Annual Report 2010 - Enel.com

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Our Mission At Enel our mission is to create and deliver value in the international electricity market, benefiting our customers and our shareholders, fostering competition in the countries in which we operate, and meeting the expectations of all those who work with us. Enel works to serve the community, while respecting the environment and human safety, with a commitment to leaving future generations a better world. 118 Enel Annual Report 2010 Report on operations
Sustainability in Enel Providing sustainable, affordable and accessible energy, pursuing responsible growth that respects the environment, communities and countries in which we operate and ensuring a better future for the coming generations – these are Enel’s sustainability goals. Enel wants to grow while fully respecting our stakeholders and striking a balance between economic, environmental and social variables. Sustainability is an integral part of Enel’s culture: it is the engine of a process of continual improvement that touches all the Group companies and is an essential component of growth and development. With the aim of creating and delivering value in the international energy market to the benefit of our customers, shareholders and a competitive marketplace, Enel works to improve the community while respecting the environment and human safety. Enel is closely involved with developing renewable energy and making technological advances for a better world. Enel’s fundamental ethical principles, enshrined in the Code of Ethics, are at the heart of our corporate culture and models of behavior required of all employees. About ten years ago, Enel started upon the path to achieve the highest sustainability standards and has been rewarded through the continued interest of socially-responsible investment funds. Based on December 2010 data, Enel shares are held by 61 ethical funds, representing 16.9% of our institutional shareholders. In 2010, for the seventh straight year, Enel was included in the Dow Jones Sustainability Index, a market benchmark which includes the world’s leading companies that meet strict economic, social and environmental criteria. Commitments Each year, Enel defines its corporate social responsibility objectives in line with the Group’s strategies and in accordance with the principles of the UN Global Compact. Value generation, climate change, dialogue with the community, safety for employees and suppliers – these are some of the priorities that drive Enel. Specifically, the Group has reaffirmed its commitment to sustainable development according to specific guidelines affecting four areas. In 2010, for the seventh straight year, Enel was included in the Dow Jones Sustainability Index > Ethics: Enel is committed to forging a governance system inspired by the highest standards of transparency and fairness in corporate management. > People: Enel guarantees the safety of all those involved in its activities, respecting the “value” of the person, the sphere of individual and collective interests, from human rights to workplace health and safety, from training to respect for equal opportunity and multiculturalism. In the communities and markets in which it operates, Enel is committed to promoting and respecting human rights, involving various social players and in continually improving the services offered. > Environment and Climate Strategy: Enel has given the fight against climate change a central place among its responsibilities as a major global energy company and has long undertaken actions to reduce greenhouse gas emissions in all the countries in which it operates – a demonstration of its concern for the environment, biodiversity and future generations. > Research and development: Enel works to ensure a reliable supply of electricity and to promote sustainable development by focusing on renewable sources, biofuels and CO capture and geological storage. 2 119
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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
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With Resolution VIS no. 162/10, the
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Developments in prices in the main
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lished on January 26, 2011, the Min
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On July 2, 2010, the CNC had undert
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ANEEL resolution also provides for
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daily wholesale market. Specificall
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the ARENH price will be set with a
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leading to a final 2010 system cost
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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
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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
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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 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
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Page 115 and 116: Country risk By now, some 50% of th
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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
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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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