Annual Report 2010 - Enel.com

eceivable in respect of the sale to Gazprom of SeverEnergia.
Cash needs generated by other investing activities in
2010 totaled €51 million, essentially attributable to the
payment of the balance on the holding in Bayan Resources
acquired in 2008, the effect of which was partially offset
by the payment received for the disposal of 39% of
the holding in Idrosicilia SpA and disposals made during
the year.
Cash flows from financing activities absorbed cash in the
amount of €5,976 million, whereas such activities generated
cash of €2,669 million in 2009. Cash flows for the period
under review essentially reflect the cash requirement
generated by the payment of dividends in the amount
of €3,147 million and the change in financial debt in the
amount of €5,251 million. These effects were partially offset
by the sale (without ceding control) of 30.8% of Enel
Green Power in the global public offering of shares on
the MTA electronic stock market operated by Borsa Italiana
and on regulated Spanish markets (€2,422 million). In
2009, they had benefited from the positive effects of the
Enel capital increase and a smaller reduction in net financial
debt.
In 2010, cash flows from operating activities in the amount
of €11,725 million were used to cover the cash requirements
of financing activities in the amount of €5,976 million
and of investing activities in the amount of €4,910
million. The difference is reflected in the increase in cash
and cash equivalents, which at December 31, 2010 came
to €5,342 million (including that pertaining to net assets
held for sale in the amount of €83 million) compared with
€4,289 million at the end of 2009 (including that pertaining
to net assets held for sale in the amount of €22 million).
This increase also reflects the effect of exchange rate
fluctuations (€214 million).
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