Annual Report 2010 - Enel.com

of 21.4%). More specifically, the positive performance of
operations was more than offset by an increase in net financial
expense due to the change in the method used
to consolidate Endesa and the decline in financial income,
Financial data
Millions of euro
2010
2009
restated (1)
Net capital employed 98,469 96,803
Net financial debt
Shareholders’ equity (including minority
44,924 50,870
interests) 53,545 45,933
Group shareholders’ equity per share in
circulation at year-end (euro) 4.03 3.54
Cash flow from operations 11,725 8,926
Capital expenditure on tangible and
intangible assets (2) 7,090 6,825
(1) The figures have been restated following 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) Does not include €97 million in capital expenditure of units classified as
“held for sale” at December 31, 2010 (€197 million at December 31, 2009).
Net capital employed, including net assets held for sale of
€620 million, amounted to €98,469 million at December
31, 2010, and was financed by total shareholders’ equity
of €53,545 million and net financial debt of €44,924 million.
At December 31, 2010, the debt/equity ratio came to
0.84 (1.11 at December 31, 2009).
which in 2009 had been increased by the income (€970
million) from the early exercise of the put option granted
by Enel to Acciona on 25.01% of Endesa shares.
Net financial debt, excluding debt attributable to assets
held for sale amounting to €636 million at December 31,
2010 (€63 million at December 31, 2009), came to €44,924
million, down €5,946 million on December 31, 2009. The
decrease essentially reflects the impact of the disposal of
assets in 2010 and the strong performance of cash flows
from operations. These positive effects were partially offset
by the payment of dividends and negative exchange
rate effects, the latter being attributable to the measurement
at current exchange rates of debt instruments issued
by companies that adopt the euro as their functional currency
(hedged by corresponding cross currency interest
rate swaps), as well as the translation in euro of the debt
of Group companies that use a functional currency other
than the euro.
Capital expenditure amounted to €7,090 million in 2010
(of which €6,375 million in respect of property, plant and
equipment), an increase of €265 million on 2009.
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