Annual Report 2010 - Enel.com

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9.c Personnel - €4,907 million Millions of euro 2010 188 Enel Annual Report 2010 Consolidated financial statements 2009 restated 2010-2009 Wages and salaries 3,370 3,099 271 Social security contributions 839 794 45 Post-employment benefits 116 111 5 Other costs 582 904 (322) Total 4,907 4,908 (1) - of which capitalized (708) (667) (41) Personnel costs were essentially unchanged in 2010 as the increase in compensation taking effect as from January 1, 2009 consequent upon the renewal of the collective bargaining agreement for the Italian electricity industry was offset by the decline in “other costs”, which included charges connected with early retirement incentives in the amount of €388 million (€713 million in 2009). In addition, costs in respect of termination benefits recognized in 2010 amounted to €206 million (€232 million in 2009). The table below shows the average number of employees by category compared with the previous year, and the actual number of employees at December 31, 2010. Average number (1) Headcount (1) at Dec. 31, 2010 2009 2010-2009 2010 (2) Senior managers 1,336 1,309 27 1,256 Middle managers 14,110 8,171 5,939 14,255 Office staff 42,669 45,884 (3,215) 42,166 Workers 21,798 22,739 (941) 20,636 Total 79,913 78,103 1,810 78,313 (1) For companies consolidated on a proportionate basis, the headcount corresponds to Enel percentage share of the total. (2) Of which 2,324 in units classified as “Assets held for sale”. 9.d Depreciation, amortization and impairment losses - €6,222 million Millions of euro 2010 2009 restated 2010-2009 Depreciation 4,407 4,054 353 Amortization 865 520 345 Impairment losses 950 765 185 Total 6,222 5,339 883 “Depreciation” totaled €4,407 million in 2010 and include the contribution of €2,216 million from Endesa (€1,886 million in 2009). “Impairment losses” in 2010 include €717 million in writ- edowns of trade receivables (€547 million in 2009), as well as adjustment of the goodwill of Endesa Ireland in the amount of €115 million on the basis of the status of negotiations as of the balance sheet date.
9.e Other operating expenses - €2,950 million Millions of euro 2010 2009 restated 2010-2009 Provisions for risks and charges 393 268 125 Purchase of green certificates 223 426 (203) Taxes and duties 1,057 657 400 Losses on disposal of assets 3 2 1 Other 1,274 945 329 Total 2,950 2,298 652 “Taxes and duties” in 2010 include system charges (€233 million) allocated under Royal Decree 14/2010 on Spanish renewable resource generation companies. 9.f Capitalized costs - €(1,765) million Capitalized costs consist of €708 million in personnel costs and €1,057 million in materials costs (compared with €667 million and €926 million, respectively, in 2009). 189
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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
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tainability and governance help bus
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mapping of production sites located
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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
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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
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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
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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 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
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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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Page 234 and 235: creditor rights in respect of CELF
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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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