Consolidated financial statements

  • Income Statement

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    Millions of euro Notes  
        2020 2019
          of which with related parties   of which with related parties
    Revenue          
    Revenue from sales and services 9.a 62,623 4,038 77,366 4,804
    Other income 9.b 2,362 10 2,961 16
      [Subtotal] 64,985   80,327  
    Costs          
    Electricity, gas and fuel (1) 10.a 25,049 5,385 38,082 7,189
    Services and other materials (1) 10.b 18,298 2,958 18,836 2,617
    Personnel expenses 10.c 4,793   4,634  
    Net impairment losses on trade receivables and other financial assets 10.d 1,285   1,144  
    Depreciation, amortization and other impairment losses 10.e 7,163   9,682  
    Other operating costs (1) 10.f 2,202 202 2,693 235
    Capitalized costs 10.g (2,385)   (2,355)  
      [Subtotal] 56,405   72,716  
    Net income expense from commodity derivatives 11 (212) 1 (733) 11
    Operating profit   8,368   6,878  
    Financial income from derivatives 12 1,315   1,484  
    Other financial income 13 2,763 62 1,637 88
    Financial expense from derivatives 12 2,256   1,142  
    Other financial expense 13 4,485 71 4,518 46
    Net income from hyperinflation   57   95  
    Share of profit/(loss) of equity-accounted investments 14 (299)   (122)  
    Pre-tax profit   5,463   4,312  
    Income taxes 15 1,841   836  
    Profit from continuing operations   3,622   3,476  
    Profit/(Loss) from discontinued operations   -   -  
    Profit for the year (owners of the Parent)    3,622   3,476  
    Attributable to owners of the Parent   2,610   2,174  
    Attributable to non-controlling interests   1,012   1,302  
    Basic earnings/(loss) per share attributable to owners of the Parent (euro)   0.26   0.21  
    Diluted earnings/(loss) per share attributable to owners of the Parent (euro)   0.26   0.21  
    Basic earnings/(loss) per share from continuing operations attributable to owners of the Parent (euro)   0.26   0.21  
    Diluted earnings/(loss) per share from continuing operations attributable to owners of the Parent (euro)   0.26   0.21  

     

    (1) The 2019 figures have been adjusted to take account of the reclassification of the result of the measurement of contracts for the purchase of commodities with physical settlement (IFRS 9) from “Other operating costs” to “Electricity, gas and fuel” and “Services and other materials”.

  • Statement of Comprehensive Income

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    Millions of euro Notes    
        2020 2019
    Profit for the year   3,622 3,476
    Other comprehensive income/(expense) that may be subsequently reclassified to profit or loss (net of taxes)      
    Effective portion of change in the fair value of cash flow hedges   (268) 39
    Change in fair value of hedging costs   (99) 120
    Share of the other comprehensive expense of equity-accounted investments   (9) (57)
    Change in the fair value of financial assets at FVOCI   (1) 5
    Change in translation reserve   (4,510) (481)
    Other comprehensive income/(expense) that may not be subsequently reclassified to profit or loss (net of taxes)      
    Remeasurement of net assets for employee benefits   (353) (502)
    Change in fair value of equity investments in other companies   (21) -
    Total other comprehensive expense for the year 35 (5,261) (876)
    Comprehensive income/(expense) for the year   (1,639) 2,600
    Attributable to:      
    - owners of the Parent   (1,028) 1,745
    - non-controlling interests   (611) 855

     

  • Statement of financial position

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    Millions of euro Notes        
    ASSETS   at Dec. 31, 2020 at Dec. 31, 2019
          of which with related parties   of which with related parties
    Non-current assets          
    Property, plant and equipment 17 78,718   79,809  
    Investment property 20 103   112  
    Intangible assets 21 17,668   19,089  
    Goodwill 22 13,779   14,241  
    Deferred tax assets 23 8,578   9,112  
    Equity-accounted investments 24 861   1,682  
    Non-current financial derivative assets 25 1,236 21 1,383 15
    Non-current contract assets 26 304   487  
    Other non-current financial assets 27 5,159 1,144 6,006  
    Other non-current assets 29 2,494   2,701  
      [Total] 128,900   134,622  
    Current assets          
    Inventories 31 2,401   2,531  
    Trade receivables 32 12,046 863 13,083 896
    Current contract assets 26 176   166  
    Tax assets   446   409  
    Current financial derivative assets 25 3,471   4,065 8
    Other current financial assets 28 5,113 190 4,305 27
    Other current assets 30 3,578 164 3,115 183
    Cash and cash equivalents 33 5,906   9,029  
      [Total] 33,137   36,703  
    Assets classified as held for sale 34 1,416   101  
    TOTAL ASSETS   163,453   171,426  
    Millions of euro Notes        
    LIABILITIES AND EQUITY   at Dec. 31, 2020 at Dec. 31, 2019
          of which with related parties   of which with related parties
    Equity attributable to the owners of the Parent          
    Share capital   10,167   10,167  
    Treasury share reserve   (3)   (1)  
    Other reserves   (39)   1,130  
    Retained earnings   18,200   19,081  
      [Total] 28,325   30,377  
    Non-controlling interests   14,032   16,561  
    Total equity 35 42,357   46,938  
    Non-current liabilities          
    Long-term borrowings 36 49,519 984 54,174 715
    Employee benefits 37 2,964   3,771  
    Provisions for risks and charges (non-current portion) 38 5,774   5,324  
    Deferred tax liabilities 23 7,797   8,314  
    Non-current financial derivative liabilities 25 3,606   2,407  
    Non-current contract liabilities 26 6,191 161 6,301 151
    Other non-current liabilities 39 3,458   3,706  
      [Total] 79,309   83,997  
    Current liabilities          
    Short-term borrowings 36 6,345   3,917  
    Current portion of long-term borrowings 36 3,168 108 3,409 89
    Provisions for risks and charges (current portion) 38 1,057   1,196  
    Trade payables 41 12,859 2,205 12,960 2,291
    Income tax liabilities   471   209  
    Current financial derivative liabilities 25 3,531   3,554 8
    Current contract liabilities 26 1,275 16 1,328 39
    Other current financial liabilities 42 622   754  
    Other current liabilities 40 11,651 37 13,161 30
      [Total] 40,979   40,488  
    Liabilities included in disposal groups classified as held for sale 34 808    
    Total liabilities   121,096   124,488  
    TOTAL LIABILITIES AND EQUITY   163,453   171,426  
  • Statement of Changes in Equity

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      Share capital and reserves attributable to the owners of the Parent      
    Millions of euro Share capital Share premium reserve Treasury share reserve Reserve for equity instruments - perpetual hybrid bonds Legal reserve Other reserves Translation reserve Hedging reserve Hedging costs reserve Reserve from measurement of financial instruments at FVOCI Reserve from equity-accounted investments Actuarial reserve Reserve from disposal of equity interests without loss of control Reserve from acquisitions of non-controlling interests Retained earnings Equity attributable to owners of the Parent Non-controlling interests Total equity
    At December 31, 2018 10,167 7,489 - - 2,034 2,262 (3,317) (1,745) (258) 16 (63) (714) (2,381) (1,623) 19,853 31,720 16,132 47,852
    Distribution of dividends - -   - - - - - - - - - - - (3,050) (3,050) (1,190) (4,240)
    Purchase of treasury shares - (9) (1) - - - - - - - - - - - - (10) - (10)
    Reclassifications - 7   - - - - - - - - - - (7) - - - -
    Monetary restatement (IAS 29) - - - - - - - - - - - - - - 104 104 170 274
    Transactions in non-controlling interests - - - - - - - - - - - - - 61 - 61 593 654
    Change in the consolidation scope - - - - - - (220) 41 - - - (11) - (3) - (193) 1 (192)
    Comprehensive income for the year - - - - - - (265) 94 111 5 (56) (318) - - 2,174 1,745 855 2,600
    of which:                                    
    - other comprehensive expense - - - - - - (265) 94 111 5 (56) (318) - - - (429) (447) (876)
    - profit/(loss) for the year - - - - - - - - - - - - - - 2,174 2,174 1,302 3,476
    At December 31, 2019 10,167 7,487 (1) - 2,034 2,262 (3,802) (1,610) (147) 21 (119) (1,043) (2,381) (1,572) 19,081 30,377 16,561 46,938
    Distribution of dividends - - - - - - - - - - - - - - (3,487) (3,487) (1,356) (4,843)
    Purchase of treasury shares - (11) (2) - - - - - - - - - - - - (13) - (13)
    Equity instruments - hybrid perpetual bonds - - - 2,386 - - - - - - - - - - - 2,386   2,386
    Reserve for share-based payments (LTI bonus) - - - - - 6 - - - - - - - - - 6 - 6
    Reclassification for curtailment of defined benefit plans (IAS 19) following signing of 5th Endesa Collective Bargaining Agreement - - - - - - - - - - - 106 - - (106) - - -
    Reclassifications - - - - - - - - - - - - - - (1) (1) - (1)
    Monetary restatement (IAS 29) - - - - - - - - - - - - - - 105 105 147 252
    Transactions in non-controlling interests - - - - - - (257) (13) - - - (28) - 280 (2) (20) (709) (729)
    Comprehensive expense for the year - - - - - - (2,987) (294) (95) (22) (9) (231) - - 2,610 (1,028) (611) (1,639)
    of which:                                    
    - other comprehensive expense - - - - - - (2,987) (294) (95) (22) (9) (231) - - - (3,638) (1,623) (5,261)
    - profit for the year - - - - - - - - - - - - - - 2,610 2,610 1,012 3,622
    At December 31, 2020 10,167 7,476 (3) 2,386 2,034 2,268 (7,046) (1,917) (242) (1) (128) (1,196) (2,381) (1,292) 18,200 28,325 14,032 42,357
  • Statement of Cash Flows

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    Millions of euro Notes  
        2020 2019
          of which with related parties   of which with related parties
    Pre-tax profit   5,463   4,312  
    Adjustments for:          
    Net impairment losses on trade receivables and other financial assets 10.d 1,285   1,144  
    Depreciation, amortization and other impairment losses 10.e 7,163   9,682  
    Net financial expense 12-13 2,606   2,443  
    Net gains from equity-accounted investments 14 299   123  
    Changes in net working capital:   (1,567)   (273)  
    - inventories 31 (8)   318  
    - trade receivables 32 (1,350) 33 (877) 189
    - trade payables 41 698 (86) (51) (633)
    - other contract assets 26 (15)   (31)  
    - other contract liabilities 26 (142)   154  
    - other assets/liabilities   (750) 34 214 18
    Accruals to provisions   834   515  
    Utilization of provisions   (1,202)   (1,838)  
    Interest income and other financial income collected 12-13 1,705 62 1,582 88
    Interest expense and other financial expense paid 12-13 (3,690) (71) (4,235) (46)
    Net (income)/expense from measurement of commodities   188   (86)  
    Income taxes paid 15 (1,575)   (1,850)  
    Net capital gains   (1)   (268)  
    Cash flows from operating activities (A)   11,508   11,251  
    Investments in property, plant and equipment 17-20 (8,330)   (8,236)  
    Investments in intangible assets 21 (1,218)   (1,023)  
    Investments in non-current contract assets   (649)   (692)  
    Investments in entities (or business units) less cash and cash equivalents acquired 7 (33)   (320)  
    Disposals of entities (or business units) less cash and cash equivalents sold 7 154   688  
    (Increase)/Decrease in other investing activities   (41)   468  
    Cash flows used in investing activities (B)   (10,117)   (9,115)  
    New long-term borrowings 44.3 3,924   8,899  
    Repayments of borrowings 44.3 (1,950) (104) (5,511) (89)
    Other changes in net financial debt   (712) (176) 355  
    Payments for acquisition of equity investments without change of control and other transactions in non-controlling interests   (1,067)   530  
    Issues/(Redemptions) of hybrid bonds   588   -  
    Purchase of treasury shares   (13)   (10)  
    Dividends and interim dividends paid   (4,742)   (3,957)  
    Cash flows from/(used in) financing activities (C)   (3,972)   306  
    Impact of exchange rate fluctuations on cash and cash equivalents (D)   (497)   (76)  
    Increase/(Decrease) in cash and cash equivalents (A+B+C+D)   (3,078)   2,366  
    Cash and cash equivalents at the beginning of the year (1)   9,080   6,714  
    Cash and cash equivalents at the end of the year (2)   6,002   9,080  

    (1) Of which cash and cash equivalents equal to €9,029 million at January 1, 2020 (€6,630 million at January 1, 2019), short-term securities equal to €51 million at January 1, 2020 (€63 million at January 1, 2019) and cash and cash equivalents pertaining to “Assets held for sale” in the amount of €21 million at January 1, 2019.
    (2) Of which cash and cash equivalents equal to €5,906 million at December 31, 2020 (9,029 million at December 31, 2019), short-term securities equal to €67 million at December 31, 2020 (€51 million at December 31, 2019) and cash and cash equivalents pertaining to “Assets held for sale” in the amount of €29 million at December 31, 2020.