Liquidity risk

Liquidity risk

Enel SpA manages centralized treasury operations at the Group level (with the exception of Endesa SA and its subsidiaries), meeting liquidity needs mainly out of cash flows from ordinary operations and bank credit where necessary. In addition, it manages any excess liquidity as appropriate.

Underscoring the Enel Group’s long-standing access to the credit market, despite the recent financial crisis the Group carried out bond issues for institutional investors totaling €10 billion, acting through Enel Finance International with Enel SpA as guarantor. In addition, Enel SpA and Enel Finance International also arranged an €8 billion syndicated credit facility (of which €4,978.5 million pertaining to Enel SpA) that was used to finance the acquisition of 25.01% of Endesa SA from Acciona.

At December 31, 2009 Enel SpA had committed lines of credit amounting to €13,098 million, of which €6,548 million had been drawn (€17,181 million, of which €15,955 million drawn, at December 31, 2008). It also had uncommitted lines of credit amounting to €1,000 million, of which €790 million had been drawn (€304 million fully drawn at December 31, 2008).

Forecasting of liquidity requirements is carried out on the basis of forecast cash flows from ordinary operations.