%	Brazil3	17.2	17.1
Chile	12.8	12.8	-0.4%	Chile	2.0	1.9
Colombia	9.4	8.9	5.3%	Colombia	3.5	3.4
Peru	6.9	6.8	1.5%	Peru	1.4	1.4
Rest of Europe	9.7	10.4	-6.4%	Rest of Europe	3.1	3.0
Total	301.7	295.4	2.1%	Total	64.1	65.4

Gas sold (bmc)	FY 2019	FY 2018	∆yoy	Gas customers (mn)	FY 2019	FY 2018	∆yoy
	4.7	4.8	-0.5%	Italy	4.2	4.1	1.6%
	5.7	6.4	-10.3%	Iberia	1.6	1.6	2.8%
	0.01	0.01	75.1%	Romania	0.05	0.04	22.1%
	10.5	11.2	-6.1%	Total	5.9	5.7	2.1%

1. Power Customers represent clients with active contracts with Enel.

6. Main Financials & Market performance

Dividends					Multiples
€/share	FY 2019		FY 2018				31/12/2019 31/12/2018	∆ yoy
	Amount	Ex-Date	Amount	Ex-Date
Ordinary (interim)	0.16	01/22/20	0.14	01/23/19	Share Price (€)	7.072	5.044	40.2%
Ordinary (Final)	0.16	N.A.	0.14	07/22/19	P/E1	15.0	12.6	18.6%
Total DPS1	0.32		0.28		EV/EBITDA	9.1	7.2	27.0%
Pay out	70%		70%				Dividend Yield	4.5%	5.6%	-18.5%

	Multiple

31/12/2019 31/12/2018		∆ yoy
15.0	12.6	18.6%

1. Minimun guaranteed DPS for 2019.

2. 2019 P/E ratio calculated using net income guidance. Source: Bloomberg.

Enel Group's Ratings

	Rating	Outlook	Update
Moody's	Baa2	Positive	07/16/2019
S&P	BBB+	Stable	09/19/2018
Fitch	A-	Stable	02/11/2019

Stock performance (01/01/2019 - 21/02/2020)

7. Disclaimer

Source: Bloomberg

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.