Annual Report 2010 - Enel.com

The performance and balance sheet figures reported and
discussed in this Report on operations reflect the effects
Group performance
of the changes in accounting policies and the completion
of the purchase price allocation process described above.
Millions of euro
2010 2009 restated 2010-2009
Total revenues 73,377 64,362 9,015 14.0%
Total costs 56,177 48,255 7,922 16.4%
Net income/(charges) from commodity risk management 280 264 16 6.1%
GROSS OPERATING MARGIN 17,480 16,371 1,109 6.8%
Depreciation, amortization and impairment losses 6,222 5,339 883 16.5%
OPERATING INCOME 11,258 11,032 226 2.0%
Financial income 2,576 3,593 (1,017) -28.3%
Financial expense 5,774 5,334 440 8.2%
Total financial income/(expense)
Share of gains/(losses) on equity investments accounted for using
(3,198) (1,741) (1,457) 83.7%
the equity method 14 54 (40) -74.1%
INCOME BEFORE TAXES 8,074 9,345 (1,271) -13.6%
Income taxes 2,401 2,597 (196) -7.5%
NET INCOME FROM CONTINUING OPERATIONS 5,673 6,748 (1,075) -15.9%
NET INCOME FROM DISCONTINUED OPERATIONS - (158) 158 -
NET INCOME (Group and minority interests) 5,673 6,590 (917) -13.9%
Attributable to non-controlling interests (1,283) (1,004) (279) 27.8%
GROUP NET INCOME 4,390 5,586 (1,196) -21.4%
Revenues
Millions of euro
2010 2009 restated 2010-2009
Electricity sales and transport and
contributions from the Electricity
Equalization Fund and similar bodies 64,045 56,285 7,760
Gas sold and transported to end users 3,574 2,996 578
Gains on the disposal of assets 127 363 (236)
Other services, sales and revenues 5,631 4,718 913
Total 73,377 64,362 9,015
In 2010 revenues from electricity sales and transport and
contributions from the Electricity Equalization Fund
and similar bodies totaled €64,045 million, up €7,760
million or 13.8% compared with 2009. This increase is
connected primarily with the following factors:
> an increase of €8,448 million in revenues abroad, of
which €7,741 million attributable to increased revenues
at Endesa. In particular, the increase in the
Revenues totaling
more than €73
million
revenues of the Endesa Group includes €3,118 million
in respect of the change in the consolidation method
used for Endesa (from proportionate to line-by-line) as
from the end of June 2009, €2,180 million in respect
of the positive effects of regulatory changes following
the application in Spain from July 1, 2009 onwards of
the Tarifa de Ultimo Recurso (TUR), €1,329 million due
to increased revenues in Europe and Latin America,
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