Annual Report 2010 - Enel.com

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Net income/(charges) from commodity risk management 10. Net income/(charges) from commodity risk management - €280 million Net income from commodity risk management reflects €342 million in income realized on positions closed during the year, partially offset by €62 million in net unrealized 190 Enel Annual Report 2010 Consolidated financial statements charges on open positions in commodity derivatives at December 31, 2010. Millions of euro 2010 2009 restated 2010-2009 Income Unrealized on contracts for differences 3 - 3 Unrealized on other contracts 588 67 521 Total unrealized income 591 67 524 Realized on two-way contracts for differences 15 - 15 Realized on other contracts 1,038 651 387 Total realized income 1,053 651 402 Total income Charges 1,644 718 926 Unrealized on other contracts (653) (72) (581) Total unrealized income (653) (72) (581) Realized on contracts for differences - (41) 41 Realized on other contracts (711) (341) (370) Total realized income (711) (382) (329) Total charges (1,364) (454) (910) NET INCOME/(CHARGES) FROM COMMODITY RISK MANAGEMENT 280 264 16 - of which trading/non-IFRS-IAS hedge derivatives 265 260 5 - of which ineffective portion of CFH - - -
11. Financial income/(expense) - €(3,198) million Financial income Millions of euro 2010 2009 restated 2010-2009 Total interest and other income from financial assets (current and non-current): - interest income at effective rate on non-current securities and receivables 35 253 (218) - financial income on non-current securities at fair value through profit or loss 2 3 (1) - interest income at effective rate on short-term financial investments 223 88 135 Total interest and other income from financial assets 260 344 (84) Foreign exchange gains Income from derivative instruments: 735 971 (236) - income from cash flow hedge derivatives 726 374 352 - income from derivatives at fair value through profit or loss 332 1,169 (837) - income from fair value hedge derivatives 76 103 (27) Total income from derivative instruments 1,134 1,646 (512) Income from equity investments 97 199 (102) Other income 350 433 (83) TOTAL FINANCIAL INCOME 2,576 3,593 (1,017) Financial income amounted to €2,576 million, down €1,017 million on the previous year. Financial income from derivatives came to €1,134 million, of which €247 million realized (€240 million in 2009) and €887 million unrealized (€1,406 million in 2009). More specifically, unrealized income in 2009 included the positive effect of €970 million generated by the early exercise of the put option granted to Acciona in the contract of March 26, 2007. The option was exercised with the acquisition by Enel of the 25.01% of Endesa held, directly and indirectly, by Acciona. 191
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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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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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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 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
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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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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