Endesa S.a. · BME:ELE
Endesa — FY2006 Earnings Presentation
71 slides from Endesa's earnings presentation, Feb 22, 2007
Slide 1: 2006 Results
=i endesa —a 2006 Results _ 22 February, 2007
Slide 2: 2006 results: Strong growth in all businesses
2006 results Strong growth in all businesses 22 February, 2007 2006 Results
Slide 3: Excellent 2006 results and progress on 2007-09 targets
1 Strong operating growth across all businesses ⑀⍽ Significant progress on disposals programme ⑀⍽ Consistently exceeding targets ⑀⍽ Positive outlook for all businesses in 2007-2009 Excellent 2006 results and progress on 2007-09 targets
Slide 4: Excellent 2006 results
2 Excellent 2006 results RESULTS SUMMARY 2005 2006 Change 31/12/06 Change 6,020 4,244 -1,257 1.12x 17,508 9,126 +19% +23% -23% +0.12p +12% +14% 7,139 5,239 -969 1.24x 19,637 10,434 Sales Gross margin EBITDA EBIT Net financial expenses Leverage €M Net income 3,182 2,576 +40% 31/12/05 Net income excl.
Slide 5: Strong growth across all businesses
3 Strong growth across all businesses RESULTS SUMMARY EBITDA: €7,139M Spain and Portugal Latam Europe +19% +17% +26% +17% 54% 15% 31% EBIT: €5,239M +23% Net income: €2,969M -7% Spain and Portugal +36% 62% Europe +37% 16% Latam +23% 32% Europe +16% 16% Latam +76% 16% Spain and Portugal +20% 52% Other
Slide 6: Results exceeding targets: EBITDA performance
4 Results exceeding targets RESULTS SUMMARY €M EBITDA performance Strong growth across all business lines ⑀⍽ Strong margins and volume growth ⑀⍽ Progress on the regulatory front ⑀⍽ Efficiency Improvement Plan ahead of schedule ⑀⍽ Macroeconomic stability in Latin America 7,139 6,020 +19% 2006 2005
Slide 7: Results exceeding targets: net income
5 2,576 1,841 Results exceeding targets RESULTS SUMMARY Ordinary income Capital gains from disposals Net income 3,182 €M 2006 2005 +40% (1) Negative non-cash impact in 2006 of approximately -€137M due to the lower carrying amount of pending tax credits following the amended income tax rate enacted i
Slide 8: Efficiency Improvement Plan ahead of schedule
6 Efficiency Improvement Plan ahead of schedule RESULTS SUMMARY Increase in annual EBITDA due to Efficiency Improvement Plan 181 204 695 310 385 2005 2006 2007-2009 Total 2009 €M 2006 efficiency improvements 32% ahead of announced targets (€385M vs. €292M) Incremental growth 2006 • Europe: €68M • La
Slide 9: Significant progress on Disposals Plan
7 2007 2007-09 Significant progress on Disposals Plan €M RESULTS SUMMARY Accumulated net capital gains in 2006 of €393M, of which €208M relate to real estate assets Disposals: 2007-2009 Disposals completed in 2006 >330 >650 ~500 ~200 €M Net capital gain 378 799 121 300 5% Auna Real estate assets 49%
Slide 10: Spain and Portugal
8 2006 results Strong growth across all businesses Spain and Portugal 2006 results
Slide 11: Spain and Portugal: Strong growth in results
9 SPAIN AND PORTUGAL Strong growth in results Sales Gross margin EBITDA EBIT Net financial expenses €M 2005 2006 Change 3,266 2,264 -602 8,761 5,202 +17% +20% -34% +9% +13% 3,835 2,705 -398 9,520 5,859 Net income 1,358 +36% 1,843 * Negative non-cash impact in 2006 of approximately €137M due to the l
Slide 12: Spain and Portugal: Strong EBITDA growth
10 SPAIN AND PORTUGAL Strong EBITDA growth Generation + Supply Distribution 2006 3,266 3,835 +17% EBITDA 889 2,724 2,377 2005 €M 1,111 Highlights ⑀⍽ Impact of RDL 3/2006 ⑀⍽ Leadership and margin enhancement in deregulated business ⑀⍽ Operational improvements and improved supply quality ⑀⍽ Progress o
Slide 13: Impact of RDL 3/2006
11 Generator sales (GWh) Impact of RDL 3/2006 SPAIN AND PORTUGAL Note: Includes the best estimate of the effects of RDL 3/2006 with the information available (see previous page) Limited impact due to strategy of hedging market risk January - February Deduction of the value of the assigned emission r
Slide 14: Leadership and revenue enhancement in deregulated business
12 SPAIN AND PORTUGAL Leadership and revenue enhancement in deregulated business Average price from mainland generation ⑀⍽ Unlocking the value of the customer portfolio: renewal and signature of new contracts at a price equivalent to €61/MWh (€19/MWh higher than RDL 3/2006) ⑀⍽ Average sales price in
Slide 15: Competitive mainland fuel costs
13 SPAIN AND PORTUGAL Competitive mainland fuel costs thanks to efficient use of generation portfolio Endesa (1) Estimate (2) Does not include fuel-oil Mainland fuel costs in Ordinary Regime Rest of Sector(1) Load factor at thermal capacity(2) vs. rest of sector 61% 79% Rest of the sector ENDESA ⑀⍽
Slide 16: Lower emissions and CO2 cost
14 SPAIN AND PORTUGAL Lower emissions and CO2 cost 2006 2005 Emissions Deficit (1) M tonnes CO2 Economic impact ⑀⍽ Emission rights portfolio 2007-2012: 110Mtn tonnes at average price of €8.1/tonne Unit CO2 cost 40.4 8.5 34.8 6.6 Deficit Deficit 2006 2005 21.7 17.1 €/tonne 185 €M 43 -39% x = 70 113 P
Slide 17: Distribution: operational improvements and quality of supply
15 SPAIN AND PORTUGAL Distribution: operational improvements and increase in quality of supply Increase in EBITDA driven by capex plans 115 €M Costs Margins 134 ⑀⍽ 60% of the increase in Distribution EBITDA is the result of investments made ⑀⍽ 52% due to efficiency improvements ⑀⍽ 8% due to higher r
Slide 18: Favourable shift in the regulatory environment
16 Favourable shift in the regulatory environment SPAIN AND PORTUGAL Tariffs Regulated activities ⑀⍽ Quarterly tariff update ⑀⍽ Full deregulation in 2009/2011 January 2007 Developments expected ⑀⍽ Non-mainland: regulatory framework enacted in 2006 ⑀⍽ Distribution: €578M increase in remuneration vis-
Slide 19: Positive outlook for 2007-2009: Spain and Portugal
18 Positive outlook for 2007-2009 3,266 227 EBITDA (€M) 2005 2006 2007 target 4,010 +11% SPAIN AND PORTUGAL 4,630 2009 CAGR 2006-2009 7% ⑀⍽ More favourable regulations - Distribution - Wholesale markets ⑀⍽ Capacity Plan 2007-2009: - CCGT: 3,200 MW - Renewables: 840 MW - Islands: 850 MW ⑀⍽ Additional
Slide 20: Europe
18 2006 results Strong growth across all businesses Europe 2006 results
Slide 21: Europe: Results underscore strength
19 EUROPE Results underscore strength of European business 2005 2006 887 618 -63 3,598 1,223 Sales Gross margin EBITDA EBIT Net financial expenses €M 425 Net income(1) Change +26% +37% -8% +16% +20% 1,116 846 -58 4,190 1,466 +16% 493 (1) Includes €118M in 2006 and €107M in 2005 from fiscal asset rev
Slide 22: Europe: Strong EBITDA growth
20 EUROPE Strong EBITDA growth 887 1,116 +26% EBITDA 694 916 196 179 2005 2006 Snet Italy €M 14 Trading and other 4 Highlights Italy ⑀⍽ Improved mix through new CCGTs ⑀⍽ Increased output and margins France ⑀⍽ Diversification of customer portfolio ⑀⍽ Reduction in fixed costs Energy management ⑀⍽ Asse
Slide 23: Endesa Italia: higher output and margins
21 EUROPE Endesa Italia: higher output and margins 1 Includes energy produced and purchased Installed capacity (MW) Fuel Gas Coal Hydro CCGT 6,590 +6% 2006 2005 Wind Breakdown of sales (1) (GWh) 30,911 6,968 +9% 2,180 2,180 976 976 1,014 1,014 2,740 2,400 20 58 Supply and large customers 2006 2005 “
Slide 24: Snet: diversification of sales portfolio and reduction in fixed costs
22 EUROPE Snet: diversification of sales portfolio and reduction in fixed costs ⑀⍽ Increasing contribution from sales not linked to EdF contract ⑀⍽ Significant developments on the supply side ⑀⍽ Unit fixed costs : -18% ⑀⍽ Productivity (GWh sold/employee): +22% Fixed costs (€M) 143 136 -5% 2006 2005
Slide 25: Energy management: increase in activity
23 EUROPE Energy management: increase in activity Trading EBITDA: €42M Additional contributions: - Endesa Italia: €35M - Snet: €10M 38 GWh 1,705 GWh 398 GWh 328 GWh 136 GWh 134 GWh 46 GWh Physical assets Virtual assets Interconnection 73 GWh 172 GWh
Slide 26: Positive outlook for 2007-2009: Europe
24 887 1,116 2005 2006 2007 target 1,150 +12% Italy: ⑀⍽ New capacity (CCGT and renewables) ⑀⍽ Access to competitive gas ⑀⍽ Self-supply of green certificates France: ⑀⍽ New capacity (CCGT and renewables) ⑀⍽ Development of a more balanced supply portfolio New markets EUROPE EBITDA (€M) 2009 1,400 CAGR
Slide 27: Latin America
25 2006 results Strong growth across all businesses Latin America 2006 results
Slide 28: Latin America: Strong growth in results
26 LATIN AMERICA Strong growth in results 2005 2006 Change €M Sales Gross margin EBITDA EBIT Net financial expenses Net income excl. minorities Net income (1) 1,878 1,376 262 -540 5,149 2,698 +17% +23% +76% -5% +15% +15% 2,188 1,688 462 -513 5,927 3,109 710 +60% 1,137 (1) Includes €101M in 2006 for
Slide 29: Sustained and profitable organic growth
27 LATIN AMERICA Sustained and profitable organic growth 1,878 2,188 +17% EBITDA 898 1,261 1,036 972 2006 2005 €M 8 Distribution Transmission and other Generation -109 Highlights ⑀⍽ Stable average exchange rate and macroeconomic environment ⑀⍽ Strong growth in demand in all countries ⑀⍽ Better unit
Slide 30: Strong growth in output and sales
28 Strong growth in output and sales LATIN AMERICA 6,895 7,250 11,864 12,564 18,764 19,973 4,213 4,489 16,154 17,752 62,028 57,890 +7,1% Output (GWh) 2006 2005 Argentina Brazil Chile Colombia Peru 4,530 4,874 10,094 10,755 11,851 12,377 14,753 15,438 14,018 14,837 Sales (GWh) 55,246 58,281 2006 2005
Slide 31: Generation EBITDA up strongly, especially in Chile
29 LATIN AMERICA Generation EBITDA up strongly, especially in Chile 154 150 232 227 365 576 128 159 93 149 EBITDA Generation (€M) 2006 2005 Argentina Brazil Chile Colombia Peru +30% 972 1,261 ⑀⍽ Higher wholesale prices in Chile and Argentina ⑀⍽ Lower fuel costs due to better generation mix +24% 2005
Slide 32: Strong EBITDA growth in distribution, particularly in Brazil
30 LATIN AMERICA Strong EBITDA growth in distribution, particularly in Brazil 74 87 236 277 192 201 329 422 49 67 EBITDA Distribution (€M) 2006 2005 Argentina Brazil Chile Colombia Peru +15% 898 1,036 +8% 2005 CAGR +2.6% Distribution margin USD/MWh 2006 2004-2009 Strategic Plan ⑀⍽ Higher distributio
Slide 33: Favourable progress on the regulatory front
31 Higher tariffs at Ampla and Coelce: 2.9% and 10%, respectively, implemented in March and April. ⑀⍽ Refinement of the methodology for setting distribution tariffs. Asset remuneration bases were redefined for the next 10 years as was the WACC calculation Favourable progress on the regulatory front
Slide 34: Cash returns in line with the Strategic Plan targets
32 Cash returns in line with the Strategic Plan targets LATIN AMERICA 2005 2006 US$ million Dividends and interest Capital reductions and others Total Disposals Total 86 195 132 121 308 253 27 327 207 561 27 ⑀⍽ 2005-09 Strategic Plan: US$1,600M ⑀⍽ Scope for additional cash return of US$ 1,000M throu
Slide 35: Positive outlook for 2007-2009: Latin America
33 EBITDA (€M) 1,878 2,188 2005 2006 2007 target 2,280 +4% ⑀⍽ New generation capacity, notably in Chile ⑀⍽ New customers: 1.3 million ⑀⍽ Regulatory improvements in Argentina LATIN AMERICA 2009 2,470 CAGR 2006-2009 4% Positive outlook for 2007-2009
Slide 36: Financial analysis
34 2006 results Strong growth across all businesses Financial analysis 2006 results
Slide 37: Positive cash flow
35 FINANCIAL ANALYSIS Positive cash flow 1,218 704 2,721 890 277 2,730 €M Spain & Portugal Cash Flow Capex Rest of Europe Latin America Cash Flow Capex Cash Flow Capex Group Cash Flow Capex 4,643 3,897
Slide 38: Debt performance
36 Debt performance FINANCIAL ANALYSIS 748 10,886 12,548 14,343 1,674 1,286 838 486 2,767 4,749 5,618 6,109 3,083 4,643 By business By company Latam Rest of Europe Spain, Portugal and other Enersis E. Italia Spain, Portugal and other €M 18,281 19,840 +9% Net debt at 31/12/05 Net debt at 31/12/06 Cas
Slide 39: Recognised regulatory receivables
37 Recognised regulatory receivables FINANCIAL ANALYSIS 10 2,789 1,438 1,341 Mainland deficit 2006 Non-mainland deficit 2001-2006 CTCs Italy Total €M ⑀⍽ Formalized in November the securitisation of 2005 mainland tariff deficit of €1,676M
Slide 40: Favourable debt structure in a context of rising interest rates
38 Debt by interest rate Debt by currency Favourable debt structure in a context of rising interest rates FINANCIAL ANALYSIS €19,840M Debt structure Euro 76% USD 11% Chilean Peso 5% Other 8% Fixed 55% Hedged 10% Floating 35% ⑀⍽ Debt structure: ⑀⍽ Fixed-rate or hedged: 65% ⑀⍽ Debt in currency in whic
Slide 41: Conclusions
39 Conclusions ⑀⍽ Excellent results in 2006 across all businesses ⑀⍽ Consistently exceeding targets ⑀⍽ Positive outlook for 2007-2009 ⑀⍽ Investment Plan to ensure long-term growth ⑀⍽ Unique business portfolio operating in very attractive markets ⑀⍽ An experienced and committed team CONCLUSIONS
Slide 42: Report of Endesa's Board of Directors: E.ON bid
40 Report of Endesa’s Board of Directors ⑀⍽ E.On bid milestones ⑀⍽ Extraordinary General Shareholders’ Meeting E.On bid
Slide 43: Regarding the E.ON takeover bid
41 Regarding the E.ON takeover bid (€38.75 €/share) ⑀⍽ On 6 February, the Board of Directors, by a unanimous vote, has viewed the terms of the E.ON Offer favourably as: - It is fair from a financial point of view - It is entirely in cash, and made for 100 percent of the outstanding shares - It has s
Slide 44: E.ON bid milestones
42 The acceptance period of E.ON bid begins ⑀⍽ Endesa Board report on the E.ON bid ⑀⍽ Publication of the call notice for the Extraordinary GSM ⑀⍽ Extraordinary General Shareholders’ Meeting (at first call) ⑀⍽ Settlement of the attendance premium begins ⑀⍽ The acceptance period of E.ON bid ends ⑀⍽ No
Slide 45: Extraordinary General Shareholders' Meeting
43 Extraordinary General Shareholders’ Meeting E.ON BID Interest for Endesa shareholders ⑀⍽ E.ON's bid is contingent on the approval of certain bylaw amendments, including the removal of the 10% limiting on a shareholders' voting rights ⑀⍽ The approval of this amendment requires that more than a 50%
Slide 46: How to participate in the Extraordinary General Shareholders' Meeting
44 How to participate in the Extraordinary General Shareholders' Meeting E.ON BID Shareholders with shares custody in Spain ⑀⍽ Vote delegation: - Deliver the signed attendance card to Endesa's headquarters or office, or the custodian banks or savings banks for the shares. ⑀⍽ Vote by post ⑀⍽ Vote by
Slide 47: Back-up
45 2006 results Strong growth across all businesses Back-up
Slide 48: Generation business in Spain and Portugal
46 Generation business in Spain and Portugal SPAIN AND PORTUGAL 23,020 24,389 7,479 7,571 37,018 32,516 7,757 6,431 964 2,417 2,120 2,476 2005 2006 Endesa's mainland generation business (GWh) Nuclear Hydro CCGT Coal Fuel +4.8% -14.0% 74,347 79,811 -6,8% Renewable/CHP
Slide 49: Impact of RDL 3/2006
47 NET IMPACT: Impact of RDL 3/2006 A. Booking of RDL 3/2006 under the interpretation made by Endesa thorough 2006 1) CRITERIA FOR DEDUCTION OF CO2 : ALTERNATIVES 31.324 -121 -345 M€ €M B. Draft of Ministerial Order (100% of CO2 in daily and intraday markets): -76 C. Draft of Ministerial Order and C
Slide 50: Competitive mainland fuel costs
48 SPAIN AND PORTUGAL Competitive mainland fuel costs Breakdown of impact on fuel cost (1) Net of coal premiums. Gross cost was €24.1/MWh in 2006 and €23.8/MWh in 2005. Includes imported coal consumed by domestic coal plants. (2) €30.4/MWh excluding ATR. Breakdown of mainland unit fuel costs Moderat
Slide 51: Growth in renewables/CHP
49 Growth in renewables/CHP SPAIN AND PORTUGAL (1) 100% of projects in which Endesa participates Output (GWh) (1) EBIT (€M) Capacity (MW) (1) Sales (€M) Co-generation Wind Mini hydro Others +11% 5,970 6,218 +4% 2,129 2,373 232 258 2005 2006 +11% 99 115 2005 2006 +16% 140 140 207 240 1.249 1.534 533
Slide 52: Mainland generation mix in 2009(e)
50 SPAIN AND PORTUGAL Mainland generation mix in 2009(e) Increase in activity based on growth in demand and installed capacity MW New capacity 2007-09 CCGTs Non-mainland Renewables Total new capacity Total=21,800 MW +3,200 MW* +850MW +840 MW +4,890 MW 26,900 MW Coal Nuclear Hydro Renewables CCGTs *
Slide 53: Italy: exceptional position in an attractive market
51 Scope for maintaining unit margins despite declining prices EUROPE 800 MW of new CCGTs 13% 5% 24% 45% 13% Coal Hydro Renewables Fuel-gas CCGTs ⑀⍂ Access to more competitive gas: ⑀⍂ Mix improvement up to 2009: ⑀⍂ Self supply of green certificates Livorno regasification plant: 2 bcm GALSI (Cerdeña
Slide 54: Growth and operating improvement in Latin America
52 LATIN AMERICA ⑀⍽ Distribution customers in 2006-09: + 1.3 million ⑀⍽ Improvements in operating efficiency (€50M) due to lower losses, increased availability and lower fixed costs MW New capacity 2007-09 CCGTs Coal Hydro Renewables Total new capacity +515 MW +220 MW +40 MW +50 MW +825 MW ⑀⍽ Aysen
Slide 55: Progress in streamlining ownership structure
53 LATIN AMERICA Progress in streamlining ownership structure Etevensa - Edegel merger ⑀⍽ Carried out June 2006 Creation of Brazilian holding ⑀⍽ Carried out October 2005 ⑀⍽ IFC took stake (2.7%) in Endesa Brasil Chilectra - Elesur merger ⑀⍽ Carried out March 2006 Emgesa - Betania merger To close in
Slide 56: Financial flexibility compatible with generous shareholder remuneration
54 Financial flexibility compatible with generous shareholder remuneration €M 9,900 Dividends paid(1) 6,830 Dividend commitment: 05-09 (2) Financial flexibility 3,070 0 0,5 1 1,5 2 2,5 3 3,5 1,5 1,7 1,9 2,1 2,3 2,5 2,7 2,9 2.8x 2006 2007E 2009E 2008E 2.7x 2.6x 2.4x 1.2x 1.2x 1.2x 1.1x Leverage: Debt
Slide 57: Annual investment plan: 07-09 (I)
55 2,630 2,230 1,895 660 1,600 675 900 785 815 50 55 55 4,240 4,670 3,440 2007E 2008E 2009E Spain and Portugal Europe Latin America Other €M Annual investment plan: 07-09 (I)
Slide 58: Annual investment plan: 07-09 (II)
56 Annual investment plan: 07-09 (II) 2007E Spain and Portugal Growth Maintenance Europe Growth Maintenance Latin America Growth Maintenance TOTAL € Bn 2.6 1.2 1.4 0.7 0.5 0.2 0.9 0.4 0.5 4.2 2008E 2.2 1.1 1.1 1.6 1.5 0.1 0.8 0.3 0.5 4.7 2009E 1.9 0.9 1.0 0.6 0.5 0.1 0.8 0.3 0.5 3.4 2007-09 6.7 3.2
Slide 59: Breakdown of EBITDA growth by business line: 2006-09
57 Breakdown of EBITDA growth by business line: 2006-09 3.835 4.010 4.320 4.630 2.188 2.280 2.360 2.470 1.116 1.150 1.280 1.400 2006 2007E 2008E 2009E EBITDA €M 7,139 7,440 7,960 8,500 Spain and Portugal Europe Latin America
Slide 60: Net income growth
58 Net income Net income growth Ordinary income Capital gains from disposals €M 3,000 3,075 2,620 2,830 2,969 2,576 2,470 2,720 2,970 2006 2007E 2008E 2009E
Slide 61: Macroeconomic assumptions
59 Macroeconomic assumptions Year-end 1.32 Average Average 1.26 1.27 2009E 2006 532.4 530.9 568 3.10 3.27 2.14 2.18 2.49 2,239 2,363 2,689 3.20 3.27 3.37 60.1 65.4 52.5 3.06 3.98% 5.04% 5.22% 4.13% €/$ Ch: Pesos/$ Bra: Real /$ Col: Pesos/$ Perú: Sol /$ Brent ($/Barrel) Arg: Pesos/$ Interest rate: LI
Slide 62: Spain and Portugal: EBITDA growth 2006-2009 (i)
60 EBITDA growth 06-09: +€1,023M* Increase in activity and margins +€418M Improved operating efficiency +€161M Regulatory improvements +€444M Revenue limitations on contracts with large customers: -€95M Distribution: +€300M Cost improvement: +€138M Higher gross margin: +€23M Wholesale market: +€239M
Slide 63: Spain and Portugal: EBITDA growth 2006-2009 (ii)
61 Increased activity and generation and supply margin: +€376M Renewables/ CHP: +€232M Ordinary mainland regime + supply: +€45M Higher O&M costs: -€30M Revenue growth: +€262M Higher gross margins in ordinary mainland generation & supply +€236M Higher output: +€135M Ordinary nonmainland regime: +€99M
Slide 64: Spain and Portugal: Main assumptions
62 Spain and Portugal: Main assumptions Activity growth assumptions Market assumptions for 2009 ⑀⍽ Increase in output in ordinary mainland regime of only 11,000 GWh with 3,200 MW of new capacity installed: ⑀⏇2,100 GWh increase in hydro output output (2006 was a very dry year) ⑀⏇1,500 GWh increase in
Slide 65: Spain and Portugal: Change in gross margins in generation and supply
63 Spain and Portugal: Change in gross margins in generation and supply 2006 Output, fuel costs and CO2 ⑀⍽ Unit gross margin: €36.9/MWh - Avg. revenues: €56.9/MWh - Variable cost: -€18.0/MWh - Supply cost: -€2.0/MWh ⑀⍽ Output: 71,871 GWh ⑀⍽ Gross margin: €2,650M Gross margin Output Cost fuel (GWh) (
Slide 66: Spain and Portugal: Regulatory assumptions
64 Spain and Portugal: Regulatory assumptions This scenario contemplates tariff increases which will gradually eliminate the deficit Distribution Substitution of the framework in force until 2006 with a new remuneration and performance system based on compensating for investment in network expansion
Slide 67: Main forecast magnitudes in 2009
65 Total capacity (GW) Output (TWh) Sales (TWh) Customers (millions) Gas consumption (Bcm) Main forecast magnitudes in 2009 Spain and Portugal 26.9 109 117 13.2 7.6 Latin America Europe 13.5 50 65 -- 4.5 15.1 70 69 13.0 4.5 2009E
Slide 68: Debt structure aligned with needs and business risk
66 FINANCIAL ANALYSIS Debt structure aligned with needs and business risk ⑀⍽ Currency risk is limited by denominating debt in the same currency in which cash flow is generated ⑀⍽ The high percentage of interest rate hedging reduces volatility in financial expenses 100% 76% 46% 21% 11% 5% 33% 8% Ende
Slide 69: Endesa debt maturities excluding Enersis
67 FINANCIAL ANALYSIS ENDESA debt maturities excluding Enersis Balance of debt maturities: €15,577M (1) ENDESA's liquidity excluding Enersis is €6,197M (€343M in cash and €5,854M in available credit lines), sufficient to cover debt maturities falling due during the next 20 months (1) This gross bala
Slide 70: Enersis debt maturities
68 FINANCIAL ANALYSIS Enersis debt maturities €M Balance of debt maturities: €5,295M (1) Bonds Bank credit Enersis' liquidity is €1,218M (€622M in cash and €596M in available syndicated loans), sufficient to cover debt falling due during the next 22 months (1) This gross balance differs from the tot
Slide 71: Important legal disclosure
69 Important legal disclosure Investors are urged to read E.ON’s tender offer statement, the report of Endesa’s board of directors with respect to the E.ON offer, the Notice of Endesa’s EGM and other material relating thereto, all as filed with the Comisión Nacional del Mercado de Valores (the "CNMV