Definition of performance indicators

In order to present the results of the Group and analyze its financial structure, Enel has prepared separate reclassified schedules that differ from those envisaged under the IFRS-EU adopted by the Group and presented in the consolidated financial statements. These reclassified schedules contain different performance indicators from those obtained directly from the consolidated financial statements, which management feels are useful in monitoring Group performance and representative of the financial performance of the Group’s business.

In accordance with recommendation CESR/05-178b published on November 3, 2005, the criteria used to calculate these indicators are described below:

Gross operating margin: an operating performance indicator, calculated as “Operating income” plus “Depreciation, amortization and impairment losses”.

Net non-current assets:calculated as the difference between “Non-current assets” and “Non-current liabilities” with the exception of:

• “Deferred tax assets”;

• “Financial receivables due from other entities”, “Financial receivables in respect of the Spanish electrical system deficit”, “Other securities designated as at fair value through profit or loss” and other items reported under “Non-current financial assets”;

• “Long-term loans”;

• “Post-employment and other employee benefits”;

• “Provisions for risks and charges”;

• “Deferred tax liabilities”.

Net current assets: calculated as the difference between “Current assets” and “Current liabilities” with the exception of:

• “Receivables for factoring advances”, “Long-term financial receivables (short-term portion)”, “Other securities” and other items reported under “Current financial assets”;

• “Cash and cash equivalents”;

• “Short-term loans” and the “Current portion of long-term loans”.

Net assets held for sale: calculated as the algebraic sum of “Assets held for sale” and “Liabilities held for sale”.

Net capital employed: calculated as the algebraic sum of “Net non-current assets” and “Net current assets”, provisions not previously considered, “Deferred tax liabilities” and “Deferred tax assets”, as well as “Net assets held for sale”.

Net financial debt: a financial structure indicator, determined by “Long-term loans”, the current portion of such loans and “Short-term loans” less “Current financial assets”, “Non-current financial assets” and “Cash and cash equivalents” not previously considered in other balance sheet indicators. More generally, the net financial debt of the Enel Group is calculated in conformity with paragraph 127 of Recommendation CESR/05-054b implementing Regulation (EC) no. 809/2004 and in line with the CONSOB instructions of July 26, 2007, net of financial receivables and long-term securities.