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Enel Today

Global diversified Operator1

 

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1. As of 2016E

2. Consolidated capacity including 25 GW of large hydro

3. Presence with operating assets

1. As of 2016E. Breakdown excludes -0.1 €bnfrom holding and services

2. Presence with operating assets

Global diversified Operator1

Countries of presence3

 

Networks

~40€bn Regulater Asset Base
62 mn distribution end users

#1 in Italy, Spain, Chile, Peru
#2 in Argentina, Colombia

Renewables

36 GW renewable capacity2

Global leadership in renewables

Thermal generation

~488 GW thermal capacity

Highly flexible and efficient generation fleet

Retail

~17.5 mn free retail customers

#1 in Italy and Spain

 

1. Data as of 2016E

2. Consolidated capacity including 25 GW of large hydro

3. Presence with operating assets

 

North & Central America

Italy

Europe

Latin America

Iberia

2016E Group EBITDA

 

NetworksRenewablesThermal generationRetail

Best positioned to capture opportunities

 

Networks

 

Retail

 

Renewables

 

Thermal
generation

~46% of Group EBITDA

62 mn end users

41.6 mn smart meters

~40 €bn RAB

~16% of Group EBITDA

12.3 mn power customers

5.2 mn gas customers


Macro-economic
and energy market trends

Macro-economic assumption

(More conservative macro scenario assumption)

Key financial

Strategic pillars revisited

 

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2017-19 cumulaive digitalization capex

2017-19 cumulative benefits (in real terms)

Focus on assets, customers and people development

Operational efficiency

 

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Accelerating on operational efficiency through digitalization

Digitalization will accelerate opex reduction

1. Total fixed costs in nominal terms (net of capitalizations). Impact from acquisitions is not included.
2. Of which CPI +0.7 €bn and forex -0.1 €bn

 

Networks
€/end user

 

Renewables
k€/MW

 

Thermal
Generation2
k€/MW

 

Retail
Cost to serve (€/customer)

1. In nominal terms. Adjusted for delta perimeter

2. Excludes nuclear in Iberia

1. In nominal terms. Adjusted for delta perimeter

2. Excludes nuclear in Iberia

1. In nominal terms. Adjusted for delta perimeter

2. Excludes nuclear in Iberia

1. In nominal terms. Adjusted for delta perimeter

2. Excludes nuclear in Iberia

Industrial Growth

 

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Rebalancing capex between networks and renewables

1. North & Central America

Increased contribution from networks and retail

~60% of growth capex already addressed

Customer focus

 

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From long energy to long customers over the medium term

1. Free market + PPAs

Larger customer base and greater efficiency driving EBITDA increase

1. Includes only Italy and Iberia

Active portfolio management

Continuous program: 8% of asset rotation - Share buy back option introduced

Shareholder remuneration

Confidence on strategy delivery and revised plan allows improved shareholder return


Key financial figures

EBITDA and Net income evolution

 

EBITDA
evolution
(€BN)

 

Decreasing
business risk
profile

 

NEt income
evolution
(€ BN)

Financial plan and strategy

 

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Continuous improvement in cash generation and profitability

Cash flow generation: cumulative 2017-19 (€bn)

Stronger organic cash flow generation versus the previous plan

1. Accruals, releases, utilizations of provisions in EBITDA (i.e. personnel related and risks and charges). Inclusive of bad debt provision accruals equal to 1.8 €bn
2. Includes maintenance capex from acquisitions
3. Growth capex net of ~0.5 €bn financed by disposals
4. Net of ~0.5 €bn invested in growth capex

Group targets

  2016 2017 2018 2019 CAGR (%) 2016-19
Ordinary EBITDA (€bn) ~15.0 ~15.5 ~16.2 ~17.2 ~+5%
Net ordinary income (€bn) ~3.2 ~3.6 ~4.1 ~4.7 ~+14%
Minimum dividend per share (€) 0.18 0.21 - - ~+22%
Pay-out ratio 55% 65% 70% 70% +15p.p.
FFO / Net Debt 25% 26% 27% 30% ~+5p.p.

Improved vs previous plan.