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Enel Investor Presentation 2020

Mar 18, 2021

4317_10-k_2021-03-18_8f2883f2-dce9-411a-abb4-304db5b9433e.pdf

Investor Presentation

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Full Year

Consolidated results March 18th, 2021

Full Year 2020 Consolidated results

Francesco Starace CEO

Key highlights of the year

Results & shareholders Push on Group Credit rating
remuneration decarbonisation simplification improvements
5.2 €bn
Net Income
at top of the
range
0.358 €/sh
DPS
(+9%
vs 2019)		 +3.1 GW
New record on
renewable
built capacity
despite COVID-19		 Merger of EGP
Latam into
Enel Americas
effective
as
of
April 1st
2021		 Moody's
upgrade to Baa1

A remarkable operational and financial performance amidst COVID-19 pandemic

Operational delivery… …coupled with outstanding financial performance

Top notch delivery, preserving asset continuity and people's health

Enhancing green leadership position entering the new decade

Fostering scale, quality and resiliency of the backbone of the energy transition

Positioning optimally to benefit from growth of customers' value

  1. 2019 data for comps. Renewable capacity includes managed capacity. Number of customers includes gas and power

  2. Europe, Gross margin per customer

Delivering on a fully sustainable capex plan, net of currency impact capex up by 7% yoy

Capex by business model and GBL

Global Power Generation

  1. It includes nuclear generation and production from renewable managed capacity.

  2. It includes nuclear and renewable managed capacity.

Key highlights

Set new additional capacity record with 3,100 MW built in 2020 notwithstanding COVID-19

Further acceleration on coal exit to boost GHG emission reduction

Renewable pipeline up 1.5x enhances visibility on delivery

Capacity addressed Residual target

  1. It includes storage for around 11 GW in early stage and around 4 in mature pipeline.

Renewables Pipeline (GW)

Infrastructure & Networks

Retail & Enel X 17.2 17.4 16 17 17 17 17 17 18 FY 2019 FY 2020 Charging points2 (k) 82 186 +2.3x Retail Enel X and new infrastructures Fiber deployment (Households passed mn) 7.9 11.1 +41% +12% Free market power customers (mn) Free market energy sold (TWh) 1 38.5 39.4 145.4 131.4 184.0 170.7 40 60 80 100 120 140 160 180 200 -10% +2% -7% +200k Street lighting (mn) 2.4 2.8 +17%

  1. It includes energy losses.

Total power customers (mn)

16 16

  1. Public and private charging points. It includes interoperability points.

  2. 20

FY 2019 FY 2020

B2B B2C

FY 2019 FY 2020

64.6 63.7

Demand Response

(GW) 6.3 6.0

Storage (MW) 110 123

Merger of EGP Latam assets in Enel Américas

  1. Exchange Ratio 0.41x

Total Shareholders Return at 22%

DPS (€/Share) 2020 Total Shareholder Return1

2020 DPS above guaranteed 0.35 €/sh Guaranteed DPS double digit growth by 2023

0.30

Full Year 2020 Financial results

Alberto De Paoli CFO

Financial highlights (€mn)

Currencies' weakness over 2020, electricity demand starts recover in H2

-9% -8% -5% 2% -2% -2% -3% 2% -% -2% Italy Spain Brazil Chile Colombia Electricity demand (∆ yoy) -5% -2% +1% -1% -5% FY Currencies vs. euro1 (∆ yoy) H1 2020 H2 2020 -34% -24% -13% -13% -6% ARS/EUR BRL/EUR CLP/EUR COP/EUR PEN/EUR FY 2020

FX and COVID-19 impact on demand and bad debt (€bn)

Ordinary EBITDA in line vs PY despite COVID-19 and FX devaluation impact

EBITDA FY 2020

20 1. It excludes "Services & Other" for around -0.1 €bn. It excludes extraordinary items in FY 2019 (-201 €mn: +94 €mn Disposals of Mercure plant, +50 €mn second tranche Rete Gas Earn Out, -205 €mn impairment coal Italy, -103 €mn impairment coal Iberia, -30 €mn price adjustment Kafireas, -7 €mn impairment coal Russia) and FY 2020 (-1.124 €mn: -759 €mn energy transition fund (-612 €mn Iberia, -131 €mn Italia, -11 €mn Colombia, -4 €mn Chile), -133 €mn donations and emergency costs, -186 €mn impairment Italy, -24 €mn impairment Chile, -9 €mn impairment Spain, -14 €mn other EGP Italy (-4 €mn EF Solare Italia, -10 €mn solar panels and other)

4,618 4,721 1,585 2,230 - 1,00 0 2,00 0 3,00 0 4,00 0 5,00 0 6,00 0 7,00 0 8,00 0 9,00 0 10,0 00 FY 2019 FY 2020 27% 11% 24% 33% 5% Italy Iberia North America Latin America RoW FY 2020 7.0 €bn 6,203 6,951 Gross Margin/ MWh 39.9 43.2 EBITDA evolution (€mn)1 EBITDA by geography1 +12% EGP Conventional Generation & Trading Benefits from short position and gas portfolio management Ongoing efficiencies in conventional generation FY '19: 260 €mn PPA early termination and JV unwinding FY '20: 170 €mn provision reversal Positive contribution of new RES capacity

Global Power Generation

Performance driven by growth in renewables, efficiencies and short position

GPG - Enel Green Power

Continued delivery on renewable growth drives EGP result in 2020

GPG - Conventional generation and trading

Production down by 22% yoy, benefits from trading activities and efficiencies

EBITDA evolution (€mn)1 EBITDA by geography1

Infrastructure and Networks

EBITDA up by 3% net of currency devaluation and COVID-19 impact

EBITDA evolution (€mn)1 EBITDA by geography1

Retail Increase in customer base in spite of COVID-19

EBITDA evolution (€mn)1 Free market – Energy sold (TWh) 2

B2C B2B

+7%

-6%

-4%

-13%

Profit & loss (€mn)

FY 2020 FY 2019 ∆ yoy
Ordinary EBITDA 17,940 17,905 -%
D&A (6,656) (6,809) -2%
EBIT 11,284 11,096 +2%
Financial expenses1 (2,197) (2,413) -9%
Results from equity investments 134 (88) n.m.
EBT 9,221 8,595 +7%
Income taxes (2,541) (1,960) +30%
Minorities (1,483) (1,868) -21%
income2
Group net ordinary		 5,197 4,767 +9%
  1. Includes other financial expenses (-20 €mn in FY 2020, -158 €mn in FY 2019)

26 2. Excludes extraordinary items: FY2019 (-2,593 €mn: +97 €mn disposal Mercure plant, +49 €mn second tranche earn out Rete Gas, -1,412 €mn coal impairments and other Italy, -108 €mn impairment USA, -902 €mn coal impairments Iberia, -151 €mn coal impairments Chile, -60 €mn impairment RGRES, -34 €mn Slovenske investment impairment and -72 €mn other); FY2020 (-2,587 €mn: -720 €mn Italy due to asset impairments and devaluation of SVK credit, -424 mn JTF mainly in Iberia and italy, -433 €mn Slovenske investment impairment, -86 €mn donations and other cost due to COVID-19, -164 €mn impairment Argentina, -351 €mn impairment Mexico, -338 €mn impairment coal Chile, -66 €mn other impairments GPG, -6 €mn write-down of Funac in Brazil)

Net Ordinary Income up by 9% driven by focus on minorities and financial charges

Net Ordinary Income evolution (€bn)

charges on equity

2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5

27

  1. Rounded figures

18.0 20.0

  1. Accruals, releases, utilizations of provisions in EBITDA (i.e. personnel related and risks and charges), accruals of bad debt

  2. Includes dividends received from equity investments

Cash flow (€bn)1

Fin. receivables Net debt Cash Cost of gross debt 4.1% 3.7% -4% 45.2 45.4 7.3 7.6 9.0 6.0 61.5 59.0 - 10 20 30 40 50 60 Dec 31, 2019 Dec 31, 2020 2.4 45.4 (1.3) 4.7 1.0 0.5 (2.3) 45.4 30 32 34 36 38 40 42 44 46 48 50 Dec 31, 2019 FCF Dividends paid APM New leasing FX Dec 31, 2020 45.2 1 Hybrids Net debt evolution Gross debt Hybrids

Debt (€bn)

-40 bps

Liquidity position and credit metrics

Strong financial position with ample liquidity available

Liquidity position and LT debt maturities (€bn)1 Credit metrics

18.6

Accelerating towards next decade goals...

Earnings at top of the range confirming an outstanding growth in spite of COVID-19 disruption

A solid operating roll out supporting long term positioning to capture energy transition opportunities

People first: proactive measure to protect people and ensure business continuity

Top quartile 2020 Total Shareholder Return

Full Year 2020 Consolidated results

Annexes

Macroscenario

GDP
(%)		 CPI
(%)		 €1
FX
against		 Spot
Price
(€/MWh)		 (TWh)2
Electricity
Demand
FY
2020		 FY
2019		 FY
2020		 FY
2019		 FY
2020		 FY
2019		 FY
2020		 FY
2019		 FY
2020		 FY
2019
Italy (8
.86)		 0.34 (0
.14)		 0.63 - - 38.91 52.35 302.92 319.64
Iberia (10
.02)		 3.37 (0
.33)		 0.78 - - 34.01 47.71 236.36 249.04
Latin
America		 - - - - - - - - - -
Argentina (8
.59)		 (2
.03)		 42.68 53.58 101.60 67.00 - - 132.09 133.32
Brazil (0
.50)		 5.74 3.21 3.74 6.37 4.54 26.42 44.62 587.00 594.26
Chile (5
.96)		 1.03 3.05 2.25 872.01 838.15 34.66 46.55 77.70 77.06
Colombia (6
.84)		 3.28 2.53 3.52 4,288.30 3,696.28 59.65 62.17 70.42 71.89
Peru (11
.09)		 2.24 1.83 2.14 4.40 3.72 8.52 7.86 49.20 52.90
Rest
of
Europe		 - - - - - - - - - -
Romania (3
.34)		 4.18 (0
.16)		 0.06 4.88 4.79 34.57 42.91 59.35 61.71
Russia (1
.92)		 1.19 3.38 4.47 90.29 69.51 15.65 18.31 778.59 801.92
North
America		 - - - - - - - - - -
USA (3
.50)		 2.16 1.25 1.81 1.22 1.12 - - 3,650.61 3,749.54
M exico (8
.45)		 (0
.05)		 3.40 3.64 24.27 21.10 - - 307.80 317.63
Africa,
Asia
Oceania
&		 - - - - - - - - - -
India (7
.09)		 4.85 6.63 3.71 89.74 80.04 - - 1,145.02 1,284.50
Australia (2
.80)		 1.90 0.90 1.60 1.59 1.60 - - - -
South Africa (6
.37)		 0.06 3.27 4.13 17.84 15.71 - - 197.97 227.33

Group consolidated net capacity: breakdown by technology and geography

MW Hydro Wind Geothermal Solar
&
Other		 Nuke Oil
&
Gas		 Coal CCGT TOTAL
Italy 12
417
,		 771 769 29 - 2
237
,		 5
594
,		 4
583
,		 26
400
,
Iberia 4
749
,		 2
422
,		 - 610 3
328
,		 2
334
,		 2
764
,		 5
445
,		 21
652
,
Latin
America		 10
582
,		 2
129
,		 41 1
801
,		 - 2
693
,		 545 4
168
,		 21
960
,
Argentina 328
1
,		 - - - - 169
1
,		 - 922
1
,		 419
4
,
Brazil 1
269
,		 1
355
,		 - 978 - - - 319 3
922
,
Chile 3
551
,		 642 41 495 - 603 320 1
467
,		 7
118
,
Colombia 3
097
,		 - - 86 - 184 225 - 3
592
,
Perù 792 132 - 179 - 737 - 460 2
301
,
Other1 545 - - 62 - - - - 606
of
Rest
Europe		 19 999 - 123 - 4
447
,		 - 814 6
401
,
Romania - 498 - 36 - - - - 534
Russia - 90 - - - 4
447
,		 - 814 5
350
,
Other2 19 410 - 88 - - - - 517
North
America		 53 5
572
,		 72 948 - - - - 6
643
,
Mexico 53 893 - 220 - - - - 1
165
,
Canada - 211 - - - - - - 211
USA - 4
468
,		 72 728 - - - - 5
268
,
Oceania3
Africa
Asia
&
,		 - 519 - 392 - - - - 911
Total 27
820
,		 12
412
,		 882 3
903
,		 3
328
,		 11
711
,		 8
903
,		 15
009
,		 83
967
,

  1. Includes Panama, Guatemala and Costa Rica

  2. Includes Greece and Bulgaria

  3. 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 16
582
,		 1
204
,		 5
647
,		 18 - 282 9
085
,		 9
677
,		 42
495
,
Iberia 7
682
,		 5
235
,		 - 498 25
839
,		 4
217
,		 1
433
,		 11
365
,		 56
269
,
Latin
America		 37
947
,		 6
331
,		 221 2
902
,		 - 1
995
,		 2
638
,		 17
132
,		 69
165
,
Argentina 2
860
,		 - - - - 474 - 10
567
,		 13
901
,
Brazil 5
487
,		 3
946
,		 - 1
068
,		 - - - 212 10
713
,
Chile 9
713
,		 768
1
,		 221 1
177
,		 - 621 988
1
,		 3
843
,		 19
331
,
Colombia 13
315
,		 - - 136 - 45 650 - 14
146
,
Perù 4
358
,		 617 - 435 - 855 - 2
510
,		 8
774
,
Other1 2
215
,		 - - 85 - - - - 2
300
,
of
Rest
Europe		 23 2
188
,		 - 163 - 12
907
,		 - 5
180
,		 20
461
,
Romania - 1
236
,		 - 39 - - - - 1
275
,
Russia - - - - - 12
907
,		 - 5
180
,		 18
087
,
Other2 23 952 - 125 - - - - 1
099
,
North
America		 203 15
114
,		 299 1
565
,		 - - - - 17
182
,
Mexico 179 298
1
,		 - 444 - - - - 920
1
,
Canada - 566 - - - - - - 566
USA 24 13
250
,		 299 1
122
,		 - - - - 14
695
,
Oceania3
Africa
Asia
&
,		 - 920 - 617 - - - - 1
537
,
Total 62
437
,		 30
992
,		 6
167
,		 5
764
,		 25
839
,		 19
401
,		 13
155
,		 43
353
,		 207
108
,

  1. Includes Panama, Guatemala and Costa Rica

  2. Includes Greece and Bulgaria

  3. 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 9 - 4 - - - - 48 62
Iberia 2 132 - 258 10 - - - 401
Latin
America		 4 574 - 301 - - 1 - 880
Argentina - - - - - - - - -
Brazil - 574 - 298 - - - - 871
Chile 4 - - 4 - - 1 - 9
Colombia - - - - - - - - -
Perù - - - - - - - - -
Other2 - - - - - - - - -
Rest
of
Europe		 - 104 - - - - - 5 109
Romania - - - - - - - - -
Russia - 90 - - - - - 5 95
Other3 - 14 - - - - - - 14
North
America		 - 1
176
,		 - 210 - - - - 1
386
,
Mexico - 320 - - - - - - 320
Canada - 122 - - - - - - 122
USA - 734 - 210 - - - - 944
Oceania4
Africa
Asia
&
,		 - 101 - 34 - - - - 135
Total 15 2
086
,		 4 803 10 - 1 53 2
972
,

  1. Excludes managed capacity

  2. Includes Panama, Guatemala and Costa Rica

  3. Includes Greece and Bulgaria

  4. Includes Australia, South Africa, India and Zambia

Renewable projects in execution: breakdown by technology and geography1

MW Wind Hydro Geothermal Solar
&
Other		 Total
Italy 137 58 4 - 199
Iberia 180 6 - 583 769
Latin
America		 2
293
,		 3 28 2
498
,		 4
822
,
Rest
of
Europe		 272 - - 6 279
North
America		 953 - - 1
445
,		 2
398
,
Africa
Asia
&
Oceania
,		 1
542
,		 - - 420 1
962
,
Total 5
377
,		 68 32 4
952
,		 10
429
,

EGP mature pipeline

Infrastructure & Networks KPIs

Electricity (TWh)1
distributed		 (mn)1
End
users		 (mn)1
Smart
meters
FY FY FY FY FY FY
2020 2019 2020 2019 2020 2019
Italy 213 228 31 31 30 30
6 1 4 5 6 7
Iberia 124 126 12 12 12 12
7 6 3 2 4 2
Latin
America		 131
0		 137
3		 27
6		 27
2		 0
4		 0
4
Argentina 15
9		 16
8		 2
5		 2
5		 - -
Brazil 9
77		 81
3		 18
1		 17
8		 - -
Chile 15 16 2 2 0 0
7 6 0 0 3 3
Colombia 13 14 3 3 0 0
8 4 6 5 1 1
Peru 6
7		 8
2		 1
5		 1
4		 - -
Rest 15 15 3 2 0 0
of 4 7 0 9 9 6
Europe
Romania 15 15 3 2 0 0
4 7 0 9 9 6
Total 484 507 74 73 44 43
6 7 3 8 3 8

Retail KPIs

E-MARKET SDIR
CERTIFIED
Power Gas
(mn)1 Volumes1,2 (mn)1 (bsmc)1
Customers (TWh) Customers Volumes
FY FY FY FY FY FY FY FY
2020 2019 2020 2019 2020 2019 2020 2019
Italy 22 23 90 97 4 4 4 4
6 7 2 5 1 2 4 7
Iberia 10 10 80 89 1 1 5 5
4 6 8 4 7 6 0 7
Latin
America		 27
6		 27
2		 118
4		 125
3		 0
0		 0
0		 0
2		 0
2
Rest 3 3 8 9 0 0 0 0
of 0 1 8 7 06 05 11 14
Europe
Total 63 64 298 322 5 5 9 10
7 6 2 0 8 9 7 8

Italian and Spanish power market

Customers Enel
Regulated Free Total 2
Market
Share
%
Business 2
2		 5
0		 7
2		 37%
Residential 13
0		 16
7		 29
7		 46%
Total 15
2		 21
7		 36
9
1
Enel
Market
Share
%		 86% 44%
(mn)
Customers		 Enel
Regulated Free Total 3
Market
Share
%
Business - 0
9		 0
9		 23%
Residential 10
9		 17
7		 28
7		 29%
Total 10
9		 18
6		 29
6
Enel
Market
Share
%		 44% 29%
sold
(TWh)
Energy		 Enel Energy Enel
Regulated Free Total 2
Market
Share
%		 Regulated Free Total 3
Market
Share
%
Business 11
6		 191
5		 203
1		 24% Business 1
4		 153
5		 154
8		 31%
Residential 28
9		 39
5		 68
4		 44% Residential 26
8		 53
6		 80
4		 33%
Total 40
5		 231
0		 271
5		 Total 28
1		 207
1		 235
2
1
Enel
Market
Share
%		 83% 27% Enel
Market
Share
%		 47% 32%

Italy Spain

  1. Enel estimate based on FY2020; % calculated on total regulated market and total free market (excluding "Salvaguardia);

  2. Market Share calculated on total free market;

  3. Customers: CNMC "Informe de supervision de los cambios de comercializador 2020 published 03/12/20; Market Share calculated on total free market;

  4. Energy sold: Internal estimation based on "sectorial energy daily forecast system".

Baseload power price & production sold forward

Baseload
price
2020 2021 2022 2023
Italy
(€/MWh)		 38
9		 52
3		 53
9		 55
3
Iberia
(€/MWh)		 34
0		 48
4		 49
2		 49
7
Production
sold
forward
2020 2021 2022 2023
price % price % price % price %
(€/MWh)1
Italy		 57
5		 100% 51
6		 85% 51
6		 41% - -
(€/MWh)1
Iberia		 73
9		 100% 70
7		 97% 73
5		 57% - -
Brazil
(USD/MWh)		 45
3		 100% 53
6		 100% 56
9		 100% 57
3		 100%
Chile
(USD/MWh)		 75
4		 100% 70
3		 100% 64
7		 100% 65
5		 100%
Colombia
(USD/MWh)		 59
6		 100% 66
3		 100% 63
1		 97% 63
8		 96%
Peru
(USD/MWh)		 54
5		 100% 56
4		 100% 59
2		 100% 61
6		 100%
  1. Average hedged price; wholesale price for Italy, retail price for Spain. 42

Capex1 (€mn)

Conventional
Generation
&
Global
Trading		 Infrastructure
&
Networks		 EGP Retail Enel
X		 Services
&
Other		 Total
FY
2020		 FY
2019		 FY
2020		 FY
2019		 FY
2020		 FY
2019		 FY
2020		 FY
2019		 FY
2020		 FY
2019		 FY
2020		 FY
2019		 FY
2020		 FY
2019
Italy 180 189 1,966 1,753 282 240 310 324 70 52 33 78 2,842 2,635
Iberia 331 388 631 648 460 764 139 111 50 63 27 46 1,638 2,020
Latin
America		 120 193 1,156 1,335 1,514 1,058 - - 67 40 3 9 2,859 2,636
Argentina 35 52 92 164 1 2 - - - - - - 127 219
Brazil 9 18 656 699 718 702 - - 7 10 1 6 1,390 1,435
Chile 30 49 128 134 688 241 - - 3 3 2 3 850 430
Colombia 16 41 194 225 81 80 - - 47 26 - - 339 373
Peru 31 33 86 113 14 25 - - 10 2 - - 141 172
Other - - - - 12 8 - - - - - - 12 8
Rest
of
Europe		 56 79 182 169 157 189 11 15 5 4 1 1 411 458
Romania - - 182 169 3 2 11 15 5 4 - 1 200 191
Russia 56 79 - - - - - - - - - - 56 79
Other - - - - 155 187 - - - - - - 155 188
North
America		 7 1 - - 1,773 1,744 - - 36 61 - - 1,816 1,806
Africa,
Asia
&
Oceania		 - - - - 414 274 - - 3 1 - - 417 275
Other 1 2 2 - 28 27 - - 71 48 111 44 213 121
Total 694 851 3,937 3,905 4,629 4,297 460 449 303 270 174 179 10,197 9,951

Asset development Capex1 (€mn)

Conventional
Generation
&
Global
Trading		 Infrastructure
&
Networks		 EGP Retail Enel
X		 Services
&
Other		 Total
FY
2020		 FY
2019		 FY
2020		 FY
2019		 FY
2020		 FY
2019		 FY
2020		 FY
2019		 FY
2020		 FY
2019		 FY
2020		 FY
2019		 FY
2020		 FY
2019
Italy 92 49 954 851 145 113 - - 61 47 10 47 1,261 1,107
Iberia 48 7 239 284 394 707 - - 15 6 1 5 696 1,009
Latin
America		 10 40 316 430 1,417 949 - - 57 28 1 - 1,802 1,448
Argentina 1 2 12 56 - 1 - - - - - - 13 59
Brazil (1) 1 181 231 702 676 - - 1 3 - - 883 911
Chile 5 13 35 32 656 210 - - 3 1 - - 699 256
Colombia 4 17 73 93 53 59 - - 44 24 - - 174 192
Peru 2 8 16 20 1 2 - - 10 - - - 28 29
Other - - - - 5 1 - - - - - - 5 1
Rest
of
Europe		 26 4 64 63 151 185 - - 3 - - - 245 252
Romania - - 64 63 - - - - 3 - - - 68 63
Russia 26 4 - - - - - - - - - - 26 4
Other - - - - 151 185 - - - - - - 151 185
North
America		 - (1) - - 1,742 1,710 - - 17 4 - - 1,759 1,713
Africa,
Asia
Oceania
&		 - - - - 411 270 - - - - - - 411 270
Other - - - - 20 12 - - 69 47 28 - 117 59
Total 176 99 1,573 1,628 4,280 3,946 - - 223 133 40 53 6,292 5,858

Revenues1 (€mn)

Conventional
Generation
&
Global
Trading		 Infrastructure
&
Networks		 EGP Retail Enel
X		 Services
&
Other		 Total
FY
2020		 FY
2019		 FY
2020		 FY
2019		 FY
2020		 FY
2019		 FY
2020		 FY
2019		 FY
2020		 FY
2019		 FY
2020		 FY
2019		 FY
2020		 FY
2019
Italy 14,029 23,688 7,488 7,647 2,154 1,918 14,869 16,042 324 282 (7,597) (7,798) 31,267 41,779
Iberia 5,129 6,261 2,617 2,724 771 653 11,987 13,867 244 261 (3,574) (4,712) 17,174 19,054
Latin
America		 1,304 1,875 8,821 11,033 3,234 3,677 1,492 1,559 218 186 (1,252) (1,537) 13,817 16,793
Argentina 148 323 647 1,166 39 64 - 30 7 4 (2) (7) 839 1,580
Brazil 182 283 5,649 6,946 837 694 299 404 20 17 (248) (442) 6,739 7,902
Chile 627 813 1,229 1,467 1,209 1,479 271 293 68 81 (543) (635) 2,861 3,498
Colombia 183 102 601 641 814 1,007 705 777 75 77 (331) (338) 2,047 2,266
Peru 164 354 695 813 132 196 217 55 48 7 (128) (115) 1,128 1,310
Other - - - - 203 237 - - - - - - 203 237
Rest
of
Europe		 539 956 396 386 323 271 1,150 1,131 53 35 (376) (379) 2,085 2,400
Romania - 42 396 386 198 175 1,150 1,131 25 18 (377) (382) 1,392 1,370
Russia 539 911 - - - - - - - - 1 3 540 914
Other - 3 - - 125 96 - - 28 17 - - 153 116
North
America		 12 29 - - 1,156 1,115 10 - 192 328 (3) (3) 1,367 1,469
Africa,
Asia
&
Oceania		 - - - - 99 107 - - 55 52 (1) - 153 159
Other (209) (797) 20 (1) (45) (24) - - 35 (14) (679) (491) (878) (1,327)
Total 20,804 32,012 19,342 21,789 7,692 7,717 29,508 32,599 1,121 1,130 (13,482) (14,920) 64,985 80,327

Reported EBITDA1 (€mn)

Conventional
Generation
&
Global
Trading		 Infrastructure
EGP
&
Networks		 Retail Enel
X		 Services
&
Other		 Total
FY
2020		 FY
2019		 FY
2020		 FY
2019		 FY
2020		 FY
2019		 FY
2020		 FY
2019		 FY
2020		 FY
2019		 FY
2020		 FY
2019		 FY
2020		 FY
2019
Italy 221 (14) 3,824 3,906 1,311 1,240 2,362 2,314 38 13 68 169 7,824 7,628
Iberia 1,039 590 1,890 2,025 434 358 467 715 39 38 (94) 66 3,775 3,792
Latin
America		 309 609 1,579 2,259 1,979 2,202 201 292 83 64 (88) (123) 4,063 5,303
Argentina 85 165 46 270 28 51 (7) 3 3 - (4) (1) 151 488
Brazil 66 102 871 1,144 271 335 107 154 2 (1) (19) (49) 1,298 1,685
Chile 35 198 156 222 825 888 25 41 15 26 (65) (72) 991 1,303
Colombia 9 8 353 399 573 620 54 66 41 38 - - 1,030 1,131
Peru 114 136 153 224 136 157 22 28 22 1 - (1) 447 545
Other - - - - 146 151 - - - - - - 146 151
Rest
of
Europe		 118 209 135 107 161 112 82 15 9 - 4 5 509 448
Romania (1) (2) 135 107 78 75 82 15 9 6 4 5 307 206
Russia 119 209 - - (7) (1) - - - (2) - - 112 206
Other - 2 - - 90 38 - - - (4) - - 90 36
North
America		 17 (16) - - 767 737 9 (2) (10) 80 (5) - 778 799
Africa,
Asia
&
Oceania		 - - - - 53 62 - - 2 (1) - - 55 61
Other (4) (14) 5 (19) (58) (123) - - (9) (36) (122) (135) (188) (327)
Total 1,700 1,364 7,433 8,278 4,647 4,588 3,121 3,334 152 158 (237) (18) 16,816 17,704

Ordinary EBITDA1(€mn)

Conventional
Generation
&
Global
Trading		 & Infrastructure
Networks		 EGP Retail Enel
X		 Services
&
Other		 Total
FY
2020		 FY
2019		 FY
2020		 FY
2019		 FY
2020		 FY
2019		 FY
2020		 FY
2019		 FY
2020		 FY
2019		 FY
2020		 FY
2019		 FY
2020		 FY
2019
Italy 489 97 3,861 3,856 1,362 1,240 2,372 2,314 38 13 82 169 8,204 7,689
Iberia 1,258 693 2,114 2,025 436 358 530 715 45 38 30 66 4,413 3,895
Latin
America		 338 609 1,598 2,259 1,982 2,202 204 292 84 64 (86) (123) 4,120 5,303
Argentina 85 165 48 270 28 51 (7) 3 3 - (4) (1) 153 488
Brazil 66 102 877 1,144 271 335 107 154 2 (1) (18) (49) 1,305 1,685
Chile 64 198 157 222 825 888 25 41 15 26 (64) (72) 1,022 1,303
Colombia 9 8 362 399 575 620 56 66 42 38 - - 1,044 1,131
Peru 114 136 154 224 137 157 23 28 22 1 - (1) 450 545
Other - - - - 146 151 - - - - - - 146 151
Rest
of
Europe		 119 216 136 107 161 142 82 15 9 - 5 5 512 485
Romania (1) (2) 136 107 78 75 82 15 9 6 5 5 309 206
Russia 120 216 - - (7) (1) - - - (2) - - 113 213
Other - 2 - - 90 68 - - - (4) - - 90 66
America
North		 17 (16) - - 769 737 9 (2) (9) 80 (5) - 781 799
Africa,
Asia
&
Oceania		 - - - - 54 62 - - 2 (1) - - 56 61
Others 9 (14) 5 (19) (43) (123) - - (8) (36) (109) (135) (146) (327)
Total 2,230 1,585 7,714 8,228 4,721 4,618 3,197 3,334 161 158 (83) (18) 17,940 17,905

47 1. Excludes extraordinary items in FY 2019 (-201 €mn: +94 €mn Disposals of Mercure plant, +50 €mn second tranche Rete Gas Earn Out, -205 €mn impairment coal Italy, -103 €mn impairment coal Iberia, -30 €mn price adjustment Kafireas, -7 €mn impairment coal Russia) and FY 2020 (-1.124 €mn: -759 €mn energy transition fund (-612 €mn Iberia, -131 €mn Italia, -11 €mn Colombia, -4 €mn Chile), -133 €mn donations and emergency costs, -186 €mn impairment Italy, -24 €mn impairment Chile, -9 €mn impairment Spain, -14 €mn other EGP Italy (-4 €mn EF Solare Italia, -10 €mn solar panels and other)

Reported EBIT1(€mn)

Conventional Generation
&
Global
Trading		 & Infrastructure
Networks		 EGP Retail Enel
X		 Services
&
Other		 Total
FY
2020		 FY
2019		 FY
2020		 FY
2019		 FY
2020		 FY
2019		 FY
2020		 FY
2019		 FY
2020		 FY
2019		 FY
2020		 FY
2019		 FY
2020		 FY
2019
Italy (40) (1,908) 2,370 2,647 935 909 1,538 1,609 (12) (45) (1) 17 4,790 3,229
Iberia 559 (1,650) 1,140 1,288 235 183 241 491 (7) (13) (141) 20 2,027 319
Latin
America		 (589) 35 696 1,349 1,544 1,793 (22) 126 71 58 (89) (122) 1,611 3,239
Argentina 32 100 (186) 240 (15) 38 (44) (35) 3 - (4) - (214) 343
Brazil 56 89 433 487 207 249 (39) 49 (2) (4) (20) (50) 635 820
Chile (749) (246) 108 173 660 718 11 30 14 24 (66) (71) (22) 628
Colombia (7) (9) 253 292 521 560 39 59 40 37 - - 846 939
Peru 79 101 88 157 99 118 11 23 16 1 - (1) 293 399
Other - - - - 72 110 - - - - 1 - 73 110
Rest
of
Europe		 76 30 52 13 129 58 51 (14) 3 (3) 3 2 314 86
Romania (2) (1) 52 13 109 49 51 (14) 6 4 3 3 219 54
Russia 83 31 - - (13) - - - - (1) - - 70 30
Other (5) - - - 33 9 - - (3) (6) - (1) 25 2
North
America		 14 (17) - - (28) 418 9 (2) (52) (50) (4) - (61) 349
Africa,
Asia
&
Oceania		 - - - - (11) 24 - - (1) (5) - - (12) 19
Other (5) (15) 4 (20) (70) (125) - - (18) (40) (212) (163) (301) (363)
Total 15 (3,525) 4,262 5,277 2,734 3,260 1,817 2,210 (16) (98) (444) (246) 8,368 6,878

EBITDA from Reported to Adjusted: breakdown by geography (€mn)

2020
FY		 Global
Thermal
Generation
&
Trading		 Global
Infrastructure
&
Networks		 Global
Renewable
Energies		 Retail Enel
X		 Services
&
Holding		 Total
Reported 700
1
,		 433
7
,		 647
4
,		 3
121
,		 152 (237) 16
816
,
Extraordinary
items		 (531) (281) (73) (76) (9) (154) (1
124)
,
Ordinary 2
230
,		 7
714
,		 4
721
,		 3
197
,		 161 (83) 17
940
,
One-offs 147 548 (24) 12 (1) (21) 662
Adjusted 2
083
,		 7
166
,		 4
745
,		 3
185
,		 162 (62) 17
278
,
FY
2019		 Global
Thermal
Generation
&
Trading		 Global
Infrastructure
&
Networks		 Global
Renewable
Energies		 Retail Enel
X		 Services
&
Holding		 Total
Reported 1
364
,		 8
278
,		 4
588
,		 3
334
,		 158 (18) 17
704
,
Extraordinary
items		 (221) 50 (30) - - - (201)
Ordinary 585
1
,		 8
228
,		 618
4
,		 3
334
,		 158 (18) 905
17
,
One-offs 87 351 77 23 98 - 636
Adjusted 1
498
,		 7
877
,		 4
541
,		 3
311
,		 60 (18) 17
269
,

EBITDA from Reported to Adjusted: breakdown by business line (€mn)

FY
2020		 Italy Iberia South
America		 Europe
North
&
Africa		 North
&
Central
America		 Africa
Asia
,
&
Oceania		 Others
and
adjustments		 Total
Reported 7
824
,		 3
775
,		 4
063
,		 509 778 55 (188) 16
816
,
Extraordinary
items		 (380) (638) (57) (3) (3) (0) (43) (1
124)
,
Ordinary 8
204
,		 4
413
,		 4
120
,		 512 781 56 (146) 17
940
,
One-offs 278 335 71 - - - (22) 662
Adjusted 926
7
,		 078
4
,		 049
4
,		 512 781 56 (124) 278
17
,
FY
2019		 Italy Iberia South
America		 Europe
North
&
Africa		 North
&
Central
America		 Africa
Asia
,
&
Oceania		 Others
and
adjustments		 Total
Reported 7
628
,		 3
792
,		 5
303
,		 448 799 61 (327) 17
704
,
Extraordinary
items		 (61) (103) - (37) - - - (201)
Ordinary 7
689
,		 3
895
,		 5
303
,		 485 799 61 (327) 17
905
,
One-offs 222 10 306 - 98 - - 636
Adjusted 467
7
,		 3
885
,		 997
4
,		 485 701 61 (327) 269
17
,

From EBITDA to net income1 (€mn)

FY 2020 FY 2019 FY 2020 FY 2019 ∆ yoy
reported reported ∆ yoy ordinary ordinary
EBITDA 16,816 17,704 -5.0% 17,940 17,905 0.2%
D&A 8,448 10,826 6,656 6,809
EBIT 8,368 6,878 21.7% 11,284 11,096 1.7%
Net financial charges (2,606) (2,444) (2,197) (2,413)
Net income from equity investments using equity method (299) (122) 134 (88)
EBT 5,463 4,312 26.7% 9,221 8,595 7.3%
Income tax (1,841) (836) (2,541) (1,960)
Net income 3,622 3,476 6,680 6,635
Minorities 1,012 1,302 1,483 1,868
Group net income 2,610 2,174 20.1% 5,197 4,767 9.0%

1

D&A reported (€mn)

FY 2020 FY 2019 ∆ yoy
Generation and Trading 1,685 4,889 -66%
Enel Green Power 1,913 1,328 44%
Distribution 3,171 3,001 6%
Retail 1,304 1,124 16%
Enel X 168 256 -34%
Others and adjustments 207 228 -9%
Total 8,448 10,826 -22%

Gross debt1structure

Debt structure by instrument (€bn)

Debt by instrument Enel Spa EFI EGP and
Central
Others		 Italy Iberia Latin
America		 North
America		 Europe Africa, Asia
and Oceania		 Total
Bonds 5.53 29.39 - - 0.02 4.77 - 0.06 - 39.77
Bank Loans 1.39 - 0.37 3.74 2.18 1.58 0.41 0.22 0.14 10.03
Tax Partnership - - - - - - 0.55 - - 0.55
Other Loans - - - 0.58 0.83 0.42 0.42 0.08 0.01 2.34
Other short term debt 0.25 0.11 - 0.41 0.08 0.63 - - 0.02 1.50
Commercial Paper - 2.74 - - 1.16 - 0.95 - - 4.85
Gross debt 7.17 32.24 0.37 4.73 4.27 7.40 2.33 0.36 0.17 59.04
Financial Receivables -0.27 -0.88 -0.42 -0.42 -0.50 -0.78 -0.01 - -0.01 -3.29
Tariff Deficit - - - - -0.88 - - - - -0.88
Other short term financial receivables -1.59 -1.40 - -0.27 -0.03 -0.11 -0.02 - -0.06 -3.48
Cash and cash equivalents -2.13 -0.17 -0.19 -0.27 -0.40 -1.78 -0.26 -0.65 -0.12 -5.97
Net Debt –
Thitd
Parties		 3.18 29.79 -0.24 3.77 2.46 4.73 2.04 -0.29 -0.02 45.42
Net Debt –
Intercompany		 15.24 -34.44 6.21 7.31 3.00 1.75 0.64 0.22 0.07 -
Net Debt –
Group View		 18.42 -4.65 5.97 11.08 5.46 6.48 2.68 -0.07 0.05 45.42

Debt maturity coverage split by typology (€bn)

Balance sheet (€mn)

Balance sheet structure (€bn)

1

Headcount

FY 2020 FY 2019 ∆ yoy
Generation and Trading 8,142 9,432 -14%
Enel Green Power 8,298 7,957 4%
Distribution 34,332 34,822 -1%
Retail 6,324 6,336 0%
Enel X 2,989 2,808 6%
Others and adjustments 6,632 6,898 -4%
Total 66,717 68,253 -2%

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.

Full Year 2020 consolidated results

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