AI Terminal
Enel
Investor Presentation • May 6, 2021
4317_10-q_2021-05-06_296ab904-b914-4200-aa2d-867e0114e310.pdf
Investor Presentation
Open in ViewerOpens in native device viewer
First Quarter
Consolidated results May 6th, 2021
Key highlights of the period
Financial results in line with plans Operating performance recovering post COVID-19 Simplification: 82.3% stake in ENIA post merger and PTO completion
EBITDA results in line with expectations
Investments up double digit yoy
Capex by business model and GBL (€bn)
49%
-
It includes nuclear and renewable managed capacity. It includes nuclear generation and production from renewable managed capacity.
-
It includes renewable managed capacity.
5
Renewable growth: optimally positioned on 2021-23 target and beyond
Early stage
Mature
Renewables Pipeline (GW)
1. As of March 31°, 2021.
-
It includes storage for around 17 GW in early stage and around 4 in mature pipeline.
-
It includes capacity in execution and delivered.
17.3 18.2 16 17 17 18 18 19 Q1 2020 Q1 2021 Charging points2 (k) 85 195 +2.3x Retail Enel X and new infrastructures Fiber deployment (Households passed mn) 8.4 11.5 +37% Storage3 (MW) 110 99 Free market power customers (mn) Free market energy sold (TWh)1 10.5 11.5 34.2 34.9 44.7 46.4 - 5 10 15 20 25 30 35 40 45 50 +4% +900k Street lighting (mn) 2.4 2.8 +17% +2% +10% Retail & Enel X
Q1 2020 Q1 2021
B2B B2C
- It includes energy losses.
Total power customers (mn)
-
Public and private charging points. It includes interoperability points.
-
2021 figure considers perimeter effect for around 25 MW.
Q1 2020 Q1 2021
64.4 63.5
+2x
Demand Response
(GW) 2.9 6.1
Enel Américas: entering a new restructuring phase
Enel Americas' capacity evolution (GW)
Q1 2021 Financial results
Financial highlights (€mn)
- As of December 2020.
Ordinary EBITDA
By business line By geography
Renewables and networks account for 70% of the overall EBITDA
Resilient growth in retail and networks operations
More than 75% of EBITDA coming from Europe
- It excludes extraordinary items in Q1 2020 (-33 €mn COVID-19) and Q1 2021 (-68 €mn: -13 €mn COVID-19, -23 €mn 'Quota 100', -19 €mn JTF Brazil, -12 €mn Impairment Bocamina, -1 €mn Impairment Iberia).
Global Power Generation
Trading activities normalizing after a strong Q1 2020
Infrastructure and Networks
users (€/cust)
EBITDA +2% yoy net of FX and non recurring items
EBITDA evolution (€mn) EBITDA by geography
Retail +900k customers in free market driven by Romania and Italy
- It includes energy losses.
LTM
(€/cust)
Net Ordinary Income
Net Ordinary Income evolution (€bn)
0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4
| 3.8 3.3 2.8 2.3 1.8 1.3 |
4.2 | 0.2 ) ( |
( 0.8 ) |
( 0.2 ) |
(0.4) | 2.5 | ( 2.1 ) |
|
|---|---|---|---|---|---|---|---|---|
| 0.8 0.3 |
0.5 | |||||||
| -0.2 | Ordinary EBITDA |
2 ∆ Provisions |
∆Working capital & other |
Income taxes |
Financial 3 expenses |
FFO | Capex | FCF |
| PY | 4.7 | (0.4) | (1.5) | - | (0.4) | 2.14 | (1.9) | 0.24 |
| Delta YoY | -12% | +47% | -47% | n.a. | -10% | +24% | +10% | 2x |
- Rounded figures
4.3 4.8
-
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
-
Calculation includes 0.4 €bn provision reversal in Spain reported separately in Q1 2020
Gross debt and liquidity
Debt evolution (€bn) Available liquidity
FY 2021 guidance confirmed
FY 2021 Guidance (€bn)
Full year 2021 guidance confirmed
Value creation from stewardship business model
Full visibility on accelerated delivery of new renewable capacity
AGM on May 20th to approve the 2020 dividend payment
First Quarter 2021 Consolidated results
Annexes
Macroscenario
| (%) GDP |
(%) CPI |
€1 FX against |
(€/MWh) Price Spot |
(TWh)2 Electricity Demand |
||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
|
| Italy | (1 44) |
(5 80) |
0 58 |
0 29 |
- | - | 59 31 |
39 60 |
78 63 |
76 97 |
| Iberia | (4 72) |
(4 28) |
0 60 |
0 57 |
- | - | 44 41 |
35 89 |
62 58 |
62 24 |
| Latin America |
- | - | - | - | - | - | - | - | - | - |
| Argentina | (0 81) |
(5 18) |
40 08 |
50 43 |
107 91 |
70 55 |
- | - | 34 92 |
35 12 |
| Brazil | (0 49) |
(1 42) |
5 20 |
3 83 |
6 63 |
5 52 |
25 18 |
43 15 |
156 92 |
153 25 |
| Chile | 0 20 |
0 28 |
2 99 |
3 70 |
858 69 |
910 31 |
62 20 |
45 30 |
19 87 |
19 93 |
| Colombia | (1 63) |
0 11 |
1 65 |
3 73 |
4 306 29 , |
4 379 10 , |
47 39 |
91 98 |
17 84 |
18 10 |
| Peru | (1 92) |
(3 33) |
2 54 |
87 1 |
39 4 |
3 75 |
6 88 |
6 57 |
13 33 |
13 00 |
| of Rest Europe |
- | - | - | - | - | - | - | - | - | - |
| Romania | (2 00) |
2 69 |
3 25 |
3 25 |
4 89 |
4 82 |
49 45 |
34 48 |
16 58 |
16 02 |
| Russia | (1 19) |
1 38 |
5 55 |
2 43 |
90 39 |
85 16 |
15 81 |
17 80 |
223 36 |
214 17 |
| North America |
- | - | - | - | - | - | - | - | - | - |
| USA | 0 53 |
0 32 |
1 91 |
2 10 |
1 18 |
1 10 |
- | - | 922 33 |
886 55 |
| Mexico | (3 57) |
(2 15) |
3 95 |
3 39 |
24 71 |
25 23 |
- | - | 72 02 |
73 52 |
| Africa Asia & Oceania , |
- | - | - | - | - | - | - | - | - | - |
| India | 1 02 |
3 01 |
5 03 |
6 67 |
85 67 |
82 38 |
- | - | 336 91 |
309 31 |
| Australia | (0 43) |
1 40 |
1 00 |
2 28 |
- | - | - | - | - | - |
| South Africa |
(5 91) |
(0 20) |
4 27 |
3 30 |
17 68 |
19 05 |
- | - | 53 62 |
53 91 |
Group consolidated net capacity: breakdown by technology and geography
| MW | Hydro | Wind | Geothermal | Solar & Other |
Nuke | Oil & Gas |
Coal | CCGT | TOTAL |
|---|---|---|---|---|---|---|---|---|---|
| Italy | 12 424 , |
771 | 769 | 29 | - | 2 248 , |
583 5 , |
583 4 , |
26 408 , |
| Iberia | 4 748 , |
2 422 , |
- | 610 | 3 328 , |
2 334 , |
2 764 , |
5 445 , |
21 651 , |
| Latin America |
10 582 , |
2 272 , |
41 | 1 876 , |
- | 2 683 , |
546 | 4 165 , |
22 165 , |
| Argentina | 1 328 , |
- | - | - | - | 1 169 , |
- | 1 922 , |
4 419 , |
| Brazil | 1 269 , |
1 498 , |
- | 1 004 , |
- | - | - | 319 | 4 090 , |
| Chile | 3 551 , |
642 | 41 | 545 | - | 603 | 320 | 1 467 , |
7 168 , |
| Colombia | 3 097 , |
- | - | 86 | - | 180 | 226 | - | 3 589 , |
| Perù | 792 | 132 | - | 179 | - | 731 | - | 457 | 2 292 , |
| Other1 | 545 | - | - | 62 | - | - | - | - | 606 |
| of Rest Europe |
19 | 957 | - | 130 | - | 4 447 , |
- | 814 | 6 366 , |
| Romania | - | 498 | - | 36 | - | - | - | - | 534 |
| Russia | - | 90 | - | - | - | 4 447 , |
- | 814 | 5 350 , |
| Other2 | 19 | 368 | - | 94 | - | - | - | - | 481 |
| North America |
53 | 572 5 , |
72 | 948 | - | - | - | - | 6 643 , |
| Mexico | 53 | 893 | - | 220 | - | - | - | - | 165 1 , |
| Canada | - | 211 | - | - | - | - | - | - | 211 |
| USA | - | 4 468 , |
72 | 728 | - | - | - | - | 5 268 , |
| Oceania3 Africa Asia & , |
- | 519 | - | 667 | - | - | - | - | 186 1 , |
| Total | 27 826 , |
12 513 , |
882 | 4 260 , |
3 328 , |
11 711 , |
8 893 , |
15 007 , |
84 419 , |
-
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 | 4 233 , |
407 | 1 355 , |
15 | - | 84 | 2 164 , |
2 281 , |
10 538 , |
| Iberia | 2 356 , |
1 854 , |
- | 149 | 6 909 , |
967 | 213 | 2 352 , |
14 800 , |
| Latin America |
8 693 , |
1 663 , |
62 | 778 | - | 411 | 656 | 4 530 , |
16 793 , |
| Argentina | 501 | - | - | - | - | 77 | - | 2 729 , |
3 307 , |
| Brazil | 969 | 1 112 , |
- | 284 | - | - | - | 355 | 2 720 , |
| Chile | 2 079 , |
414 | 62 | 325 | - | 74 | 563 | 973 | 4 492 , |
| Colombia | 3 187 , |
- | - | 32 | - | 2 | 93 | - | 3 315 , |
| Perù | 1 384 , |
137 | - | 110 | - | 257 | - | 473 | 2 362 , |
| Other1 | 572 | - | - | 26 | - | - | - | - | 598 |
| of Rest Europe |
22 | 603 | - | 31 | - | 3 842 , |
- | 1 672 , |
6 170 , |
| Romania | - | 347 | - | 7 | - | - | - | - | 354 |
| Russia | - | - | - | - | - | 3 842 , |
- | 1 672 , |
5 513 , |
| Other2 | 22 | 256 | - | 24 | - | - | - | - | 302 |
| North America |
33 | 4 320 , |
93 | 376 | - | - | - | - | 4 823 , |
| Mexico | 33 | 398 | - | 130 | - | - | - | - | 561 |
| Canada | - | 201 | - | - | - | - | - | - | 201 |
| USA | - | 3 722 , |
93 | 247 | - | - | - | - | 4 061 , |
| Oceania3 Africa Asia & , |
- | 250 | - | 313 | - | - | - | - | 563 |
| Total | 15 337 , |
9 097 , |
1 511 , |
1 662 , |
6 909 , |
5 304 , |
3 032 , |
10 834 , |
53 687 , |
-
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 | 11 | - | - | - | - | - | - | - | 11 |
| Iberia | - | - | - | 1 | - | - | - | - | 1 |
| Latin America |
- | 143 | - | 75 | - | - | 1 | - | 219 |
| Argentina | - | - | - | - | - | - | - | - | - |
| Brazil | - | 143 | - | 26 | - | - | - | - | 169 |
| Chile | - | - | - | 49 | - | - | - | - | 49 |
| Colombia | - | - | - | - | - | - | 1 | - | 1 |
| Perù | - | - | - | - | - | - | - | - | - |
| Other2 | - | - | - | - | - | - | - | - | - |
| of Rest Europe |
- | - | - | 6 | - | - | - | - | 6 |
| Romania | - | - | - | - | - | - | - | - | - |
| Russia | - | - | - | - | - | - | - | - | - |
| Other3 | - | - | - | 6 | - | - | - | - | 6 |
| North America |
- | - | - | - | - | - | - | - | - |
| Mexico | - | - | - | - | - | - | - | - | - |
| Canada | - | - | - | - | - | - | - | - | - |
| USA | - | - | - | - | - | - | - | - | - |
| Oceania4 Africa Asia & , |
- | - | - | 275 | - | - | - | - | 275 |
| Total | 11 | 143 | - | 357 | - | - | 1 | - | 512 |
-
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 | 171 | 59 | 4 | 1 | 235 |
| Iberia | 439 | 18 | - | 1 873 , |
2 330 , |
| Latin America |
2 293 , |
156 | 28 | 2 988 , |
466 5 , |
| of Rest Europe |
201 | - | - | 6 | 207 |
| North America |
953 | - | - | 1 445 , |
2 398 , |
| Africa Asia & Oceania , |
542 1 , |
- | - | 420 | 962 1 , |
| Total | 5 600 , |
233 | 32 | 6 733 , |
12 598 , |
EGP mature pipeline
Infrastructure & Networks KPIs
| (TWh)1 Electricity distributed |
End users |
(mn) | (mn)1 Smart meters |
||||
|---|---|---|---|---|---|---|---|
| Q1 | Q1 | Q1 | Q1 | Q1 | Q1 | ||
| 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||
| Italy | 54 | 54 | 31 | 31 | 30 | 30 | |
| 8 | 2 | 4 | 4 | 7 | 8 | ||
| Iberia | 32 | 30 | 12 | 12 | 12 | 12 | |
| 6 | 5 | 3 | 2 | 4 | 2 | ||
| Latin America |
34 0 |
34 2 |
27 8 |
27 4 |
0 4 |
0 4 |
|
| Argentina | 4 0 |
4 3 |
2 5 |
2 5 |
- | - | |
| Brazil | 20 5 |
20 2 |
18 1 |
17 9 |
- | - | |
| Chile | 4 | 4 | 2 | 2 | 0 | 0 | |
| 0 | 1 | 0 | 0 | 3 | 3 | ||
| Colombia | 3 | 3 | 3 | 3 | 0 | 0 | |
| 5 | 6 | 6 | 6 | 1 | 1 | ||
| Peru | 2 0 |
2 0 |
1 5 |
1 4 |
- | - | |
| of | 4 | 4 | 3 | 2 | 0 | 0 | |
| Rest | 1 | 0 | 0 | 9 | 9 | 6 | |
| Europe | |||||||
| Romania | 4 | 4 | 3 | 2 | 0 | 0 | |
| 1 | 0 | 0 | 9 | 9 | 6 | ||
| Total | 125 | 123 | 74 | 74 | 44 | 44 | |
| 6 | 0 | 5 | 0 | 4 | 0 | ||
Retail KPIs
| C | E-MARKET SDIR CERTIFIED |
|---|---|
| Power | Gas | |||||||
|---|---|---|---|---|---|---|---|---|
| (mn) Customers Q1 2021 Q1 2020 |
Volumes1 (TWh) |
(mn) Customers |
Volumes (bsmc) |
|||||
| Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
|||
| Italy | 22 | 23 | 23 | 23 | 4 | 4 | 2 | 2 |
| 4 | 4 | 9 | 4 | 1 | 2 | 0 | 1 | |
| Iberia | 10 | 10 | 20 | 21 | 1 | 1 | 1 | 1 |
| 3 | 6 | 7 | 5 | 7 | 7 | 6 | 6 | |
| Latin America |
27 8 |
27 4 |
31 9 |
30 4 |
0 0 |
0 0 |
0 0 |
0 0 |
| of | 3 | 3 | 2 | 2 | 0 | 0 | 0 | 0 |
| Rest | 0 | 0 | 3 | 4 | 1 | 1 | 1 | 0 |
| Europe | ||||||||
| Total | 63 | 64 | 78 | 77 | 5 | 5 | 3 | 3 |
| 5 | 4 | 8 | 7 | 8 | 9 | 7 | 7 | |
Enel X KPIs
| Points1 | Street | (mn) lighting |
Electric | (#) buses |
(MW) | Demand | (GW) | |||
|---|---|---|---|---|---|---|---|---|---|---|
| Charging Q1 2021 |
(k) Q1 2020 |
Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
Storage Q1 2021 |
Q1 2020 |
Q1 2021 |
Response Q1 2020 |
|
| Italy | 29 5 |
18 2 |
1 6 |
1 6 |
- | - | 12 | 13 | 0 5 |
0 3 |
| Iberia | 7 5 |
5 1 |
0 1 |
0 1 |
- | - | 20 | 20 | - | - |
| Latin America |
2 2 |
0 9 |
1 1 |
0 7 |
1 313 , |
285 | 22 | 14 | - | - |
| North America |
71 9 |
59 0 |
- | - | - | - | 23 | 16 | 3 3 |
0 8 |
| of Rest Europe |
0 3 |
- | - | - | - | - | 22 | 47 | 1 1 |
0 5 |
| Africa Asia & Oceania , |
0 4 |
- | - | - | - | - | - | - | 1 3 |
1 3 |
| Other | 82 8 |
2 0 |
- | - | - | - | - | - | - | - |
| Total | 194 6 |
85 3 |
2 8 |
2 4 |
1 313 , |
285 | 99 | 110 | 6 1 |
2 9 |
Baseload power price & production sold forward
| Baseload price | |||||||
|---|---|---|---|---|---|---|---|
| 2021 | 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 |
89% | 54 0 |
58% | - | - | |
| (€/MWh)1 Iberia |
70 7 |
97% | 2 74 |
62% | - | - | |
| (USD/MWh) Brazil |
53 4 |
100% | 56 2 |
100% | 56 2 |
100% | |
| (USD/MWh) Chile |
68 9 |
100% | 64 8 |
100% | 66 1 |
100% | |
| (USD/MWh) Colombia |
66 6 |
100% | 63 7 |
97% | 64 1 |
96% | |
| (USD/MWh) Peru |
56 4 |
100% | 59 2 |
100% | 61 6 |
100% |
- Average hedged price; wholesale price for Italy, retail price for Spain. 30
Capex1 (€mn)
| Conventional Generation & Global Trading |
Infrastructure & Networks |
EGP | Retail | Enel X |
Services & Other |
Total | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
|
| Italy | 36 | 25 | 481 | 486 | 72 | 35 | 74 | 72 | 13 | 13 | 8 | - | 683 | 631 |
| Iberia | 34 | 31 | 141 | 95 | 54 | 61 | 30 | 19 | 10 | 14 | 2 | 1 | 271 | 222 |
| Latin America |
20 | 23 | 245 | 264 | 351 | 268 | - | - | 5 | 2 | 5 | 2 | 626 | 559 |
| Argentina | 7 | 7 | 22 | 22 | - | - | - | - | - | - | - | - | 28 | 29 |
| Brazil | 2 | 2 | 121 | 160 | 131 | 177 | - | - | - | 1 | 5 | 2 | 260 | 341 |
| Chile | 6 | 5 | 32 | 22 | 187 | 79 | - | - | 1 | - | - | - | 226 | 106 |
| Colombia | 3 | 3 | 51 | 40 | 19 | 11 | - | - | 3 | 1 | - | - | 75 | 54 |
| Peru | 3 | 6 | 19 | 21 | 1 | 1 | - | - | 2 | - | - | - | 24 | 27 |
| Other | - | - | - | - | 13 | 1 | - | - | - | - | - | - | 13 | 1 |
| of Rest Europe |
5 | 3 | 43 | 41 | 56 | 32 | 4 | 2 | - | - | - | - | 109 | 78 |
| Romania | - | - | 43 | 41 | - | - | 4 | 2 | - | - | - | - | 48 | 43 |
| Russia | 5 | 3 | - | - | - | - | - | - | - | - | - | - | 5 | 3 |
| Other | - | - | - | - | 56 | 32 | - | - | - | - | - | - | 56 | 32 |
| North America |
1 | - | - | - | 268 | 239 | - | - | 11 | 11 | - | - | 280 | 250 |
| Africa, Asia & Oceania |
- | - | - | - | 56 | 111 | - | - | - | 1 | - | - | 57 | 112 |
| Other | - | - | - | - | 4 | 5 | - | - | 13 | 9 | 11 | 6 | 29 | 19 |
| Total | 96 | 82 | 910 | 886 | 862 | 750 | 108 | 93 | 53 | 49 | 26 | 10 | 2,055 | 1,870 |
Asset development Capex1 (€mn)
| Conventional Generation & Global Trading |
Infrastructure & Networks |
EGP | Retail | Enel X |
Services & Other |
Total | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
|
| Italy | 24 | 11 | 234 | 171 | 50 | 20 | - | - | 14 | 11 | 3 | - | 324 | 212 |
| Iberia | - | 1 | 53 | 23 | 41 | 47 | - | - | 4 | 2 | - | - | 98 | 73 |
| Latin America |
1 | 3 | 70 | 59 | 331 | 257 | - | - | 5 | 1 | - | - | 407 | 320 |
| Argentina | - | - | 4 | 2 | - | - | - | - | - | - | - | - | 4 | 2 |
| Brazil | - | - | 32 | 35 | 123 | 174 | - | - | - | - | - | - | 155 | 209 |
| Chile | 1 | 2 | 11 | 5 | 184 | 75 | - | - | 1 | - | - | - | 196 | 83 |
| Colombia | - | 1 | 17 | 15 | 13 | 7 | - | - | 3 | 1 | - | - | 33 | 23 |
| Peru | - | 1 | 6 | 3 | - | - | - | - | 1 | - | - | - | 7 | 3 |
| Other | - | - | - | - | 11 | - | - | - | - | - | - | - | 11 | - |
| of Rest Europe |
2 | - | 12 | 15 | 56 | 32 | - | - | - | - | - | - | 70 | 47 |
| Romania | - | - | 12 | 15 | - | - | - | - | - | - | - | - | 12 | 15 |
| Russia | 2 | - | - | - | - | - | - | - | - | - | - | - | 2 | - |
| Other | - | - | - | - | 56 | 32 | - | - | - | - | - | - | 56 | 32 |
| North America |
- | - | - | - | 266 | 238 | - | - | 1 | - | - | - | 266 | 238 |
| Africa, Asia & Oceania |
- | - | - | - | 55 | 110 | - | - | - | - | - | - | 55 | 110 |
| Other | - | - | - | - | 3 | 3 | - | - | 13 | 9 | 2 | 2 | 18 | 13 |
| Total | 28 | 15 | 369 | 268 | 802 | 706 | - | - | 35 | 24 | 5 | 2 | 1,239 | 1,014 |
Revenues1 (€mn)
| Conventional Generation & Global Trading |
Infrastructure Networks & |
EGP | Retail | Enel X |
Services Other & |
Total | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
|
| Italy | 3,896 | 6,669 | 1,746 | 1,755 | 566 | 542 | 4,289 | 4,220 | 95 | 72 | (2,067) | (2,343) | 8,525 | 10,915 |
| Iberia | 1,271 | 1,472 | 612 | 625 | 265 | 214 | 3,354 | 3,440 | 59 | 55 | (1,089) | (1,123) | 4,472 | 4,683 |
| Latin America |
454 | 402 | 2,147 | 2,473 | 829 | 750 | 306 | 380 | 43 | 37 | (337) | (300) | 3,442 | 3,742 |
| Argentina | 30 | 64 | 132 | 205 | 7 | 13 | - | 1 | 2 | 1 | (1) | - | 170 | 284 |
| Brazil | 163 | 44 | 1,402 | 1,585 | 253 | 150 | 60 | 92 | 3 | 3 | (125) | (67) | 1,756 | 1,807 |
| Chile | 184 | 168 | 287 | 323 | 288 | 264 | 17 | 80 | 10 | 11 | (103) | (117) | 683 | 729 |
| Colombia | 40 | 49 | 153 | 156 | 198 | 220 | 179 | 194 | 16 | 21 | (79) | (79) | 507 | 561 |
| Peru | 37 | 77 | 173 | 204 | 35 | 49 | 50 | 13 | 12 | 1 | (28) | (37) | 279 | 307 |
| Other | - | - | - | - | 48 | 54 | - | - | - | - | (1) | - | 47 | 54 |
| of Rest Europe |
138 | 165 | 104 | 102 | 83 | 92 | 307 | 320 | 22 | 10 | (101) | (108) | 553 | 581 |
| Romania | - | - | 104 | 102 | 51 | 63 | 307 | 320 | 10 | 5 | (101) | (108) | 371 | 382 |
| Russia | 138 | 165 | - | - | - | - | - | - | - | - | - | - | 138 | 165 |
| Other | - | - | - | - | 32 | 29 | - | - | 12 | 5 | - | - | 44 | 34 |
| North America |
36 | 4 | - | - | 174 | 210 | - | 1 | 53 | 26 | - | - | 263 | 241 |
| Africa, Asia & Oceania |
- | - | - | - | 34 | 25 | - | - | 12 | 20 | - | - | 46 | 45 |
| Other | (90) | (138) | 7 | 7 | 4 | (14) | - | - | 7 | 3 | (122) | (80) | (194) | (222) |
| Total | 5,705 | 8,574 | 4,616 | 4,962 | 1,955 | 1,819 | 8,256 | 8,361 | 291 | 223 | (3,716) | (3,954) | 17,107 | 19,985 |
Reported EBITDA1 (€mn)
| Conventional Generation & Global Trading |
Infrastructure & Networks |
EGP | Retail | Enel X |
Services & Other |
Total | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
|
| Italy | 109 | 130 | 876 | 857 | 329 | 359 | 712 | 619 | 24 | 3 | 16 | 12 | 2,066 | 1,980 |
| Iberia | 262 | 428 | 452 | 643 | 155 | 107 | 117 | 241 | 13 | 15 | (2) | 18 | 997 | 1,452 |
| Latin America |
43 | 76 | 343 | 430 | 429 | 517 | 54 | 58 | 13 | 11 | (17) | (23) | 865 | 1,069 |
| Argentina | 14 | 41 | - | 9 | 4 | 9 | 2 | (2) | 1 | - | (1) | - | 20 | 57 |
| Brazil | 18 | 13 | 175 | 235 | 54 | 75 | 24 | 32 | (1) | (2) | (7) | (7) | 263 | 346 |
| Chile | (24) | (13) | 33 | 45 | 158 | 187 | 9 | 11 | (2) | - | (9) | (16) | 165 | 214 |
| Colombia | 5 | (2) | 93 | 94 | 142 | 168 | 13 | 11 | 10 | 13 | - | - | 263 | 284 |
| Peru | 30 | 37 | 42 | 47 | 36 | 36 | 6 | 6 | 5 | - | - | - | 119 | 126 |
| Other | - | - | - | - | 35 | 42 | - | - | - | - | - | - | 35 | 42 |
| of Rest Europe |
27 | 49 | 24 | 15 | 46 | 49 | 25 | 15 | 2 | 1 | 1 | 1 | 125 | 130 |
| Romania | (1) | - | 24 | 15 | 23 | 28 | 25 | 15 | 2 | 2 | 1 | 1 | 74 | 61 |
| Russia | 28 | 49 | - | - | (1) | - | - | - | - | - | - | - | 27 | 49 |
| Other | - | - | - | - | 24 | 21 | - | - | - | (1) | - | - | 24 | 20 |
| North America |
(19) | 6 | - | - | 84 | 116 | - | - | (2) | (15) | (1) | - | 62 | 107 |
| Africa, Asia & Oceania |
- | - | - | - | 17 | 14 | - | - | (1) | 2 | - | - | 16 | 16 |
| Other | 3 | 3 | (1) | - | (8) | (24) | - | - | (8) | (10) | (26) | (15) | (40) | (46) |
| Total | 425 | 692 | 1,694 | 1,945 | 1,052 | 1,138 | 908 | 933 | 41 | 7 | (29) | (7) | 4,091 | 4,708 |
Ordinary EBITDA1(€mn)
| Conventional Generation & Global Trading |
Infrastructure & Networks |
EGP | Retail | Enel X |
Services & Other |
Total | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
|
| Italy | 110 | 133 | 897 | 867 | 330 | 360 | 715 | 627 | 24 | 4 | 22 | 17 | 2,098 | 2,008 |
| Iberia | 264 | 428 | 452 | 643 | 155 | 107 | 117 | 241 | 13 | 15 | (2) | 20 | 999 | 1,454 |
| Latin America |
57 | 76 | 360 | 433 | 429 | 517 | 55 | 58 | 13 | 11 | (17) | (23) | 897 | 1,072 |
| Argentina | 14 | 41 | - | 9 | 4 | 9 | 2 | (2) | 1 | - | (1) | - | 20 | 57 |
| Brazil | 20 | 13 | 192 | 235 | 54 | 75 | 25 | 32 | (1) | (2) | (7) | (7) | 283 | 346 |
| Chile | (12) | (13) | 33 | 48 | 158 | 187 | 9 | 11 | (2) | - | (9) | (16) | 177 | 217 |
| Colombia | 5 | (2) | 93 | 94 | 142 | 168 | 13 | 11 | 10 | 13 | - | - | 263 | 284 |
| Peru | 30 | 37 | 42 | 47 | 36 | 36 | 6 | 6 | 5 | - | - | - | 119 | 126 |
| Other | - | - | - | - | 35 | 42 | - | - | - | - | - | - | 35 | 42 |
| of Rest Europe |
27 | 49 | 25 | 15 | 46 | 49 | 25 | 15 | 2 | 1 | 1 | 1 | 126 | 130 |
| Romania | (1) | - | 25 | 15 | 23 | 28 | 25 | 15 | 2 | 2 | 1 | 1 | 75 | 61 |
| Russia | 28 | 49 | - | - | (1) | - | - | - | - | - | - | - | 27 | 49 |
| Other | - | - | - | - | 24 | 21 | - | - | - | (1) | - | - | 24 | 20 |
| North America |
(19) | 6 | - | - | 85 | 116 | - | - | (2) | (15) | (1) | - | 63 | 107 |
| Africa, Asia & Oceania |
- | - | - | - | 17 | 14 | - | - | (1) | 2 | - | - | 16 | 16 |
| Others | 3 | 3 | (1) | - | (8) | (24) | - | - | (8) | (10) | (26) | (15) | (40) | (46) |
| Total | 442 | 695 | 1,733 | 1,958 | 1,054 | 1,139 | 912 | 941 | 41 | 8 | (23) | - | 4,159 | 4,741 |
35 1. It excludes extraordinary items in Q1 2020 (-33 €mn COVID-19) and Q1 2021 (-68 €mn: -13 €mn COVID-19, -23 €mn 'Quota 100', -19 €mn JTF Brazil, -12 €mn Impairment Bocamina, -1 €mn Impairment Iberia).
Reported EBIT1(€mn)
| Conventional Generation & Global Trading |
Infrastructure & Networks |
EGP | Retail | Enel X |
Services & Other |
Total | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
Q1 2021 |
Q1 2020 |
|
| Italy | 67 | 86 | 589 | 578 | 261 | 285 | 536 | 439 | 13 | (7) | (1) | (4) | 1,465 | 1,377 |
| Iberia | 121 | 322 | 262 | 455 | 103 | 58 | 53 | 200 | 11 | 6 | (14) | 9 | 536 | 1,050 |
| Latin America |
8 | 26 | 186 | 238 | 342 | 423 | 9 | (19) | 8 | 9 | (17) | (25) | 536 | 652 |
| Argentina | 1 | 23 | (5) | 2 | 3 | 9 | (2) | (14) | 1 | - | (1) | - | (3) | 20 |
| Brazil | 16 | 11 | 70 | 108 | 38 | 57 | (5) | (23) | (1) | (2) | (7) | (7) | 111 | 144 |
| Chile | (32) | (29) | 22 | 34 | 119 | 145 | 3 | 6 | (2) | (1) | (9) | (17) | 101 | 138 |
| Colombia | 1 | (7) | 71 | 65 | 130 | 154 | 9 | 8 | 7 | 12 | - | - | 218 | 232 |
| Peru | 22 | 28 | 28 | 29 | 28 | 27 | 4 | 4 | 3 | - | - | - | 85 | 88 |
| Other | - | - | - | - | 24 | 31 | - | - | - | - | - | (1) | 24 | 30 |
| of Rest Europe |
22 | 33 | 3 | (7) | 30 | 33 | 25 | 7 | 1 | - | 1 | 2 | 82 | 68 |
| Romania | (1) | - | 3 | (7) | 18 | 23 | 25 | 7 | 1 | 2 | 1 | - | 47 | 25 |
| Russia | 23 | 33 | - | - | (4) | (1) | - | - | - | - | - | - | 19 | 32 |
| Other | - | - | - | - | 16 | 11 | - | - | - | (2) | - | - | 16 | 9 |
| North America |
(18) | 6 | - | - | 10 | 47 | - | - | (12) | (24) | (1) | (2) | (21) | 27 |
| Africa, Asia & Oceania |
- | - | - | - | 6 | 5 | - | - | (2) | 1 | - | - | 4 | 6 |
| Other | 2 | 2 | (1) | (1) | (10) | (25) | - | - | (18) | (11) | (50) | (36) | (77) | (71) |
| Total | 202 | 475 | 1,039 | 1,263 | 742 | 826 | 623 | 627 | 1 | (26) | (82) | (56) | 2,525 | 3,109 |
From EBITDA to net income1 (€mn)
| Q1 2021 |
Q1 2020 |
∆ yoy |
Q1 2021 |
Q1 2020 |
∆ | |
|---|---|---|---|---|---|---|
| reported | reported | ordinary | ordinary | yoy | ||
| EBITDA | 4 091 , |
4 708 , |
-13 1% |
4 159 , |
4 741 , |
-12 3% |
| D&A | (1 566) , |
(1 599) , |
(1 561) , |
(1 607) , |
||
| EBIT | 2 525 , |
3 109 , |
-18 8% |
2 598 , |
3 134 , |
-17 1% |
| financial charges Net |
(421) | (618) | (421) | (618) | ||
| from method Net income equity investments using equity |
34 | (3) | 31 | 14 | ||
| EBT | 2 138 , |
2 488 , |
-14 1% |
2 208 , |
2 530 , |
-12 7% |
| Income tax |
(643) | (801) | (666) | (809) | ||
| Net income |
1 495 , |
1 687 , |
1 542 , |
1 721 , |
||
| Minorities | (319) | (440) | (328) | (440) | ||
| Group income net |
1 176 , |
1 247 , |
7% -5 |
1 214 , |
1 281 , |
2% -5 |
D&A reported (€mn)
1
| 0 | Q1 2021 |
Q1 2020 |
∆ yoy |
|---|---|---|---|
| and Trading Generation |
223 | 217 | 3% |
| Enel Green Power |
310 | 312 | 1% - |
| Distribution | 655 | 682 | 4% - |
| Retail | 285 | 306 | 7% - |
| Enel X |
41 | 33 | 24% |
| Others and adjustments |
52 | 49 | 6% |
| Total | 566 1 , |
599 1 , |
2% - |
Gross debt1structure
Long term debt by currency After swap Interest rate composition
Debt evolution and credit ratings
Net debt evolution (€bn)
Long term credit ratings
- It includes foreign exchange derivatives realized in the period
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 | 5.63 | 30.15 | - | - | 0.02 | 4.58 | - | 0.06 | - | 40.44 |
| Bank Loans | 1.39 | - | 0.36 | 3.73 | 2.19 | 1.58 | 0.42 | 0.26 | 0.33 | 10.26 |
| Tax Partnership | - | - | - | - | - | - | 0.56 | - | - | 0.56 |
| Other Loans | - | - | - | 0.54 | 0.83 | 0.38 | 0.46 | 0.08 | 0.02 | 2.31 |
| Other short term debt | 0.25 | 0.02 | - | 0.36 | 0.11 | 0.61 | - | - | 0.06 | 1.41 |
| Commercial Paper | - | - | - | - | 1.84 | - | 1.49 | - | - | 3.33 |
| Gross debt | 7.27 | 30.17 | 0.36 | 4.63 | 4.99 | 7.15 | 2.93 | 0.40 | 0.41 | 58.31 |
| Financial Receivables | -0.27 | -0.91 | -0.42 | -0.41 | -0.49 | -0.78 | -0.01 | - | -0.04 | -3.33 |
| Tariff Deficit | - | - | - | - | -0.85 | - | - | - | - | -0.85 |
| Other short term financial receivables |
-1.34 | -1.24 | - | -0.19 | -0.03 | -0.13 | -0.03 | - | -0.08 | -3.04 |
| Cash and cash equivalents | -0.90 | -0.15 | -0.29 | -0.31 | -0.47 | -2.15 | -0.11 | -0.68 | -0.15 | -5.21 |
| Net Debt – Thitd Parties |
4.76 | 27.87 | -0.35 | 3.72 | 3.15 | 4.09 | 2.78 | -0.28 | 0.14 | 45.88 |
| Net Debt – Intercompany |
12.93 | -31.88 | 5.96 | 7.31 | 3.00 | 1.75 | 0.64 | 0.22 | 0.07 | - |
| Net Debt – Group View |
17.69 | -4.01 | 5.61 | 11.03 | 6.15 | 5.84 | 3.42 | -0.06 | 0.21 | 45.88 |
Debt maturity coverage split by typology (€bn)
- Of which 14.9 € bn of long term committed credit lines with maturities beyond March 2022
Balance sheet (€mn)
Balance sheet structure (€bn)
51% Net debt /
Net capital employed
Headcount
1
| 0 | Q1 2021 | FY 2020 | ∆ |
|---|---|---|---|
| Generation and Trading | 8,080 | 8,142 | -1% |
| Enel Green Power | 8,432 | 8,298 | 2% |
| Distribution | 34,006 | 34,332 | -1% |
| Retail | 6,197 | 6,324 | -2% |
| Enel X | 3,082 | 2,989 | 3% |
| Others and adjustments | 6,641 | 6,632 | 0% |
| Total | 66,438 | 66,717 | 0% |
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.
Contact us
Monica Girardi Head of Group Investor Relations
Investor Relations team
Federico Baroncelli Serena Carioti Federica Dori Matteo Marengon Federica Pozzi Fabrizio Ragnacci Noemi Tomassi Emanuele Toppi
Contacts
Email [email protected] Phone +39 06 8305 7975
Investor Relations App
iOS Android
Channels
