Annual Report 2010 - Enel.com

cial receivables in respect of the Spanish electrical system
deficit”, “Other securities designated at fair value
through profit or loss” and other items reported under
“Non-current financial assets”;
> “Long-term loans”;
> “Post-employment and other employee benefits”;
> “Provisions for risks and charges”;
> “Deferred tax liabilities”.
Net current assets: calculated as the difference between
“Current assets” and “Current liabilities” with the exception
of:
> “Receivables for factoring advances”, “Long-term financial
receivables (short-term portion)”, “Other securities”
and other items, reported under “Current financial assets”;
> “Cash and cash equivalents”;
> “Short-term loans” and the “Current portion of longterm
loans”.
Net assets held for sale: calculated as the algebraic sum of
“Assets held for sale” and “Liabilities held for sale”.
Net capital employed: calculated as the algebraic sum of
“Net non-current assets” and “Net current assets”, provisions
not previously considered, “Deferred tax liabilities”
and “Deferred tax assets”, as well as “Net assets held for
sale”.
Net financial debt: a financial structure indicator, determined
by “Long-term loans”, the current portion of such
loans and “Short-term loans” less “Cash and cash equivalents”,
“Current financial assets” and “Non-current financial
assets” not previously considered in other balance
sheet indicators. More generally, the net financial debt of
the Enel Group is calculated in conformity with paragraph
127 of Recommendation CESR/05-054b implementing
Regulation (EC) no. 809/2004 and in line with the CON-
SOB instructions of July 26, 2007, net of financial receivables
and long-term securities.
Main changes in the scope of consolidation
In the two periods examined here, the scope of consolidation
changed as a result of the following main transactions:
2009
> acquisition, on January 9, 2009, of 100% of KJWB (now
Endesa Ireland), which operates in Ireland in the electricity
generation sector. As it is controlled by Endesa,
the company was consolidated on a proportionate basis
until June 25, 2009, and on a full line-by-line basis
thereafter;
> disposal, on April 1, 2009, of the entire share capital of
Enel Linee Alta Tensione (ELAT), the company to which
Enel Distribuzione transferred, with effect from January
1, 2009, a business unit consisting of high-voltage
power lines and the related legal relationships;
> acquisition, on June 25, 2009, by Enel, acting through
its subsidiary Enel Energy Europe, of the 25.01%
of Endesa held, directly and indirectly, by Acciona.
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