Revenues in 2011 amounted to 79,514 million euros, an increase of 6,137 million or 8.4% compared with 2010. The increase is essentially attributable to the higher revenues from generation and electricity and fuel trading, as well as greater revenues from the sale of electricity to end users on free markets abroad. In addition, revenues in 2011 include gains (totalling 429 million euros) from the sale of a number of equity investments and from the remeasurement at fair value of the assets and liabilities of certain companies whose status concerning control requirements changed as a result of transactions during the period.
EBITDA amounted to 17,717 million euros, an increase of 237 million or 1.4% on 2010. In addition to the positive impact of the gains on the disposals and the fair value re-measurement noted above, the increase reflects the improvement in the performance of the Sales, Infrastructure and Networks, International and Renewable Energy Divisions, only partly offset by declines in the margins of the Generation and Energy Management and Iberia and Latin
America Divisions. The latter decline also reflected the sale at the end of 2010 of gas distribution and electricity transmission assets in Spain, and the recognition in 2011 of the net worth tax in Colombia.
EBIT totalled 11,366 million euros, an increase of 1.0%, from the 11,258 million posted in 2010, taking account of an increase of 129 million euros in depreciation, amortisation and impairment losses.
Group net income was 4,148 million euros in 2011, compared with 4,390 million in 2010 (-5.5%). The decline was attributable to the rise in the tax liability for the year (reflecting the adjustment of current and deferred taxation following the changes in the rules governing the so-called “Robin Hood Tax” in Italy), which more than offset the improvement in the operating and financial performance of the Group. Group net ordinary income in 2011 amounted to 4,097 million euros, down 308 million euros (-7.0%) from the 4,405 million euros posted in 2010.
Net capital employed, including net assets held for sale of 323 million euros, amounted to 99,069 million euros at December 31st, 2011, and was funded by shareholders’ equity attributable to shareholders of the Parent Company and non-controlling interests of 54,440 million euros and net financial debt of 44,629 million euros.
Net financial debt at December 31st, 2011 totalled 44,629 million euros, a decrease of 295 million (-0.7%) compared with December 31st, 2010. More specifically, cash flows generated by operations and the disposal of certain non-strategic assets were partially offset by investments during the period and the distribution of dividends. At December 31st, 2011, the debt/equity ratio came to 0.82 (0.83 at December 31st, 2010), while the debt/EBITDA ratio was 2.5 (2.6 at December 31st, 2010).
Capital expenditure amounted to 7,484 million euros in 2011 (of which 6,845 million regarded property, plant and equipment), an increase of 394 million euros on 2010.
At December 31st, 2011, Enel Group employees numbered 75,360 (78,313 at the end of 2010). The workforce declined by 2,953 employees, essentially as a result of a change in the scope of consolidation relating to disposals of companies during the year (-2,462) and the net balance of new hires and terminations (-491). At December 31st, 2011, the personnel of Group companies headquartered abroad numbered 38,518.
