Annual Report 2010 - Enel.com

Total net efficient capacity showed an increase di 1,294 MW, of which 1,156 MW abroad, mainly due to the aforementioned
change in the scope of consolidation.
Performance
Millions of euro
2010
2009
restated 2010-2009
Revenues 2,179 1,751 428
Net income/(charges) from commodity risk management 89 116 (27)
Gross operating margin 1,310 1,178 132
Operating income 966 938 28
Operating assets (1) 9,654 6,423 3,231
Operating liabilities (2) 1,235 804 431
Employees at year-end (no.) (3) 2,955 2,685 270
Capital expenditure (4) 1,065 771 294
(1) Of which €399 million regarding units classified as “held for sale” at December 31, 2010.
(2) Of which €14 million regarding units classified as “held for sale” at December 31, 2010.
(3) Of which 12 in units classified as “held for sale” at December 31, 2010.
(4) Does not include €11 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 Change 2010
108 Enel Annual Report 2010 Report on operations
2009
restated Change 2010
2009
restated Change
Italy and the rest of
Europe 1,458 1,283 175 890 905 (15) 724 765 (41)
Iberia and Latin America 576 352 224 336 212 124 206 154 52
North America 145 116 29 84 61 23 36 19 17
Total 2,179 1,751 428 1,310 1,178 132 966 938 28
Revenues rose by €428 million or 24.4%, going from
€1,751 million to €2,179 million. This change is due to:
> an increase of €224 million in revenues in the Iberian
peninsula and in Latin America, largely due to the
aforementioned change in the scope of consolidation,
higher wind power output in Spain and an increase in
hydroelectric generation in the Latin American countries;
> a €175 million increase in revenues in Italy and the rest
of Europe, essentially as a result of:
- a €148 million increase in revenues for Enel.si, mainly
connected with sales of photovoltaic panels;
- a €30 million increase in sales of green certificates in
Italy;
- a €10 million increase in revenues in France due to
increased wind power output despite a reduction in
average sales prices;
- a €29 million decrease in electricity sales, mainly
attributable to lower revenues from sales of subsidized
CIP 6 electricity (€114 million), only partially offset
by increased revenues from bilateral contracts (€65
million) and on the Power Exchange (€20 million);
> a €29 million increase in revenues in North America, essentially
reflecting the impact of certain negative prioryear
items recognized in 2009.
The gross operating margin amounted to €1,310 million,
up €132 million or 11.2% compared with 2009. The
increase is attributable to:
> a €124 million increase in the margin achieved in the
Iberian peninsula and in Latin America, due mainly to
the change in the scope of consolidation and higher
generation margins achieved in Spain and in the Latin
American countries as a result of higher volumes sold;
> a €23 million increase in the margin posted in North
America, essentially due to the effect of the negative