Annual Report 2010 - Enel.com

Analysis of the Group’s financial position
Millions of euro
Net non-current assets:
at Dec. 31, at Dec. 31, 2009
2010 restated 2010-2009
- property, plant and equipment and intangible assets 98,994 96,557 2,437
- goodwill 18,470 19,045 (575)
- equity investments accounted for using the equity method 1,033 1,029 4
- other net non-current assets/(liabilities) (639) (2,267) 1,628
Total 117,858 114,364 3,494
Net current assets:
- trade receivables 12,505 13,010 (505)
- inventories 2,803 2,500 303
- net receivables due from Electricity Equalization Fund and similar bodies (1,889) (1,011) (878)
- other net current assets/(liabilities) (3,830) (4,409) 579
- trade payables (12,373) (11,174) (1,199)
Total (2,784) (1,084) (1,700)
Gross capital employed 115,074 113,280 1,794
Sundry provisions:
- post-employment and other employee benefits (3,069) (3,110) 41
- provisions for risks and charges and net deferred taxes (14,156) (13,715) (441)
Total (17,225) (16,825) (400)
Net assets held for sale 620 348 272
Net capital employed 98,469 96,803 1,666
Total shareholders’ equity 53,545 45,933 7,612
Net financial debt 44,924 50,870 (5,946)
Property, plant and equipment and intangible assets (including
investment property) came to €98,994 million at
December 31, 2010, an increase of €2,437 million. The rise
is essentially attributable to capital expenditure for the
period (€7,090 million), the associated foreign exchange
gains (€3,331 million), net of depreciation, amortization
and impairment losses (€5,304 million) and classification
of €2,729 million to “Net assets held for sale” of the assets
of the transmission grid in Spain, the assets of Endesa
Gas (now Nubia 2000), Endesa Ireland, Enel Maritza East 3
(and its holding company), Enel Operations Bulgaria (and
its holding company), Enel Green Power Bulgaria, and the
assets of Enel Unión Fenosa Renovables that form part of
those set for disposal under the agreements signed with
Gas Natural on July 30, 2010.
Goodwill amounted to €18,470 million, down €575 million
on the previous year. The change mainly reflects the
classification to “Net assets held for sale” of €878 million in
respect of the goodwill of Endesa Gas, Endesa Ireland, the
Bulgarian companies indicated above and the assets of
Enel Unión Fenosa Renovables to be divested. This factor
was partially offset by the increase in goodwill of Enel Distributie
Muntenia and Enel Energie Muntenia as a result
of the change (€210 million) in the measurement in the liability
associated with the possible exercise of the put option
granted to the minority shareholders in the two companies,
as well as the positive effect of the exchange rate
differences associated with the goodwill denominated in
currencies other than the euro (€82 million).
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