Annual Report 2010 - Enel.com

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Segment information for 2010 and 2009 Results for 2010 (1) Millions of euro Sales GEM Eng. & Innov. Infra. & Networks Iberia and Latin America Int’l Renevable Energy 182 Enel Annual Report 2010 Consolidated financial statements Parent Company Services and Other Activities Elimination and adjustments Total Revenues from third parties 18,499 12,173 106 2,991 31,022 6,203 1,934 358 102 (11) 73,377 Revenues from other segments 198 5,367 502 4,436 241 157 245 321 1,031 (12,498) - Total revenues 18,697 17,540 608 7,427 31,263 6,360 2,179 679 1,133 (12,509) 73,377 Net income/(charges) from commodity risk management (587) 788 - - 28 (29) 89 (9) - - 280 Operating income 58 1,832 10 2,911 4,643 903 966 (75) 26 (16) 11,258 Net financial income/(expense) and income/ (expense) from equity investments accounted for using equity method - - - - - - - - - - (3,184) Income taxes - - - - - - - - - - 2,401 Net income from continuing operations - - - - - - - - - - 5,673 Net income from discontinued operations - - - - - - - - - - - Net income (Group and minority interests) - - - - - - - - - - 5,673 Operating assets 6,162 14,934 316 17,680 77,764 (2) 13,103 (5) 9,654 (8) 1,075 2,529 (5,732) 137,485 Operating liabilities 5,673 4,467 374 5,825 13,500 (3) 5,184 (6) 1,235 (9) 1,166 1,543 (5,734) 33,233 Capital expenditure 62 648 5 1,147 2,866 (4) 1,210 (7) 1,065 (10) 7 80 - 7,090 (1) Segment revenues include both revenues from third parties and revenue flows between the segments. An analogous approach was taken for other income and costs for the year. (2) Of which €484 million regarding units classified as “held for sale”. (3) Of which €145 million regarding units classified as “held for sale”. (4) Does not include €76 million regarding units classified as “held for sale”. (5) Of which €592 million regarding units classified as “held for sale”. (6) Of which €26 million regarding units classified as “held for sale”. (7) Does not include €10 million regarding units classified as “held for sale”. (8) Of which €399 million regarding units classified as “held for sale”. (9) Of which €14 million regarding units classified as “held for sale”. (10) Does not include €11 million regarding units classified as “held for sale”.
Results for 2009 (1) (2) Millions of euro Sales GEM Eng. & Innov. Infra. & Networks Iberia and Latin America Int’l Renewable Energy Parent Company Services and Eliminations Other and Activities adjustments Total Revenues from third parties 20,034 12,393 212 2,577 7 5,358 1,520 335 116 (39) 64,035 Revenues from other segments 296 5,984 691 4,665 3 182 231 302 976 (13,330) - Total revenues 20,330 18,377 903 7,242 21,532 5,540 1,751 637 1,092 (13,369) 64,035 Net income/(charges) from commodity risk management (871) 811 - - 173 31 116 4 - - 264 Gross operating margin 393 3,024 17 3,986 5,928 1,424 1,178 (25) 124 (5) 16,044 Depreciation, amortization and impairment losses 383 542 3 880 2,487 644 240 9 101 - 5,289 Operating income 10 2,482 14 3,106 3,441 780 938 (34) 23 (5) 10,755 Net financial income/(expense) and income/ (expense) from equity investments accounted for using equity method - - - - - - - - - - (1,687) Income taxes - - - - - - - - - - 2,520 Net income from continuing operations - - - - - - - - - - 6,548 Net income from discontinued operations - - - - - - - - - - (158) Net income (Group and minority interests) - - - - - - - - - - 6,390 Operating assets 6,598 15,054 342 17,272 78,995 (4) 12,292 6,423 1,229 2,197 (6,142) 134,260 Operating liabilities 5,471 4,218 363 5,682 13,543 (5) 4,814 804 1,090 1,612 (4,981) 32,616 Capital expenditure 80 783 5 1,112 (3) 2,962 (6) 1,014 771 6 92 - 6,825 (1) Segment revenues include both revenues from third parties and revenue flows between the segments. An analogous approach was taken for other income and costs for the year. (2) The figures were restated as a result of the retrospective application of a number of accounting standards, as well as the completion of the process of allocating the cost of the purchase of 25.01% of Endesa to the assets acquired and liabilities assumed. (3) Does not include €63 million regarding units classified as “held for sale”. (4) Of which €485 million regarding units classified as “held for sale”. (5) Of which €102 million regarding units classified as “held for sale”. (6) Does not include €134 million regarding units classified as “held for sale”. 183
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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
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of the International Division, rela
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Capital expenditure Millions of eur
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Net efficient generation capacity M
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an increase of €971 million in th
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Contribution to gross thermal gener
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The table below shows performance b
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Operations Net electricity generati
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prior-year items recognized in 2009
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Services and Other Activities The p
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its generation mix towards the use
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Country risk By now, some 50% of th
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Sustainability
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Sustainability in Enel Providing su
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Sustainability reporting Since 2002
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which is needed in order to rationa
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project, which resulted in hiring a
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The Nine Points project was one of
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well as in light of the recent reca
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Page 133 and 134: tainability and governance help bus
Page 135 and 136: mapping of production sites located
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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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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 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;
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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
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Page 226 and 227: Liabilities held for sale 38. Liabi
Page 228 and 229: 40. Contractual commitments and gua
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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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