Annual Report 2010 - Enel.com

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Electricity sales to end users by the Iberia and Latin America Division for 2010 came to 157,698 million kWh, up 29,930 million kWh compared with 2009. The increase includes 24,844 million kWh in respect of the change in the consolidation method, in addition to the increase in sales, especially in Latin America, as a result of higher electricity demand. Performance 100 Enel Annual Report 2010 Report on operations Finally, following the introduction of the Tarifa de Ultimo Recurso in Spain on July 1, 2009, all sales on the Spanish market are to be considered sales conducted on the free market. Millions of euro 2010 2009 restated 2010-2009 Revenues 31,263 21,800 9,463 Net income/(charges) from commodity risk management 28 173 (145) Gross operating margin 7,896 6,196 1,700 Operating income 4,643 3,659 984 Operating assets (1) 77,764 80,799 (3,035) Operating liabilities (2) 13,500 13,034 466 Employees at year-end (no.) (3) 24,731 26,305 (1,574) Capital expenditure (4) 2,866 2,962 (96) (1) Of which €484 million regarding units classified as “held for sale” at December 31, 2010 (€485 million at December 31, 2009). (2) Of which €145 million regarding units classified as “held for sale” at December 31, 2010 (€102 million at December 31, 2009). (3) Of which 1,809 in units classified as “held for sale” at December 31, 2010 (1,330 at December 31, 2009). (4) Does not include €76 million regarding units classified as “held for sale” at December 31, 2010 (€134 million at December 31, 2009). The table below shows performance by geographical area. Millions of euro Revenues Gross operating margin Operating income 2009 2009 2009 2010 restated 2010-2009 2010 restated 2010-2009 2010 restated 2010-2009 Europe 21,200 14,934 6,266 4,487 3,516 971 2,486 1,850 636 Latin America 10,063 6,866 3,197 3,409 2,680 729 2,157 1,809 348 Total 31,263 21,800 9,463 7,896 6,196 1,700 4,643 3,659 984 Revenues for 2010 rose by €9,463 million due to: > an increase of €6,266 million in revenues in Europe , essentially attributable to: - a €2,165 million increase in revenues attributable to the change in the scope of consolidation and €2,180 million to the application of the aforementioned Tarifa de Ultimo Recurso as from July 1, 2009, which involved the separate recognition in the income statement of the sales company of the revenues and costs concerning, respectively, the sale and purchase of electricity, including transport costs, which had previously been offset; - an increase of €1,114 million in grants for extra-peninsular generation (in 2009 they had been affected by negative prior-year items); - an increase in revenues from electricity sales; - the effect of the application as from July 1, 2009 of IFRIC 18 (€171 million); - the recognition in 2010 of the gains on the sale of the electricity transmission grids and the gas transport and distribution networks in Spain, for a total of €70 million; > a €3,197 million increase in revenues for Endesa in Latin America, due to the change in consolidation method (€1,348 million) and to increased quantities sold in all the Latin American countries, especially Brazil. The gross operating margin amounted to €7,896 million, up €1,700 million or 27.4% compared with 2009, as a result of:
an increase of €971 million in the gross operating margin in Europe thanks to the change in the method used to consolidate Endesa (€678 million), the effect of the application as from July 1, 2009 of IFRIC 18 (€171 million) and the gains on the disposals in 2010 mentioned earlier; > an increase of €729 million in the gross operating margin in Latin America, essentially comprising €510 Capital expenditure million in respect of the change in the consolidation method and increased margins, especially on electricity sales. Operating income for 2010 amounted to €4,643 million, an increase of €984 million on 2009, of which €718 million attributable to the change in the method used to consolidate Endesa. Millions of euro 2010 2009 2010-2009 Generation plants: - thermal 880 902 (22) - hydroelectric 138 122 16 - nuclear 163 143 20 - alternative energy resources 2 133 (131) Total generation plants 1,183 1,300 (117) Electricity distribution networks 1,152 1,129 23 Gas distribution networks Other investments in property, plant and equipment and - 80 (80) intangible assets 531 453 78 TOTAL (1) 2,866 2,962 (96) (1) Does not include €76 million regarding units classified as “held for sale” at December 31, 2010 (€134 million in at December 31, 2009). Capital expenditure totaled €2,866 million, down €96 million compared with the previous year. It includes €1,183 million in respect of generation plants, including: in Spain and Portugal, the construction of combined-cycle plants (Besós 5, Elecgas, Ca’s Tresorer 2 and Granadilla 2), gas-fired plants (Ibiza and Ceuta), and the construction and development of a number of wind facilities; in Latin America, among other projects, the construction of the Bocamina II coal-fired plant and the Quimbo hydroelectric plant in Colombia. Investments in the electricity network, totaling €1,152 million (of which €861 million in Europe), concerned the expansion of the distribution network, work to enhance the service quality and operating efficiency of the electrical system and the installation of electronic meters. 101
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Annual Report 2010
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Contents Enel Annual Report 2010 Re
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Report on operations
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Iberia and Latin America Endesa Int
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operates in the end-user market for
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Powers Board of Directors The Board
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The contribution of the operating D
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The Spanish market saw a turnaround
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30.8% of its shares are listed on t
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of 21.4%). More specifically, the p
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Millions of euro Operating assets O
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21 10 January Acquisition of Padoma
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19 April €10 billion revolving li
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1 July Sale of power transmission n
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11 10 November Enel and Kepco sign
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of industrial economies (such as Ge
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inventories at their highest level
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Italy The electricity market Domest
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gradually increasing use, as from 2
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information on customers who have f
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Following the hearing of February 1
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With Resolution ARG/elt no. 211/10,
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Gas transport and metering rates Wi
Page 49 and 50: With Resolution VIS no. 162/10, the
Page 51 and 52: Developments in prices in the main
Page 53 and 54: lished on January 26, 2011, the Min
Page 55 and 56: On July 2, 2010, the CNC had undert
Page 57 and 58: ANEEL resolution also provides for
Page 59 and 60: daily wholesale market. Specificall
Page 61 and 62: the ARENH price will be set with a
Page 63 and 64: leading to a final 2010 system cost
Page 65 and 66: electricity from hydroelectric plan
Page 67 and 68: National renewable energy action pl
Page 69 and 70: were held in 2010. Plants with a to
Page 71 and 72: USA Carbon regulation On May 12, 20
Page 73 and 74: cial receivables in respect of the
Page 75 and 76: The performance and balance sheet f
Page 77 and 78: Costs Millions of euro 2010 2009 re
Page 79 and 80: Analysis of the Group’s financial
Page 81 and 82: Sundry provisions, totaling €17,2
Page 83 and 84: in long-term financial receivables
Page 85 and 86: eceivable in respect of the sale to
Page 87 and 88: (1) (2) 2009 results restated Milli
Page 89 and 90: 1 Sales The Sales Division is respo
Page 91 and 92: the free market, which benefited fr
Page 93 and 94: Revenues for 2010 totaled €17,540
Page 95 and 96: of the International Division, rela
Page 97 and 98: Capital expenditure Millions of eur
Page 99: Net efficient generation capacity M
Page 103 and 104: Contribution to gross thermal gener
Page 105 and 106: The table below shows performance b
Page 107 and 108: Operations Net electricity generati
Page 109 and 110: prior-year items recognized in 2009
Page 111 and 112: Services and Other Activities The p
Page 113 and 114: its generation mix towards the use
Page 115 and 116: Country risk By now, some 50% of th
Page 117 and 118: Sustainability
Page 119 and 120: Sustainability in Enel Providing su
Page 121 and 122: Sustainability reporting Since 2002
Page 123 and 124: which is needed in order to rationa
Page 125 and 126: project, which resulted in hiring a
Page 127 and 128: The Nine Points project was one of
Page 129 and 130: well as in light of the recent reca
Page 131 and 132: sustainability by following the Blu
Page 133 and 134: tainability and governance help bus
Page 135 and 136: mapping of production sites located
Page 137 and 138: Zero-emission thermal power generat
Page 139 and 140: developing low-cost distributed pow
Page 141 and 142: Electric mobility The “Electric M
Page 143: Reconciliation of shareholders’ e
Page 146 and 147: Consolidated Income Statement Milli
Page 148 and 149: Consolidated Balance Sheet Millions
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Statement of Changes in Consolidate
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Consolidated Statement of Cash Flow
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2 Accounting policies and measureme
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esposibilities, and their close rel
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and completed before that date are
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Investment property Investment prop
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Financial liabilities Financial lia
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For more information on the estimat
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incorporating the guidelines contai
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classified as equity if (and only i
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Millions of euro LIABILITIES AND SH
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are conducted within the framework
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Expected cash flows from interest r
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The following table reports the cas
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Millions of euro -10% Scenario +10%
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disposal, on September 23, 2009, of
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Segment information for 2010 and 20
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The following table reconciles segm
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The table below gives a breakdown o
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9.c Personnel - €4,907 million Mi
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Net income/(charges) from commodity
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Financial expense Millions of euro
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Information on the Consolidated Bal
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subsequently sold in December 2010;
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expected future cash flows and appl
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18. Equity investments accounted fo
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Equity investments in other compani
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20. Other non-current assets - €1
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addition to direct reimbursement) b
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Assets held for sale 27. Assets hel
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Non-current liabilities 29. Long-te
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issue of bonds for retail investors
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Current portion of long-term loans
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failure to make payment, breach of
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Millions of euro Pension benefits O
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31. Provisions for risks and charge
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Commodity derivatives mainly relate
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36. Current financial liabilities -
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Liabilities held for sale 38. Liabi
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40. Contractual commitments and gua
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Developments in the inquiries of th
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provisionally enforceable, held the
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creditor rights in respect of CELF
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43. Stock incentive plans Between 2
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of the dividend (for 2004) of €0.
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that of a specific benchmark index
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Compensation of Directors, members
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Corporate governance
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Major shareholdings and shareholder
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prescribed by the Unified Financial
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C) The revolving credit facility ag
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structure, internal auditing system
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listed companies), distinctly menti
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University, in Syracuse, New York (
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The Directors perform their duties
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letter b) above, have assets exceed
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sufficient to ensure that their jud
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compensation of the Chief Executive
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the power - which may also be exerc
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Conte is concerned, the Board of St
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in December 2006, the Board of Dire
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“independent” monitoring, entru
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conditions, and those whose conside
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of the Company’s website (www.ene
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Ethics consists of: > general princ
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“Zero Tolerance of Corruption”
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In principle, unless there are spec
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Internal control Has the Company ap
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Declaration of the Chief Executive
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Attachments
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Subsidiaries consolidated on a line
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Company name Registered office Coun
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Company name International Endesa B
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Enel SpA companies consolidated on
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Company name Companhia Térmica Rib
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Endesa SA companies consolidated on
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Associated companies accounted for
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Company name P.N. Endesa SA Central
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Other significant equity investment
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Reports
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Concept design Inarea - Rome Publis
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