Performance indicators

In order to present the results of the company and analyze its financial structure, Enel has
prepared separate reclassified schedules that differ from those envisaged under the IFRS-EU
adopted by the company 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
performance and representative of the financial performance of the company’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 “Noncurrent liabilities” with the exception of:
  • “Deferred tax assets”;
  • “Financial receivables due from other entities” and “Receivables due from subsidiaries” 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:

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  • “Financial receivables” and “Receivables due from subsidiaries” reported under “Current financial assets”;
  • “Cash and cash equivalents”;
  • “Short-term loans” and the “Current portion of long-term loans”.

• 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”.
• 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”, “Noncurrent
  financial assets” and “Cash and cash equivalents” not previously considered in other
  balance sheet indicators.