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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Endesa SA Ads | NYSE:ELE | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
Form
20-F
|
X
|
Form
40-F
|
|
Yes
|
|
No
|
X
|
Yes
|
|
No
|
X
|
Yes
|
|
No
|
X
|
-
|
Recognition
of stranded costs for non-mainland generation for 2001-2005, which
amounted to Euro 227 million, and for corresponding interest amounting
to
Euro 31 million, with a combined impact of Euro 197 million on
net
income.
|
-
|
The
tax effect relating to Endesa Italia’s revaluation of the tax bases of its
assets to their book values, as permitted by current legislation
in Italy.
The amount of this tax effect was Euro 148 million and its impact
on net
income after minority interests stood at Euro 118
million.
|
-
|
The
fiscal impact of the merger between Elesur and Chilectra, which
was Euro
170 million, with an impact on net income after minority interests
of Euro
101 million.
|
-
|
Income
generated from asset disposals, which amounted to Euro 453 million,
with
an impact of Euro 378 million on net income after taxes and minority
interests.
|
ENDESA
NET INCOME, 9M07
|
||||
Euro
million
|
%
chg.
vs.
9M06
|
%
chg. vs. 9M06 l-f-l
|
%
contrib.
to
total net income
|
|
Spain
and Portugal
|
1,390
|
(7.5)
|
21.3
|
70.2
|
Europe
|
287
|
(32.6)
|
(5.8)
|
14.5
|
Latin
America
|
302
|
(26)
|
1
|
15.3
|
TOTAL
|
1,979
|
(21.1)
|
13
|
100
|
GENERATION
AND ELECTRICITY SALES
|
||||
Output
|
Sales
|
|||
GWh
|
%
chg. vs. 9M06
|
GWh
|
%
chg. vs. 9M06
|
|
Spain
and Portugal
|
69,246
|
1.5
|
85,177
|
3.6
|
Europe
|
23,888
|
(9.7)
|
37,745
|
(3.0)
|
Latin
America
|
44,297
|
(4.5)
|
45,943
|
6.4
|
TOTAL
|
137,431
|
(2.6)
|
168,865
|
2.8
|
Gross
profit
|
EBITDA
|
EBIT
|
||||
Euro
million
|
%
chg vs. 9M06
l-f-l
|
Euro
million
|
%
chg vs. 9M06
l-f-l
|
Euro
million
|
%
chg vs. 9M06
l-f-l
|
|
Spain
and Portugal
|
4,573
|
11.2
|
2,964
|
9.8
|
2.086
|
10.7
|
Europe
|
1,129
|
(0.7)
|
867
|
(2.6)
|
638
|
(7.9)
|
Latin
America
|
2,487
|
6.2
|
1,781
|
7.1
|
1.376
|
5.5
|
TOTAL
|
8,189
|
7.9
|
5,612
|
6.9
|
4.100
|
5.6
|
CASH
FLOW FROM OPERATING ACTIVITIES
|
||
Euro
million
|
%
chg vs. 9M06
|
|
Spain
and Portugal
|
2,115
|
20.3
|
Europe
|
630
|
18.5
|
Latin
America
|
1,257
|
37
|
TOTAL
|
4,002
|
24.8
|
INVESTMENTS
|
|||
Euro
million
|
|||
Capex
and intangible assets
|
Financial
|
TOTAL
|
|
Spain
and Portugal
|
1,750
|
91
|
1,841
|
Europe
|
325
|
37
|
362
|
Latin
America
|
546
|
174
|
720
|
TOTAL
|
2,621
|
302
|
2,923
|
BREAKDOWN
OF NET DEBT BY BUSINESS LINE
|
||||
Euro
million
|
||||
30/09/07
|
31/12/06
|
Change
|
%
chg.
|
|
Business
in Spain and Portugal
|
13,720
|
12,548
|
1,172
|
9.3
|
Business
in Europe
-Endesa
Italia
-Other
|
1,716
596
1,120
|
1,674
748
926
|
42
(152)
194
|
2.5
(20.3)
21.0
|
Business
in Latin America
-Enersis
Group
-Other
|
5,747
5,080
667
|
5,618
4,749
869
|
129
331
(202)
|
2.3
7.0
(23.2)
|
TOTAL
|
21,183
|
19,840
|
1,343
|
6.8
|
STRUCTURE
OF ENDESA’S NET DEBT
|
||||||
ENDESA
and
direct subsidiaries
|
Enersis
Group
|
Total
ENDESA
Group
|
||||
Euro million
|
%
of
total
|
Euro
million
|
%
of
total
|
Euro
million
|
%
of
total
|
|
Euro
|
16,038
|
100
|
-
|
-
|
16,038
|
100
|
Dollar
|
52
|
-
|
2,058
|
41
|
2,110
|
10
|
Other
currencies
|
13
|
-
|
3,022
|
59
|
3,035
|
14
|
TOTAL
|
16,103
|
100
|
5,080
|
100
|
21,183
|
100
|
Fixed
rate
|
6,415
|
40
|
3,801
|
75
|
10,216
|
48
|
Hedged
|
1,677
|
10
|
211
|
4
|
1,888
|
9
|
Floating
|
8,011
|
50
|
1,068
|
21
|
9,079
|
43
|
TOTAL
|
16,103
|
100
|
5,080
|
100
|
21,183
|
100
|
Avg.
life (years)
|
5.0
|
5.3
|
5.1
|
-
|
The
contribution by Acciona and ENDESA of their renewable generation
assets to
a joint venture which will be 51%-owned by Acciona and 49%-owned
by
Endesa.
|
-
|
The
sale of the following assets to E.On
AG:
|
§
|
The
sale of Endesa Europa’s assets in Italy, France, Poland and
Turkey.
|
§
|
Certain
assets located in Spain comprising 10-year rights on 450 MW of
nuclear
energy capacity based on an energy supply contract and three thermal
stations with combined installed capacity of around 1,475
MW.
|
SPAIN
AND PORTUGAL SALES
|
||||
Euro
million
|
||||
9M07
|
9M06
|
Chg.
|
%
chg.
|
|
Mainland
generation under Ordinary Regime
|
2,988
|
3,175
|
(187)
|
(5.9)
|
Sales
to deregulated customers
|
1,768
|
1,334
|
434
|
32.5
|
Other
sales in the OMEL
|
1,220
|
1,841
|
(621)
|
(33.7)
|
Renewable/CHP
generation
|
187
|
195
|
(8)
|
(4.1)
|
Regulated
revenues from distribution
|
1,541
|
1,363
|
178
|
13.1
|
Non-mainland
generation and supply
|
1,645
|
1,614
|
31
|
1.9
|
Supply
to deregulated customers outside Spain
|
250
|
224
|
26
|
11.6
|
Gas
supply
|
519
|
458
|
61
|
13.3
|
Regulated
revenues from gas distribution
|
43
|
33
|
10
|
30.3
|
Other
sales and services rendered
|
227
|
173
|
54
|
31.2
|
TOTAL
|
7,400
|
7,235
|
165
|
2.3
|
OPERATING
EXPENSE IN SPAIN AND PORTUGAL
|
||||
Euro
million
|
||||
9M07
|
9M06
|
Change
|
%
chg.
|
|
Purchases
and services
|
3,085
|
3,471
|
(386)
|
(11.1)
|
Power
purchases
|
726
|
767
|
(41)
|
(5.3)
|
Fuel
consumption
|
1,667
|
1,695
|
(28)
|
(1.7)
|
Power
transmission expenses
|
393
|
272
|
121
|
44.5
|
Other
supplies and services
|
299
|
737
|
(438)
|
(59.4)
|
Personnel
expenses
|
827
|
758
|
69
|
9.1
|
Other
operating expenses
|
911
|
760
|
151
|
19.9
|
Depreciation
and amortisation
|
878
|
814
|
64
|
7.9
|
TOTAL
|
5,701
|
5,803
|
(102)
|
(1.8)
|
TOTAL
INVESTMENT IN SPAIN AND PORTUGAL
|
|||
Euro
million
|
|||
9M07
|
9M06
|
%
chg.
|
|
Capex
|
1,699
|
1,549
|
9.7
|
Intangible
|
51
|
71
|
(28.2)
|
Financial
|
91
|
105
|
(13.3)
|
TOTAL
INVESTMENT
|
1,841
|
1,725
|
6.7
|
92.3%
of total investment was capex, i.e., money spent on developing
or
enhancing electricity generation and distribution facilities. We
would
highlight the increase in investment at renewable/CHP
facilities.
|
|||
CAPEX
IN SPAIN AND PORTUGAL
|
|||
Euro
million
|
|||
9M07
|
9M06
|
%
chg.
|
|
Generation
|
867
|
652
|
33.0
|
Ordinary
regime
|
617
|
507
|
21.7
|
Renewables/CHP
|
250
|
145
|
72.4
|
Distribution
|
810
|
869
|
(6.8)
|
Other
|
22
|
28
|
(21.4)
|
TOTAL
|
1,699
|
1,549
|
9.7
|
BREAKDOWN
OF ENDESA’S OUTPUT AND SALES IN EUROPE
|
||||||
Output
(GWh)
|
Sales
(GWh)
|
|||||
9M07
|
9M06
|
%
chg.
|
9M07
|
9M06
|
%
chg.
|
|
Italy
|
17,999
|
19,420
|
(7.3)
|
24,014
|
25,025
|
(4)
|
France
|
4,859
|
5,857
|
(17.7)
|
12,701
|
12,722
|
(0.2)
|
Poland*
|
1,024
|
1,166
|
(8.2)
|
1,024
|
1,166
|
(12.2)
|
Greece
|
6
|
-
|
NA
|
6
|
-
|
NA
|
TOTAL
|
23,888
|
26,443
|
(9.7)
|
37,745
|
38,913
|
(3)
|
(*)
ENDESA is present in the generation business in Poland through
the
Bialystock CHP, which is controlled by
Snet.
|
EBITDA
& EBIT IN EUROPE
|
||||||
EBITDA (Euro
million)
|
EBIT
(Euro million)
|
|||||
9M07
|
9M06
|
%
chg.
|
9M07
|
9M06
|
%
chg.
|
|
Italy
|
718
|
746
|
(3.8)
|
565
|
627
|
(9.9)
|
Endesa
France
|
165
|
147
|
12.2
|
90
|
70
|
28.6
|
Trading
|
27
|
26
|
3.9
|
27
|
26
|
3.9
|
Holding
& others
|
(43)
|
(29)
|
(48.3)
|
(44)
|
(30)
|
(46.7)
|
TOTAL
|
867
|
890
|
(2.6)
|
638
|
693
|
(7.9)
|
ENDESA
ITALIA KEY DATA
|
||||
Euro
million
|
||||
9M07
|
9M07
|
Change
|
%
chg.
|
|
Revenues
|
2,079
|
2,267
|
(188)
|
(8.3)
|
Gross
profit
|
844
|
861
|
(17)
|
(2)
|
EBITDA
|
718
|
746
|
(28)
|
(3.8)
|
EBIT
|
565
|
627
|
(62)
|
(9.9)
|
ENDESA
FRANCE KEY DATA
|
||||
Euro
million
|
||||
9M07
|
9M06
|
Change
|
%
chg
|
|
Revenues
|
786
|
801
|
(15)
|
(1.9)
|
Gross
profit
|
257
|
248
|
9
|
3.6
|
EBITDA
|
165
|
147
|
18
|
12.2
|
EBIT
|
90
|
70
|
20
|
28.6
|
OUTPUT
AND SALES IN THE LATIN AMERICAN BUSINESS
|
||||
Output
(GWh)
|
Sales
(GWh)
|
|||
9M07
|
%
chg.
vs.
9M06
|
9M07
|
%
chg.
vs.
9M06
|
|
Chile
|
13,992
|
(4.8)
|
9,695
|
5
|
Argentina
|
12,501
|
(7)
|
11,973
|
8.6
|
Peru
|
6,156
|
16.8
|
3,868
|
7.3
|
Colombia
|
8,778
|
(8.3)
|
8,474
|
7
|
Brazil
|
2,870
|
(15.1)
|
11,933
|
4.7
|
TOTAL
|
44,297
|
(4.5)
|
45,943
|
6.4
|
EBITDA
& EBIT IN LATIN AMERICA
|
||||||
EBITDA (Euro
million)
|
EBIT
(€ m)
|
|||||
9M07
|
9M06
|
%
chg.
|
9M07
|
9M06
|
%
chg.
|
|
Generation
and transmission
|
920
|
898
|
2.4
|
701
|
709
|
(1.1)
|
Distribution
|
924
|
815
|
13.4
|
744
|
651
|
14.3
|
Other
|
(63)
|
(50)
|
NA
|
(69)
|
(56)
|
NA
|
TOTAL
|
1,781
|
1,663
|
7.1
|
1,376
|
1,304
|
5.5
|
BREAKDOWN
OF EBITDA AND EBIT IN LATAM BY BUSINESS LINE AND
COUNTRY
|
||||||
Generation
and transmission
|
||||||
EBITDA (Euro
million)
|
EBIT
(Euro million)
|
|||||
9M07
|
9M06
|
%
chg.
|
9M07
|
9M06
|
%
chg.
|
|
Chile
|
366
|
435
|
(15.9)
|
280
|
362
|
(22.7)
|
Colombia
|
191
|
168
|
13.7
|
155
|
135
|
14.8
|
Brazil
- Generation
|
125
|
92
|
35.9
|
112
|
78
|
43.6
|
Peru
|
113
|
111
|
1.8
|
77
|
80
|
(3.8)
|
Argentina
- Generation
|
89
|
96
|
(7.3)
|
55
|
73
|
(24.7)
|
TOTAL
Generation
|
||||||
Interconnection
Brazil-Argent.
|
36
|
(4)
|
NA
|
22
|
(19)
|
NA
|
TOTAL
Generation and transmission
|
920
|
898
|
2.4
|
701
|
709
|
(1.1)
|
Distribution
|
||||||
EBITDA (Euro
million)
|
EBIT
(€ m)
|
|||||
9M07
|
9M06
|
%
chg.
|
9M07
|
9M06
|
%
chg.
|
|
Chile
|
144
|
160
|
(10)
|
125
|
142
|
(12)
|
Colombia
|
218
|
213
|
2.3
|
164
|
165
|
(0.6)
|
Brazil
|
389
|
344
|
13.1
|
321
|
289
|
11.1
|
Peru
|
67
|
63
|
6.3
|
45
|
40
|
12.5
|
Argentina
|
106
|
35
|
202.9
|
89
|
15
|
493.3
|
TOTAL
Distribution
|
924
|
815
|
13.4
|
744
|
651
|
14.3
|
CAPITAL
EXPENDITURE IN LATIN AMERICA
|
|||
Euro
million
|
|||
9M07
|
9M06
|
%
chg.
|
|
Generation
|
171
|
240
|
(28.9)
|
Distribution
and Transmission
|
295
|
348
|
(15.2)
|
Other
|
68
|
13
|
423.6
|
TOTAL
|
534
|
601
|
(11.1)
|
Electricity
Generation Output (GWh)
|
9M07
|
9M06
|
%
chg.
|
|||||||||
Business
in Spain and Portugal
|
69,246
|
68,222
|
1.5
|
|||||||||
Business
in Europe
|
23,888
|
26,443
|
(9.7 | ) | ||||||||
Business
in Latin America
|
44,297
|
46,364
|
(4.5 | ) | ||||||||
TOTAL
|
137,431
|
141,029
|
(2.6 | ) |
Electricity
Generation Output in Spain&Portugal(GWh)
|
9M07
|
9M06
|
%
chg,
|
|||||||||
Mainland
|
58,153
|
57,303
|
1.5
|
|||||||||
Nuclear
|
17,374
|
17,806
|
(2.4 | ) | ||||||||
Coal
|
26,320
|
25,700
|
2.4
|
|||||||||
Hydro
|
6,227
|
5,541
|
12.4
|
|||||||||
Combined
cycle (CCGT)
|
5,709
|
5,605
|
1.9
|
|||||||||
Fuel
oil
|
312
|
881
|
(64.6 | ) | ||||||||
Renewables/CHP
|
2,211
|
1,770
|
24.9
|
|||||||||
Non-mainland
|
11,093
|
10,919
|
1.6
|
|||||||||
TOTAL
|
69,246
|
68,222
|
1.5
|
Electricity
Generation Output in Europe (GWh)
|
9M07
|
9M06
|
%
chg,
|
|||||||||
Coal
|
10,420
|
11,806
|
(11.7 | ) | ||||||||
Hydro
|
1,086
|
1,817
|
(40.2 | ) | ||||||||
Combined
cycle (CCGT)
|
10,097
|
9,084
|
11.2
|
|||||||||
Fuel
oil
|
2,135
|
3,714
|
(42.5 | ) | ||||||||
Wind
|
150
|
22
|
581.8
|
|||||||||
TOTAL
|
23,888
|
26,443
|
(9.7 | ) |
Electricity
Generation Output in Latin America (GWh)
|
9M07
|
9M06
|
%
chg,
|
|||||||||
Chile
|
13,992
|
14,693
|
(4.8 | ) | ||||||||
Argentina
|
12,501
|
13,444
|
(7 | ) | ||||||||
Peru
|
6,156
|
5,271
|
16.8
|
|||||||||
Colombia
|
8,778
|
9,577
|
(8.3 | ) | ||||||||
Brazil
|
2,870
|
3,379
|
(15.1 | ) | ||||||||
TOTAL
|
44,297
|
46,364
|
(4.5 | ) |
Electricity
sales (GWh)
|
9M07
|
9M06
|
%
chg,
|
|||||||||
Business
in Spain and Portugal
|
85,177
|
82,236
|
3.6
|
|||||||||
Regulated
market
|
54,687
|
53,434
|
2.3
|
|||||||||
Deregulated
market
|
30,490
|
28,802
|
5.9
|
|||||||||
Business
in Europe
|
37,745
|
38,913
|
(3 | ) | ||||||||
Endesa
Italia
|
22,528
|
24,914
|
(9.6 | ) | ||||||||
Rest
of Italy
|
1,486
|
111
|
1,238.7
|
|||||||||
Endesa
France
|
13,725
|
13,888
|
(1.2 | ) | ||||||||
Endesa
Hellas
|
6
|
--
|
NA
|
|||||||||
Business
in Latin America
|
45,943
|
43,175
|
6.4
|
|||||||||
Chile
|
9,695
|
9,235
|
5
|
|||||||||
Argentina
|
11,973
|
11,022
|
8.6
|
|||||||||
Peru
|
3,868
|
3,605
|
7.3
|
|||||||||
Colombia
|
8,474
|
7,917
|
7
|
|||||||||
Brazil
|
11,933
|
11,396
|
4.7
|
|||||||||
TOTAL
|
168,865
|
164,318
|
2.8
|
Gas
sales (GWh)
|
9M07
|
9M06
|
%
chg,
|
|||||||||
Regulated
market
|
2,230
|
1,725
|
29.3
|
|||||||||
Deregulated
market
|
20,860
|
16,871
|
23.6
|
|||||||||
TOTAL
|
23,090
|
18,596
|
24.2
|
Workforce
|
30/09/07
|
30/09/06
|
%
chg,
|
|||||||||
Business
in Spain and Portugal
|
12,746
|
12,700
|
0.4
|
|||||||||
Business
in Europe
|
2,161
|
2,154
|
0.3
|
|||||||||
Business
in Latin America
|
12,188
|
11,964
|
1.9
|
|||||||||
TOTAL
|
27,095
|
26,818
|
1
|
Key
figures
|
9M07
|
9M07
|
%
chg,
|
|||||||||
EPS
(Euro)
|
1.87
|
2.37
|
(21.1 | ) | ||||||||
CFPS
(Euro)
|
3.78
|
3.13
|
20.6
|
|||||||||
BVPS
(Euro)
|
11.24
|
10.80
|
4.1
|
Net
financial debt (Euro million)
|
30/09/07
|
31/12/06
|
%
chg,
|
|||||||||
Business
in Spain and Portugal
|
13,720
|
12,548
|
9.3
|
|||||||||
Business
in Europe
|
1,716
|
1,674
|
2.5
|
|||||||||
Endesa
Italia
|
596
|
748
|
(20.3 | ) | ||||||||
Rest
of Europe
|
1,120
|
926
|
21
|
|||||||||
Business
in Latin America
|
5,747
|
5,618
|
2.3
|
|||||||||
Enersis
|
5,080
|
4,749
|
7
|
|||||||||
Other
|
667
|
869
|
(23.2 | ) | ||||||||
TOTAL
|
21,183
|
19,840
|
6.8
|
|||||||||
Financial
leverage (%)
|
124.0
|
124.5
|
-
|
|||||||||
Net
debt/operating cash flow (times)
|
2.8
|
2.8
|
-
|
|||||||||
Interest
coverage by operating cash flow (times)
|
7.7
|
7.4
|
-
|
Ratings
(15/11/07)
|
Long
term
|
Short
term
|
Outlook
|
Standard
& Poor’s
|
A
|
A
-1
|
U/R
(-)
|
Moody’s
|
A3
|
P-2
|
U/R
(-)
|
Fitch
|
A
|
F2
|
Negative
|
ENDESA’s
main fixed/income issues
|
Spread
over IRS (bp)
|
|||||||
30/09/07
|
31/12/06
|
|||||||
5.2Y
GBP 400M 6.125% Mat. September 2012
|
48
|
25
|
||||||
5.97Y
Euro 700M 5.375% Mat. Feb 2013
|
49
|
24
|
Stock
market data
|
28/09/07
|
29/12/06
|
%
chg.
|
|||||||||
Market
cap (Euro million)
|
42,445
|
37,935
|
11.9
|
|||||||||
Number
of shares outstanding
|
1,058,752,117
|
1,058,752,117
|
//
|
|||||||||
Nominal
share value (Euro)
|
1.2
|
1.2
|
//
|
Stock
market data
|
9M07
|
9M06
|
%
chg,
|
|||||||||
Trading
volumes (shares)
|
||||||||||||
Madrid
stock exchange
|
2,555,772,226
|
2,327,950,930
|
9.8
|
|||||||||
NYSE
|
18,650,804
|
19,554,600
|
(4.6 | ) | ||||||||
Average
daily trading volume (shares)
|
||||||||||||
Madrid
stock exchange
|
13,451,433
|
12,188,225
|
10.4
|
|||||||||
NYSE
|
100,273
|
104,014
|
(3.6 | ) |
Share
price
|
9M07
high
|
9M07
low
|
28/09/07
|
29/12/06
|
||||||||||||
Madrid
stock exchange (Euro)
|
40.64
|
35.21
|
40.09
|
35.83
|
||||||||||||
NYSE
(USD)
|
57.10
|
45.75
|
57.10
|
46.52
|
Dividends
(Euro cents/share)
|
Against
2006 results
|
|||
Interim
dividend (02/01/07)
|
50.00
|
|||
Final
dividend (02/07/07)
|
114.00
|
|||
Total
DPS
|
164.00
|
|||
Pay-out
(%)
|
58.48
|
|||
Dividend
yield (%)
|
4.58
|
ENDESA
S.A. AND SUBSIDIARIES
|
||||||||||||||||
CONSOLIDATED
BALANCE SHEETS
|
||||||||||||||||
AS
OF SEPTEMBER 30, 2007 AND DECEMBER 31, 2006
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Euro
Million
|
||||||||||||||||
ASSETS
|
30.09.07
|
31.12.06
|
Variation
|
|||||||||||||
Total
fixed assets
|
47,250
|
46,380
|
870
|
1.88 | % | |||||||||||
Utility
plant
|
34,939
|
33,714
|
1,225
|
3.63 | % | |||||||||||
Investment
property
|
48
|
81
|
(33 | ) | -40.74 | % | ||||||||||
Intangible
asset
|
627
|
804
|
(177 | ) | -22.01 | % | ||||||||||
Goodwill
|
4,042
|
3,986
|
56
|
1.40 | % | |||||||||||
Long
term financial investments
|
4,296
|
4,482
|
(186 | ) | -4.15 | % | ||||||||||
Investments
in associates
|
768
|
649
|
119
|
18.34 | % | |||||||||||
Deferred
tax assets
|
2,530
|
2,664
|
(134 | ) | -5.03 | % | ||||||||||
Total
current assets
|
8,619
|
7,708
|
911
|
11.82 | % | |||||||||||
Inventories
|
1,025
|
882
|
143
|
16.21 | % | |||||||||||
Trade
and other receivables
|
6,479
|
5,819
|
660
|
11.34 | % | |||||||||||
Short
term financial investments
|
175
|
39
|
136
|
348.72 | % | |||||||||||
Cash
and cash equivalents
|
940
|
965
|
(25 | ) | -2.59 | % | ||||||||||
Assets
held for sale
|
3
|
(3 | ) | -100.00 | % | |||||||||||
TOTAL
ASSETS
|
55,869
|
54,088
|
1,781
|
3.29 | % | |||||||||||
EQUITY
AND LIABILITIES
|
30.09.07
|
31.12.06
|
Variation
|
|||||||||||||
Total
equity
|
17,080
|
15,936
|
1,144
|
7.18 | % | |||||||||||
Atributtable
to equity holders of the parent company
|
11,897
|
11,291
|
606
|
5.37 | % | |||||||||||
Minority
interest
|
5,183
|
4,645
|
538
|
11.58 | % | |||||||||||
Non-current
liabilities
|
31,277
|
30,007
|
1,270
|
4.23 | % | |||||||||||
Deferred
revenues
|
2,750
|
2,442
|
308
|
12.61 | % | |||||||||||
Preferred
shares
|
1,438
|
1,430
|
8
|
0.56 | % | |||||||||||
Long
term provisions
|
4,370
|
4,442
|
(72 | ) | -1.62 | % | ||||||||||
Long
term financial debt
|
19,903
|
19,057
|
846
|
4.44 | % | |||||||||||
Other
non-current liabilities
|
949
|
985
|
(36 | ) | -3.65 | % | ||||||||||
Deferred
tax liabilities
|
1,867
|
1,651
|
216
|
13.08 | % | |||||||||||
Current
liabilities
|
7,512
|
8,145
|
(633 | ) | -7.77 | % | ||||||||||
Short
term financial debt
|
955
|
629
|
326
|
51.83 | % | |||||||||||
Trade
and other payables
|
6,557
|
7,516
|
(959 | ) | -12.76 | % | ||||||||||
TOTAL
EQUITY AND LIABILITIES
|
55,869
|
54,088
|
1,781
|
3.29 | % |
ENDESA
S.A. AND SUBSIDIARIES
|
||||||||||||||||
CONSOLIDATED
STATEMENTS OF INCOME
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Euro
Million
|
||||||||||||||||
30.09.07
|
30.09.06
|
Variation
|
||||||||||||||
REVENUES
|
16,042
|
15,732
|
310
|
1.97 | % | |||||||||||
Sales
|
15,549
|
14,847
|
702
|
4.73 | % | |||||||||||
Other
operating revenues
|
493
|
885
|
(392 | ) | -44.29 | % | ||||||||||
PURCHASES
AND SERVICES
|
7,853
|
7,913
|
(60 | ) | -0.76 | % | ||||||||||
Energy
purchases
|
3,247
|
2,914
|
333
|
11.43 | % | |||||||||||
Fuel
procurement costs
|
3,239
|
3,104
|
135
|
4.35 | % | |||||||||||
Transmission
expenses
|
676
|
553
|
123
|
22.24 | % | |||||||||||
Other
variable purchases and services
|
691
|
1,342
|
(651 | ) | -48.51 | % | ||||||||||
GROSS
MARGIN
|
8,189
|
7,819
|
370
|
4.73 | % | |||||||||||
Work
performed by the entity and capitalized
|
154
|
126
|
28
|
22.22 | % | |||||||||||
Personnel
expenses
|
1,234
|
1,150
|
84
|
7.30 | % | |||||||||||
Other
fixed operating expenses
|
1,497
|
1,316
|
181
|
13.75 | % | |||||||||||
GROSS
OPERATING INCOME (EBITDA)
|
5,612
|
5,479
|
133
|
2.43 | % | |||||||||||
Depreciation
and amortization
|
1,512
|
1,370
|
142
|
10.36 | % | |||||||||||
OPERATING
INCOME (EBIT)
|
4,100
|
4,109
|
(9 | ) | -0.22 | % | ||||||||||
FINANCIAL
INCOME
|
(715 | ) | (720 | ) |
5
|
-0.69 | % | |||||||||
Net
financial expenses
|
(706 | ) | (736 | ) |
30
|
-4.08 | % | |||||||||
Foreign
exchanges
|
(9 | ) |
16
|
(25 | ) | -156.25 | % | |||||||||
Share
of profit of associates
|
48
|
60
|
(12 | ) | -20.00 | % | ||||||||||
Income
from other investments
|
2
|
9
|
(7 | ) | -77.78 | % | ||||||||||
Income
from asset sales
|
65
|
453
|
(388 | ) | -85.65 | % | ||||||||||
INCOME
BEFORE TAXES
|
3,500
|
3,911
|
(411 | ) | -10.51 | % | ||||||||||
Income
tax
|
942
|
736
|
206
|
27.99 | % | |||||||||||
PROFIT
FOR THE PERIOD
|
2,558
|
3,175
|
(617 | ) | -19.43 | % | ||||||||||
Attributable
to the holders of the parent company
|
1,979
|
2,508
|
(529 | ) | -21.09 | % | ||||||||||
Minority
interest
|
579
|
667
|
(88 | ) | -13.19 | % | ||||||||||
Net
income per share (expressed in euros)
|
1.87
|
2.37
|
-0.50
|
-21.09 | % |
ENDESA
S.A. AND SUBSIDIARIES
|
||||||||||||||||
CONSOLIDATED
STATEMENTS OF INCOME
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
3Q
RESULTS
|
||||||||||||||||
3Q
07
|
3Q
06
|
Variation
|
||||||||||||||
REVENUES
|
5,669
|
5,131
|
538
|
10.49 | % | |||||||||||
Sales
|
5,495
|
4,901
|
594
|
12.12 | % | |||||||||||
Other
operating revenues
|
174
|
230
|
(56 | ) | -24.35 | % | ||||||||||
PURCHASES
AND SERVICES
|
3,012
|
2,611
|
401
|
15.36 | % | |||||||||||
Energy
purchases
|
1,226
|
980
|
246
|
25.10 | % | |||||||||||
Fuel
procurement costs
|
1,280
|
1,096
|
184
|
16.79 | % | |||||||||||
Transmission
expenses
|
221
|
184
|
37
|
20.11 | % | |||||||||||
Other
variable purchases and services
|
285
|
351
|
(66 | ) | -18.80 | % | ||||||||||
GROSS
MARGIN
|
2,657
|
2,520
|
137
|
5.44 | % | |||||||||||
Work
performed by the entity and capitalized
|
49
|
36
|
13
|
36.11 | % | |||||||||||
Personnel
expenses
|
394
|
383
|
11
|
2.87 | % | |||||||||||
Other
fixed operating expenses
|
531
|
456
|
75
|
16.45 | % | |||||||||||
GROSS
OPERATING INCOME (EBITDA)
|
1,781
|
1,717
|
64
|
3.73 | % | |||||||||||
Depreciation
and amortization
|
458
|
479
|
(21 | ) | -4.38 | % | ||||||||||
OPERATING
INCOME (EBIT)
|
1,323
|
1,238
|
85
|
6.87 | % | |||||||||||
FINANCIAL
INCOME
|
(219 | ) | (251 | ) |
32
|
-12.75 | % | |||||||||
Net
financial expenses
|
(212 | ) | (256 | ) |
44
|
-17.19 | % | |||||||||
Foreign
exchanges
|
(7 | ) |
5
|
(12 | ) | -240.00 | % | |||||||||
Share
of profit of associates
|
42
|
14
|
28
|
200.00 | % | |||||||||||
Income
from other investments
|
(4 | ) |
2
|
(6 | ) | -300.00 | % | |||||||||
Income
from asset sales
|
55
|
193
|
(138 | ) | -71.50 | % | ||||||||||
INCOME
BEFORE TAXES
|
1,197
|
1,196
|
1
|
0.08 | % | |||||||||||
Income
tax
|
263
|
263
|
||||||||||||||
NET
INCOME
|
934
|
933
|
1
|
0.11 | % | |||||||||||
Attributable
to the holders of the parent company
|
724
|
752
|
(28 | ) | -3.72 | % | ||||||||||
Minority
interest
|
210
|
181
|
29
|
16.02 | % |
ENDESA
S.A. AND SUBSIDIARIES
|
||||||||
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
||||||||
(Unaudited)
|
||||||||
Euro
Million
|
||||||||
30.09.07
|
30.09.06
|
|||||||
Consolidated
income before income taxes
|
3,500
|
3,911
|
||||||
Amortization
|
1,512
|
1,370
|
||||||
Income
from asset sales
|
(65 | ) | (453 | ) | ||||
Income
tax
|
(658 | ) | (1,001 | ) | ||||
Provisions
payments
|
(314 | ) | (452 | ) | ||||
Other
results without cash flow effect
|
27
|
(57 | ) | |||||
Cash
Flow from operating activities
|
4,002
|
3,318
|
||||||
Change
in deferred income tax
|
154
|
323
|
||||||
Change
in operating assets/liabilities
|
(969 | ) | (574 | ) | ||||
Net
cash provided by operating activities
|
3,187
|
3,067
|
||||||
Acquisitions
of fixed and intangible assets
|
(2,735 | ) | (2,545 | ) | ||||
Disposal
of fixed and intangible assets
|
70
|
351
|
||||||
Investments
in stakes of subsidiaries
|
(99 | ) | (93 | ) | ||||
Acquisitions
of other investments
|
(332 | ) | (1,606 | ) | ||||
Disposal
of other investments
|
363
|
216
|
||||||
Cash
flow from changes in perimeter
|
47
|
|||||||
Subsidies
and other deferred income
|
309
|
245
|
||||||
Net
cash used for investing activities
|
(2,424 | ) | (3,385 | ) | ||||
New
long-term debt
|
2,557
|
4,224
|
||||||
Repayment
of long-term debt
|
(1,086 | ) | (1,378 | ) | ||||
Net
cash from financial debt with short term maturity
|
5
|
(1,175 | ) | |||||
Dividends
paid by the controlling company
|
(1,884 | ) | (2,541 | ) | ||||
Dividends
paid to minority shareholders
|
(397 | ) | (181 | ) | ||||
Net
cash used for financing activities
|
(805 | ) | (1,051 | ) | ||||
Total
net cash
|
(42 | ) | (1,369 | ) | ||||
Effects
of exchange rate changes on cash and cash equivalents
|
17
|
(17 | ) | |||||
Net
increase in cash and cash equivalents
|
(25 | ) | (1,386 | ) | ||||
Cash
and cash equivalents at beginning of period
|
965
|
2,614
|
||||||
Cash
and cash equivalents at end of period
|
940
|
1,228
|
ENDESA
S.A. AND SUBSIDIARIES
|
||||||||||||||||||||||||
CONSOLIDATED
STATEMENT OF RECOGNISED INCOME AND EXPENSE - 30 SEPTEMBER
2007
|
||||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||
Euro
Million
|
||||||||||||||||||||||||
30.09.07
|
30.09.06
|
|||||||||||||||||||||||
Of
the Parent
|
Of
Minority Interests
|
Total
|
Of
the Parent
|
Of
Minority Interests
|
Total
|
|||||||||||||||||||
NET
PROFIT RECOGNISED DIRECTLY IN EQUITY
|
130
|
77
|
207
|
(428 | ) | (206 | ) | (634 | ) | |||||||||||||||
In
assets and liability revaluation reserves
|
52
|
17
|
69
|
(106 | ) | (34 | ) | (140 | ) | |||||||||||||||
Available-for-sale
investments
|
(66 | ) | (66 | ) | (178 | ) | (178 | ) | ||||||||||||||||
Cash
flow hedge
|
136
|
21
|
157
|
97
|
(34 | ) |
63
|
|||||||||||||||||
Tax
effect
|
(18 | ) | (4 | ) | (22 | ) | (25 | ) | (25 | ) | ||||||||||||||
In
retained profit
|
88
|
88
|
||||||||||||||||||||||
Actuarial
gains and losses in pensions
|
130
|
130
|
||||||||||||||||||||||
Tax
effect
|
(42 | ) | (42 | ) | ||||||||||||||||||||
In
translation differences
|
(10 | ) |
60
|
50
|
(322 | ) | (172 | ) | (494 | ) | ||||||||||||||
Gross
translation differences
|
(10 | ) |
60
|
50
|
(334 | ) | (172 | ) | (506 | ) | ||||||||||||||
Tax
effect
|
12
|
12
|
||||||||||||||||||||||
PROFIT
FOR THE PERIOD
|
1,979
|
579
|
2,558
|
2,508
|
667
|
3,175
|
||||||||||||||||||
TOTAL
INCOME AND EXPENSES RECOGNISED
|
2,109
|
656
|
2,765
|
2,080
|
461
|
2,541
|
CONSOLIDATED
BALANCE SHEETS
|
||||||||||||||||
SPAIN
AND PORTUGAL ELECTRICITY BUSINESS
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Euro
Million
|
||||||||||||||||
ASSETS
|
30.09.07
|
31.12.06
|
Variation
|
|||||||||||||
Total
fixed assets
|
26,761
|
26,330
|
431
|
1.64 | % | |||||||||||
Utility
plant
|
20,689
|
19,758
|
931
|
4.71 | % | |||||||||||
Investment
property
|
9
|
32
|
(23 | ) | -71.88 | % | ||||||||||
Intangible
asset
|
366
|
660
|
(294 | ) | -44.55 | % | ||||||||||
Goodwill
|
62
|
61
|
1
|
1.64 | % | |||||||||||
Long
term financial investments
|
3,736
|
3,839
|
(103 | ) | -2.68 | % | ||||||||||
Investments
in associates
|
460
|
407
|
53
|
13.02 | % | |||||||||||
Deferred
tax assets
|
1,439
|
1,573
|
(134 | ) | -8.52 | % | ||||||||||
Total
current assets
|
4,349
|
3,924
|
425
|
10.83 | % | |||||||||||
Inventories
|
648
|
615
|
33
|
5.37 | % | |||||||||||
Trade
and other receivables
|
3,578
|
3,099
|
479
|
15.46 | % | |||||||||||
Short
term financial investments
|
47
|
35
|
12
|
34.29 | % | |||||||||||
Cash
and cash equivalents
|
76
|
175
|
(99 | ) | -56.57 | % | ||||||||||
TOTAL
ASSETS
|
31,110
|
30,254
|
856
|
2.83 | % | |||||||||||
EQUITY
AND LIABILITIES
|
30.09.07
|
31.12.06
|
Variation
|
|||||||||||||
Total
equity
|
6,115
|
5,980
|
135
|
2.26 | % | |||||||||||
Atributtable
to equity holders of the parent company
|
6,072
|
5,936
|
136
|
2.29 | % | |||||||||||
Minority
interest
|
43
|
44
|
(1 | ) | -2.27 | % | ||||||||||
Non-current
liabilities
|
20,678
|
19,513
|
1,165
|
5.97 | % | |||||||||||
Deferred
revenues
|
2,477
|
2,185
|
292
|
13.36 | % | |||||||||||
Preferred
shares
|
1,438
|
1,430
|
8
|
0.56 | % | |||||||||||
Long
term provisions
|
3,317
|
3,407
|
(90 | ) | -2.64 | % | ||||||||||
Long
term financial debt
|
12,526
|
11,613
|
913
|
7.86 | % | |||||||||||
Other
non-current liabilities
|
462
|
444
|
18
|
4.05 | % | |||||||||||
Deferred
tax liabilities
|
458
|
434
|
24
|
5.53 | % | |||||||||||
Current
liabilities
|
4,317
|
4,761
|
(444 | ) | -9.33 | % | ||||||||||
Short
term financial debt
|
3
|
(9 | ) |
12
|
133.33 | % | ||||||||||
Trade
and other payables
|
4,314
|
4,770
|
(456 | ) | -9.56 | % | ||||||||||
TOTAL
EQUITY AND LIABILITIES
|
31,110
|
30,254
|
856
|
2.83 | % |
CONSOLIDATED
STATEMENTS OF INCOME
|
||||||||||||||||
SPAIN
AND PORTUGAL ELECTRICITY BUSINESS
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Euro
Million
|
||||||||||||||||
30.09.07
|
30.09.06
|
Variation
|
||||||||||||||
REVENUES
|
7,658
|
7,810
|
(152 | ) | -1.95 | % | ||||||||||
Sales
|
7,400
|
7,235
|
165
|
2.28 | % | |||||||||||
Other
operating revenues
|
258
|
575
|
(317 | ) | -55.13 | % | ||||||||||
PURCHASES
AND SERVICES
|
3,085
|
3,471
|
(386 | ) | -11.12 | % | ||||||||||
Energy
purchases
|
726
|
767
|
(41 | ) | -5.35 | % | ||||||||||
Fuel
procurement costs
|
1,667
|
1,695
|
(28 | ) | -1.65 | % | ||||||||||
Transmission
expenses
|
393
|
272
|
121
|
44.49 | % | |||||||||||
Other
variable purchases and services
|
299
|
737
|
(438 | ) | -59.43 | % | ||||||||||
GROSS
MARGIN
|
4,573
|
4,339
|
234
|
5.39 | % | |||||||||||
Work
performed by the entity and capitalized
|
129
|
105
|
24
|
22.86 | % | |||||||||||
Personnel
expenses
|
827
|
758
|
69
|
9.10 | % | |||||||||||
Other
fixed operating expenses
|
911
|
760
|
151
|
19.87 | % | |||||||||||
GROSS
OPERATING INCOME (EBITDA)
|
2,964
|
2,926
|
38
|
1.30 | % | |||||||||||
Depreciation
and amortization
|
878
|
814
|
64
|
7.86 | % | |||||||||||
OPERATING
INCOME (EBIT)
|
2,086
|
2,112
|
(26 | ) | -1.23 | % | ||||||||||
FINANCIAL
INCOME
|
(310 | ) | (325 | ) |
15
|
-4.62 | % | |||||||||
Net
financial expenses
|
(313 | ) | (324 | ) |
11
|
-3.40 | % | |||||||||
Foreign
exchanges
|
3
|
(1 | ) |
4
|
400.00 | % | ||||||||||
Share
of profit of associates
|
42
|
53
|
(11 | ) | -20.75 | % | ||||||||||
Income
from other investments
|
2
|
8
|
(6 | ) | -75.00 | % | ||||||||||
Income
from asset sales
|
51
|
218
|
(167 | ) | -76.61 | % | ||||||||||
INCOME
BEFORE TAXES
|
1,871
|
2,066
|
(195 | ) | -9.44 | % | ||||||||||
Income
tax
|
475
|
554
|
(79 | ) | -14.26 | % | ||||||||||
PROFIT
FOR THE PERIOD
|
1,396
|
1,512
|
(116 | ) | -7.67 | % | ||||||||||
Attributable
to the holders of the parent company
|
1,390
|
1,503
|
(113 | ) | -7.52 | % | ||||||||||
Minority
interest
|
6
|
9
|
(3 | ) | -33.33 | % |
3Q
CONSOLIDATED STATEMENTS OF INCOME
|
||||||||||||||||
SPAIN
AND PORTUGAL ELECTRICITY BUSINESS
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Euro
Million
|
||||||||||||||||
3Q
07
|
3Q
06
|
Variation
|
||||||||||||||
REVENUES
|
2,661
|
2,542
|
119
|
4.68 | % | |||||||||||
Sales
|
2,568
|
2,409
|
159
|
6.60 | % | |||||||||||
Other
operating revenues
|
93
|
133
|
(40 | ) | -30.08 | % | ||||||||||
PURCHASES
AND SERVICES
|
1,127
|
1,156
|
(29 | ) | -2.51 | % | ||||||||||
Energy
purchases
|
252
|
230
|
22
|
9.57 | % | |||||||||||
Fuel
procurement costs
|
627
|
634
|
(7 | ) | -1.10 | % | ||||||||||
Transmission
expenses
|
130
|
99
|
31
|
31.31 | % | |||||||||||
Other
variable purchases and services
|
118
|
193
|
(75 | ) | -38.86 | % | ||||||||||
GROSS
MARGIN
|
1,534
|
1,386
|
148
|
10.68 | % | |||||||||||
Work
performed by the entity and capitalized
|
40
|
29
|
11
|
37.93 | % | |||||||||||
Personnel
expenses
|
266
|
258
|
8
|
3.10 | % | |||||||||||
Other
fixed operating expenses
|
345
|
261
|
84
|
32.18 | % | |||||||||||
GROSS
OPERATING INCOME (EBITDA)
|
963
|
896
|
67
|
7.48 | % | |||||||||||
Depreciation
and amortization
|
249
|
287
|
(38 | ) | -13.24 | % | ||||||||||
OPERATING
INCOME (EBIT)
|
714
|
609
|
105
|
17.24 | % | |||||||||||
FINANCIAL
INCOME
|
(122 | ) | (125 | ) |
3
|
-2.40 | % | |||||||||
Net
financial expenses
|
(123 | ) | (132 | ) |
9
|
-6.82 | % | |||||||||
Foreign
exchanges
|
1
|
7
|
(6 | ) | -85.71 | % | ||||||||||
Share
of profit of associates
|
39
|
11
|
28
|
254.55 | % | |||||||||||
Income
from other investments
|
(4 | ) |
1
|
(5 | ) | -500.00 | % | |||||||||
Income
from asset sales
|
42
|
189
|
(147 | ) | -77.78 | % | ||||||||||
INCOME
BEFORE TAXES
|
669
|
685
|
(16 | ) | -2.34 | % | ||||||||||
Income
tax
|
151
|
139
|
12
|
8.63 | % | |||||||||||
NET
INCOME
|
518
|
546
|
(28 | ) | -5.13 | % | ||||||||||
Attributable
to the holders of the parent company
|
517
|
542
|
(25 | ) | -4.61 | % | ||||||||||
Minority
interest
|
1
|
4
|
(3 | ) | -75.00 | % |
STATEMENTS
OF CASH FLOWS
|
||||||||
SPAIN
AND PORTUGAL ELECTRICITY BUSINESS
|
||||||||
(Unaudited)
|
||||||||
Euro
Million
|
||||||||
30.09.07
|
30.09.06
|
|||||||
Consolidated
income before income taxes
|
1,871
|
2,066
|
||||||
Amortization
|
878
|
814
|
||||||
Income
from asset sales
|
(51 | ) | (218 | ) | ||||
Income
tax
|
(361 | ) | (489 | ) | ||||
Provisions
payments
|
(254 | ) | (296 | ) | ||||
Other
results without cash flow effect
|
32
|
(1 | ) | |||||
Cash
Flow from operating activities
|
2,115
|
1,876
|
||||||
Change
in deferred income tax
|
292
|
368
|
||||||
Change
in operating assets/liabilities
|
(401 | ) | (285 | ) | ||||
Net
cash provided by operating activities
|
2,006
|
1,959
|
||||||
Acquisitions
of fixed and intangible assets
|
(1,866 | ) | (1,735 | ) | ||||
Disposal
of fixed and intangible assets
|
36
|
268
|
||||||
Investments
in stakes of subsidiaries
|
(8 | ) | (2 | ) | ||||
Acquisitions
of other investments
|
(186 | ) | (1,516 | ) | ||||
Disposal
of other investments
|
265
|
100
|
||||||
Subsidies
and other deferred income
|
267
|
214
|
||||||
Net
cash used for investing activities
|
(1,492 | ) | (2,671 | ) | ||||
New
long-term debt
|
1,440
|
2,890
|
||||||
Repayment
of long-term debt
|
(682 | ) | (868 | ) | ||||
Net
cash from financial debt with short term maturity
|
379
|
(764 | ) | |||||
Dividends
paid by the controlling company
|
(1,747 | ) | (2,241 | ) | ||||
Dividends
paid to minority shareholders
|
(3 | ) | (2 | ) | ||||
Net
cash used for financing activities
|
(613 | ) | (985 | ) | ||||
Total
net cash
|
(99 | ) | (1,697 | ) | ||||
Net
increase in cash and cash equivalents
|
(99 | ) | (1,697 | ) | ||||
Cash
and cash equivalents at beginning of period
|
175
|
1,910
|
||||||
Cash
and cash equivalents at end of period
|
76
|
213
|
CONSOLIDATED
BALANCE SHEETS
|
||||||||||||||||
EUROPE
ELECTRICITY BUSINESS
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Euro
Million
|
||||||||||||||||
ASSETS
|
30.09.07
|
31.12.06
|
Variation
|
|||||||||||||
Total
fixed assets
|
6,368
|
6,068
|
300
|
4.94 | % | |||||||||||
Utility
plant
|
3,952
|
3,872
|
80
|
2.07 | % | |||||||||||
Intangible
asset
|
173
|
66
|
107
|
162.12 | % | |||||||||||
Goodwill
|
1,739
|
1,653
|
86
|
5.20 | % | |||||||||||
Long
term financial investments
|
72
|
89
|
(17 | ) | -19.10 | % | ||||||||||
Investments
in associates
|
128
|
81
|
47
|
58.02 | % | |||||||||||
Deferred
tax assets
|
304
|
307
|
(3 | ) | -0.98 | % | ||||||||||
Total
current assets
|
1,276
|
1,171
|
105
|
8.97 | % | |||||||||||
Inventories
|
227
|
176
|
51
|
28.98 | % | |||||||||||
Trade
and other receivables
|
759
|
862
|
(103 | ) | -11.95 | % | ||||||||||
Short
term financial investments
|
1
|
(1 | ) | -100.00 | % | |||||||||||
Cash
and cash equivalents
|
290
|
132
|
158
|
119.70 | % | |||||||||||
TOTAL
ASSETS
|
7,644
|
7,239
|
405
|
5.59 | % | |||||||||||
EQUITY
AND LIABILITIES
|
30.09.07
|
31.12.06
|
Variation
|
|||||||||||||
Total
equity
|
3,643
|
3,292
|
351
|
10.66 | % | |||||||||||
Atributtable
to equity holders of the parent company
|
2,481
|
2,333
|
148
|
6.34 | % | |||||||||||
Minority
interest
|
1,162
|
959
|
203
|
21.17 | % | |||||||||||
Non-current
liabilities
|
3,076
|
2,757
|
319
|
11.57 | % | |||||||||||
Deferred
revenues
|
95
|
116
|
(21 | ) | -18.10 | % | ||||||||||
Long
term provisions
|
245
|
274
|
(29 | ) | -10.58 | % | ||||||||||
Long
term financial debt
|
1,919
|
1,643
|
276
|
16.80 | % | |||||||||||
Other
non-current liabilities
|
399
|
427
|
(28 | ) | -6.56 | % | ||||||||||
Deferred
tax liabilities
|
418
|
297
|
121
|
40.74 | % | |||||||||||
Current
liabilities
|
925
|
1,190
|
(265 | ) | -22.27 | % | ||||||||||
Short
term financial debt
|
89
|
163
|
(74 | ) | -45.40 | % | ||||||||||
Trade
and other payables
|
836
|
1,027
|
(191 | ) | -18.60 | % | ||||||||||
TOTAL
EQUITY AND LIABILITIES
|
7,644
|
7,239
|
405
|
5.59 | % |
CONSOLIDATED
STATEMENTS OF INCOME
|
||||||||||||||||
EUROPEAN
ELECTRICITY BUSINESS
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Euro
Million
|
||||||||||||||||
30.09.07
|
30.09.06
|
Variation
|
||||||||||||||
REVENUES
|
3,127
|
3,333
|
(206 | ) | -6.18 | % | ||||||||||
Sales
|
3,027
|
3,113
|
(86 | ) | -2.76 | % | ||||||||||
Other
operating revenues
|
100
|
220
|
(120 | ) | -54.55 | % | ||||||||||
PURCHASES
AND SERVICES
|
1,998
|
2,196
|
(198 | ) | -9.02 | % | ||||||||||
Energy
purchases
|
1,021
|
871
|
150
|
17.22 | % | |||||||||||
Fuel
procurement costs
|
925
|
1,071
|
(146 | ) | -13.63 | % | ||||||||||
Transmission
expenses
|
7
|
7
|
||||||||||||||
Other
variable purchases and services
|
45
|
247
|
(202 | ) | -81.78 | % | ||||||||||
GROSS
MARGIN
|
1,129
|
1,137
|
(8 | ) | -0.70 | % | ||||||||||
Work
performed by the entity and capitalized
|
4
|
2
|
2
|
100.00 | % | |||||||||||
Personnel
expenses
|
116
|
110
|
6
|
5.45 | % | |||||||||||
Other
fixed operating expenses
|
150
|
139
|
11
|
7.91 | % | |||||||||||
GROSS
OPERATING INCOME (EBITDA)
|
867
|
890
|
(23 | ) | -2.58 | % | ||||||||||
Depreciation
and amortization
|
229
|
197
|
32
|
16.24 | % | |||||||||||
OPERATING
INCOME (EBIT)
|
638
|
693
|
(55 | ) | -7.94 | % | ||||||||||
FINANCIAL
INCOME
|
(58 | ) | (36 | ) | (22 | ) | 61.11 | % | ||||||||
Net
financial expenses
|
(58 | ) | (38 | ) | (20 | ) | 52.63 | % | ||||||||
Foreign
exchanges
|
2
|
(2 | ) | -100.00 | % | |||||||||||
Share
of profit of associates
|
10
|
(1 | ) |
11
|
1100.00 | % | ||||||||||
Income
from asset sales
|
(4 | ) | (4 | ) |
N/A
|
|||||||||||
INCOME
BEFORE TAXES
|
586
|
656
|
(70 | ) | -10.67 | % | ||||||||||
Income
tax
|
204
|
106
|
98
|
92.45 | % | |||||||||||
PROFIT
FOR THE PERIOD
|
382
|
550
|
(168 | ) | -30.55 | % | ||||||||||
Attributable
to the holders of the parent company
|
287
|
426
|
(139 | ) | -32.63 | % | ||||||||||
Minority
interest
|
95
|
124
|
(29 | ) | -23.39 | % |
3Q
CONSOLIDATED STATEMENTS OF INCOME
|
||||||||||||||||
EUROPEAN
ELECTRICITY BUSINESS
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Euro
Million
|
||||||||||||||||
3Q
07
|
3Q
06
|
Variation
|
||||||||||||||
REVENUES
|
1,061
|
1,082
|
(21 | ) | -1.94 | % | ||||||||||
Sales
|
1,035
|
1,026
|
9
|
0.88 | % | |||||||||||
Other
operating revenues
|
26
|
56
|
(30 | ) | -53.57 | % | ||||||||||
PURCHASES
AND SERVICES
|
714
|
704
|
10
|
1.42 | % | |||||||||||
Energy
purchases
|
347
|
325
|
22
|
6.77 | % | |||||||||||
Fuel
procurement costs
|
337
|
338
|
(1 | ) | -0.30 | % | ||||||||||
Transmission
expenses
|
2
|
(5 | ) |
7
|
140.00 | % | ||||||||||
Other
variable purchases and services
|
28
|
46
|
(18 | ) | -39.13 | % | ||||||||||
GROSS
MARGIN
|
347
|
378
|
(31 | ) | -8.20 | % | ||||||||||
Work
performed by the entity and capitalized
|
1
|
1
|
||||||||||||||
Personnel
expenses
|
35
|
35
|
||||||||||||||
Other
fixed operating expenses
|
53
|
41
|
12
|
29.27 | % | |||||||||||
GROSS
OPERATING INCOME (EBITDA)
|
260
|
303
|
(43 | ) | -14.19 | % | ||||||||||
Depreciation
and amortization
|
71
|
69
|
2
|
2.90 | % | |||||||||||
OPERATING
INCOME (EBIT)
|
189
|
234
|
(45 | ) | -19.23 | % | ||||||||||
FINANCIAL
INCOME
|
(19 | ) | (11 | ) | (8 | ) | 72.73 | % | ||||||||
Net
financial expenses
|
(21 | ) | (13 | ) | (8 | ) | 61.54 | % | ||||||||
Foreign
exchange
|
2
|
2
|
||||||||||||||
Share
of profit of associates
|
4
|
3
|
1
|
33.33 | % | |||||||||||
Income
from asset sales
|
(4 | ) | (1 | ) | (3 | ) | -300.00 | % | ||||||||
INCOME
BEFORE TAXES
|
170
|
225
|
(55 | ) | -24.44 | % | ||||||||||
Income
tax
|
59
|
88
|
(29 | ) | 32.95 | % | ||||||||||
NET
INCOME
|
111
|
137
|
(26 | ) | -18.98 | % | ||||||||||
Attributable
to the holders of the parent company
|
81
|
104
|
(23 | ) | -22.12 | % | ||||||||||
Minority
interest
|
30
|
33
|
(3 | ) | -9.09 | % |
STATEMENTS
OF CASH FLOWS
|
||||||||
EUROPE
ELECTRICITY BUSINESS
|
||||||||
(Unaudited)
|
||||||||
Euro
Million
|
||||||||
30.09.07
|
30.09.06
|
|||||||
Consolidated
income before income taxes
|
586
|
656
|
||||||
Amortization
|
229
|
197
|
||||||
Income
from asset sales
|
4
|
|||||||
Income
tax
|
(130 | ) | (262 | ) | ||||
Provisions
payments
|
(6 | ) | (5 | ) | ||||
Other
results without cash flow effect
|
(53 | ) | (55 | ) | ||||
Cash
Flow from operating activities
|
630
|
531
|
||||||
Change
in deferred income tax
|
5
|
(41 | ) | |||||
Change
in operating assets/liabilities
|
(109 | ) | (189 | ) | ||||
Net
cash provided by operating activities
|
526
|
301
|
||||||
Acquisitions
of fixed and intangible assets
|
(321 | ) | (178 | ) | ||||
Disposal
of fixed and intangible assets
|
16
|
2
|
||||||
Investments
in stakes of subsidiaries
|
(45 | ) | (74 | ) | ||||
Cash
flow from changes in perimeter
|
47
|
|||||||
Disposal
of other investments
|
12
|
98
|
||||||
Acquisitions
of other investments
|
(8 | ) | (58 | ) | ||||
Subsidies
and other deferred income
|
3
|
|||||||
Net
cash used for investing activities
|
(343 | ) | (163 | ) | ||||
New
long-term debt
|
366
|
270
|
||||||
Repayment
of long-term debt
|
(148 | ) | (273 | ) | ||||
Net
cash from financial debt with short term maturity
|
(49 | ) |
125
|
|||||
Dividends
paid by the controlling company
|
(137 | ) | (187 | ) | ||||
Dividends
paid to minority shareholders
|
(57 | ) | (48 | ) | ||||
Net
cash used for financing activities
|
(25 | ) | (113 | ) | ||||
Total
net cash
|
158
|
25
|
||||||
Net
increase in cash and cash equivalents
|
158
|
25
|
||||||
Cash
and cash equivalents at beginning of period
|
132
|
127
|
||||||
Cash
and cash equivalents at end of period
|
290
|
152
|
CONSOLIDATED
BALANCE SHEETS
|
||||||||||||||||
LATIN
AMERICAN ELECTRICITY BUSINESS
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Euro
Million
|
||||||||||||||||
ASSETS
|
30.09.07
|
31.12.06
|
Variation
|
|||||||||||||
Total
fixed assets
|
14,121
|
13,982
|
139
|
0.99 | % | |||||||||||
Utility
plant
|
10,298
|
10,084
|
214
|
2.12 | % | |||||||||||
Investment
property
|
39
|
49
|
(10 | ) | -20.41 | % | ||||||||||
Intangible
asset
|
88
|
78
|
10
|
12.82 | % | |||||||||||
Goodwill
|
2,241
|
2,272
|
(31 | ) | -1.36 | % | ||||||||||
Long
term financial investments
|
488
|
554
|
(66 | ) | -11.91 | % | ||||||||||
Investments
in associates
|
180
|
161
|
19
|
11.80 | % | |||||||||||
Deferred
tax assets
|
787
|
784
|
3
|
0.38 | % | |||||||||||
Total
current assets
|
2,994
|
2,613
|
381
|
14.58 | % | |||||||||||
Inventories
|
150
|
91
|
59
|
64.84 | % | |||||||||||
Trade
and other receivables
|
2,142
|
1,858
|
284
|
15.29 | % | |||||||||||
Short
term financial investments
|
128
|
3
|
125
|
4166.67 | % | |||||||||||
Cash
and cash equivalents
|
574
|
658
|
(84 | ) | -12.77 | % | ||||||||||
Assets
held for sale
|
3
|
(3 | ) | -100.00 | % | |||||||||||
TOTAL
ASSETS
|
17,115
|
16,595
|
520
|
3.13 | % | |||||||||||
EQUITY
AND LIABILITIES
|
||||||||||||||||
Total
equity
|
7,322
|
6,664
|
658
|
9.87 | % | |||||||||||
Atributtable
to equity holders of the parent company
|
3,344
|
3,022
|
322
|
10.66 | % | |||||||||||
Minority
interest
|
3,978
|
3,642
|
336
|
9.23 | % | |||||||||||
Non-current
liabilities
|
7,523
|
7,737
|
(214 | ) | -2.77 | % | ||||||||||
Deferred
revenues
|
178
|
141
|
37
|
26.24 | % | |||||||||||
Long
term provisions
|
808
|
761
|
47
|
6.18 | % | |||||||||||
Long
term financial debt
|
5,458
|
5,801
|
(343 | ) | -5.91 | % | ||||||||||
Other
non-current liabilities
|
88
|
114
|
(26 | ) | -22.81 | % | ||||||||||
Deferred
tax liabilities
|
991
|
920
|
71
|
7.72 | % | |||||||||||
Current
liabilities
|
2,270
|
2,194
|
76
|
3.46 | % | |||||||||||
Short
term financial debt
|
863
|
475
|
388
|
81.68 | % | |||||||||||
Trade
and other payables
|
1,407
|
1,719
|
(312 | ) | -18.15 | % | ||||||||||
TOTAL
EQUITY AND LIABILITIES
|
17,115
|
16,595
|
520
|
3.13 | % |
CONSOLIDATED
STATEMENTS OF INCOME
|
||||||||||||||||
LATIN
AMERICA ELECTRICITY BUSINESS
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Euro
Million
|
||||||||||||||||
30.09.07
|
30.09.06
|
Variation
|
||||||||||||||
REVENUES
|
5,257
|
4,589
|
668
|
14.56 | % | |||||||||||
Sales
|
5,122
|
4,499
|
623
|
13.85 | % | |||||||||||
Other
operating revenues
|
135
|
90
|
45
|
50.00 | % | |||||||||||
PURCHASES
AND SERVICES
|
2,770
|
2,246
|
524
|
23.33 | % | |||||||||||
Energy
purchases
|
1,500
|
1,276
|
224
|
17.55 | % | |||||||||||
Fuel
procurement costs
|
647
|
338
|
309
|
91.42 | % | |||||||||||
Transmission
expenses
|
276
|
274
|
2
|
0.73 | % | |||||||||||
Other
variable purchases and services
|
347
|
358
|
(11 | ) | -3.07 | % | ||||||||||
GROSS
MARGIN
|
2,487
|
2,343
|
144
|
6.15 | % | |||||||||||
Work
performed by the entity and capitalized
|
21
|
19
|
2
|
10.53 | % | |||||||||||
Personnel
expenses
|
291
|
282
|
9
|
3.19 | % | |||||||||||
Other
fixed operating expenses
|
436
|
417
|
19
|
4.56 | % | |||||||||||
GROSS
OPERATING INCOME (EBITDA)
|
1,781
|
1,663
|
118
|
7.10 | % | |||||||||||
Depreciation
and amortization
|
405
|
359
|
46
|
12.81 | % | |||||||||||
OPERATING
INCOME (EBIT)
|
1,376
|
1,304
|
72
|
5.52 | % | |||||||||||
FINANCIAL
INCOME
|
(347 | ) | (359 | ) |
12
|
-3.34 | % | |||||||||
Net
financial expenses
|
(335 | ) | (374 | ) |
39
|
-10.43 | % | |||||||||
Foreign
exchange
|
(12 | ) |
15
|
(27 | ) | -180.00 | % | |||||||||
Share
of profit of associates
|
(4 | ) |
8
|
(12 | ) | -150.00 | % | |||||||||
Income
from other investments
|
1
|
(1 | ) | -100.00 | % | |||||||||||
Income
from asset sales
|
18
|
39
|
(21 | ) | -53.85 | % | ||||||||||
INCOME
BEFORE TAXES
|
1,043
|
993
|
50
|
5.04 | % | |||||||||||
Income
tax
|
263
|
51
|
212
|
415.69 | % | |||||||||||
PROFIT
FOR THE PERIOD
|
780
|
942
|
(162 | ) | -17.20 | % | ||||||||||
Attributable
to the holders of the parent company
|
302
|
408
|
(106 | ) | -25.98 | % | ||||||||||
Minority
interest
|
478
|
534
|
(56 | ) | -10.49 | % |
3Q
CONSOLIDATED STATEMENTS OF INCOME
|
||||||||||||||||
LATIN
AMERICA ELECTRICITY BUSINESS
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Euro
Million
|
||||||||||||||||
3Q
07
|
3Q
06
|
Variation
|
||||||||||||||
REVENUES
|
1,947
|
1,507
|
440
|
29.20 | % | |||||||||||
Sales
|
1,892
|
1,466
|
426
|
29.06 | % | |||||||||||
Other
operating revenues
|
55
|
41
|
14
|
34.15 | % | |||||||||||
PURCHASES
AND SERVICES
|
1,171
|
751
|
420
|
55.93 | % | |||||||||||
Energy
purchases
|
627
|
425
|
202
|
47.53 | % | |||||||||||
Fuel
procurement costs
|
316
|
124
|
192
|
154.84 | % | |||||||||||
Transmission
expenses
|
89
|
90
|
(1 | ) | -1.11 | % | ||||||||||
Other
variable purchases and services
|
139
|
112
|
27
|
24.11 | % | |||||||||||
GROSS
MARGIN
|
776
|
756
|
20
|
2.65 | % | |||||||||||
Work
performed by the entity and capitalized
|
8
|
6
|
2
|
33.33 | % | |||||||||||
Personnel
expenses
|
93
|
90
|
3
|
3.33 | % | |||||||||||
Other
fixed operating expenses
|
133
|
154
|
(21 | ) | -13.64 | % | ||||||||||
GROSS
OPERATING INCOME (EBITDA)
|
558
|
518
|
40
|
7.72 | % | |||||||||||
Depreciation
and amortization
|
138
|
123
|
15
|
12.20 | % | |||||||||||
OPERATING
INCOME (EBIT)
|
420
|
395
|
25
|
6.33 | % | |||||||||||
FINANCIAL
INCOME
|
(78 | ) | (115 | ) |
37
|
-32.17 | % | |||||||||
Net
financial expenses
|
(68 | ) | (111 | ) |
43
|
-38.74 | % | |||||||||
Foreign
exchange
|
(10 | ) | (4 | ) | (6 | ) | -150.00 | % | ||||||||
Share
of profit of associates
|
(1 | ) | (1 | ) |
N/A
|
|||||||||||
Income
from other investments
|
1
|
(1 | ) | -100.00 | % | |||||||||||
Income
from asset sales
|
17
|
5
|
12
|
240.00 | % | |||||||||||
INCOME
BEFORE TAXES
|
358
|
286
|
72
|
25.17 | % | |||||||||||
Income
tax
|
53
|
36
|
17
|
47.22 | % | |||||||||||
NET
INCOME
|
305
|
250
|
55
|
22.00 | % | |||||||||||
Attributable
to the holders of the parent company
|
126
|
106
|
20
|
18.87 | % | |||||||||||
Minority
interest
|
179
|
144
|
35
|
24.31 | % |
STATEMENTS
OF CASH FLOWS
|
||||||||
LATIN
AMERICA ELECTRICITY BUSINESS
|
||||||||
(Unaudited)
|
||||||||
Euro
Million
|
||||||||
30.09.07
|
30.09.06
|
|||||||
Consolidated
income before income taxes
|
1,043
|
993
|
||||||
Amortization
|
405
|
359
|
||||||
Income
from asset sales
|
(18 | ) | (39 | ) | ||||
Income
tax
|
(167 | ) | (250 | ) | ||||
Provisions
payments
|
(54 | ) | (151 | ) | ||||
Other
results without cash flow effect
|
48
|
(1 | ) | |||||
Cash
Flow from operating activities
|
1,257
|
911
|
||||||
Change
in deferred income tax
|
(143 | ) | (5 | ) | ||||
Change
in operating assets/liabilities
|
(459 | ) | (99 | ) | ||||
Net
cash provided by operating activities
|
655
|
807
|
||||||
Acquisitions
of fixed and intangible assets
|
(548 | ) | (632 | ) | ||||
Disposal
of fixed and intangible assets
|
18
|
81
|
||||||
Investments
in stakes of subsidiaries
|
(46 | ) | (17 | ) | ||||
Acquisitions
of other investments
|
(138 | ) | (32 | ) | ||||
Disposal
of other investments
|
86
|
18
|
||||||
Subsidies
and other deferred income
|
39
|
31
|
||||||
Net
cash used for investing activities
|
(589 | ) | (551 | ) | ||||
New
long-term debt
|
751
|
1,064
|
||||||
Repayment
of long-term debt
|
(256 | ) | (237 | ) | ||||
Net
cash from financial debt with short term maturity
|
(325 | ) | (536 | ) | ||||
Dividends
paid by the controlling company
|
(113 | ) | ||||||
Payments
to minority shareholders
|
(337 | ) | (131 | ) | ||||
Net
cash used for financing activities
|
(167 | ) |
47
|
|||||
Total
net cash
|
(101 | ) |
303
|
|||||
Effects
of exchange rate changes on cash and cash equivalents
|
17
|
(17 | ) | |||||
Net
increase in cash and cash equivalents
|
(84 | ) |
286
|
|||||
Cash
and cash equivalents at beginning of period
|
658
|
577
|
||||||
Cash
and cash equivalents at end of period
|
574
|
863
|
Consolidated
Balance Sheet Spain & Portugal by business line for the period ended
September 30, 2007
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Euro
Million
|
||||||||||||||||
|
||||||||||||||||
Generation
&
|
Corporate
Structure,
|
Electricity
Business
|
||||||||||||||
Supply
|
Distribution
|
Services
& Adjustments
|
Spain
& Portugal
|
|||||||||||||
ASSETS
|
|
|
|
|||||||||||||
Total
fixed assets
|
13,234
|
11,488
|
2,039
|
26,761
|
||||||||||||
Utility
plant
|
10,205
|
10,044
|
440
|
20,689
|
||||||||||||
Investment
property
|
5
|
4
|
9
|
|||||||||||||
Intagible
asset
|
170
|
137
|
59
|
366
|
||||||||||||
Goodwill
|
62
|
62
|
||||||||||||||
Long
term financial investments
|
1,773
|
515
|
1,448
|
3,736
|
||||||||||||
Investments
in associates
|
368
|
73
|
19
|
460
|
||||||||||||
Deferred
tax assets
|
656
|
714
|
69
|
1,439
|
||||||||||||
Total
current assets
|
2,608
|
1,433
|
308
|
4,349
|
||||||||||||
Inventories
|
615
|
33
|
648
|
|||||||||||||
Cash
and cash equivalents
|
70
|
4
|
2
|
76
|
||||||||||||
Other
current assets
|
1,923
|
1,396
|
306
|
3,625
|
||||||||||||
TOTAL
ASSETS
|
15,842
|
12,921
|
2,347
|
31,110
|
||||||||||||
EQUITY
AND LIABILITIES
|
||||||||||||||||
Total
equity
|
4,774
|
2,123
|
(782 | ) |
6,115
|
|||||||||||
Atributtable
to equity holders of the parent company
|
4,749
|
2,105
|
(782 | ) |
6,072
|
|||||||||||
Minority
interest
|
25
|
18
|
43
|
|||||||||||||
Non-current
liabilities
|
8,345
|
8,810
|
3,523
|
20,678
|
||||||||||||
Deferred
revenues
|
88
|
2,433
|
(44 | ) |
2,477
|
|||||||||||
Preferred
shares
|
1,438
|
1,438
|
||||||||||||||
Long
term provisions
|
1,521
|
1,495
|
301
|
3,317
|
||||||||||||
Long
term financial debt
|
6,364
|
4,449
|
1,713
|
12,526
|
||||||||||||
Other
non-current liabilities
|
118
|
335
|
9
|
462
|
||||||||||||
Deferred
tax liabilities
|
254
|
98
|
106
|
458
|
||||||||||||
Current
liabilities
|
2,723
|
1,988
|
(394 | ) |
4,317
|
|||||||||||
Short
term financial debt
|
78
|
143
|
(218 | ) |
3
|
|||||||||||
Trade
and other payables
|
2,645
|
1,845
|
(176 | ) |
4,314
|
|||||||||||
TOTAL
EQUITY AND LIABILITIES
|
15,842
|
12,921
|
2,347
|
31,110
|
Consolidated
Balance Sheet Spain & Portugal by business line for the period ended
December 31, 2006
|
||||||||||||||||
Euro
Million
|
||||||||||||||||
|
||||||||||||||||
Generation
&
|
Corporate
Structure,
|
Electricity
Business
|
||||||||||||||
Supply
|
Distribution
|
Services
& Adjustments
|
Spain
& Portugal
|
|||||||||||||
ASSETS
|
|
|
||||||||||||||
Total
fixed assets
|
12,897
|
10,990
|
2,443
|
26,330
|
||||||||||||
Utility
plant
|
9,779
|
9,544
|
435
|
19,758
|
||||||||||||
Investment
property
|
29
|
3
|
32
|
|||||||||||||
Intagible
asset
|
459
|
145
|
56
|
660
|
||||||||||||
Goodwill
|
61
|
61
|
||||||||||||||
Long
term financial investments
|
1,565
|
419
|
1,855
|
3,839
|
||||||||||||
Investments
in associates
|
353
|
57
|
(3 | ) |
407
|
|||||||||||
Deferred
tax assets
|
680
|
796
|
97
|
1,573
|
||||||||||||
Total
current assets
|
2,406
|
1,671
|
(153 | ) |
3,924
|
|||||||||||
Inventories
|
590
|
25
|
615
|
|||||||||||||
Cash
and cash equivalents
|
131
|
16
|
28
|
175
|
||||||||||||
Other
current assets
|
1,685
|
1,630
|
(181 | ) |
3,134
|
|||||||||||
TOTAL
ASSETS
|
15,303
|
12,661
|
2,290
|
30,254
|
||||||||||||
EQUITY
AND LIABILITIES
|
||||||||||||||||
Total
equity
|
4,297
|
1,932
|
(249 | ) |
5,980
|
|||||||||||
Atributtable
to equity holders of the parent company
|
4,271
|
1,918
|
(253 | ) |
5,936
|
|||||||||||
Minority
interest
|
26
|
14
|
4
|
44
|
||||||||||||
Non-current
liabilities
|
7,808
|
8,451
|
3,254
|
19,513
|
||||||||||||
Deferred
revenues
|
82
|
2,130
|
(27 | ) |
2,185
|
|||||||||||
Preferred
shares
|
1,430
|
1,430
|
||||||||||||||
Long
term provisions
|
1,538
|
1,567
|
302
|
3,407
|
||||||||||||
Long
term financial debt
|
5,834
|
4,341
|
1,438
|
11,613
|
||||||||||||
Other
non-current liabilities
|
116
|
317
|
11
|
444
|
||||||||||||
Deferred
tax liabilities
|
238
|
96
|
100
|
434
|
||||||||||||
Current
liabilities
|
3,198
|
2,278
|
(715 | ) |
4,761
|
|||||||||||
Short
term financial debt
|
51
|
162
|
(222 | ) | (9 | ) | ||||||||||
Trade
and other payables
|
3,147
|
2,116
|
(493 | ) |
4,770
|
|||||||||||
TOTAL
EQUITY AND LIABILITIES
|
15,303
|
12,661
|
2,290
|
30,254
|
Consolidated
Statement of Income Spain & Portugal by business line for the
period ended September 30, 2007
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Euro
Million
|
||||||||||||||||
|
||||||||||||||||
Generation
&
|
Corporate
Structure,
|
Electricity
Business
|
||||||||||||||
Supply
|
Distribution
|
Services & A djustments |
Spain
& Portugal
|
|||||||||||||
|
|
|||||||||||||||
REVENUES
|
6,296
|
1,820
|
(458 | ) |
7,658
|
|||||||||||
Sales
|
6,129
|
1,724
|
(453 | ) |
7,400
|
|||||||||||
Other
operating revenues
|
167
|
96
|
(5 | ) |
258
|
|||||||||||
PURCHASES
AND SERVICES
|
3,448
|
115
|
(478 | ) |
3,085
|
|||||||||||
Energy
purchases
|
831
|
2
|
(107 | ) |
726
|
|||||||||||
Fuel
procurement costs
|
1,667
|
1,667
|
||||||||||||||
Transmission
expenses
|
732
|
(339 | ) |
393
|
||||||||||||
Other
variable purchases and services
|
218
|
113
|
(32 | ) |
299
|
|||||||||||
GROSS
MARGIN
|
2,848
|
1,705
|
20
|
4,573
|
||||||||||||
Work
performed by the entity and capitalized
|
6
|
107
|
16
|
129
|
||||||||||||
Personnel
expenses
|
302
|
378
|
147
|
827
|
||||||||||||
Other
fixed operating expenses
|
628
|
383
|
(100 | ) |
911
|
|||||||||||
GROSS
OPERATING INCOME (EBITDA)
|
1,924
|
1,051
|
(11 | ) |
2,964
|
|||||||||||
Depreciation
and amortization
|
512
|
354
|
12
|
878
|
||||||||||||
OPERATING
INCOME (EBIT)
|
1,412
|
697
|
(23 | ) |
2,086
|
|||||||||||
FINANCIAL
INCOME
|
(107 | ) | (135 | ) | (68 | ) | (310 | ) | ||||||||
Net
financial expenses
|
(105 | ) | (135 | ) | (73 | ) | (313 | ) | ||||||||
Foreign
exchanges
|
(2 | ) |
5
|
3
|
||||||||||||
Share
of profit of associates
|
25
|
10
|
7
|
42
|
||||||||||||
Income
from other investments
|
2
|
2
|
||||||||||||||
Income
from asset sales
|
(9 | ) | (3 | ) |
63
|
51
|
||||||||||
INCOME
BEFORE TAXES
|
1,321
|
569
|
(19 | ) |
1,871
|
|||||||||||
Income
tax
|
356
|
148
|
(29 | ) |
475
|
|||||||||||
PROFIT
FOR THE PERIOD
|
965
|
421
|
10
|
1,396
|
||||||||||||
Attributable
to the holders of the parent company
|
963
|
417
|
10
|
1,390
|
||||||||||||
Minority
interest
|
2
|
4
|
6
|
Consolidated
Statement of Income Spain & Portugal by business line for the
period ended September 30, 2006
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Euro
Million
|
||||||||||||||||
|
||||||||||||||||
Generation
&
|
Corporate
Structure,
|
Electricity
Business
|
||||||||||||||
Supply
|
Distribution
|
Services
&
Adjustments
|
Spain
& Portugal
|
|||||||||||||
|
|
|||||||||||||||
REVENUES
|
6,769
|
1,616
|
(575 | ) |
7,810
|
|||||||||||
Sales
|
6,286
|
1,522
|
(573 | ) |
7,235
|
|||||||||||
Other
operating revenues
|
483
|
94
|
(2 | ) |
575
|
|||||||||||
PURCHASES
AND SERVICES
|
3,965
|
109
|
(603 | ) |
3,471
|
|||||||||||
Energy
purchases
|
869
|
3
|
(105 | ) |
767
|
|||||||||||
Fuel
procurement costs
|
1,695
|
1,695
|
||||||||||||||
Transmission
expenses
|
719
|
(447 | ) |
272
|
||||||||||||
Other
variable purchases and services
|
682
|
106
|
(51 | ) |
737
|
|||||||||||
GROSS
MARGIN
|
2,804
|
1,507
|
28
|
4,339
|
||||||||||||
Work
performed by the entity and capitalized
|
11
|
90
|
4
|
105
|
||||||||||||
Personnel
expenses
|
278
|
358
|
122
|
758
|
||||||||||||
Other
fixed operating expenses
|
524
|
375
|
(139 | ) |
760
|
|||||||||||
GROSS
OPERATING INCOME (EBITDA)
|
2,013
|
864
|
49
|
2,926
|
||||||||||||
Depreciation
and amortization
|
471
|
330
|
13
|
814
|
||||||||||||
OPERATING
INCOME (EBIT)
|
1,542
|
534
|
36
|
2,112
|
||||||||||||
FINANCIAL
INCOME
|
(117 | ) | (155 | ) | (53 | ) | (325 | ) | ||||||||
Net
financial expenses
|
(112 | ) | (155 | ) | (57 | ) | (324 | ) | ||||||||
Foreign
exchanges
|
(5 | ) |
4
|
(1 | ) | |||||||||||
Share
of profit of associates
|
51
|
2
|
53
|
|||||||||||||
Income
from other investments
|
1
|
7
|
8
|
|||||||||||||
Income
from asset sales
|
30
|
234
|
(46 | ) |
218
|
|||||||||||
INCOME
BEFORE TAXES
|
1,506
|
616
|
(56 | ) |
2,066
|
|||||||||||
Income
tax
|
458
|
127
|
(31 | ) |
554
|
|||||||||||
PROFIT
FOR THE PERIOD
|
1,048
|
489
|
(25 | ) |
1,512
|
|||||||||||
Attributable
to the holders of the parent company
|
1,044
|
486
|
(27 | ) |
1,503
|
|||||||||||
Minority
interest
|
4
|
3
|
2
|
9
|
|
ENDESA,
S.A.
|
|
|
Dated:
November 15, 2007
|
By:
/s/ Álvaro Pérez de Lema
|
|
Name:
Álvaro Pérez de Lema
|
|
Title:
Manager of North America Investor
Relations
|
1 Year Endesa Chart |
1 Month Endesa Chart |
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