20172016
Gross operating margin per share (euro) 1.54 1.5
Operating income per share (euro) 0.96 0.88
Group net earnings per share (euro) 0.37 0.25
Group net ordinary earnings per share (euro) 0.29 0.29
Dividend per share (euro) (1) 0.237 0.18
Group shareholders’ equity per share (euro) 3.42 3.42
Share price - 12-month high (euro) 5.58 4.19
Share price - 12-month low (euro) 3.84 3.4
Average share price in December (euro) 5.39 4.02
Market capitalization (millions of euro) (2) 54,761 40,910
No. of shares outstanding at December 31 (millions) 10,167 10,167

1) Dividend proposed by the Board of Directors on March 22, 2018.
(2) Calculated on average share price in December.

Current (1)at Dec. 31, 2017at Dec. 31, 2016at Dec. 31, 2015
Enel stock weighting in:
- FTSE MIB index 10.60% 11.68% 11.41% 9.05%
- Bloomberg World Electric index 3.96% 3.92% 3.26% 3.04%
Rating:
Standard & Poor’s Outlook Stable Stable Stable Positive
Medium/long-term BBB+ BBB+ BBB BBB
Short-term A-2 A-2 A-2 A-2
Moody’s Outlook Stable Stable Stable Stable
Medium/long-term Baa2 Baa2 Baa2 Baa2
Short-term P2 P2 P2 P2
Fitch Outlook Stable Stable Stable Stable
Medium/long-term BBB+ BBB+ BBB+ BBB+
Short-term F2 F2 F2 F2

(1) Figures updated to January 31, 2018.

Economic activity in the world’s major developed and emerging economies continued to expand in 2017. Growth was driven by cyclical and structural factors: the increase in world trade, the recovery in commodity prices and the expansive monetary policies of central banks were some of the key factors that enabled a stable and inclusive recovery. Among the advanced economies, the United States is experiencing the mature phase of its expansionary cycle, while in the euro area the unexpected performance of 2017 prompted the main monetary and statistical institutions to review their growth forecasts for future years. For Italy in particular, 2017 was a positive year, with GDP expected to have grown at the fastest rate since 2010.

Although the macroeconomic environment has improved, risks remain for the global economy. The main factors include the economic and financial effects of a possible normalization of monetary policies and a possible intensification of geopolitical tensions. Furthermore, the spread of protectionist policies could slow global trade, while political instability in a number of countries risks delaying the implementation of the structural reforms necessary to increase their economic potential.

In this economic environment, the main European equity indices closed 2017 on a positive note. Spain’s Ibex35 posted gains of 7%, while France’s CAC40 rose 9% and Germany’s DAX30 gained 13%. The FTSE Italia All Share registered a gain of 16%.

The euro-area utilities segment closed the year with an increase of 16%.

As regards Enel shares, 2017 ended with the stock price at €5.13, up 22.5% on the previous year. The Enel stock was one of the best performers among its European peers, significantly outperforming the sector index for the euro area.

On January 25, 2017 Enel paid an interim dividend of €0.09 per share from 2016 profits and, on July 26, 2017, it paid the balance of the dividend for that year in the amount of €0.09. Total dividends distributed in 2017 amounted to €0.18 per share, about 13% higher than the 16 eurocents per share distributed in 2016.

With regard to 2017, on January 24, 2018 an interim dividend of €0.105 was paid, while the balance of the dividend is scheduled for payment on July 25, 2018. At December 31, 2017, the Ministry for the Economy and Finance held 23.6% of Enel, while institutional investors held 57.5% (compared with 54.0% at December 31, 2016) and individual investors held the remaining 18.9% (compared with 22.4% at December 31, 2016).

The number of Environmental, Social and Governance (ESG) investors is increasing steadily and at December 31, 2017 they represent over 8.6% of the share capital (against 8.0% at December 31, 2016).

In general, this increase reflects the greater attention being paid by the financial market to the non-financial elements that play a role in the creation of long-term sustainable value, an area in which Enel has taken the lead with a strategy based on leveraging the business opportunities associated with the trends of urbanization, the electrification of demand and the resulting deep decarbonization, in order to seize the opportunities deriving from the global energy transition now under way and to become a leader in this area.

A tangible example of this commitment was the signing of the letter of support for the implementation of the voluntary guidelines of the Task Force on Climate-related Financial Disclosures (TCFD) proposed by the Bank of England and chaired by Michael Bloomberg. These guidelines are aimed at raising awareness among companies about the disclosure of the likely financial impacts deriving from nonfinancial factors related to climate change.

Enel’s leadership in the ESG field also includes a focus on human capital, which, together with purely industrial strategic elements, contributes to the promotion of the economic and social growth of the local communities with whom Enel interacts and the strengthening of the roles and skills of its people.

For further information we invite you to visit the Investor Relations section of our corporate website (http://www. enel.com/en/investors.html), which contains 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 Italia All Share indices from January 1, 2017 to January 31, 2018.

Performance of Enel share price and the Bloomberg World Electric, Euro STOXX Utilities and FTSE Italia All Share indices from January 1, 2017 to January 31, 2018.

Consumer price indices (CPI)

%
20172016Change
Italy 1.2 -0.1 1.3
Spain 2 -0.2 2.2
Russia 3.7 7.1 -3.4
Romania 1.3 -1.5 2.9
Slovakia 1.3 -0.5 1.8
India 3.3 5 -1.7
South Africa 5.3 6.3 -1.1
Argentina 25.6 37.3 -11.7
Brazil 3.5 8.8 -5.3
Chile 2.2 3.8 -1.6
Colombia 4.4 7.5 -3.2
Mexico 5.9 2.8 3.1
Peru 2.8 3.6 -0.8

Exchange rates

2017 2016 Change
Euro/US dollar 1.13 1.11 2.00%
Euro/British pound 0.88 0.82 6.50%
Euro/Swiss franc 1.11 1.09 1.90%
US dollar/Japanese yen 112.15 108.81 3.00%
US dollar/Canadian dollar 1.3 1.33 -2.10%
US dollar/Australian dollar 1.3 1.35 -3.10%
US dollar/Russian ruble 58.32 67.01 -14.90%
US dollar/Argentine peso 16.56 14.76 10.80%
US dollar/Brazilian real 3.19 3.49 -9.20%
US dollar/Chilean peso 648.7 676.62 -4.30%
US dollar/Colombian peso 2,951.36 3,053 -3.40%
US dollar/Peruvian nuevo sol 3.26 3.37 -3.50%
US dollar/Mexican peso 18.92 18.68 1.20%
US dollar/Turkish lira 3.65 3.02 17.10%
US dollar/Indian rupee 65.11 67.18 -3.20%
US dollar/South African rand 13.31 14.7 -10.50%