English
ItalianoAnalysis of the financial structure
Net financial debt and changes in the period are detailed in the table below:
| Millions of euro | at Dec. 31, 2009 | at Dec. 31, 2008 | Change |
|---|---|---|---|
| Long-term debt: | |||
| - bank loans | 5,948.8 | 14,933.3 | (8,984.5) |
| - bonds | 13,256.8 | 13,080.3 | 176.5 |
| - debt assumed and loans from subsidiaries | 10,806.4 | 11,031.2 | (224.8) |
| Long-term debt | 30,012.0 | 39,044.8 | (9,032.8) |
| - financial receivables from others | (148.4) | (6.1) | (142.3) |
| - debt assumed and loans to subsidiaries | (198.0) | (232.0) | 34.0 |
| Net long-term debt | 29,665.6 | 38,806.7 | (9,141.1) |
| Short-term debt/(liquidity): | |||
| - short-term portion of long-term debt | 779.5 | 431.3 | 348.2 |
| - short-term bank debt | 790.3 | 1,304.4 | (514.1) |
| - short-term debt with Group companies | 536.0 | 1,636.0 | (1,100.0) |
| Short-term debt | 2,105.8 | 3,371.7 | (1,265.9) |
| - short-term portion of long-term financial receivables | (0.3) | (0.3) | - |
| - short-term portion of loans assumed/granted | (0.3) | (247.3) | 247.0 |
| - other financial receivables - cash collateral | (893.2) | - | (893.2) |
| - net short-term financial position with Group companies | (17,918.1) | (32,663.0) | 14,744.9 |
| - cash and cash equivalents | (995.2) | (614.2) | (381.0) |
| Net short-term debt/(liquidity) | (17,701.3) | (30,153.1) | 12,451.8 |
| NET FINANCIAL DEBT | 11,964.3 | 8,653.6 | 3,310.7 |
At December 31, 2009, net financial debt amounted to €11,964.3 million, up €3,310.7 million compared with December 31, 2008 as the net result of a decrease in net long-term financial debt in the amount of €9,141.1 million and the decrease in net short-term liquidity of €12,451.8 million.
The decrease in net long-term financial debt is mainly due to:
- contractual and voluntary repayments totaling €5,000.6 million of the tranche falling due in 2010 of the original €35 billion syndicated credit line following the extraordinary corporate transactions represented by Endesa’s payment of dividends from the sale of assets to E.ON (mandatory repayment of €1,139.2 million), the sale of the high-voltage grid by Enel Distribuzione to Terna (voluntary repayment of €340.9 million) and the capital increase of Enel SpA (mandatory repayment of €3,520.5 million);
- contractual and voluntary repayments totaling €5,111.2 million following Endesa’s sale of assets to Acciona and the issue of bonds in the European and US markets by Enel Finance International, of which:
- €1,498.6 million related to the tranche maturing in 2010;
- €1,750.9 million related to the tranche maturing in 2012;
- €1,258.0 million related to the tranche maturing in 2014;
- €603.7 million related to the tranche maturing in 2016;
- a reduction of €3,273.4 million compared with December 31, 2008, in drawings on the 5-year, €5 billion revolving credit line (extendable for another two years) obtained in November 2005;
- repayment of maturing bond tranchesin the total amount of €417.6 million;
partially offset by:
- the drawing on June 25, 2009, of €4,978.5 million on the Credit Agreement 2009 to finance the acquisition of an additional 25.01% of Endesa held by Acciona;
- the issue of a new tranche of the bond placed privately with leading Italian insurance companies in the amount of €97.0 million maturing in 2027.
The decline in net short-term liquidity of €12,451.8 million was essentially the result of the reduction in the financing requirements of the Group companies on the intercompany current account (€14,744.9 million), especially Enel Energy Europe after its recapitalization carried out by way of Enel SpA’s partial waiver of its receivable in respect of that account (€12,300.0 million), partially offset by the reduction in the debtor position in respect of Enel Finance International (€1,100.0 million), cash collateral paid in respect of OTC derivatives on interest and exchange rates (893.2 million), and the improvement in the short-term position with banks (€514.1 million).
Cash flows
| Millions of euro | 2009 | 2008 | Change |
|---|---|---|---|
| Cash and cash equivalents at the start of the year | 614.2 | 10.4 | 603.8 |
| Cash flows from operating activities | 3,737.9 | 2,597.4 | 1,140.5 |
| Cash flows from investing/disinvesting activities | 10.7 | (831.2) | 841.9 |
| Cash flows from financing activities | (3,367.6) | (1,162.4) | (2,205.2) |
| Cash and cash equivalents at the end of the year | 995.2 | 614.2 | 381.0 |
In 2009 cash and cash equivalents rose by €381.0 million.
Cash flows from operating activities came to €3,737.9 million, compared with €2,597.4 million the previous year, an increase of €1,140.5 million, essentially attributable to increased dividends received.
Cash flows from investing activities were a positive €10.7 million, compared with a net outflow of €831.2 million the previous year, and were essentially the result of:
- €10.4 million in respect of the receipts from the disposal of Sfera Srl to Enel Servizi;
- €9.2 million in respect of the receipts from the disposal of Enel.si Srl to Enel Green Power;
- €6.0 million for net investments in property, plant and equipment and intangible assets;
- €3.0 million in respect of the payment to incorporate Sviluppo Nucleare Italia Srl;
Cash requirements for investing activities amounted to €831.2 million in 2008, essentially in respect of the outlays for the acquisition of 64.4% of Electrica Muntenia Sud (now Enel Distributie Muntenia SA and Enel Energie Muntenia SA) for €826.5 million.
These cash flows made it possible to meet cash requirements in respect of financing activities, which used liquidity in the amount of €3,367.6 million, mainly for repayment of long-term loans (€13,816.4 million) and the payment of dividends and interim dividends (2.734,4 million). This was partially offset by the receipts (gross of transaction costs) from the capital increase (€7,991.1 million), the drawing on the Credit Agreement 2009(€4,978.5 million) and the issue of a new bond tranche (€97.0 million).
