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Enel and the financial markets

20182017
Gross operating margin per share (euro)1.611.54
Operating income per share (euro)0.970.96
Group net earnings per share (euro)0.470.37
Group net ordinary earnings per share (euro)0.400.36
Dividend per share (1) (euro) 0.280.237
Group shareholders’ equity per share (euro)3.123.42
Share price - 12-month low (euro)5.395.58
Average share price in December (euro)4.243.84
Prezzo medio del mese di dicembre (euro)4.945.39
Market capitalization (2) (millions of euro) 50,25454,761
No, of shares outstanding at December 31 (millions)10,16710,167

(1) Dividend resolved by the Shareholders’ Meeting of May 16, 2019.
(2) Calculated on average share price in December

Current (1)at Dec. 31, 2018at Dec. 31, 2017at Dec. 31, 2016
Enel stock weighting in:
- FTSE-MIB index134%13.86%11.68%11.41%
- Bloomberg World Electric index3.71%3.78%3.92%3.26%
Rating:
Standard & Poor’sOutlookSTABLESTABLESTABLESTABLE
Medium/long-termBBB+BBB+BBB+BBB
Breve termineA-2A-2A-2A-2
Moody’sOutlookSTABLESTABLESTABLESTABLE
Medium/long-termBaa2Baa2Baa2Baa2
Short-term--P2P2
FitchOutlookSTABLESTABLESTABLESTABLE
Medium/long-termA-BBB+BBB+BBB+
Short-termF2F2F2F2

(1) Figures updated to February 15, 2019.

In 2018, the world economy grew by around 3%, in line with the pace registered in 2017. The United States and China continue to pull the global locomotive, helped by the effects of expansionary fiscal policies, while the euro area grew at a slower rate.

The normalization of monetary policies in the advanced countries (especially in the United States) has generated strong pressures on emerging markets (especially those that are structurally weaker). Geopolitical uncertainty (mainly deriving from the tariff war) is persistently affecting the external enivironment. In Europe, Brexit negotiations continue without significant progress, with the British parliament again postponing the preliminary agreement reached between the Prime Minister, Theresa May, and the European Union.

Strains continue between Italy and the European Union over the country’s fiscal policy and its consistency with forecasts for economic growth. More specifically, growth in Italy in 2018 is estimated at 0.9%, down from the 1.6% posted in 2017.

In this economic environment, the main European equity indices closed 2018 with losses. Spain’s Ibex35 posted a loss of 15%, while France’s CAC40 fell 12% and Germany’s DAX30 declined by 18%.

The FTSE Italy All Share registered a loss of 17%.

The euro-area utilities segment closed the year with a small decline of 1%.

As regards Enel shares, 2018 ended with the stock price at €5.044, down 1.7% on the previous year, moderatly underperforming the sector index for the euro area.

On January 24, 2018, Enel paid an interim dividend of €0.105 per share from 2017 profits and on July 25, 2018, it paid the balance of the dividend for that year in the amount of €0.132. Total dividends distributed in 2018 amounted to €0.237 per share, about 32% higher than the €0.18 per share distributed in 2017. With regard to 2018, on January 23, 2019 an interim dividend of €0.14 was paid, while the balance of the dividend is scheduled for payment on July 24, 2019.

At December 31, 2018, the Ministry for the Economy and Finance held 23.6% of Enel, while institutional investors held 57.6% (compared with 57.5% at December 31, 2017) and individual investors held the remaining 18.8% (compared with 18.9% at December 31, 2017).

The number of Environmental, Social and Governance (ESG) investors is increasing steadily and at December 31, 2018 they represent about 10.5% of the share capital (against 8.6% at December 31, 2017).

The increase in ESG investors in Enel’s stock reflects the greater attention being paid by the financial market to the non-financial elements that contribute to the creation of long-term sustainable value.

The energy transition now under way, with the trends in urbanization, the electrification of demand and decarbonization, is impacting the entire electricity value chain in different ways and with different speeds.

Thanks to its business and positioning, Enel maximises opportunites created by that transition for creating sustainable value over the long term, taking the lead in this area with its strategy.

Enel’s leadership in the ESG field is strengthened by the close link between stategy and a focus on human capital, which fosters the economic and social growth of the local communities with whom Enel interacts. For further information we invite you to visit the Investor Relations section of our corporate website (http://www.enel. com/en/investors) and download the Enel Investor Relations app, which provides financial data, presentations, real-time updates of the share price, information on corporate bodies and the rules of Shareholders’ Meetings, as well as periodic updates on corporate governance issues. We have also created contact centers for private investors (which can be reached by phone at +39-0683054000 or by e-mail at azionisti.retail@enel.com) and for institutional investors (phone: +39-0683051; e-mail: investor.relations@enel.com).

Performance of Enel share price and the Bloomberg World Electric, Euro STOXX Utilities and FTSE Italy All Share indices from January 1, 2018 to January 31, 2019

Performance of Enel share price and the Bloomberg World Electric

Fonte: Bloomberg.

Consumer price indices (CPI)

%
201820172018-2017
Italy1.11.2(0.1)
Spain1.72.0(0.3)
Russia2.93.7(0.8)
Romania4.61.33.3
Slovakia1.91.10.8
India4.03.30.7
South Africa4.65.3(0.7)
Argentina33.825.78.1
Brazil3.73.50.2
Chile2.72.20.5
Colombia3.24.3(1.1)
Mexico4.96.0(1.1)
Peru1.32.8(1.5)
United States2.42.10.3
Canada2.31.60.7

Exchange rates

201820172018-2017
Euro/US dollar1.1811.12974.36%
Euro/British pound0.880.880.97%
Euro/Swiss franc1.151.113.73%
US dollar/Japanese yen110.44112.15-1.55%
US dollar/Canadian dollar1.301.30-0.13%
US dollar/Australian dollar1.341.302.59%
US dollar/Russian ruble62.8058.327.13%
US dollar/Argentine peso28.1116.5641.11%
US dollar/Brazilian real3.663.1912.68%
US dollar/Chilean peso642.04648.70-1.04%
US dollar/Colombian peso2,958.132,951.360.23%
US dollar/Peruvian nuevo sol3.293.260.78%
US dollar/Mexican peso19.2318.921.64%
US dollar/Turkish lira4.843.6524.63%
US dollar/Indian rupee68.4065.114.81%
US dollar/South African rand13.2513.31-0.45%