Annual Report 2010 - Enel.com

Sundry provisions, totaling €17,225 million, rose by €400
million compared with the previous year. This change is
connected primarily with the following factors:
> an increase of €261 million in net deferred tax liabilities,
mainly regarding the portion recognized through
the income statement and the effect of exchange rate
differences for the net liabilities of companies with currencies
other than the euro, net of the reclassification
to net assets held for sale of the net liability of Endesa
Gas and Endesa Ireland;
> an increase of €180 million in provisions for risks and
charges due to accruals (net of related reversals) in the
amount of €1,091 million, partially offset by utilization
in the amount of €801 million;
> a decrease of €41 million in provisions for post-employment
and other employee benefits.
Net assets held for sale amounted to €620 million at December
31, 2010, and essentially comprise certain assets
held by Endesa in Ireland and Latin America that, as a result
of decisions made by management, meet the requirements
of IFRS 5 for classification as assets held for sale,
the assets of Enel Unión Fenosa Renovables set to be sold
under the agreement signed with Gas Natural on July 30,
2010, and the assets of the Bulgarian companies discussed
above. In addition to the inclusion of the Bulgarian companies
and the assets of Enel Unión Fenosa Renovables to
be divested as part of the agreement mentioned above,
the change compared with December 31, 2009, reflects
Endesa’s disposal of certain assets held in Greece and the
1% stake in Red Eléctrica de España carried out in 2010.
Net capital employed at December 31, 2010 amounted
to €98,469 million and was funded by shareholders’ equity
attributable to the Group and minority interests in
the amount of €53,545 million and net financial debt of
€44,924 million. At December 31, 2010, the debt/equity
ratio was 0.84, compared with 1.11 at December 31, 2009.
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