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9M 2014 RESULTS – Enel

Enel · Nov 11, 2014 · 48 slides

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Slides

  1. 9M 2014 RESULTS – Enel – slide 1
    9M 2014 Results November 11, 2014
  2. 9M 2014 RESULTS – Enel – slide 2
    Agenda Opening remarks F. Starace 9M 2014 Interim results L. Ferraris Closing remarks F. Starace Annexes Investor Relations 1 Enel S.p.A.
  3. 9M 2014 RESULTS – Enel – slide 3
    Opening remarks Disposal programme on track Binding offers for Slovakia and Romania expected by the end of the year Decoupling of Iberia and Latam operations complete 5% increase of Groups economic interest in Enersis…
  4. 9M 2014 RESULTS – Enel – slide 4
    Highlights of the period Italy: strong results in all business lines Iberia: our operations remain resilient despite the impact from additional regulatory measures Latam: better performance in 3Q mitigated one-off negative…
  5. 9M 2014 RESULTS – Enel – slide 5
    Agenda Opening remarks F. Starace 9M 2014 Results L. Ferraris Closing remarks F. Starace Annexes Investor Relations 4 Enel S.p.A.
  6. 9M 2014 RESULTS – Enel – slide 6
    Financial highlights Consolidated results (mn) 9M13 % 9M13 restated1 9M14 vs restated Revenues 59,149 57,836 54,075 -6.5 EBITDA 12,187 11,966 11,608 -3.0 - recurring2 12,187 11,966 11,476 -4.1 EBIT 7,478 7,352 7,155 -2.7…
  7. 9M 2014 RESULTS – Enel – slide 7
    Financial highlights From EBIT to Net Income (mn) 9M13 % 9M13 restated1 9M14 vs. restated EBIT 7,478 7,352 7,155 -2.7 Net financial charges (2,016) (2,010) (2,504) +24.5 Interest charges (2,064) (2,058) (2,066) +0.4 Other 48 48…
  8. 9M 2014 RESULTS – Enel – slide 8
    Focus on forward electricity sales Level of total production hedged (%) Italy Spain2 100 100 100 100 5 30 50 95(1) Unhedged 70(1) 50 Hedged 2014 2015 2014 2015 Latam Slovakia 100 100 100 100 25 25 75 75 2014…
  9. 9M 2014 RESULTS – Enel – slide 9
    Group EBITDA evolution (mn) -3.0% +80 +183 -45 -187 11,966 +125 -528 +7 +7 11,608 112 119 1,305 1,312 2,554 2,026 S&H EGP 2,510 2,697 Latam Iberia 778 823 International I&N 2,897 Italian operations: 3,080 Italian…
  10. 9M 2014 RESULTS – Enel – slide 10
    EBITDA evolution: G&EM Italy (mn) +13.9% +28 1,025 +127 900 -30 9M13 Generation Gas Other2 9M14 restated1 margin margin 1. Due to the application of IFRS 11 (-64 mn) 2. Including non recurring item of +50 mn…
  11. 9M 2014 RESULTS – Enel – slide 11
    EBITDA evolution: Market Italy (mn) +11.8% +115 -35 758 678 9M13 Free Regulated 9M14 restated market market Investor Relations 10 Enel S.p.A.
  12. 9M 2014 RESULTS – Enel – slide 12
    EBITDA evolution: Infrastructure & Networks Italy (mn) +6.3% +304 3,080 2,897 -43 -78 9M13 Energy Connection Other 9M14 restated margin fees Investor Relations 11 Enel S.p.A.
  13. 9M 2014 RESULTS – Enel – slide 13
    EBITDA evolution: International (mn) -5.5% -17.9% +125 948 -116 823 -29 -9 -16 778 295 279 252 Enel Russia France, Belgium, EIH4 SEE3 223 Slovakia 415 299 -14 -23 9M13 Other 9M13 Slovakia SEE3 France, Enel Russia…
  14. 9M 2014 RESULTS – Enel – slide 14
    EBITDA evolution: Iberia1 (mn) -6.9% +100 -396 2,697 +109 2,510 Of which, new retroactive measures on non mainland generation: -162 mn 9M13 Liberalized Regulated Other 9M14 restated2 business business 1.…
  15. 9M 2014 RESULTS – Enel – slide 15
    EBITDA evolution: Latam1 (mn) -20.7% 2,554(2) -327 Peru -127 +111 +35 -194 302 mn -32 2,026(3) Peru Colombia 312 mn 813 mn Colombia Chile 858 mn 565 mn Chile Brazil 450 mn 644 mn Argentina Brazil 242 mn 466 mn…
  16. 9M 2014 RESULTS – Enel – slide 16
    EBITDA evolution: Enel Green Power (mn) +0.5% 1,305 +8 -9 +8 1,312 185 193 136 127 North America 984 Latin America 992 Europe 9M13 Europe Latin North 9M14 restated1 America America Investor Relations 15 1. Due…
  17. 9M 2014 RESULTS – Enel – slide 17
    Net debt evolution (mn) +4,872 (1) December 31, Cash flow Capex Net financial Taxes Dividends3 Extra- Sep. 30, 14 Forex September 30, 2013 From charges ordinary ex- fx effect effect 2014 (restated2) operations activities…
  18. 9M 2014 RESULTS – Enel – slide 18
    Agenda Opening remarks F. Starace 9M 2014 Results L. Ferraris Closing remarks F. Starace Annexes Investor Relations 17 Enel S.p.A.
  19. 9M 2014 RESULTS – Enel – slide 19
    Closing remarks Consistent execution of key managerial actions Ongoing plans to enhance the Groups economic interest in Latam Enhanced focus on efficiencies and maintenance capex Acceleration of growth in renewables…
  20. 9M 2014 RESULTS – Enel – slide 20
    Operational and financial annexes
  21. 9M 2014 RESULTS – Enel – slide 21
    Production mix (TWh) +0.2% 54.0 54.1 0.8% 0.4% 9.9% 8.2% Group production mix 46.0% 47.8% Italy - 9.3% 9.6% 210.6 210.5 34.0% 34.0% 10.3% 10.5% 9M13 9M14 13.7% 12.9% restated 28.6% -0.1% 28.6% 13.9% 14.6% 156.6…
  22. 9M 2014 RESULTS – Enel – slide 22
    9M 2014 Group total net installed capacity1: breakdown by source and location Hydro Other Nuclear Coal CCGT Oil & gas TOTAL MW ren. ST/OCGT Italy 12,690 1,624 - 6,486 5,199 10,767 36,766 Iberia 4,723 1,777 3,318 5,306 5,445…
  23. 9M 2014 RESULTS – Enel – slide 23
    9M 2014 Group total net production1: breakdown by source and location Hydro Other Nuclear Coal CCGT Oil & gas TOTAL GWh ren. ST/OCGT Italy 18,410 5,194 - 25,861 4,454 215 54,134 Iberia 7,228 3,161 18,576 17,604 3,706 4,679…
  24. 9M 2014 RESULTS – Enel – slide 24
    9M 2014 Enel Green Power net installed capacity: breakdown by source and location MW Hydro Geothermal Wind Other TOTAL Europe 1,574 723 3,398 281 5,976 Latam 732 - 651 32 1,415 North America 318 72 1,664 29 2,083 Other…
  25. 9M 2014 RESULTS – Enel – slide 25
    9M 2014 Enel Green Power net production: breakdown by source and location GWh Hydro Geothermal Wind Other TOTAL Europe 5,737 4,135 5,432 322 15,626 Latam 2,270 - 764 11 3,045 North America 683 292 3,840 37 4,852 Other…
  26. 9M 2014 RESULTS – Enel – slide 26
    Group EBITDA: regulated/unregulated activities 9M 2014 EBITDA recurring Stability and high visibility 11,476 mn 11% 48% 41% Forward sales and hedging procurement Unregulated contracts to protect Regulated margin Enel…
  27. 9M 2014 RESULTS – Enel – slide 27
    Enels long-term debt maturity profile (mn) Endesa Enel Group (excluding Endesa) 30,957 3,486 Bonds 4,977 Bank loans and others 1,302 27,471 7,833 6,279 6,135 5,156 534 746 772 477 653 7,299 5,533 96 5,363 4,503…
  28. 9M 2014 RESULTS – Enel – slide 28
    Enel Group liquidity analysis (mn) Amount Outstanding Available (1) Committed credit lines 15,358 541 14,818 Cash and cash equivalents - (7,757) 7,757 Total 15,358 (7,216) 22,575 Uncommitted lines 939 186 753 Commercial…
  29. 9M 2014 RESULTS – Enel – slide 29
    Debt structure1 Average debt maturity: 6 years and 6 months Average cost of gross debt2: 4.9% (Fixed+hedged)/Total gross long-term debt: 80% Rating: Standard&Poors = BBB/A-2 Stable Outlook Moodys = Baa2/P-2 Negative Outlook…
  30. 9M 2014 RESULTS – Enel – slide 30
    Enels group financial debt evolution1 Enel Group (excluding Endesa) Endesa Group - Total mn 12.31.2013 09.30.2014 12.31.2013 09.30.2014 09.30.2014 Bank loans maturities 12m 6,340 7,389 1,533 775 8,164 Bonds maturities 12m 37,924…
  31. 9M 2014 RESULTS – Enel – slide 31
    Enels group financial debt by subsidiary1 mn Enel SpA Endesa EFI2 EIH2 Slovensk EP2 ED2 Other Total Bonds 19,681 4,149 21,501 298 - - - (15) 45,614 Bank loans - 972 - - 1,444 437 3,137 3,192 9,182 Other loans (3) (2,691) - -…
  32. 9M 2014 RESULTS – Enel – slide 32
    Enels group financial debt Average cost of net debt Average cost of gross debt Average residual maturity (years:months) 6.1% 6.2% 6.4% 6:11 6:11 4.8% 4.9% 4.9% 6:6 2012 2013 9M 2014 2012 2013 9M 2014 2012 2013 9M 2014…
  33. 9M 2014 RESULTS – Enel – slide 33
    Enels long-term debt maturity profile (mn) Enel Group (excluding Endesa)…
  34. 9M 2014 RESULTS – Enel – slide 34
    Enel Group liquidity analysis excluding Endesa (mn)1 Amount Outstanding Available Revolving Credit Facility (2015)2 9,440 - 9,440 Other committed credit lines 2,029 510 1,519 Total committed credit lines 11,469 510 10,959…
  35. 9M 2014 RESULTS – Enel – slide 35
    Endesa liquidity analysis (mn)1 Amount Outstanding Available Total committed credit lines 3,889 31 3,859 Other short-term bank debt uncommitted lines 639 0 639 Total credit lines 4,528 31 4,497 Commercial paper issued by the…
  36. 9M 2014 RESULTS – Enel – slide 36
    Capex by business area (mn)1 +9.1% 4,012 3,679 35 -14.6% 41 1,060 +28.8% Other2 823 Enel Green Power Iberia & Latam 1,294 1,424 +10.0% International Infrastructure & 593 598 +0.8% Networks Market 723 696 -3.7%…
  37. 9M 2014 RESULTS – Enel – slide 37
    EBITDA evolution - Other1 (mn) +6.3% 112 -51 +58 119 9M13 Services Other 9M14 restated 1. Including Services & Holding, Engineering & Research, upstream gas and nuclear activities Investor Relations 36 Enel S.p.A.
  38. 9M 2014 RESULTS – Enel – slide 38
    Balance sheet FY13 mn restated 9M14 % Net financial debt 39,706 44,578 +12.3 Shareholders equity 52,832 52,843 - Net capital employed 92,538 97,421 +5.3 Investor Relations 37 Enel S.p.A.
  39. 9M 2014 RESULTS – Enel – slide 39
    Generation & Energy Management - Italy 9M13 mn 9M14 % restated Revenues 17,527 15,111 -13.8 EBITDA 900 1,025 +13.9 EBIT 538 626 +16.4 Capex 155 130 -16.1 (1) Headcount 5,621 5,530 -1.6 1. As of December 31st, 2013…
  40. 9M 2014 RESULTS – Enel – slide 40
    Market - Italy 9M13 mn 9M14 % restated Revenues 12,687 11,382 -10.3 EBITDA 678 758 +11.8 EBIT 272 338 +24.3 Capex 50 69 +38.0 (1) Headcount 3,687 3,676 -0.3 1. As of December 31st, 2013 Investor Relations 39 Enel…
  41. 9M 2014 RESULTS – Enel – slide 41
    Infrastructure & Network - Italy 9M13 mn 9M14 % restated Revenues 5,597 5,526 -1.3 EBITDA 2,897 3,080 +6.3 EBIT 2,173 2,335 +7.5 Capex 723 696 -3.7 (1) Headcount 17,689 18,955 +7.2 1. As of December 31st, 2013…
  42. 9M 2014 RESULTS – Enel – slide 42
    International 9M13 mn 9M14 % restated Revenues 4,615 3,918 -15.1 EBITDA 823 778 -5.5 EBIT 395 479 +21.3 Capex 593 598 +0.8 (1) Headcount 11,439 10,882 -4.9 1. As of December 31st, 2013 Investor Relations 41 Enel…
  43. 9M 2014 RESULTS – Enel – slide 43
    Iberia & Latam 9M13 mn 9M14 % restated Revenues 23,097 21,959 -4.9 EBITDA 5,251 4,536 -13.6 EBIT 3,061 2,442 -20.2 Capex 1,294 1,424 +10.0 (1) Headcount 22,541 22,902 +1.6 1. As of December 31st, 2013 Investor…
  44. 9M 2014 RESULTS – Enel – slide 44
    Enel Green Power 9M13 mn 9M14 % restated Revenues 2,049 2,016 -1.6 EBITDA 1,305 1,312 +0.5 EBIT 881 885 +0.5 Capex 823 1,060 +28.8 (1) Headcount 3,469 3,616 +4.2 1. As of December 31st, 2013 Investor Relations 43…
  45. 9M 2014 RESULTS – Enel – slide 45
    Other1 (1/2) 9M13 mn 9M14 % restated Revenues2 1,371 1,456 +6.2 Holding 215 199 -7.4 Services 1,027 1,021 -0.6 Engineering & Research 218 234 +7.3 Upstream 1 81 100 EBITDA3 112 119 +6.3 Holding (12) (32) 100 Services 128…
  46. 9M 2014 RESULTS – Enel – slide 46
    Other1 (2/2) 9M13 mn 9M14 % restated EBIT2 32 50 +56.3 Holding (19) (38) -100 Services & other 59 18 -69.5 Engineering & Research 5 3 -40.0 Upstream (13) 67 n.m. Capex 41 35 -14.6 Holding 1 2 +100 Services & other 29 25…
  47. 9M 2014 RESULTS – Enel – slide 47
    EBIT by business area (mn) -2.7% 7,352 7,155 32 50 +56.3% 881 885 +0.5% 3,061 2,442 -20.2% Other1 EGP Iberia & Latam 479 +21.3% International 395 I&N Market +7.5% 2,173 2,335 G&EM 338 +24.3% 272 538 626…
  48. 9M 2014 RESULTS – Enel – slide 48
    Contact us Investor Relations Team (investor.relationsenel.com) Luca Torchia +39 06 8305 3437 Head of IR Elisabetta Ghezzi +39 06 8305 2708 IR Coordination and Outbound communication Marco Donati +39 06 8305 9252 Inbound…

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