Annual Report 2010 - Enel.com

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Operating data 22 Enel Annual Report 2010 Report on operations Italy Abroad Total Italy Abroad Total 2010 2009 Net electricity generated by Enel (TWh) 81.6 208.6 290.2 84.0 183.8 267.8 Electricity transported on the Enel distribution network (TWh) 245.9 184.6 430.5 241.1 152.6 393.7 Electricity sold by Enel (TWh) (1) 113.4 195.6 309.0 127.4 160.6 288.0 Gas sold to end users (billions of m 3 ) 5.5 3.4 8.9 5.2 2.5 7.7 Employees at year-end (no.) (2) 37,383 40,930 78,313 38,121 43,087 81,208 (1) Excluding sales to resellers. (2) Of which 2,324 in units classified as “Held for sale” at December 31, 2010 (1,330 at December 31, 2009). Net electricity generated by Enel in 2010 increased by 22.4 TWh (up 8.4%) largely as a result of the change in the method of consolidation of Endesa as from June 2009 (which added 23.2 TWh) and greater output by the International Division (up 5.7 TWh). These factors were partially offset by a decrease in generation in Spain and Italy. Electricity transported on the Enel distribution network came to 430.5 TWh, an increase of 36.8 TWh or 9.3%. The rise reflects the change in the method of consolidation of Endesa (which added 27.1 TWh) and greater electricity demand in the Italian and Latin American markets. Electricity sold by Enel rose by 21.0 TWh (up 7.3%), with total sales of 309.0 TWh. The increase is largely attributable to increased sales abroad (up 35.0 TWh, of which Results by Division 24.8 TWh from the change in the method used to consolidate Endesa as well as increased sales in France, Russia and Latin America), partially offset by lower volumes sold in Italy, which fell by 14.0 TWh as a result of the opening of the market. Gas sold to end users amounted to 8.9 billion cubic meters in 2010, with volumes increasing in all markets At December 31, 2010 Enel Group employees totaled 78,313 (81,208 at December 31, 2009). The decrease of 2,895 is largely attributable to the net balance of hirings and terminations. The number of employees at Group companies registered abroad came to 40,930 at the end of 2010. Millions of euro Revenues Gross operating margin Operating income 2009 2010 restated (1) 2009 2010 restated (1) 2009 2010 restated (1) Sales 18,697 20,330 483 393 58 10 Generation and Energy Management 17,540 18,377 2,392 3,024 1,832 2,482 Engineering and Innovation 608 903 14 17 10 14 Infrastructure and Networks 7,427 7,273 3,813 4,017 2,911 3,137 Iberia and Latin America 31,263 21,800 7,896 6,196 4,643 3,659 International 6,360 5,568 1,520 1,452 903 808 Renewable Energy 2,179 1,751 1,310 1,178 966 938 Parent Company 679 637 (68) (25) (75) (34) Services and Other Activities 1,133 1,092 136 124 26 23 Eliminations and adjustments (12,509) (13,369) (16) (5) (16) (5) Total 73,377 64,362 17,480 16,371 11,258 11,032
Millions of euro Operating assets Operating liabilities Capital expenditure 2010 2009 restated (1) 2010 2009 restated (1) 2010 2009 restated (1) Sales 6,162 6,598 5,673 5,471 62 80 Generation and Energy Management 14,934 15,054 4,467 4,218 648 783 Engineering and Innovation 316 342 374 363 5 5 Infrastructure and Networks 17,680 17,272 5,825 5,651 1,147 1,112 (11) Iberia and Latin America 77,764 (2) 80,799 13,500 (5) 13,034 2,866 (8) 2,962 International 13,103 (3) 12,292 5,184 (6) 4,786 1,210 (9) 1,014 Renewable Energy 9,654 (4) 6,423 1,235 (7) 804 1,065 (10) 771 Parent Company 1,075 1,229 1,166 1,090 7 6 Services and Other Activities 2,529 2,197 1,543 1,612 80 92 Eliminations and adjustments (5,732) (6,142) (5,734) (4,981) - - Total 137,485 136,064 33,233 32,048 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) Of which €484 million regarding units classified as “held for sale” at December 31, 2010 (€485 million at December 31, 2009). (3) Of which €592 million regarding units classified as “held for sale” at December 31, 2010. (4) Of which €399 million regarding units classified as “held for sale” at December 31, 2010. (5) Of which €145 million regarding units classified as “held for sale” at December 31, 2010 (€102 million at December 31, 2009). (6) Of which €26 million regarding units classified as “held for sale” at December 31, 2010. (7) Of which €14 million regarding units classified as “held for sale” at December 31, 2010. (8) Does not include €76 million regarding units classified as “held for sale” at December 31, 2010 (€134 million at December 31, 2009). (9) Does not include €10 million regarding units classified as “held for sale” at December 31, 2010. (10) Does not include €11 million regarding units classified as “held for sale” at December 31, 2010. (11) Does not include €63 million regarding units classified as “held for sale” at December 31, 2009. Employees (no.) at Dec. 31, 2010 at Dec. 31, 2009 Sales 3,823 3,962 Generation and Energy Management 6,601 6,703 Engineering and Innovation 1,339 1,202 Infrastructure and Networks 19,152 19,700 Iberia and Latin America (1) 24,731 26,305 International (2) 14,876 15,752 Renewable Energy (3) 2,955 2,685 Parent Company 803 731 Services and Other Activities 4,033 4,168 Total 78,313 81,208 (1) Of which 1,809 in units classified as “held for sale” at December 31, 2010 (1,330 at December 31, 2009). (2) Of which 503 in units classified as “held for sale” at December 31, 2010. (3) Of which 12 in units classified as “held for sale” at December 31, 2010. 23
Page 1: Annual Report 2010
Page 4 and 5: Contents Enel Annual Report 2010 Re
Page 7 and 8: Report on operations
Page 9 and 10: Iberia and Latin America Endesa Int
Page 11 and 12: operates in the end-user market for
Page 13 and 14: Powers Board of Directors The Board
Page 15 and 16: The contribution of the operating D
Page 17 and 18: The Spanish market saw a turnaround
Page 19 and 20: 30.8% of its shares are listed on t
Page 21: of 21.4%). More specifically, the p
Page 25 and 26: 21 10 January Acquisition of Padoma
Page 27 and 28: 19 April €10 billion revolving li
Page 29 and 30: 1 July Sale of power transmission n
Page 31 and 32: 11 10 November Enel and Kepco sign
Page 33 and 34: of industrial economies (such as Ge
Page 35 and 36: inventories at their highest level
Page 37 and 38: Italy The electricity market Domest
Page 39 and 40: gradually increasing use, as from 2
Page 41 and 42: information on customers who have f
Page 43 and 44: Following the hearing of February 1
Page 45 and 46: With Resolution ARG/elt no. 211/10,
Page 47 and 48: Gas transport and metering rates Wi
Page 49 and 50: With Resolution VIS no. 162/10, the
Page 51 and 52: Developments in prices in the main
Page 53 and 54: lished on January 26, 2011, the Min
Page 55 and 56: On July 2, 2010, the CNC had undert
Page 57 and 58: ANEEL resolution also provides for
Page 59 and 60: daily wholesale market. Specificall
Page 61 and 62: the ARENH price will be set with a
Page 63 and 64: leading to a final 2010 system cost
Page 65 and 66: electricity from hydroelectric plan
Page 67 and 68: National renewable energy action pl
Page 69 and 70: were held in 2010. Plants with a to
Page 71 and 72: USA Carbon regulation On May 12, 20
Page 73 and 74:
cial receivables in respect of the
Page 75 and 76:
The performance and balance sheet f
Page 77 and 78:
Costs Millions of euro 2010 2009 re
Page 79 and 80:
Analysis of the Group’s financial
Page 81 and 82:
Sundry provisions, totaling €17,2
Page 83 and 84:
in long-term financial receivables
Page 85 and 86:
eceivable in respect of the sale to
Page 87 and 88:
(1) (2) 2009 results restated Milli
Page 89 and 90:
1 Sales The Sales Division is respo
Page 91 and 92:
the free market, which benefited fr
Page 93 and 94:
Revenues for 2010 totaled €17,540
Page 95 and 96:
of the International Division, rela
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Capital expenditure Millions of eur
Page 99 and 100:
Net efficient generation capacity M
Page 101 and 102:
an increase of €971 million in th
Page 103 and 104:
Contribution to gross thermal gener
Page 105 and 106:
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
Page 117 and 118:
Sustainability
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Sustainability in Enel Providing su
Page 121 and 122:
Sustainability reporting Since 2002
Page 123 and 124:
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
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
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Consolidated Statement of Cash Flow
Page 154 and 155:
2 Accounting policies and measureme
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esposibilities, and their close rel
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and completed before that date are
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Investment property Investment prop
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Financial liabilities Financial lia
Page 164 and 165:
For more information on the estimat
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incorporating the guidelines contai
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classified as equity if (and only i
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Millions of euro LIABILITIES AND SH
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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%
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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
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Net income/(charges) from commodity
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Financial expense Millions of euro
Page 194 and 195:
Information on the Consolidated Bal
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subsequently sold in December 2010;
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expected future cash flows and appl
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18. Equity investments accounted fo
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Equity investments in other compani
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20. Other non-current assets - €1
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addition to direct reimbursement) b
Page 208 and 209:
Assets held for sale 27. Assets hel
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Non-current liabilities 29. Long-te
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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 -
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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
Page 253 and 254:
structure, internal auditing system
Page 255 and 256:
listed companies), distinctly menti
Page 257 and 258:
University, in Syracuse, New York (
Page 259 and 260:
The Directors perform their duties
Page 261 and 262:
letter b) above, have assets exceed
Page 263 and 264:
sufficient to ensure that their jud
Page 265 and 266:
compensation of the Chief Executive
Page 267 and 268:
the power - which may also be exerc
Page 269 and 270:
Conte is concerned, the Board of St
Page 271 and 272:
in December 2006, the Board of Dire
Page 273 and 274:
“independent” monitoring, entru
Page 275 and 276:
conditions, and those whose conside
Page 277 and 278:
of the Company’s website (www.ene
Page 279 and 280:
Ethics consists of: > general princ
Page 281 and 282:
“Zero Tolerance of Corruption”
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In principle, unless there are spec
Page 285:
Internal control Has the Company ap
Page 288 and 289:
Declaration of the Chief Executive
Page 291 and 292:
Attachments
Page 293 and 294:
Subsidiaries consolidated on a line
Page 295 and 296:
Company name Registered office Coun
Page 297 and 298:
Page 299 and 300:
Page 301 and 302:
Page 303 and 304:
Page 305 and 306:
Page 307 and 308:
Page 309 and 310:
Page 311 and 312:
Page 313 and 314:
Page 315 and 316:
Company name International Endesa B
Page 317 and 318:
Enel SpA companies consolidated on
Page 319 and 320:
Company name Companhia Térmica Rib
Page 321 and 322:
Page 323 and 324:
Endesa SA companies consolidated on
Page 325 and 326:
Associated companies accounted for
Page 327 and 328:
Page 329 and 330:
Page 331 and 332:
Company name P.N. Endesa SA Central
Page 333 and 334:
Other significant equity investment
Page 337 and 338:
Reports
Page 342:
Concept design Inarea - Rome Publis
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