Enel

Quarterly Report • Mar 5, 2019

Informazione Regolamentata n. 0116-16-2019		Data/Ora Ricezione 05 Marzo 2019 17:48:29	MTA
Societa'	:	ENEL
Identificativo Informazione Regolamentata	:	114663
Nome utilizzatore	:	ENELN04 - Cozzolino
Tipologia	:	REGEM
Data/Ora Ricezione	:	05 Marzo 2019 17:48:29
Data/Ora Inizio Diffusione presunta	:	05 Marzo 2019 17:48:30
Oggetto	:	year Group operating data report	Enel publishes 2018 fourth quarter and full
Testo del comunicato

Vedi allegato.

Media Relations Investor Relations

T +39 06 8305 5699 T +39 06 8305 7975

ufficiostampa@enel.com investor.relations@enel.com

enel.com enel.com

ENEL PUBLISHES 2018 FOURTH QUARTER AND FULL YEAR GROUP OPERATING DATA REPORT

Rome, March 5 th , 2019 – Enel S.p.A. ("Enel") published its Quarterly Bulletin ("Report"), with the Group's operating data relating to the fourth quarter and full year of 2018.

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 FY 2018

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. Group Retail
6. Italian Energy Market
7. Main Financial & Market performance
8. Disclaimer

1. Group Summary

Italy Iberia South America Europe & North Africa North & Central America Sub Saharan Africa & Asia

Group Infrastructure & Networks

Group Retail

58.0 mn

Power customers (mn)

FY 2017:

FY 2018:

31%

64.7 mn

5%

19%

39%

17%

5%

40%

45%

2. Group Net Installed Capacity¹

	FY 2018			FY 20172	∆ yoy	2018 Added capacity3
Group	MW	% Weight	MW	% Weight	∆ yoy	MW
Hydro	27,844	32.5%	27,799	32.7%	0.2%	71
Wind	8,190	9.6%	7,431	8.8%	10.2%	1,415
Solar & Others	2,364	2.8%	2,273	2.7%	4.0%	1,195
Geothermal	804	0.9%	802	0.9%	0.2%	1
Total Renewables Nuke	39,203 3,318	45.8% 3.9%	38,305 3,318	45.1% 3.9%	2.3% 0.0%	2,682 -
Coal	15,828	18.5%	15,965	18.8%	-0.9%	-
CCGT	17,244	20.1%	17,251	20.3%	0.0%	-
Oil & Gas	10,027	11.7%	10,078	11.9%	-0.5%	-
Total Thermal	46,417	54.2%	46,613		54.9% -0.4%	-
Total Enel Group	85,620	100%	84,917	100%	0.8%	2,682
Italy	MW	% Weight	MW	% Weight	∆ yoy	MW
Hydro	12,411	44.9%	12,425	44.9%	-0.1%	9.9
Wind	772	2.8%	772	2.8%	0.0%	1
Solar & Others	65	0.2%	80		0.3% -18.7%	-
Geothermal	762	2.8%	761	2.8%	0.2%	1
Total Renewables Coal	14,011 6,340	50.7% 23.0%	14,039 6,340	22.9%	50.8% -0.2% 0.0%	12.4 -
CCGT	6,758	24.5%	6,758	24.4%	0.0%	-
Oil & Gas	516	1.9%	516	1.9%	0.0%	-
Total Thermal	13,613	49.3%	13,613	49.2%	0.0%	-
Total	27,624	100%	27,652		100% -0.1%	11.2
Iberia	MW	% Weight	MW	% Weight	∆ yoy	MW
Hydro	4,761	21.0%	4,752	20.9%	0.2%	9
Wind	1,750	7.7%	1,618	7.1%	8.1%	132
Solar & Others	14	0.1%	13	0.1%	3.5%	-
Total Renewables	6,525	28.7%	6,384	28.1%	2.2%	141
Nuke	3,318	14.6%	3,318	14.6%	0.0%	-
Coal CCGT	5,052 5,445	22.2% 24.0%	5,168 5,445	22.7% 24.0%	-2.2% 0.0%	- -
Oil & Gas	2,377	10.5%	2,417	10.6%	-1.7%	-
Total Thermal	16,192	71.3%	16,348		71.9% -1.0%	-
Total	22,717	100%	22,732		100% -0.1%	141
South America	MW	% Weight	MW	% Weight	∆ yoy	MW
Hydro	10,031	47.8%	9,980	48.6%	0.5%	51
Wind	1,616	7.7%	1,362	6.6%	18.7%	304
Solar & Others	1,575	7.5%	1,388	6.8%	13.5%	187
Geothermal	41	0.2%	41	0.2%	0.0%	-
Total Renewables Coal	13,263 813	63.2% 3.9%	12,771 835	62.2% 4.1%	3.9% -2.6%	542 -
CCGT	4,233	20.2%	4,240	20.6%	-0.2%	-
Oil & Gas	2,688	12.8%	2,699	13.1%	-0.4%	-
Total Thermal	7,734	36.8%	7,773		37.8% -0.5%	-
Total	20,997	100.0%	20,544	100%	2.2%	542
Europe & North Africa	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 CCGT	3,623 809	37.1% 8.3%	3,623 809	37.1% 8.3%	0.0% 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 Hydro	MW 623	% Weight 16.3%	MW 623	% Weight 17.6%	∆ yoy 0.0%	MW -
Wind	2,940	76.8%	2,566	72.6%	14.6%	979
Solar & Others	264	6.9%	344		9.7% -23.3%	1,008
Total	3,826	100%	3,533	100%	8.3%	1,988
Sub Saharan Africa & Asia Wind	MW 371	% Weight 53.4%	MW 371	% Weight 53.4%	∆ yoy 0.0%	MW -
Solar & Others	323	46.6%	323	46.6%	0.0%	-
Total	695	100%	695	100%	0.0%	-
1. Consolidated perimeter excluding managed capacity under JV in North America, Italy, Australia and Mexico equal to around 4.2 GW.

1. 2017 restated figures.

2. Consolidated perimeter excluding added managed capacity equal to around 350 MW. It includes additional capacity from non organic growth.

4

3. Group Net Production

Group	FY 2018			FY 20172	∆ yoy	4Q 2018
	GWh	% Weight	GWh	% Weight	∆ yoy	GWh
Hydro	65,893	26.3%	55,363	22.2%	19.0%	15,928
Wind	22,161	8.9%	17,827	7.1%	24.3%	5,816
Solar & Others	5,005	2.0%	2,687	1.1%	86.3%	1,125
Geothermal	5,881	2.3%	5,820	2.3%	1.1%	1,498
Total Renewables	98,940	39.5%	81,696	32.7%	21.1%	24,367
Nuke Coal	24,067	9.6%	26,448	10.6%	-9.0%	5,608
CCGT	64,366 38,134	25.7% 15.2%	70,497 44,381	28.2% 17.8%	-8.7% -14.1%	16,653 9,572
Oil & Gas	24,832	9.9%	26,855	10.7%	-7.5%	6,374
Total Thermal	151,399	60.5%	168,180		67.3% -10.0%	38,208
Total Enel Group	250,339	100%	249,876	100%	0.2%	62,575
Italy	GWh	% Weight	GWh	% Weight	∆ yoy	GWh
Hydro	18,395	34.6%	14,025	26.2%	31.2%	3,944
Wind Solar & Others	1,289 125	2.4% 0.2%	1,188 126	2.2% 0.2%	8.5% -1.0%	356 17
Geothermal	5,667	10.6%	5,758	10.8%	-1.6%	1,434
Total Renewables	25,476	47.9%	21,097	39.4%	20.8%	5,751
Coal	20,698	38.9%	24,172	45.2%	-14.4%	5,117
CCGT	6,578	12.4%	7,690	14.4%	-14.5%	1,761
Oil & Gas	481	0.9%	558	1.0%	-13.9%	118
Total Thermal	27,757	52.1%	32,421		60.6% -14.4%	6,996
Total	53,232	100%	53,518	100%	-0.5%	12,747
Iberia	GWh	% Weight	GWh	% Weight	∆ yoy	GWh
Hydro	8,459	11.4%	5,038	6.4%	67.9%	1,502
Wind	3,688	5.0%	3,351	4.3%	10.1%	1,070
Solar & Others	25	0.0%	27	0.0%	-4.2%	4
Total Renewables	12,172	16.4%	8,416	10.7%	44.6%	2,576
Nuke	24,067	32.4%	26,448	33.6%	-9.0%	5,608
Coal CCGT	22,316 8,957	30.1% 12.1%	24,906 11,849	31.7% 15.1%	-10.4% -24.4%	6,417 2,444
Oil & Gas	6,681	9.0%	7,000	8.9%	-4.6%	1,600
Total Thermal	62,021	83.6%	70,202		89.3% -11.7%	16,068
Total	74,193	100%	78,618	100.0%	-5.6%	18,645
				% Weight
South America	GWh	% Weight	GWh		∆ yoy	GWh
Hydro	36,136	53.2%	33,597	52.0%	7.6%	9,839
Wind	6,138	9.0%	3,661	5.7%	67.6%	1,579
Solar & Others Geothermal	2,968 214	4.4% 0.3%	1,580 61	2.4% 0.1%	87.9% 249.0%	860 64
Total Renewables	45,456	66.9%	38,838	60.1%	17.0%	12,342
Coal	2,781	4.1%	2,854	4.4%	-2.6%	246
CCGT	16,816	24.8%	19,568	30.3%	-14.1%	3,879
Oil & Gas	2,843	4.2%	3,305	5.1%	-14.0%	341
Total Thermal	22,441	33.1%	25,727		39.8% -12.8%	4,465
Total	67,897	100.0%	64,627	100.0%	5.1%	16,807
Europe & North Africa1	GWh	% Weight	GWh	% Weight	∆ yoy	GWh
Hydro	32	0.1%	22	0.1%	43%	5
Wind	1,700	4.1%	1,814	4.3%	-6%	489
Solar & Others	163	0.4%	172	0.4%	-6%	27
Total Renewables	1,894	4.6%	2,009	4.8%	-6%	521
Coal CCGT	18,572 5,783	45.2% 14.1%	18,565 5,274	44.4% 12.6%	0% 10%	4,874 1,488
Oil & Gas	14,827	36.1%	15,991	38.2%	-7%	4,315
Total Thermal	39,182	95.4%	39,830	95.2%	-2%	10,678
Total	41,076	100%	41,839	100%	-2%	11,199
North & Central America2 Hydro	GWh	% Weight	GWh	% Weight	∆ yoy	GWh
Wind	2,871 8,413	23.1% 67.7%	2,681 6,920	27% 71%	7% 22%	638 2,119
Solar & Others	1,149	9.2%	192	2%	497%	53
Total	12,433	100%	9,794	100%	27%	2,810
Sub Saharan Africa & Asia3	GWh	% Weight	GWh	% Weight	∆ yoy	GWh
Wind Solar & Others	933 574	61.9% 38.1%	892 589	60% 40%	5% -3%	202 165
Total 1. Includes Romania, Russia, Belgium, Greece, Bulgaria	1,508	100%	1,481	100%	2%	367

1. Includes South Africa, India.

4. Group Infrastructure & Networks

Total	485.4	460.7	5.4%	Total	72.9	65.5	11.4%
Europe & North Africa	15.6	15.2	2.9%	Europe & North Africa	2.9	2.8	1.7%
South America	117.4	90.7	29.5%	South America	26.5	19.1	38.4%
Iberia	124.7	126.4	-1.3%	Iberia	12.2	12.1	0.7%
Italy	227.7	228.5	-0.4%	Italy	31.4	31.5	0.0%

(mn)	FY 2018	FY 2017	∆yoy

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

5. Group Retail

Energy sold (TWh)2	FY 2018	FY 2017	∆yoy	Power customers3 (mn)	FY 2018	FY 2017	∆yoy
Italy	104.3	103.2	1.1%	Italy	25.2	26.1	-3.7%
Regulated	39.8	44.0	-9.4%	Regulated	16.6	18.3	-9.1%
Free Market	64.5	59.3	8.8%	Free Market	8.6	7.9	8.9%
Iberia	89.6	96.5	-7.1%	Iberia	10.8	10.8	-0.9%
South America	91.1	74.7	22.0%	South America	25.8	18.2	41.3%
Europe & North Africa	10.4	10.3	0.5%	Europe & North Africa	3.0	2.8	6.5%
Total	295.4	284.8	3.8%	Total	64.7	58.0	11.5%

Gas sold (bmc)	FY 2018	FY 2017	∆yoy	Gas customers (mn)	FY 2018	FY 2017	∆yoy
Italy	4.8	4.8	-1.0%	Italy	4.1	4.0	1.5%
Iberia	6.4	6.9	-7.6%	Iberia	1.6	1.6	2.8%
Romania	0.01	0.01	-32.6%	Romania	0.04	0.01	n.m.
Total	11.2	11.8	-4.9%	Total	5.7	5.6	2.5%

1. Net of energy losses.

6. Italian Energy Market

Italy energy balance

GWh	Jan-Dec 2018	Jan-Dec 2017	∆ yoy
Hydro	49,275	37,557	31.2%
Thermo	185,046	200,305	-7.6%
- Biomass	17,683	17,818	-0.8%
Geothermal	5,708	5,821	-1.9%
Wind	17,318	17,565	-1.4%
PV	22,887	24,017	-4.7%
Total net production	280,234	285,265	-1.8%
Import	47,179	42,895	10.0%
Export	3,270	5,134	-36.3%
Net import	43,909	37,761	16.3%
Pumped storage	2,233	2,478	-9.9%
Electricity demand	321,910	320,548	0.4%

Source: TERNA Source: GME

(mn)	FY 2018	FY 2017	∆yoy

Gas customers (mn)	FY 2018 FY 2017		Avov
Italy	4.1	4.0	1.5%
Iberia	1.6	1.6	2.8%
Romania	0.04	0.01	n.m.
Total	5.7	5.6	2.5%

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

72.2 55.5 44.5 42.9 43.1 48.9 50.3 55.8 48.654.7 65.8 65.1 49.057.0 56.9 49.4 53.5 57.3 62.7 67.7 76.3 73.9 66.6 65.2 53.9 61.3 Jan Feb Mar Apr May Jun July Aug Sept Oct Nov Dec 2017 2018 Avg. 2017 Avg. 2018

Pool price (€/MWh)

7. Main Financials & Market performance

Enel Group figures as of September 30th, 2018.				Dividends
€ mn	9M 2018	9M 2017	∆ yoy	€/share	FY 2018
Revenues	55,246	54,188	2%		Amount	Ex-Date
Reported EBITDA1	12,134	11,450	6%	Ordinary (interim)	0.14	01/23/18
Ordinary EBITDA1	12,006	11,306	6%	Ordinary (Final)	0.14	N.A.
Reported EBIT1	7,438	7,217	3%	Total DPS4	0.28
Ordinary EBIT1	7,310	7,073	3%	Pay out	70%
Rep. Group net income1	3,016	2,621	15%	4. Minimum DPS for 2018.
Group net ord. Income1	2,888	2,583	12%		31/12/2018 31/12/2017
EPS (€)	0.30	0.26	15%	Share Price (€)	5.044	5.130
FFO2	7,272	7,161	2%	P/E5	12.5	13.7
	FY 2017	FY 2016	∆ yoy	EV/EBITDA	7.2	7.4
Total assets	155,641	155,596	0%	Dividend Yield5	5.6%	4.6%
Assets held for sale1	1,970	11	n.m.	Source: Bloomberg.
Shareholder's equity	52,161	52,575	-1%	5. Dividend yield and P/E Ratio calculated using the Minimum DPS and Net income guidance respectively for 2018.
Liabilities held for sale	1,729		- -	Enel Group's Ratings
Financial net debt	37,410	37,553	0%		Rating	Outlook
FFO/Net debt1	27%	28%	-1 p.p.	Moody's	Baa2	Stable
Net debt1 /Ebitda	2.4x	2.5x	-	S&P	BBB+	Stable
Capex3	8,499	8,842	-4%	Fitch	A-	Stable
- Growth	4,922	5,429	-9%
- Maintenance	2,363	2,466	-4%
- Connections	1,214	947	28%

Enel Group figures as of September 30th, 2018.				Dividends
€ mn	9M 2018	9M 2017	∆ yoy	€/share		FY 2018	FY 2017
Revenues	55,246	54,188	2%		Amount	Ex-Date	Amount
Reported EBITDA1	12,134	11,450	6%	Ordinary (interim)	0.14	01/23/18	0.105
Ordinary EBITDA1	12,006	11,306	6%	Ordinary (Final)	0.14	N.A.	0.132
Reported EBIT1	7,438	7,217	3%	Total DPS4	0.28		0.237
Ordinary EBIT1	7,310	7,073	3%	Pay out	70%		65%

2,888	2,583	12%
0.30	0.26	15%
7,272	7,161	2%
FY 2017	FY 2016	∆ yoy

37,410	37,553	0%		Rating	Outlook	Update
27%	28%	-1 p.p.	Moody's	Baa2	Stable	01/07/2019
2.4x	2.5x	-	S&P	BBB+	Stable	09/19/2018
8,499	8,842	-4%	Fitch	A-	Stable	02/11/2019

1. 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.

2. FFO: funds from operations after Δ WC and provisions

3. Includes capex related to assets held for sale for 369 €mn at FY 2017 and 290 €mn at FY 2016.

Stock performance (01/01/2018 - 25/02/2019)

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.