Annual Report 2010 - Enel.com

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The following table reconciles segment assets and liabilities and the consolidated figures. Millions of euro 184 Enel Annual Report 2010 Consolidated financial statements at Dec. 31, at Dec. 31, 2009 2010 restated (1) Total assets 168,052 162,331 Financial assets, cash and cash equivalents 22,934 18,480 Tax assets 7,633 7,787 Segment assets 137,485 136,064 - of which: Sales 6,162 6,598 Generation and Energy Management 14,934 15,054 Engineering and Innovation 316 342 Infrastructure and Networks 17,680 17,272 Iberia and Latin America (2) 77,764 80,799 International (3) 13,103 12,292 Renewable Energy (4) 9,654 6,423 Parent Company 1,075 1,229 Services and Other Activities 2,529 2,197 Eliminations and adjustments (5,732) (6,142) Total liabilities 114,507 116,398 Loans and other financial liabilities 68,683 71,141 Tax liabilities 12,591 13,209 Segment liabilities 33,233 32,048 - of which: Sales 5,673 5,471 Generation and Energy Management 4,467 4,218 Engineering and Innovation 374 363 Infrastructure and Networks 5,825 5,651 Iberia and Latin America (5) 13,500 13,034 International (6) 5,184 4,786 Renewable Energy (7) 1,235 804 Parent Company 1,166 1,090 Services and Other Activities 1,543 1,612 Eliminations and adjustments (5,734) (4,981) (1) 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. (2) Of which €484 million regarding units classified as “held for sale” at December 31, 2010 (€485 million at December 31, 2009). (3) Of which €592 million regarding units classified as “held for sale” at December 31, 2010. (4) Of which €399 million regarding units classified as “held for sale” at December 31, 2010. (5) Of which €145 million regarding units classified as “held for sale” at December 31, 2010 (€102 million at December 31, 2009). (6) Of which €26 million regarding units classified as “held for sale” at December 31, 2010. (7) Of which €14 million regarding units classified as “held for sale” at December 31, 2010.
Information on the Consolidated Income Statement Revenues 8.a Revenues from sales and services - €71,943 million Millions of euro 2010 2009 restated 2010-2009 Revenues from the sale and transport of electricity and contributions from Electricity Equalization Fund and similar bodies 64,045 56,285 7,760 Revenues from the sale and transport of natural gas to end users 3,574 2,996 578 Revenues from fuel sales 449 301 148 Connection fees for the electricity and gas networks 1,429 1,012 417 Revenues for contract work in progress 170 420 (250) Other sales and services 2,276 1,484 792 Total 71,943 62,498 9,445 “Revenues from the sale and transport of electricity and contributions from Electricity Equalization Fund and similar bodies” primarily include €9,588 million in revenues from the transport and sale of electricity on the domestic enhanced protection market (€10,458 million in 2009) and €757 million on the safeguard market (€743 million in 2009), €8,491 million in revenues from the sale of electricity on the Power Exchange and to other domestic resellers (€8,743 million in 2009), €7,521 million in revenues from the transport and sale of electricity on the domestic free market (€7,380 million in 2009), and €36,210 million in revenues from the sale and transport of electricity abroad (€28,869 million in 2009). In addition to the change in the method used to consolidate Endesa as from June 2009, revenues from the sale and transport of electricity abroad were affected by the effects (€2,180 million) of the application as from July 1, 2009 of the new rate rules for the Spanish electricity sales and distribution market with the introduction of the Tarifa de Ultimo Recurso (TUR). The changes involved the separate recognition in the income statement of the revenues and costs concerning, respectively, the sale and purchase of electricity, including transport costs, which had previously been offset. “Revenues from the sale and transport of natural gas to end users” came to €3,574 million in 2010 and include €2,244 million in revenues from the sale and transport of natural gas in Italy (€2,139 million in 2009) and sales of natural gas abroad amounting to €1,330 million (€857 million in 2009). “Revenues from fuel sales” came to €449 million in 2010 and include €179 million in sales of natural gas (€73 million in 2009), while the sale of other fuels amounted to €270 million (€228 million in 2009). “Connection fees for the electricity and gas networks” reflect the impact of the application of IFRIC 18 in 2010 in the amount of €548 million (€327 million in 2009). “Revenues for contract work in progress” refer to engineering and construction work for third parties. 185
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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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sustainability by following the Blu
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
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 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;
Page 198 and 199: expected future cash flows and appl
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
Page 230 and 231: Developments in the inquiries of th
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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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