Annual Report 2010 - Enel.com

33. Other non-current liabilities - €1,244 million
Millions of euro
at Dec. 31, at Dec. 31, 2009
2010 restated 2010-2009
Deferred liabilities 994 1,080 (86)
Other items 250 179 71
Total 1,244 1,259 (15)
At December 31, 2010, this item essentially consisted of revenues for electricity and gas connections and grants received
for specific assets.
Current liabilities
34. Short-term loans - €8,209 million
At December 31, 2010, short-term loans totaled €8,209 million, an increase of €667 million over December 31, 2009,
as detailed below:
Carrying
amount Fair value
Carrying
amount Fair value
Carrying
amount Fair value
Millions of euro
at Dec. 31, 2010 at Dec. 31, 2009 restated 2010-2009
Short-term amounts due to banks 281 281 947 947 (666) (666)
Commercial paper
Cash collateral and other financing on
7,405 7,405 6,573 6,573 832 832
derivatives 343 343 - - 343 343
Other short-term financial payables 180 180 22 22 158 158
Short-term financial debt 8,209 8,209 7,542 7,542 667 667
The payables represented by commercial paper relate to
issues outstanding at the end of December 2010 in the
context of the €6,000 million program launched in November
2005 by Enel Finance International and guaranteed
by Enel SpA (which was renewed in April 2010) as
well as the €3,000 million program of Endesa Latinoamérica,
the €2,000 million Pagarés program of Endesa Capital,
and the €23 million Pagarés program of Térmica Portuguesa
(taking account of proportionate consolidation).
At December 31, 2010, issues under these programs
amounted to €7,405 million, of which €5,322 million
35. Trade payables - €12,373 million
for Enel Finance International, €2,002 million for Endesa
Latinoamérica, €34 million for Endesa Capital, €26 million
for Enersis and €21 million for Térmica Portuguesa.
The nominal value of the commercial paper is €7,420 million
and is denominated in the following currencies: euros
(€7,063 million); US dollars (the equivalent of €274 million);
yen (the equivalent of €55 million) and Swiss francs
(the equivalent of €28 million).
The exchange rate risk in respect of currencies other than
the euro is fully hedged by currency swaps.
The item, which amounts to €12,373 million, includes payables in respect of energy supplies, fuel, materials, equipment
associated with tenders and other services.
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