SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of December 2007
Enel Società per Azioni
Viale Regina Margherita 137
00198, Rome
Italy
Indicate by check mark whether the registrant files or will file annual reports under cover of
Form 20-F or Form 40-F.
Form 20-F
þ
Form 40-F
o
Indicate by check mark whether the registrant by furnishing the information contained in this
Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under
the Securities Exchange Act of 1934.
Yes
o
No
þ
If Yes is marked, indicate below the file number assigned to the registrant in connection
with Rule 12g3-2(b):
Certain of the information included in this Report is forward looking and is subject to important
risks and uncertainties that could cause actual results to differ materially. The Companys core
business includes the generation, distribution and sale of electricity and the distribution and
sale of gas. The Companys outlook is predominately based on its interpretation of what it
considers to be the key economic factors affecting its businesses. Forward-looking statements with
regard to the Companys businesses involve a number of important factors that are subject to
change, including: the many interrelated factors that affect customers demand, including general
economic conditions, industry trends, and increased competition in each of the Companys markets;
the Companys ability to implement successfully its cost reduction program; the Companys ability
to implement its strategy focused on its core energy business; future capital expenditure and
investments; legislation, particularly that relating to the regulation of the markets for
electricity and other public utility services, tariff regimes, the environment, trade and commerce
and infrastructure development; the actions of competitors in various industries in which the
Company competes; production difficulties, including capacity and supply constraints; labor
relations; interest rates and currency exchange rates; political and civil unrest; and other risks
and uncertainties.
The information included in this Report has been given to Commissione Nazionale per le Società e la
Borsa (CONSOB), the Italian public authority regulating Italian capital markets, and/or to Borsa
Italiana S.p.A.
,
the company owning and managing the Mercato Telematico Azionario, the Italian
automated screen-based trading system on which the ordinary shares of Enel Società per Azioni are
listed, or is otherwise furnished pursuant to General Instruction B to the General Instructions to
Form 6-K.
Press release
ENEL AND EDF SIGN COOPERATION AGREEMENT
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The Enel Group will take part with a stake of 12.5% in the first new-generation EPR nuclear
plant, with an option for 5 following similar plants, thereby acquiring valuable know-how and
the related virtual capacity: 600 MW from 2008, increasing to 1,200 MW in 2012.
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Enel may also take part with a 30%-40% stake in EdFs new combined-cycle power plants
currently being built in France, representing a capacity of about 1,400 MW.
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As part of the cooperation agreement, EdF would receive a corresponding stake in Enels
similar new power plants in Europe and the Mediterranean basin.
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Nice, November 30, 2007
On the occasion of the Italian and French government summit, in the
presence of French President Nicholas Sarkozy and Italian Prime Minister Romano Prodi, Pierre
Gadonneix, Chairman and General Manager of EdF, and Fulvio Conti, CEO and General Manager of Enel,
today signed a cooperation agreement.
The accord gives the Enel Group access to the first new-generation EPR (European Pressurized water
Reactor) nuclear plant, with an option for the subsequent five plants in the programme, and new
mid-merit generation capacity from gas-fired combined-cycle power plants in France. EdF will have
the opportunity to take part in projects as well as draw energy generated by Enels new power
plants with similar characteristics in Europe and the Mediterranean basin.
Fulvio Conti commented: Today is an important date in strengthening cooperation between our two
groups, that will contribute to the development of a more open, competitive European energy market.
For Enel in particular, this means to gain access to the most advanced nuclear technology available
today and to lay the foundations for establishing a significant presence in France.
The agreement, in line with the provisions of the Memorandum of Understanding signed in May 2005,
provides for Enel to take part with a 12.5% stake in construction and operation of the
Flamanville EPR nuclear plant (expected to start operations in 2012 with a capacity of 1,600 MW,
for an estimated overall investment of 3.6 billion euro), and also the option to take part with an
identical 12.5% stake in the subsequent five EPR projects planned in France. This investment will
enable Enel to acquire know-how and the right to use EPR technology by participating in the plant
design and construction phases as well as the subsequent operational phase. A programme to train
Enel personnel in current and EPR nuclear technology is also being established.
The agreement also gives Enel immediate access to virtual baseload capacity: as an advance on the
EPR capacity generated by the Flamanville power plant, Enel will gain access to 600 MW commencing
in 2008, with progressive increases up to a total of 1,200 MW in 2012. Starting in 2012, this
virtual capacity will be progressively replaced by the capacity from EPR power plants as they
gradually enter service. This power will mainly be sold by Enel to final customers in France.
Once the first EPR power plant is completed in France with the participation of Enel, the Italian
group will provide EdF access to Enels nuclear capacity in Europe or, if not available, to
capacity with similar characteristics.
EdF has furthermore agreed to grant Enel an option (exercisable by September 2008) to take part
with a 30% to 40% stake (for a capacity of between 400 and 550 MW) in construction and operation of
two new mid-merit power projects EdF is currently developing in France, for a total of about 1,400
MW, which are expected to become operational between 2010 and 2012.
From the moment the option is exercised, the agreement gives Enel access to virtual mid-merit
capacity of the same volume it will receive once the power plants enter service.
Under the terms of the agreement, Enel will in turn grant EdF an option allowing the French company
to gain access to analogous capacity in projects that Enel will pursue in Europe and the
Mediterranean basin.
Joint press release
ENEL COMPLETES ACQUISITION OF 3 HYDRO PROJECTS IN MEXICO FOR A TOTAL CAPACITY OF 52 MW
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Acquisition of Inelec with 52 MW of hydro capacity in Mexico for 156 million USD
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Enel continues its growth in renewables in Latin America
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Rome, December 7, 2007
Enel Investment Holding B.V. (a wholly-owned Dutch subsidiary of Enel
S.p.A) yesterday night completed the acquisition of 100% of Inelec share capital from SLAP II
Luxembourg SARL (an entity managed by Conduit Capital Partners LLC, a private equity firm based in
New York, and Grupo Qualita/Comexhidro) for a total consideration of USD 156 million (approximately
105 million euro). Inelec owns 3 hydro plants in Mexico with a total installed capacity of 52 MW.
The 3 projects are located in the Mexican States of Michoacan, Jalisco and Guerrero and are built
downstream pre-existing irrigation dams, thus generating electricity with extremely low
environmental impact. The plants began commercial operation between 2003 and 2007 and employ state
of the art technology. Annual Ebitda generated by the plants will amount to approximately USD 20
million. Furthermore, USD 156 million represent the equity value, with an enterprise value of about
USD 193 million.
With this agreement, Enel continues its global strategy of developing renewable energy sources,
with a view to seizing new opportunities to reduce greenhouse gas emissions, especially in emerging
countries, and steps into the promising Mexican electricity market.
Mexico has a total installed capacity of over 54,000 MW and will soon be interconnected to the
Central America electricity market thus reinforcing Enel position as a key regional player. In
addition the rapid growth in the generation demand of about 2,500 MW a year, makes this acquisition
and interesting investment opportunity for the Enel Group.
The Enel Group is active in the Americas in the generation of electricity from renewable resources,
and is seeking to seize the most promising opportunities in the sector, further expanding its
presence in a continent with rapidly growing demand for energy. In Latin America the Enel Group is
already present in Guatemala, El Salvador, Nicaragua, Costa Rica, Panama, Chile and Brazil and
together with its affiliates has interests in projects with a total generation capacity of over 600
MW.
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In
Guatemala
Enel Latin America has interests in four hydro plants, having about 75 MW
of overall installed capacity.
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In
El Salvador
and
Nicaragua
Enel Group, the strategic investor in LaGeo (which has
about 200 MW of installed capacity), is active in geothermal resources development, a
field in which Enel has unique experience at the world level.
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In
Costa Rica
Enel Latin America has interests in two hydro plants (31 MW) and one wind
facility (20 MW).
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In
Panama
Enel Group owns a controlling stake in a generation company with 300 MW of
hydro capacity, producing around 25% of the electricity of the country.
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In
Brazil
Enel Latin America owns and operates 20 mini-hydro plants (92 MW) in the
regions of São Paulo, Tocantins and Mato Grosso.
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In
Chile
Enel Latin America owns and operates two hydro plants (90 MW) and is
conducting explorations for the development of that countrys promising geothermal
resources in partnership with Enap (Chiles hydrocarbon agency).
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About Conduit Capital Partners
Based in New York City, Conduit Capital Partners, LLC is a private investment firm focused
exclusively on the independent electric power and pipeline industries in Latin America and the
Caribbean through its management of the Latin Power Funds, founded in 1993. Latin Power I was the
first private equity fund exclusively dedicated to infrastructure investments. The Funds have made
investments in Mexico, Chile, Peru, Brazil, Argentina, Colombia, Jamaica, Honduras and Guatemala.
Conduit is presently investing its $393 million Latin Power III fund.
Press release
THE ENEL BOND PUBLIC OFFERING ADDRESSED TO ITALIAN RETAIL INVESTORS HAS SUCCESFULLY CLOSED
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After the success in 2005 of the bond issue reserved to Italian retail investors for 1
billion euro, Enel, this year, doubles its issuance with the public to 2.3 billion euro. Of
these, over 1 billion are fixed rate bonds and approximately 1.3 billion floating rate ones.
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Reduced to 19.5 billion euro the credit facility pursuant to the 35 billion euro Credit
Agreement entered last April to finance the Endesa acquisition.
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Rome, December 12, 2007
The offering period for the fixed rate bonds (called ENEL TF 2007-2015)
and the floating rate bonds (called ENEL TV 2007-2015), reserved to Italian retail investors,
successfully closed on 7 December 2007, being high in demand with the public.
In order to face the high demand of the offered bonds (equal to approximately 1.050 billion euro
for the fixed rate bonds and about 1.3 billion euro for the floating rate bonds), compared to the
initial maximum aggregate amount of the offering (equal to 2 billion euro), Enel, in agreement with
the lead managers (Banca IMI and UniCredit), has decided to increase the initial offer.
The total number of bonds that have been subscribed are: (i) as regards the fixed rate bonds, 1
million bonds, representing a total nominal value of 1 billion euro, allotted to 47,556 investors;
(ii) as regards the floating rate bonds, 1,300,000 bonds, representing a nominal value of
1,300,000,000 euro, allotted to 47,119 investors.
Including the issue hereof, Enel will publish a notice to the public, within five working days from
closure of the offering, in a financial-economic newspaper. The notice will contain all the
information concerning: the nominal interest rate in relation to the fixed rate bonds, the spread
in relation to the floating rate bonds, as well as the issue and the interest commencement date,
the maturity date and the dates on which interest is due for each tranche of the bond.
Enel brings the counter-value of the bonds issued in the past 6 months to 10 billion euro. 9
billion euro have been used to re-finance the 35 billion euro credit facility pursuant the Credit
Agreement entered last April, to finance the Endesa acquisition. More specifically, 2 out of the
2.3 billion euro gained from the retail bonds will be used to re-finance the 35 billion euro credit
facility, which will therefore be reduced to 19.5 billions euro.
Press release
FULVIO CONTI PRESENTS ENDESA SYNERGIES TO THE FINANCIAL COMMUNITY
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The Endesa Group emerges as having a balanced mix of fuels with a strong presence in fast
growing markets
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Synergies with Enel and Acciona are ultimately expected to generate savings for Endesa of
more than 1 billion euros per year
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London, December 12, 2007
At a meeting with the financial community today, Fulvio Conti, CEO and
General Manager of Enel, will present the expected impact of synergies with Enel and Acciona on
Endesas financial results. Following is a summary of the key points of todays presentation.
A primary factor that led Enel and its partner Acciona to acquire control of Endesa was the major
contribution that the acquisition can make in boosting operating and financial performance. The
acquisition is also expected to generate substantial synergies and savings, as well as an immediate
increase in earnings per share.
The working group made up of Enel, Acciona and Endesa experts has identified synergies that can
ultimately generate total savings for Endesa of about 1,028 million euros per year, of which 330
million euros would come from efficiency gains already envisaged in the current Endesa business
plan, and total savings for Enel of about 100 million euros.
The remaining savings expected for Endesa would total 698 million euros per year, of which 680
million euros (more than 97%) are planned to be achieved by 2012. Of this total, 457 million euros
would be attributable to cost synergies and the resulting impact on margins, and 223 million euros
to investment optimisation.
More specifically, by 2012 annual savings are expected to total 150 million euros in the corporate,
general services, information technology and R&D area, 97 million euros in the procurement sector
(excluding fuel), 123 million euros in the generation sector (mainly thanks to plant efficiency
gains and optimisation of the availability of nuclear facilities), 216 million euros in
distribution operations (thanks to performance improvements and the installation of digital meters
in the Iberian peninsula), and 94 million euros in the energy management area (as a result of
optimisation of fuel soucing, and planning, logistics and portfolio management).
Analysis of additional efficiency initiatives in all of Endesas operations is still under way. The
outcome of this analysis will be quantified in the new business plan, planned to be presented to
the financial community in March 2008.
Enel: a multinational, well diversified integrated energy
Group
London
December 12, 2007
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Agenda
The new Enel
Update on new initiatives
Update on Endesa
Conclusions
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New business mix1 - 2006 proforma ebitda
Network Generation and Sales
2005 3597.05 3867.95
Business mix will remain substantially balanced
between regulated and non regulated activities
Network Generation and Sales
2005 1466.179272 2535.000473
Network Generation and Sales
2005 5063.229272 6402.950473
Network
Generation &
Sales
Considering 67.05% stake of Endesa and 100% OGK-5; excluding contribution from Services and Other.
The new Enel
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Other renewables
Coal
Nuclear
CCGT
Hydro
Oil & Gas
New Enel fuel mix1
Based on FY06 production.
Net of asset to be disposed to E.On, considering 67.05% stake of Endesa and considering the contribution of 100% stake of OGK-5.
Enel estimates
....hydro, other renewables, nuclear...
The new Enel
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Agenda
The new Enel
Update on new initiatives
Update on Endesa
Conclusions
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Further initiatives: France
Agreement with EDF providing for Enel to take part in the Flamanville
EPR nuclear plant and in the following five EPR projects expected in
France with a 12.5% stake .
Anticipated capacity growing by 600 MW in 2008 and up to a total of
1,200 MW in 2012.
MOU for Enel to participate with a 30%-40% stake in two new mid merit
CCGT projects being developed by Edf in France.
Option granted by Enel to Edf to reciprocate with 200 MW capacity, plus
further 200 MW for each of the other five nuclear plants, starting from
2012 onward. Similar agreement on mid merit capacity upon exercise of
our option.
Agreement fully based on the principle "at cost, at risk"
Update on new initiatives
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Further initiatives: Albania
Signed MOU to build a "state of the art" coal power plant:
1,300MW
Strategic Rationale:
leverage on low cost output to be used in Italy
Support domestic Albanian market with a more balanced
production mix
Export electricity into the Balkanian area
Update on new initiatives
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Creating a well balanced portfolio of generation
assets to protect our position in the country
Further initiatives: Romania
Update on new initiatives
BRAILA: 800 MW Coal Brownfield
GALATI FREE TRADE ZONE: 800 MW Coal Greenfield
CERNAVODA 3&4: investors selection for Greenfield nuclear units
(2x720MW).
BLUE LINE: acquisition of 100% with rights to develop approx 200 MW
wind projects.
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Agenda
The new Enel
Update on new initiatives
Update on Endesa
Conclusions
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Strong contribution to operating and financial growth
Business diversification and wider global footprint improves
risks/return profile
Creation of a global leader in renewable energies
Strong potential for synergies, savings and cross-transfer of best
practices
EPS accretion from year one
A story of value creation
Transaction rationale
Update on Endesa
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Endesa platform
Solid operating and financial performance from a diversified portfolio
Efficiencies ahead of current Business Plan
Iberia:
Leadership in liberalized market
Competitive fuel cost
Growth in line with current Business Plan
Latam
Strong operating growth based on sound demand fundamentals
Regulatory improvements
Performance in line with current Business Plan
Strong cash flow generation and financial capacity to accelerate growth
Update on Endesa
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Endesa: Leading position in high growth markets
Spain Italia Francia Chile Colombia Peru Argentina Brazil
Output 0.29 0.08 0.03 0.48 0.24 0.28 0.18 0.01
Sales 0.43 0.31 0.15 0.21 0.17 0.06
Update on Endesa
2006 Figures
Market
position
#1
#1
#1
#1
#1
3.5%
6.3%
4.5%
6.4%
5.1%
5.0%
Demand
Growth
2006-12
(Cagr)
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total savings Efficiencies already included in the strategic plan*
Additional synergies/ efficiencies (2012)** at regime
bianca 680
opex 223 223 223
capex 787 330 457 475
totale 1010 330 680 698
Opex &
Margins
Capex
Synergies by category
mn
Total
savings
Efficiencies
already
included
in the
strategic plan
Additional
synergies/
efficiencies
2012
further possible upside under investigation
Synergies
at
regime
4%
Savings 1
(1) Over 2006 total cost base, excluding Europe
Update on Endesa
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Corporate & other Procurement Generation Distribution Energy mgmt. Total
150 246 370 586
Corporate & other 54 0 0 0 0 54
NEEP 74 81 107 179 85 525
LatAm 22 16 16 37 9 101
Annual savings of mn 680 by 2012
94
216
123
97
150
% cost base
2006
(1) It only refers to fuel procurement
Update on Endesa
4%
6%1
3%
3%
2.5%
12%
680
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Synergy levers
EBITDA
Synergies:
457 M
Year 1: 29%
Year 3: 81%
Year 5: 100%
Corporate, general services, IT, R&D
Generation
Distribution
Fuel, Energy management
CAPEX
Synergies:
223 M
Year 3: 64%
Year 5: 100%
84 mn
123 mn
156 mn
94 mn
IT, R&D
Procurements
Distribution
66 mn
97 mn
60 mn
Update on Endesa
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Credit Facility Agreement Euro 35,000,000,000 1/2
10/04/2007 35.0 bn Credit Facility Agreement
20/06/2007 5.0 bn 30.0 bn Bond issuance (Euro/GBP)
24/09/2007 2.0 bn 28.0 bn Bond issuance (USD)
10/10/2007 5.0 bn 23.0 bn PTO results
28/11/2007 1.5 bn 21.5 bn Adjustment for PTO on minorities
17/12/2007 2.0 bn 19.5 bn Bond issuance (Euro - retail Italy)
Date
Reduction
Amount
Note
Update on Endesa
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Funding Cost for the Endesa acquisition: 5,20%
Credit Facility Agreement Euro 35,000,000,000 2/2
10 bn 15 bn 10 bn 35 bn
278.6 mn 11.4 bn 7.8 bn 19.5 bn
Facility A
1 year
Facility B
3 year
Facility C
5 year
Total
original amount
residual amount
Update on Endesa
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Agenda
The new Enel
Update on new initiatives
Update on Endesa
Conclusions
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Conclusions
Upon OGK-5 completion we have achieved our major acquisition
program
Capital structure under review
For both Enel and Endesa strong commitment to maintain "A" rating
Growth will be driven by:
Organic capex in countries where Enel is already present
Leverage on the existing pipeline of renewables
Ongoing efficiency programs
New integrated business plan (Enel+Endesa) by 1Q2008
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Disclaimer
THESE SLIDES HAVE BEEN PREPARED BY THE COMPANY SOLELY FOR THE USE DURING THIS ANALYST PRESENTATION
THE INFORMATION CONTAINED HEREIN HAS NOT BEEN INDEPENDENTLY VERIFIED. NONE OF THE COMPANY OR
REPRESENTATIVES SHALL HAVE ANY LIABILITY WHATSOEVER IN NEGLIGENCE OR OTHERWISE FOR ANY LOSS HOWSOEVER
ARISING FROM ANY USE OF THESE SLIDES OR THEIR CONTENTS OR OTHERWISE ARISING IN CONNECTION WITH THESE
SLIDES OR ANY MATERIAL DISCUSSED DURING THE ABOVE CONFERENCE CALL.
THIS DOCUMENT IS BEING FURNISHED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE REPRODUCED OR
REDISTRIBUTED TO ANY OTHER PERSON.
THE INFORMATION CONTAINED HEREIN AND OTHER MATERIAL DISCUSSED DURING THE ABOVE CONFERENCE CALL MAY
INCLUDE FORWARD-LOOKING STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS ABOUT THE
COMPANY'S BELIEFS AND EXPECTATIONS. THESE STATEMENTS ARE BASED ON CURRENT PLANS, ESTIMATES, PROJECTIONS
AND PROJECTS, AND THEREFORE YOU SHOULD NOT PLACE UNDUE RELIANCE ON THEM.
FORWARD LOOKING STATEMENTS INVOLVE INHERENT RISKS AND UNCERTAINTIES. WE CAUTION YOU THAT A NUMBER OF
IMPORTANT FACTORS COULD CAUSE ACTUAL RESUTLS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN ANY
FORWARD-LOOKING STATEMENT. SUCH FACTORS INCLUDE, BUT ARE NOT LIMITED TO: TRENDS IN ENEL'S CORE ENERGY
BUSINESS, ITS ABILITY TO IMPLEMENT COST-CUTTING PLANS, CHANGES IN THE REGULATORY ENVIRONMENT AND FUTURE
CAPITAL EXPENDITURE.
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Contact us
Luca Torchia (Head of IR)
Massimiliano Bevignani (Stock analysis and IR reporting)
Donatella Izzo (Buy-side)
Fausto Sblandi (Sell-side)
Investor Relations Team (investor.relations@enel.it)
Visit our website at:
www.enel.it (Investor Relations)
+39 06 83053437
+39 06 83057023
+39 06 83057449
+39 06 83052226
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
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Enel Società per Azioni
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By:
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/s/ Avv. Claudio Sartorelli
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Name: Avv. Claudio Sartorelli
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Title:
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Secretary of Enel Società per Azioni
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Dated: December 12, 2007
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