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| ENEL Societa per Azioni |
| Viale Regina Margherita 137, Rome, Italy 00198 |
| Business Description | The company is the principal electricity company in Italy, with the leading position in the generation, transmission, distribution and supply of electricity. |
| Offering Information Company has | |||
| Trading As | EN (NYSE) | Industry | Utilities (SIC 4911) |
| Type of Stock Offered | American Depositary Receipts | Filing Date | 10/01/1999 |
| Domestic Shares Offered | 242,500,000 | Offer Date | 11/02/1999 |
| Foreign Shares Offered | 0 | Filing Range | $41.64 - $45.92 |
| Company Shares | 0 | Offer Price | $45.23 |
| Selling Shrhldrs Shares | 242,500,000 | Gross Spread | - - |
| Gross Proceeds | $10,968,274,889 | Selling | - - |
| Expenses | - - | Reallowance | - - |
| Post-IPO Shares | 1,212,615,037 | Employees | - - |
| Primary Underwriting Group | ||
| Underwriter Name | Participation | Underwriter Phone |
| Merrill Lynch & Co. | Lead Manager | (212) 449-4600 |
| Deutsche Bank Securities | Co-manager | (212) 469-5000 |
| Dresdner Kleinwort Benson | Co-manager | (212) 429-2000 |
| MEDIOBANCA Banca di Credito Finanziario S.p.A. | Co-manager | |
| Warburg Dillon Read LLC | Co-manager | (203) 719-3000 |
| Income Statement and Cash Flow Summary | |||||||
| Prior Audited Income |
Latest Unaudited Income | ||||||
| Full Year Audited Figures | 6 Months Ending | ||||||
| Figures in U.S. millions except per share data | 12/31/1998 | 06/30/1999 | |||||
| Revenues | - | - | - | - | 21,245.000 | - | 10,521.000 |
| Income from Oper. | - | - | - | - | 4,640.000 | - | 2,534.000 |
| Net Income | - | - | - | - | 1,886.000 | - | 1,148.000 |
| E.P.S | - | - | - | - | 1.600 | - | 0.900 |
| Revenue Growth (%) | - | - | - | - | - | ||
| Net Income Growth (%) | - | - | - | - | - | ||
| Oper. Profit Margin (%) | - | - | - | - | 21.84 | 24.09 | - |
| Net Profit Margin (%) | - | - | - | - | 8.88 | 10.91 | - |
| Cash Flow - Oper. | 8,208.00 | - | 4,793.00 | ||||
| Cash Flow - Inv. | -3,139.00 | - | -1,239.00 | ||||
| Cash Flow - Fin. | -3,751.00 | - | -3,457.00 | ||||
| Balance Sheet Summary and Financial Ratios | |||||
| Balance sheet as of: 06/30/1999 | Financial Ratios | ||||
| Total Assets | 47,782.00 | Current Assets | - | Current Ratio | - |
| Total Liab. | 29,054.00 | Current Liab. | - | Debt Ratio | 60.81% |
| Total Equity | 18,728.00 | Working Cap. | - | Debt to Equity Ratio | 1.55 |
| Cash | - | Return on Assets | 2.40% | ||
| Use Of Proceeds |
The proceeds from the proposed offering will be distributed to the selling shareholder. |
| Legal Counsel Registrar Auditor | |
| Issuer's Law Firm | Sullivan & Cromwell |
| Bank's Law Firm | Shearman & Sterling |
| Auditor | Arthur Andersen |
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| Principal Shareholders | ||
| Name of Shareholder | % Owned Before | % Owned After |
| Treasury Ministry of Italy | 100.00 | |
| Note: represents ownership of 5% or more prior to the offering. | ||