Annual Report 2010 - Enel.com

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Equity investments in other companies break down as follows: Millions of euro % holding % holding 202 Enel Annual Report 2010 Consolidated financial statements at Dec. 31, 2010 at Dec. 31, 2009 restated Change Bayan Resources 500 10.00% 138 10.00% 362 Terna 325 5.12% 306 5.12% 19 Echelon 23 7.36% 24 7.36% (1) Tri Alpha Energy 8 4.96% 8 4.96% - Other 180 - 132 - 48 Total 1,036 608 428 The following table shows the notional amounts and the fair value of derivative contracts classified under non-current financial assets. Millions of euro Notional amount Fair value at Dec. 31, 2010 at Dec. 31, 2009 at Dec. 31, 2010 at Dec. 31, 2009 2010-2009 Cash flow hedge derivatives: - interest rates 1,716 2,123 7 10 (3) - exchange rates 6,698 2,566 671 219 452 - commodities 397 230 46 19 27 Total Fair value hedge derivatives: 8,811 4,919 724 248 476 - interest rates 83 98 9 8 1 - exchange rates 264 22 15 2 13 Total Trading derivatives 347 120 24 10 14 - interest rates 75 75 8 9 (1) - exchange rates 109 103 5 4 1 - commodities 259 71 60 6 54 Total 443 249 73 19 54 TOTAL 9,601 5,288 821 277 544 At December 31, 2010, the notional amount of the cash flow hedge derivative contracts classified as non-current financial assets came to €8,811 million, with the corresponding fair value of €724 million. The exchange rate cash flow hedge derivatives are essentially related to transactions hedging the £1.1 billion tranche of the bond issued as part of the Global Medium- Term Notes program on June 13, 2007, as well as the yendenominated private placement issued by Enel Finance International (¥20 billion). The rise in the fair value was mainly due to the depreciation of the euro against the other main currencies. Commodity derivates include: > derivatives on energy with a fair value of €12 million classified as cash flow hedges; > derivatives on fuels with a fair value of €34 million classified as cash flow hedges; > derivatives held by Endesa with a fair value of €50 million; > “two-way contracts for differences”, classified as trading derivatives, with a fair value of €5 million; > embedded derivatives related to energy sale and purchase contracts in Slovakia, with a fair value of €5 million.
The following table reports the fair value balances of derivatives broken down by type of measurement inputs used. Millions of euro Level 1 Level 2 Level 3 Cash flow hedge derivatives at Dec. 31, 2010 - interest rates 7 - 7 - - exchange rates 671 - 671 - - commodities 46 46 Total 724 - 724 - Fair value hedge derivatives - interest rates 9 - 9 - - exchange rates 15 - 15 - Total 24 - 24 - Trading derivatives - interest rates 8 - 8 - - exchange rates 5 - 5 - - commodities 60 15 45 Total 73 15 58 - TOTAL 821 15 806 - “Service concession arrangements” regard fees due from the grantor for the construction and/or improvement of infrastructure used to provide public services on a concession basis and recognized in application of IFRIC 12. “Financial receivables for the Spanish electrical system deficit” at December 31, 2009, refer to the long-term portion of the deficit financed by Endesa. The deficit is created in Spain’s regulated market when rate revenues are not sufficient to cover the costs of the system itself. The change in the period is due to the classification of the receivable under current financial assets as a result of the mechanism established by the Spanish government to allow companies to assign such receivables to a specially created securitization fund (“Fondo de Titulización”). At December 31, 2010, “other financial receivables” include Slovenské elektrárne’s receivables (in the amount of €507 million) in respect of the State Decommissioning Fund following reclassification from “other non-current assets” after a number of clarifications were issued concerning the use of the funds, the amount available and the financing of the existing deficit, and the possibilities and eligibility for using them. The table below reports the carrying amount and the fair value of long-term financial receivables and securities (€11,857 million), including the portion due within twelve months (€9,290 million included under other short-term financial receivables). Carrying amount Fair value Carrying amount Fair value Millions of euro at Dec. 31, 2010 at Dec. 31, 2009 Long-term financial receivables and securities 11,857 11,857 8,811 8,811 Total 11,857 11,857 8,811 8,811 203
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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
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developing low-cost distributed pow
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Electric mobility The “Electric M
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Reconciliation of shareholders’ e
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Consolidated Income Statement Milli
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Consolidated Balance Sheet Millions
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Statement of Changes in Consolidate
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Page 154 and 155: 2 Accounting policies and measureme
Page 156 and 157: esposibilities, and their close rel
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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
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 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
Page 224 and 225: 36. Current financial liabilities -
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
Page 232 and 233: provisionally enforceable, held the
Page 234 and 235: creditor rights in respect of CELF
Page 236 and 237: 43. Stock incentive plans Between 2
Page 238 and 239: of the dividend (for 2004) of €0.
Page 240 and 241: that of a specific benchmark index
Page 242 and 243: Compensation of Directors, members
Page 245 and 246: Corporate governance
Page 247 and 248: Major shareholdings and shareholder
Page 249 and 250: prescribed by the Unified Financial
Page 251 and 252: 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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Annual Report 2010 - Enel.com

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