Annual Report 2010 - Enel.com

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Consolidated Income Statement Millions of euro Notes Revenues 146 Enel Annual Report 2010 Consolidated financial statements 2010 2009 restated of which with related parties of which with related Revenues from sales and services 8.a 71,943 7,740 62,498 8,481 Other revenues 8.b 1,434 5 1,864 374 Costs parties [Subtotal] 73,377 7,745 64,362 8,855 Raw materials and consumables 9.a 36,457 10,985 32,638 13,757 Services 9.b 13,628 1,928 10,004 625 Personnel 9.c 4,907 4,908 Depreciation, amortization and impairment losses 9.d 6,222 8 5,339 Other operating expenses 9.e 2,950 3 2,298 263 Capitalized costs 9.f (1,765) (1,593) [Subtotal] 62,399 12,924 53,594 14,645 Net income/(charges) from commodity risk management 10 280 8 264 (25) Operating income 11,258 11,032 Financial income 11 2,576 21 3,593 17 Financial expense 11 5,774 5,334 Share of income/(expense) from equity investments accounted for using the equity method 12 14 54 Income before taxes 8,074 9,345 Income taxes 13 2,401 2,597 Net income from continuing operations 5,673 6,748 Net income from discontinued operations (1) 14 - (158) Net income for the year (shareholders of the Parent Company and minority interests) 5,673 6,590 Attributable to minority interests 1,283 1,004 Attributable to shareholders of the Parent Company 4,390 5,586 Earnings per share (euro) 0.47 0.59 Diluted earnings per share (euro) (2) 0.47 0.59 Earnings from continuing operations per share 0.47 0.61 Diluted earnings from continuing operations per share (2) 0.47 0.61 Earnings from discontinued operations per share - (0.02) Diluted earnings from discontinued operations per share (2) - (0.02) (1) The result for discontinued operations for 2009 is entirely attributable to the Group. (2) Calculated on the basis of the average number of ordinary shares in the year, taking account of the dividend accrual date for the shares issued following the capital increase completed on July 9, 2009 (9,403,357,795 shares) adjusted for the diluting effect of outstanding stock options (zero in both years).
Statement of Consolidated Comprehensive Income Millions of euro Notes 2010 2009 restated Net income for the period 5,673 6,590 Other components of comprehensive income: - Effective portion of change in the fair value of cash flow hedges (1) 307 (882) - Income recognized in equity by companies accounted for using the equity method 16 8 - Change in the fair value of financial investments available for sale 384 198 - Exchange rate differences (2) 2,323 1,288 - Net income from sale of equity holdings without loss of control 796 - Income/(Loss) recognized directly in equity 28 3,826 612 Comprehensive income for the period Attributable to: 9,499 7,202 - shareholders of the Parent Company 6,941 5,376 - non-controlling interests 2,558 1,826 (1) Of which charges of €6 million regarding units classified as “held for sale” in 2010 (zero in 2009). (2) Of which exchange rate gains of €2 million regarding units classified as “held for sale” in 2010 (zero in 2009). 147
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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
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National renewable energy action pl
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were held in 2010. Plants with a to
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USA Carbon regulation On May 12, 20
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cial receivables in respect of the
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The performance and balance sheet f
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Costs Millions of euro 2010 2009 re
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Analysis of the Group’s financial
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Sundry provisions, totaling €17,2
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in long-term financial receivables
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eceivable in respect of the sale to
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(1) (2) 2009 results restated Milli
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1 Sales The Sales Division is respo
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the free market, which benefited fr
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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
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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
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 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
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Page 194 and 195: 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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