- Page 1: Annual Report 2010
- Page 4 and 5: Contents Enel Annual Report 2010 Re
- Page 8 and 9: The Enel structure Corporate Enel S
- Page 10 and 11: 1 The 2 The 3 The 4 The 5 The 6 The
- Page 12 and 13: Corporate boards Board of Directors
- Page 14 and 15: Letter to shareholders and other st
- Page 16 and 17: The Group also developed its Techno
- Page 18 and 19: International Division Internationa
- Page 20 and 21: Summary of results Performance data
- Page 22 and 23: Operating data 22 Enel Annual Repor
- Page 24 and 25: Significant events in 2010 4 18 Jan
- Page 26 and 27: 15 March Reorganization of renewabl
- Page 28 and 29: 30-year concessions with a total ca
- Page 30 and 31: 29 September Interim dividend for 2
- Page 32 and 33: Reference scenario Enel and the fin
- Page 34 and 35: Performance of Enel share price and
- Page 36 and 37: which posted rapid rates of growth
- Page 38 and 39: The gas market Domestic gas demand
- Page 40 and 41: With a decree of March 2, 2010, the
- Page 42 and 43: comparable resources, which rose by
- Page 44 and 45: With Resolution ARG/gas no. 153/10
- Page 46 and 47: a proceeding for abuse of a dominan
- Page 48 and 49: the account for compensating the
- Page 50 and 51: The transposition of the Directive
- Page 52 and 53: the specification of the definitive
- Page 54 and 55: emove the cautelarisimas adopted in
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suspended the analysis of the allot
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starting primarily from November 20
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Operation of the Mercado de Corto P
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The long-term capacity market will
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distribution rates. The proposed am
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On September 1, 2010, the French En
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The “Metodología para la determi
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For thermal solar plants: > elimina
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Overview of the Group’s performan
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Following the acquisition, Enel hol
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essentially owing to an increase in
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million) and the increase in costs
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Equity investments accounted for us
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Analysis of the financial structure
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derivatives transactions on interes
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Results by Division The representat
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The following table reconciles segm
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Gas sales and customers Gas sales (
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Contribution to gross thermal gener
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Capital expenditure Millions of eur
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Performance Millions of euro 2010 9
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Operations Net electricity generati
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Electricity sales to end users by t
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6 International The mission of the
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Electricity sales Millions of kWh 1
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Capital expenditure Millions of eur
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Total net efficient capacity showed
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8 Millions of euro 2010 110 Enel An
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Main risks and uncertainties Market
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Rating risk The possibility of acce
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Outlook The major objectives achiev
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Our Mission At Enel our mission is
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The three pillars of corporate ethi
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ment responsible for establishing a
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within the Group designed to dissem
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direct involvement of employees in
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mostly related to the company’s c
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an annual statistical study. Overal
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Nord coal plants and the constructi
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and the fight against pollution and
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evaluate the effects of its operati
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currently under way, is expected to
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conducted as part of a European pro
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Transactions with related parties A
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Consolidated financial statements
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Statement of Consolidated Comprehen
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Millions of euro Notes LIABILITIES
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Translation of financial statements
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Notes to the financial statements 1
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performed could generate different
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Millions of euro Enel Unión Fenosa
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lated depreciation and any impairme
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Inventories also include purchases
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plan assets, are determined separat
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The recoverability of deferred tax
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its exchange rate exposure to the s
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4 Restatement of balance sheet figu
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Millions of euro Revenues 2009 Ende
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considered too high with respect to
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ight to exchange, at an agreed futu
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The following table reports the not
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Credit risk Enel manages credit ris
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The following table reports the pro
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Results for 2009 (1) (2) Millions o
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Information on the Consolidated Inc
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Costs 9.a Raw materials and consuma
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9.e Other operating expenses - €2
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11. Financial income/(expense) -
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13. Income taxes - €2,401 million
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“Plant and machinery” includes
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In 2009, “other changes” includ
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17. Deferred tax assets and liabili
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19. Non-current financial assets -
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The following table reports the fai
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22. Trade receivables - €12,505 m
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“Other securities” consist enti
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Economy and Finance received 17.36%
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Long-term financial debt by currenc
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Millions of euro Carrying amount Fa
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guarantees or privileges with respe
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Millions of euro at Dec. 31, at Dec
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(12.4% in Spain and 18.3% in other
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Other provisions “Other” provis
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33. Other non-current liabilities -
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The following table reports the fai
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The following table summarizes the
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41. Contingent liabilities and asse
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Out-of-court disputes and litigatio
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the power for local Land Registry O
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Repayment of Credit Facility With e
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of the capital increase completed b
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Name Position Fulvio Conti Number o
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The following table reports develop
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Remuneration (euro) Non-monetary be
- Page 246 and 247:
Report on corporate governance and
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veto to the adoption of resolutions
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For the sake of completeness, it sh
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Chairman and the Chief Executive Of
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with regard to the adoption of the
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21.10% of the Company’s share cap
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Alessandro Luciano, 59, Director (d
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person concerned must waive or tran
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the Board; (iv) the strategies purs
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Committees In order to ensure that
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to oversee the effectiveness of the
- Page 268 and 269:
PricewaterhouseCoopers network as t
- Page 270 and 271:
As ascertained by the Board of Dire
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their observance with regard to sho
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Non-EU foreign subsidiaries During
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in which Company and Group represen
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provided that (i) the latter has co
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outside the Company or the Group, w
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Table 1: Structure of Enel’s Boar
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Table 3: Other provisions of the Se
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Declaration of the Chief Executive
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1. The undersigned Fulvio Conti and
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Subsidiaries, associates and other
- Page 294 and 295:
Company name Registered office Coun
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Enel Green Power SpA companies cons
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Company name Consolidated Hydro New
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Company name Registered office Coun
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Company name Registered office Coun
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Company name Hydro Constructional S
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Company name Parc Eolien de Beausé
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Company name Registered office Coun
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Subsidiaries held by Endesa SA cons
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Company name Registered office Coun
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Company name Registered office Coun
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Company name Synapsis Colombia Ltda
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Enel Green Power SpA companies cons
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Company name Registered office Coun
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Company name Registered office Coun
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Company name Gasoducto Atacama Arge
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Company name Registered office Coun
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Company name Registered Office Coun
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Company name Registered office Coun
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Company name Registered office Coun
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Companies in liquidation or held fo
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Report of the Independent Auditors