Annual Report 2010 - Enel.com

More documents

Recommendations

Info

Electricity sales Millions of kWh 104 Enel Annual Report 2010 Report on operations 2010 2009 2010-2009 Free market: - Romania 923 1,022 (99) -9.7% - France 5,578 3,276 2,302 70.3% - Russia 14,737 5,243 9,494 181.1% - Slovakia 2,216 293 1,923 656.3% Total free market Regulated market: 23,454 9,834 13,620 138.5% - Romania 8,103 8,576 (473) -5.5% - Russia 6,316 14,433 (8,117) -56.2% Total regulated market 14,419 23,009 (8,590) -37.3% TOTAL 37,873 32,843 5,030 15.3% - of which Romania 9,026 9,598 (572) -6.0% - of which France 5,578 3,276 2,302 70.3% - of which Russia 21,053 19,676 1,377 7.0% - of which Slovakia 2,216 293 1,923 656.3% Electricity sold by the International Division in 2010 increased by 5,030 million kWh, mainly attributable to an increase of 2,302 million kWh in sales by Enel France as a result of the greater anticipated capacity available compared with 2009, an increase of 1,923 million kWh in Slovakia and an increase of 1,377 million kWh by the Russian Performance companies as a result of the increase in electricity demand. The increase was only partially offset by the decline in the sales of the Romanian companies (572 million kWh), attributable mainly to the decline in consumption, especially in the region served by Enel Energie Muntenia. Millions of euro 2010 2009 restated 2010-2009 Revenues 6,360 5,568 792 Net income/(charges) from commodity risk management (29) 31 (60) Gross operating margin 1,520 1,452 68 Operating income 903 808 95 Operating assets (1) 13,103 12,292 811 Operating liabilities (2) 5,184 4,786 398 Employees at year-end (no.) (3) 14,876 15,752 (876) Capital expenditure (4) 1,210 1,014 196 (1) Of which €592 million regarding units classified as “held for sale” at December 31, 2010. (2) Of which €26 million regarding units classified as “held for sale” at December 31, 2010. (3) Of which 503 in units classified as “held for sale” at December 31, 2010. (4) Does not include €10 million regarding units classified as “held for sale” at December 31, 2010.
The table below shows performance by geographical area. Millions of euro Revenues Gross operating margin Operating income 2010 2009 restated 2010-2009 2010 2009 restated 2010-2009 2010 2009 restated 2010-2009 Central Europe 2,732 2,587 145 769 910 (141) 447 552 (105) South-eastern Europe 1,203 1,159 44 318 290 28 153 116 37 Russia 2,425 1,822 603 433 252 181 303 140 163 Total 6,360 5,568 792 1,520 1,452 68 903 808 95 Revenues increased by €792 million or 14.2% in 2010, going from €5,568 million to €6,360 million. The performance was related to the following factors: > a €603 million increase in revenues in Russia, mainly attributable to Enel OGK-5 and RusEnergoSbyt (a total of €687 million), associated with an increase in volumes sold against a background of rising price. These factors were partially offset by the recognition in the 3rd Quarter of 2009 of the gain on the sale of 51% of the stake held in SeverEnergia (€68 million); > a €145 million increase in revenues in Central Europe, essentially attributable to an €87 million in revenues in Slovakia and €60 million in increased revenues from electricity sales by Enel France. Both of these developments were due to an increase in volumes sold, the effect of which more than offset declining average sales prices; > an increase of €44 million in revenues in south-eastern Europe, essentially due to the increase of €21 million (including the effect of the application of IFRIC 18) in the revenues of the Romanian companies and a rise of €22 million in the revenues of Enel Maritza East 3, the latter thanks to the increase in average sales prices and the full availability of plants. The gross operating margin amounted to €1,520 million, an increase of €68 million compared with 2009. The performance was the result of: > a €181 million increase in the gross operating margin in Russia, due to the improvement in the margin of Enel OGK-5 (€151 million) and RusEnergoSbyt (€83 million) as well as the deconsolidation of SeverEnergia (€13 million). These effects were only partially offset by the effect of the recognition in 2009 of the gain on the sale of 51% of the holding in SeverEnergia; > a €28 million rise in the margin in south-eastern Europe, essentially attributable to the €18 million improvement in the margin in Romania (of which €14 million as a result of the application of IFRIC 18) as well as the entry into service of a new unit at the Enel Maritza East 3 plant; > a reduction in the gross operating margin in central Europe as a result of the lower margin achieved by Slovenské elektrárne (€114 million), essentially attributable to the decrease in the generation margin, and by Enel France (€23 million) as a result of unfavorable price developments. Operating income in 2010 amounted to €903 million, an increase on 2009 of €95 million or 11.8% after depreciation, amortization and impairment losses of €617 million (€644 million in 2009). 105
Page 1:
Annual Report 2010
Page 4 and 5:
Contents Enel Annual Report 2010 Re
Page 7 and 8:
Report on operations
Page 9 and 10:
Iberia and Latin America Endesa Int
Page 11 and 12:
operates in the end-user market for
Page 13 and 14:
Powers Board of Directors The Board
Page 15 and 16:
The contribution of the operating D
Page 17 and 18:
The Spanish market saw a turnaround
Page 19 and 20:
30.8% of its shares are listed on t
Page 21 and 22:
of 21.4%). More specifically, the p
Page 23 and 24:
Millions of euro Operating assets O
Page 25 and 26:
21 10 January Acquisition of Padoma
Page 27 and 28:
19 April €10 billion revolving li
Page 29 and 30:
1 July Sale of power transmission n
Page 31 and 32:
11 10 November Enel and Kepco sign
Page 33 and 34:
of industrial economies (such as Ge
Page 35 and 36:
inventories at their highest level
Page 37 and 38:
Italy The electricity market Domest
Page 39 and 40:
gradually increasing use, as from 2
Page 41 and 42:
information on customers who have f
Page 43 and 44:
Following the hearing of February 1
Page 45 and 46:
With Resolution ARG/elt no. 211/10,
Page 47 and 48:
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 and 100: Net efficient generation capacity M
Page 101 and 102: an increase of €971 million in th
Page 103: Contribution to gross thermal gener
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
Page 150 and 151: Statement of Changes in Consolidate
Page 152 and 153: Consolidated Statement of Cash Flow
Page 154 and 155:
2 Accounting policies and measureme
Page 156 and 157:
esposibilities, and their close rel
Page 158 and 159:
and completed before that date are
Page 160 and 161:
Investment property Investment prop
Page 162 and 163:
Financial liabilities Financial lia
Page 164 and 165:
For more information on the estimat
Page 166 and 167:
incorporating the guidelines contai
Page 168 and 169:
classified as equity if (and only i
Page 170 and 171:
Millions of euro LIABILITIES AND SH
Page 172 and 173:
are conducted within the framework
Page 174 and 175:
Expected cash flows from interest r
Page 176 and 177:
The following table reports the cas
Page 178 and 179:
Millions of euro -10% Scenario +10%
Page 180 and 181:
disposal, on September 23, 2009, of
Page 182 and 183:
Segment information for 2010 and 20
Page 184 and 185:
The following table reconciles segm
Page 186 and 187:
The table below gives a breakdown o
Page 188 and 189:
9.c Personnel - €4,907 million Mi
Page 190 and 191:
Net income/(charges) from commodity
Page 192 and 193:
Financial expense Millions of euro
Page 194 and 195:
Information on the Consolidated Bal
Page 196 and 197:
subsequently sold in December 2010;
Page 198 and 199:
expected future cash flows and appl
Page 200 and 201:
18. Equity investments accounted fo
Page 202 and 203:
Equity investments in other compani
Page 204 and 205:
20. Other non-current assets - €1
Page 206 and 207:
addition to direct reimbursement) b
Page 208 and 209:
Assets held for sale 27. Assets hel
Page 210 and 211:
Non-current liabilities 29. Long-te
Page 212 and 213:
issue of bonds for retail investors
Page 214 and 215:
Current portion of long-term loans
Page 216 and 217:
failure to make payment, breach of
Page 218 and 219:
Millions of euro Pension benefits O
Page 220 and 221:
31. Provisions for risks and charge
Page 222 and 223:
Commodity derivatives mainly relate
Page 224 and 225:
36. Current financial liabilities -
Page 226 and 227:
Liabilities held for sale 38. Liabi
Page 228 and 229:
40. Contractual commitments and gua
Page 230 and 231:
Developments in the inquiries of th
Page 232 and 233:
provisionally enforceable, held the
Page 234 and 235:
creditor rights in respect of CELF
Page 236 and 237:
43. Stock incentive plans Between 2
Page 238 and 239:
of the dividend (for 2004) of €0.
Page 240 and 241:
that of a specific benchmark index
Page 242 and 243:
Compensation of Directors, members
Page 245 and 246:
Corporate governance
Page 247 and 248:
Major shareholdings and shareholder
Page 249 and 250:
prescribed by the Unified Financial
Page 251 and 252:
C) The revolving credit facility ag
Page 253 and 254:
structure, internal auditing system
Page 255 and 256:
listed companies), distinctly menti
Page 257 and 258:
University, in Syracuse, New York (
Page 259 and 260:
The Directors perform their duties
Page 261 and 262:
letter b) above, have assets exceed
Page 263 and 264:
sufficient to ensure that their jud
Page 265 and 266:
compensation of the Chief Executive
Page 267 and 268:
the power - which may also be exerc
Page 269 and 270:
Conte is concerned, the Board of St
Page 271 and 272:
in December 2006, the Board of Dire
Page 273 and 274:
“independent” monitoring, entru
Page 275 and 276:
conditions, and those whose conside
Page 277 and 278:
of the Company’s website (www.ene
Page 279 and 280:
Ethics consists of: > general princ
Page 281 and 282:
“Zero Tolerance of Corruption”
Page 283 and 284:
In principle, unless there are spec
Page 285:
Internal control Has the Company ap
Page 288 and 289:
Declaration of the Chief Executive
Page 291 and 292:
Attachments
Page 293 and 294:
Subsidiaries consolidated on a line
Page 295 and 296:
Company name Registered office Coun
Page 297 and 298:
Page 299 and 300:
Page 301 and 302:
Page 303 and 304:
Page 305 and 306:
Page 307 and 308:
Page 309 and 310:
Page 311 and 312:
Page 313 and 314:
Page 315 and 316:
Company name International Endesa B
Page 317 and 318:
Enel SpA companies consolidated on
Page 319 and 320:
Company name Companhia Térmica Rib
Page 321 and 322:
Page 323 and 324:
Endesa SA companies consolidated on
Page 325 and 326:
Associated companies accounted for
Page 327 and 328:
Page 329 and 330:
Page 331 and 332:
Company name P.N. Endesa SA Central
Page 333 and 334:
Other significant equity investment
Page 337 and 338:
Reports
Page 342:
Concept design Inarea - Rome Publis
show all

Annual Report 2010 - Enel.com

Create successful ePaper yourself

Delete template?

Save as template?