The Enel Group operates in 40 countries in 4 different continents, with a total net production of 290.2 TWh (+8.4 compared to the previous year), of which 81.6 TWh in Italy and 208.6 TWh abroad.
Almost 32% of this production was achieved through renewable energy sources, making Enel competitive on the markets where it operates and satisfying the expectations of both its shareholders and customers.
In 2010 the Group’s financial position was strengthened, thanks to the success of the largest bond issue for private retail investors ever carried out by an Italian company, as well as due to the successful listing of Enel Green Power on the Milan and Spain stock exchanges. This proved to be the largest initial public offering (IPO) made in Europe since 2008 (1). Therefore, also in 2010 the Enel Group achieved an economic-financial performance in line with the rising trend of the previous years and with the goal of ensuring the delivery and the increase of the Company’s value for all its stakeholders.
Revenues in 2010 amounted to 73,377 million euros, growing by 9,015 million euros (+14.0%) compared with 2009. The favourable variation is due to the growth revenue from electricity sale on markets abroad, as well the different method of consolidation used for the subsidiary Endesa (from proportional to global) that was launched since the end of June 2009, following the purchase of the further 25.01% capital share of this Company.
The Ebitda (gross operating margin) in 2010 amounted to 17,480 million euros, with a 1,109 million euros (+6.8%) increase compared with 2009 due to the growth of international activities that also benefit from the mentioned global consolidation of results achieved by Endesa. The Ebit (operating result) in 2010 amounted to 11,258 million euros, with a 226 million euro increase (+2.0%) compared with 2009.
The Group Net Income in 2010 amounted to 4,390 million euros, compared with the 5,586 million euros of the previous year (-21.4%). The unfavourable variation was due to the fact that the positive results of the operating management were more than offset by the greater net financial expense, originating from Endesa’s different method of consolidation and from the decline of financial income, which in 2009 had been increased by extraordinary income amounting to 970 million euros.
Group Net Ordinary Income in 2010 amounted to 4,405 million euros, with a 208 million euro increase (+5.0%) compared with the 4,197 million euros of 2009. Investments made in 2010 totaled 7,090 million euros (including 6,375 million euros regarding real estate, plants and equipment), with a 265 million euro increase over 2009.
(1) Source: Borsa Italiana, http://www.borsaitaliana.it/borsaitaliana/ufficio-stampa/comunicati-stampa/2010/enelgp.htm
