Annual Report 2010 - Enel.com

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Declaration of the Chief Executive Officer and the officer responsible for the preparation of the consolidated financial reports of the Enel Group at December 31, 2010, pursuant to the provisions of Article 154-bis, paragraph 5, of Legislative Decree 58 of February 24, 1998 and Article 81-ter of CONSOB Regulation no. 11971 of May 14, 1999 288 Enel Annual Report 2010 Declaration of the Chief Executive Officer and the officer responsible
1. The undersigned Fulvio Conti and Luigi Ferraris, in their respective capacities as Chief Executive Officer and officer responsible for the preparation of the financial reports of Enel SpA, hereby certify, taking account of the provisions of Article 154-bis, paragraphs 3 and 4, of Legislative Decree 58 of February 24, 1998: a. the appropriateness with respect to the characteristics of the Enel Group and b. the effective adoption of the administrative and accounting procedures for the preparation of the consolidated financial statements of the Enel Group in the period between January 1, 2010 and December 31, 2010. 2. In this regard, we report that: a. the appropriateness of the administrative and accounting procedures used in the preparation of the consolidated financial statements of the Enel Group has been verified in an assessment of the internal control system. The assessment was carried out on the basis of the guidelines set out in the “Internal Controls - Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO); b. the assessment of the internal control system did not identify any material issues. 3. In addition, we certify that consolidated financial statements of the Enel Group at December 31, 2010: a. have been prepared in compliance with the international accounting standards recognized in the European Union pursuant to Regulation (EC) no. 1606/2002 of the European Parliament and of the Council of July 19, 2002; b. correspond to the information in the books and other accounting records; c. provide a true and fair representation of the performance and financial position of the issuer and the companies included in the scope of consolidation. 4. Finally, we certify that the report on operations accompanying the financial statements of the Enel Group at December 31, 2010 contains a reliable analysis of operations and performance, as well as the situation of the issuer and the companies included in the scope of consolidation, together with a description of the main risks and uncertainties to which they are exposed. Rome, March 14, 2011 Fulvio Conti Luigi Ferraris Chief Executive Officer of Enel SpA Officer responsible for the preparation of the financial reports of Enel SpA 289
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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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Consolidated Statement of Cash Flow
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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
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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
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Expected cash flows from interest r
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The following table reports the cas
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Millions of euro -10% Scenario +10%
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disposal, on September 23, 2009, of
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Segment information for 2010 and 20
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The following table reconciles segm
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The table below gives a breakdown o
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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
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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
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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
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Current portion of long-term loans
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failure to make payment, breach of
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Millions of euro Pension benefits O
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31. Provisions for risks and charge
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Commodity derivatives mainly relate
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36. Current financial liabilities -
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Liabilities held for sale 38. Liabi
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40. Contractual commitments and gua
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Developments in the inquiries of th
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provisionally enforceable, held the
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creditor rights in respect of CELF
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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
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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”
Page 283 and 284: In principle, unless there are spec
Page 285: Internal control Has the Company ap
Page 291 and 292: Attachments
Page 293 and 294: Subsidiaries consolidated on a line
Page 295 and 296: Company name Registered office Coun
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 323 and 324: Endesa SA companies consolidated on
Page 325 and 326: Associated companies accounted for
Page 331 and 332: Company name P.N. Endesa SA Central
Page 333 and 334: Other significant equity investment
Page 337 and 338: Reports
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Concept design Inarea - Rome Publis
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