Annual Report 2010 - Enel.com

8
Millions of euro
2010
110 Enel Annual Report 2010 Report on operations
2009
restated 2010-2009
Parent Company
Revenues 679 637 42
Gross operating margin (68) (25) (43)
Operating income (75) (34) (41)
Operating assets 1,075 1,229 (154)
Operating liabilities 1,166 1,090 76
Employees at year-end (no.) 803 731 72
Capital expenditure
Services and Other Activities
7 6 1
Revenues 1,133 1,092 41
Gross operating margin 136 124 12
Operating income 26 23 3
Operating assets 2,529 2,197 332
Operating liabilities 1,543 1,612 (69)
Employees at year-end (no.) 4,033 4,168 (135)
Capital expenditure 80 92 (12)
Parent Company
In its capacity as an industrial holding company, Enel SpA
defines strategic targets for the Group and coordinates
the activities of subsidiaries.
In addition, Enel SpA manages central treasury operations
and insurance risk coverage, providing assistance and
guidelines on organization, personnel management and
labor relations, accounting, administrative, fiscal, legal,
and corporate matters. Enel also currently holds a contract
with Atel for the import of electricity on the Swiss border.
Performance
Parent Company, Services and Other Activities
Revenues in 2010 amounted to €679 million, up €42
million compared with the previous year (an increase of
6.6%). This can mainly be attributed to:
> a €19 million increase in revenues from the sale of electricity
to the Single Buyer, essentially ascribable to a rise
in the average sales price while the quantities sold remained
virtually unchanged;
> a €24 million increase in revenues for support and staff
activities for the Group companies.
The gross operating margin was a negative €68 million in
2010, a deterioration of €43 million. This performance was
due to an increase of €15 million in operating expenses, a
€12 million decrease in the energy margin and the adjustment
of provisions for risks and charges with increased net
accruals in the amount of €16 million.
Operating income showed a loss of €75 million, a deterioration
of €41 million on 2009, in line with developments
in the gross operating margin.