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Analysis of Enel’s financial position


Millions of euro at Dec. 31, 2009 at Dec. 31, 2008 2009-2008
Net non-current assets:      
- property, plant and equipment and intangible assets 20.8 23.4 (2.6)
- equity investments 35,957.2 23,707.3 12,249.9
- other non-current assets/(liabilities) (744.1) (658.6) (85.5)
Total 35,233.9 23,072.1 12,161.8
Net current assets:      
- trade receivables 516.5 484.4 32.1
- net other current assets/(liabilities) 439.6 835.9 (396.3)
- trade payables (320.8) (324.3) 3.5
Total 635.3 996.0 (360.7)
Gross capital employed 35,869.2 24,068.1 11,801.1
Provisions:      
- post-employment and other employee benefits (376.4) (398.4) 22.0
- provisions for risks and charges and net deferred taxes 184.2 111.5 72.7
Total (192.2) (286.9) 94.7
Non-current assets classified as held for sale 9.0 - 9.0
Net capital employed 35,686.0 23,781.2 11,904.8
Shareholders’ equity 23,721.7 15,127.6 8,594.1
NET FINANCIAL DEBT 11,964.3 8,653.6 3,310.7

Net non-current assets amounted to €35,233.9 million, up €12,161.8 million. The rise is essentially attributable to the increase in the value of equity investment in the amount of €12,249.9 million, largely associated with the recapitalization of Enel Energy Europe SL in the amount of €12,300.0 million. The operation involved Enel SpA’s partial waiver of its receivable in respect of the intercompany current account held with its subsidiary.

Net current assets came to €635.3 million, a decrease of €360.7 million compared with December 31, 2008. The changes is essentially due to:

  • a decrease in net other current assets/(liabilities) (€396.3 million), mainly due to the decline in receivables for interest and other income on current accounts held with subsidiaries, partly offset by the reduction in payables to the companies participating in the consolidated taxation mechanism and greater tax credits;
  • an increase in trade receivables (€32.1 million) connected with the rise in receivables due from Group companies, mainly in respect of increased charges passed through to Enel Energy Europe for consulting and assistance costs incurred for the acquisition of the additional 25.1% of Endesa.

Net capital employed at December 31, 2009, came to €35,686.0 million, funded by shareholders’ equity of €23,721.7 million and net financial debt of €11,964.3 million.

Shareholders’ equity at December 31, 2009, totaled €23,721.7 million, an increase of €8,594.1 million compared with December 31, 2008. The change is attributable to the capital increase of €7,847.5 million completed in July 2009, the recognition of net income for the year of €3,460.4 million, the increase in the reserve from the measurement of derivatives in of €15.9 million and the increase in the reserve for stock optionsof €4.7 million. These effects were partially offset by the distribution of the balance of the dividend for 2008 in the amount of €1,794.1 million (€0.29 per share), and the payment in November 2009 of the interim dividend for 2009 in the amount of €940.3 million (€0.10 per share).

Net financial debt came to €11,964.3 million at the end of the year, with a debt/equity ratio of 0.5, compared with 0.6 at the end of 2008.