Group performance

16,816
million
GROSS
OPERATING
PROFIT
8,368
million
OPERATING
PROFIT
 
2,610
million
GROUP
PROFIT
 
17,940
million
ORDINARY GROSS OPERATING PROFIT
11,284
million
ORDINARY OPERATING PROFIT
5,197
million
GROUP ORDINARY
PROFIT

 

Millions of euro      
  2020 2019 Change
Revenue 64,985 80,327 (15,342) -19.1%
Costs 47,957 61,890 (13,933) -22.5%
Net expense from commodity derivatives (212) (733) 521 71.1%
Gross operating profit 16,816 17,704 (888) -5.0%
Depreciation, amortization and impairment losses 8,448 10,826 (2,378) -22.0%
Operating profit 8,368 6,878 1,490 21.7%
Financial income 4,607 3,953 654 16.5%
Financial expense 7,213 6,397 816 12.8%
Net financial expense (2,606) (2,444) (162) -6.6%
Share of profit/(loss) from equity-accounted investments (299) (122) (177) -
Pre-tax profit 5,463 4,312 1,151 26.7%
Income taxes 1,841 836 1,005 -
Profit from continuing operations 3,622 3,476 146 4.2%
Profit/(Loss) from discontinued operations - - - -
Profit for the year (owners of the Parent and non-controlling interests) 3,622 3,476 146 4.2%
Profit attributable to owners of the Parent 2,610 2,174 436 20.1%
Profit attributable to non-controlling interests 1,012 1,302 (290) -22.3%

Financial impact of COVID-19

In compliance with recent recommendations of ESMA and CONSOB, the Group has initiated internal analyses to assess the real and potential impacts of COVID-19 on business activities, on the financial position and on performance.
In light of the macroeconomic scenario discussed earlier, the impact of COVID-19 is most significant for the business segments most closely involved with the market such as End-user Markets and Enel X, taking account of the fact that they have been affected by a significant reduction in demand and a general slowdown in the acquisition of new customers. More specifically, End-user Markets are affected by the overcontracting of electricity as demand and the related volumes decline, as well as the slowdown in collections on accounts receivable, due both to the effects of the crisis and the lockdowns that affected the timeliness of payments and the practices adopted in certain countries that suspended the possibility of cutting off electricity supply to defaulting customers. Enel X, on the other hand, has experienced a general slowdown in the development of its portfolio of new businesses in the first nine months of 2020, much of which it recouped in the 4th Quarter, especially in Italy, in light of the measures adopted by the government to encourage the revival of economic activity.
Bearing in mind the current climate of uncertainty and based on the best information available to date, the estimated financial impact of COVID-19 on the gross operating profit, the ordinary gross operating profit, operating profit, ordinary operating profit, Group profit and Group ordinary profit are reported below.

Millions of euro Demand COVID-19 costs Impairment of receivables Total
Gross operating profit (727) (133) - (860)
Operating profit (727) (133) (290) (1,150)
Group profit (298) (86) (154) (538)
         
Ordinary gross operating profit (727) - - (727)
Ordinary operating profit (727) - (290) (1,017)
Group ordinary profit (298) - (154) (452)


The gross operating profit was affected by the COVID-19 emergency mainly in terms of a decrease of €727 million in demand for electricity, with a decrease in sales volumes and the related margins, mainly in End-user Markets of Italy and Spain and in Distribution in Latin America. This figure was determined by using benchmark prices to measure the reduction in quantities distributed and sold, as observed during the peak of the COVID-19 pandemic in the various countries in which the Group operates.
Another factor impacting the gross operating profit
was the direct cost of the health emergency (€133 million) for workplace sanitization activities, personal protective equipment and donations. These costs do not impact the determination of the ordinary gross operating profit.
At the same time, taking into account the most recent collection status and the results of the valuation model used to measure the recoverability of receivables, the Group recognized an increase in impairment losses on receivables of about €290 million at the marketing companies, in particular in Italy, Spain and Brazil.
Taking account of tax effects and minority interests, the overall impact of COVID-19 on the Group’
s profit at December 31, 2020 was a negative €538 million (€452 million on Group ordinary profit).

REVENUE

Millions of euro      
  2020 2019 Change
Sale of electricity (1) 34,745 39,584 (4,839) -12.2%
Transport of electricity(1) 10,710 10,931 (221) -2.0%
Fees from network operators 932 866 66 7.6%
Transfers from institutional market operators 1,395 1,625 (230) -14.2%
Sale of gas 2,718 3,294 (576) -17.5%
Transport of gas 611 617 (6) -1.0%
Sale of fuels 602 914 (312) -34.1%
Fees for connection to electricity and gas networks 759 785 (26) -3.3%
Revenue from construction contracts 732 749 (17) -2.3%
Sale of commodities under contracts with physical settlement (IFRS 9) (1) 7,737 16,294 (8,557) -52.5%
Other revenue 4,044 4,668 (624) -13.4%
Total 64,985 80,327 (15,342) -19.1%

(1) In the Distribution segment in Colombia, a number of items previously classified under “Sale of electricity” were reclassified to “Transport of electricity” to improve the presentation of the data. In order to ensure the uniformity and comparability of the figures, the amounts for 2019 have also been reclassified in the amount of €461 million.

As noted earlier, the reduction in revenue mainly reflects the effects of the COVID-19 pandemic.
More specifically, revenue in 2020 decreased significantly due to the following:

  • lower electricity sales in Spain (€1,390 million) and Italy (€808 million), on both the regulated and the free markets, due mainly to the effects of the COVID-19 pandemic, which led to a decrease in business-to-business volumes on the free market;
  • a decrease in the trading of commodities from contracts with physical settlement due to a reduction in volumes traded and in prices applied (€8,557 million);
  • a reduction in electricity sales in Latin America (€2,248 million) due mainly to the impact of the depreciation of local currencies against the euro and the contraction in volumes and average sales prices;
  • a reduction in volumes of gas sales to end users (€510 million) in Spain and Italy, due in part to the negative impact of COVID-19 on demand;
  • a decrease in wheeling volumes in 2020, mainly in reflection of the impact of the COVID-19 pandemic, which caused a decline of €221 million in revenue from the transport of electricity;
  • a reduction in revenue from renewable power generation in Latin America, particularly in Chile and Brazil, due mainly to adverse exchange rate developments, which were only partially offset by increased revenue in Italy due to the improved performance of hydroelectric plants, and in Spain and the United States due to new plants coming on line.

These factors were partly offset by:

  • an increase registered by Enel North America in income from tax partnerships (€139 million), other revenue from indemnities and litigation (€31 million) and the sale of the Haystack wind project (€45 million);
  • an increase in income recognized by e-distribuzione for the reimbursement of system charges and grid fees on the basis of Resolutions no. 50/2018 and 461/2020 of the Regulatory Authority for Energy, Networks and the Environment (ARERA) (€158 million);
  • the negative goodwill recognized on the acquisition of Paytipper following the completion of the purchase price allocation process (€20 million).

In 2019 revenue included the following other income:

  • an increase in revenue in Argentina following the Edesur agreement with the local authorities resolving reciprocal pending disputes arising during the period 2006-2016 (€233 million);
  • a gain on the sale of Mercure Srl (€108 million);
  • negative goodwill (€181 million) resulting from the definitive allocation of the purchase price of (i) a number of companies sold by Enel Green Power North America Renewable Energy Partners LLC (€106 million) and (ii) Tradewind, which transitioned from being an associate to a wholly-owned subsidiary (negative goodwill of €75 million);
  • the gains of €42 million on the disposals of Gratiot and Outlaw, two renewable energy projects developed by Tradewind;
  • the contractual indemnity received following the exercise of the option to withdraw from an electricity supply contract by a major industrial customer of Enel Generación Chile (€160 million), of which €80 million pertaining to thermal generation and €80 million to renewable energy;
  • the adjustment of the price for the acquisition of eMotorWerks in 2017 following application of a number of contractual clauses (€98 million);
  • the €50 million payment under the agreement reached by e-distribuzione with F2i and 2i Rete Gas for the early all-inclusive settlement of the second indemnity connected with the sale in 2009 of the interest held in Enel Rete Gas.

With regard to revenue, the results of the alignment of this metric with the European taxonomy are reported as previously specified in the section “European Union taxonomy”.

Revenue under the European taxonomy

 

Elegible activities

30,5%

66,6%

2,9%

RESULT EXCLUDING ACTIVITIES NOT COVERED BY TAXONOMY

31,4

billions of euro

 

In 2020, 34.8% of revenue was generated by business activities that meet climate change mitigation criteria, compared with 30.2% in 2019. Excluding activities that are currently not covered by the European taxonomy regulation, 72.1% of revenue was eligible.

COSTS

Millions of euro      
  2020 2019 Change
Electricity purchases(1) 16,003 20,682 (4,679) -22.6%
Consumption of fuel for electricity generation 2,634 8,322 (5,688) -68.3%
Fuel for trading and gas for sale to end users(1) 6,637 9,284 (2,647) -28.5%
Materials(1) 2,397 2,366 31 1.3%
Personnel expenses 4,793 4,634 159 3.4%
Services, leases and rentals 15,676 16,264 (588) -3.6%
Other operating costs(1) 2,202 2,693 (491) -18.2%
Capitalized costs (2,385) (2,355) (30) 1.3%
Total 47,957 61,890 (13,933) -22.5%

(1) The figures for 2019 have been adjusted to take account of the reclassification of contracts to purchase commodities for physical settlement (IFRS 9) under the aggregates: “Electricity, gas and fuel”; “Services and other materials”. 

The decrease in costs is mainly attributable to a reduction in the provisioning of commodities in relation to reduced demand as a result of COVID-19.
For further details on operating costs, see the notes to the consolidated financial statements.
With regard to ordinary operating expenditure, the results of the alignment of this metric with the European taxonomy are reported as previously specified in the section “European Union taxonomy”.

Ordinary operating expenditure under the European taxonomy

Elegible activities

37,3%

56,2%

6,5%

 

RISULTS EXCLUDING ACTIVITIES NOT COVERED BY TAXONOMY

4,2

Billions of euro

 

In 2020, 39.9% of ordinary operating expenditure was generated by business activities that meet climate change mitigation criteria, compared with 39.6% in 2019. Excluding activities that are currently not covered by the European taxonomy regulation, 70.2% of ordinary operating expenditure was eligible.

Net expense from commodity derivatives

Net expense from commodity derivatives in 2020 connected with trading activities that do not involve physical delivery of the underlying products decreased by €521 million compared with the previous year, due mainly to fluctuations in market prices.

GROSS OPERATING PROFIT

The table below presents gross operating profit by Business Line:

Millions of euro      
  2020 2019 (1) Change
Thermal Generation and Trading 1,700 1,364 336 24.6%
Enel Green Power 4,647 4,588 59 1.3%
Infrastructure and Networks 7,433 8,278 (845) -10.2%
End-user Markets 3,121 3,334 (213) -6.4%
Enel X 152 158 (6) -3.8%
Services (47) 126 (173) -
Other, eliminations and adjustments (190) (144) (46) -31.9%
Total 16,816 17,704 (888) -5.0%

(1) The comparative figures for 2019 have been adjusted to take account of the fact that as from 2020 in South America and Mexico amounts attributable to large customers managed by the power generation companies were reallocated to the End-user Markets Business Line.

Generally speaking, the reduction in the gross operating profit reflects the effects of COVID-19 and unfavorable exchange rate developments, especially in Latin America, and is mainly attributable to:

  • Infrastructure and Networks in the amount of €845 million, reflecting:
    • the lower volumes distributed particularly in Latin America, essentially in Brazil, Chile and Peru, because of the impact the COVID-19 health emergency has had on demand. This decline was compounded by adverse exchange rate developments in 2020 (€402 million), particularly in Brazil;
    • the recognition of provisions for early-retirement incentives in Spain following the changes introduced in the agreement on the voluntary suspension or resolution of employment contracts (€315 million);
    • the lower quantities transported, together with application of the new rates in Spain, which went into effect for 2020-2025;
    • the positive effects recognized in 2019 as a result of the Edesur settlement agreement (€209 million) and the indemnity for the sale of Enel Rete Gas (€50 million), as described above.
  • These factors were only partially offset by:
    • the modification of the electricity discount benefit in Spain (€269 million) following the signing of the 5th Endesa Collective Bargaining Agreement, which led to the partial reversal of the provision;
    • an increase of €158 million in income in Italy resulting from application of ARERA Resolutions nos. 50/2018 and 461/2020 for the reimbursement of system charges and network fees;
  • End-user Markets (-€213 million) as a result of the negative impact of the COVID-19 health emergency on electricity demand, particularly on the free markets in Italy and Spain, above all in the business-to-business segments. These negative effects were partially offset by lower costs for commodity provisioning and the effect of the indemnity received by Edesur in 2019 (€24 million);
  • Enel X (-€6 million), where improvements in operations were, despite the effects of the pandemic, more than offset by the effect of the recognition in 2019 of an indemnity in the amount of €98 million in application of contractual clauses related to the sale of eMotorWerks;
  • Services (-€173 million) due, above all, to non-recurring costs associated with the COVID-19 health emergency (€46 million) and costs related to early-retirement incentives and restructuring plans for the energy transition.

These decreases were partially offset by increases achieved by the generation Business Lines.
More specifically:

  • in Thermal Generation and Trading, the positive effects came from:
    • the change in the benefit for the electricity discount net of the provision for early-retirement incentives in Spain (€165 million);
    • the reduction in provisioning costs and the improvements in operating efficiency in Italy and Spain.
  • These positive effects were partially offset by:
    • increased charges (€204 million) related to the Group’s restructuring plans as part of the energy transition, particularly related to coal-fired plants in Spain;
    • the reduction in the gross operating profit in Russia due to the sale of the Reftinskaya plant in October 2019;
    • the €79 million increase in tax expense in Spain? due to the temporary suspension, solely for 2019, of the electricity generation tax and the tax on fuels for nuclear and conventional thermal generation (Royal Decree Law 15/2018), as well as to the introduction of a new “eco-tax” in Catalonia in July 2020;
    • the recognition, in the 1st Quarter of 2019, of the income related to the indemnity of €80 million in Chile and the sale of Mercure Srl in Italy (€94 million, equal to the capital gain noted above net of the related charges to reclaim the industrial site);
    • the unfavorable exchange rate developments in Latin America in the amount of €82 million;
  • in Enel Green Power due to:
    • the improvement in the gross operating profit in Italy (€71 million), mainly attributable to the improved performance of hydroelectric plants;
    • the increase in the profit in Iberia (€76 million) due to the increased quantities produced and sold following, in part, an expansion of wind capacity;
    • the increased profit in the United States and Canada (€35 million) resulting from the entry into service of new wind farms, which generated an increase in income from tax partnerships (€137 million), in addition to increased income from indemnities and disputes (€31 million) and the gain on the disposal of the Haystack wind farm (€45 million);
    • the improved profit in Europe due, above all, to new wind farms in Greece entering service.

These positive effects were partially offset by the effect of the recognition in 2019 of income from the indemnity for early withdrawal from an electricity supply contract in Chile (€80 million), lower profits in Brazil due to the sale of a number of wind farms in 2019, as well as unfavorable exchange rate developments, and the recognition, in 2019, of negative goodwill (€181 million) following the purchase by Enel North America (formerly Enel Green Power North America - EGPNA) of a number of companies sold by Enel Green Power North America Renewable Energy Partners LLC (EGPNA REP) and Tradewind Energy.

ORDINARY GROSS OPERATING PROFIT

Millions of euro 2020
  Thermal Generation and Trading Enel Green Power Infrastructure and Networks End-user Markets Enel X Services Other, eliminations and adjustments Total
Gross operating profit/(loss) 1,700 4,647 7,433 3,121 152 (47) (190) 16,816
Write-downs of inventories and other charges in respect of coal-fired plants 218 - - - - - - 218
Restructuring plans for the decarbonization and digitalization process 299 50 231 65 7 95 12 759
Other impairment losses   14 - - - - - 14
COVID-19 costs 13 10 50 11 2 46 1 133
Ordinary gross operating profit 2,230 4,721 7,714 3,197 161 94 (177) 17,940
Millions of euro 2019
  Thermal Generation and Trading Enel Green Power Infrastructure and Networks End-user Markets Enel X Services Other, eliminations and adjustments Total
Gross operating profit (1) 1,364 4,588 8,278 3,334 158 126 (144) 17,704
Indemnity resulting from the sale of the equity interest in Enel Rete Gas - - (50) - - - - (50)
Adjustment to the price to purchase a number of Greek companies - 30 - - - - - 30
Write-down of fuel and replacement-parts inventories at a number of coal plants in Italy and Spain 308 - - - - - - 308
Impairment loss on the Reftinskaya coal plant 7 - - - - - - 7
Sale of the equity interest in Mercure Srl (94) - - - - - - (94)
Ordinary gross operating profit (1)  1,585 4,618 8,228 3,334 158 126 (144) 17,905

(1) The comparative figures for 2019 have been adjusted to take account of the fact that as from 2020 in South America and Mexico amounts attributable to large customers managed by the power generation companies were reallocated to the End-user Markets Business Line.

With regard to the ordinary gross operating profit (EBITDA), the results of the alignment of this metric with the European taxonomy are reported as previously specified in the section “European Union taxonomy”.

Ordinary gross operating profit (EBITDA) under the European taxonomy

Elegible activities

37,9%

60,9%

1,2%

RESULT EXCLUDING ACTIVITES NOT COVERED FROM THE TAXONOMY

13,8

billions of euro

 

In 2020, 63.9% of the ordinary gross operating profit was generated by business activities that meet climate change mitigation criteria, compared with 64.4% in 2019. Excluding activities that are currently not covered by the European taxonomy regulation, 83.3% of the ordinary gross operating profit was eligible.

OPERATING PROFIT

Millions of euro      
  2020 2019(1) Change
Thermal Generation and Trading 15 (3,525) 3,540 -
Enel Green Power 2,734 3,260 (526) -16.1%
Infrastructure and Networks 4,262 5,277 (1,015) -19.2%
End-user Markets 1,817 2,210 (393) -17.8%
Enel X (16) (98) 82 -83.7%
Services (226) (75) (151) -
Other, eliminations and adjustments (218) (171) (47) -27.5%
Total 8,368 6,878 1,490 21.7%

(1) The comparative figures for 2019 have been adjusted to take account of the fact that as from 2020 in South America and Mexico amounts attributable to large customers managed by the power generation companies were reallocated to the End-user Markets Business Line.

Operating profit for 2020 increased by €1,490 million taking account of a decrease of €2,378 million in depreciation, amortization and impairment losses. In addition to the factors discussed with regard to the gross operating profit, this increase was due mainly to the decrease of €407 million in depreciation and amortization and the impairment losses recognized in 2019 for a number of coal plants in Italy, Spain, Chile and Russia for a total of €4,010 million. More specifically:

  • in Chile, an impairment loss of €356 million was recognized for two plants following an agreement with the Chilean government on their early decommissioning;
  • in Russia, as a result of an agreement for the sale of the Reftinskaya coal plant, its carrying amount was adjusted to take account of the sale price (€127 million);
  • in Spain, the worsening of the marketplace in relation to the trend in commodities prices and to the functioning of the CO2 emissions market in the 3rd Quarter of 2019 compromised the competitiveness of the coal plants in the country. In Italy, in addition to a deterioration in market conditions, the implementation of the new system for remunerating generation capacity availability (the capacity market) narrowed the future scope for using plants with higher levels of CO2 emissions, providing for the exclusion of coal-fired plants from the electricity market. For these reasons, the carrying amount of a number of coal-fired plants in Italy and Spain, including dismantling charges, was impaired by a total of €3,527 million.

These effects were partially offset by:

  • the impairment loss recognized in 2020 on the Bocamina II coal plant in Chile, given the decision by the Enel Group to close the plant early in order to accelerate achievement of the Group’s strategic objective for the decarbonization of generation processes (€737 million);
  • the impairment losses on coal-fired plants in Italy in the amount of €135 million, including Unit 2 of the Brindisi power plant;
  • the impairment losses on the Mexico, Argentina and Australia CGUs in the total amount of €750 million;
  • other impairment losses of €159 million, the most significant of which regarded the solar panel manufacturing plants of Enel Green Power Italia (€65 million) and the Snyder plant in the United States (€47 million);
  • an increase of €141 million in impairment losses on receivables, mainly due to the deterioration in the collection status of receivables in the wake of the COVID-10 emergency.

ORDINARY OPERATING PROFIT

Millions of euro 2020
  Thermal Generation and Trading Enel Green Power Infrastructure and Networks End-user Markets Enel X Services Other, eliminations and adjustments Total
Operating profit/(loss) 15 2,734 4,262 1,817 (16) (226) (218) 8,368
Write-down of inventories and other charges in respect of coal-fired plants 1,123 - - - - - - 1,123
Restructuring plans for the decarbonization and digitalization process 299 50 231 65 7 95 12 759
Impairment losses on the Mexico, Australia and Argentina CGUs - 534 216 - - - - 750
Other impairment losses 6 132 - 13 - - - 151
COVID-19 costs 13 10 50 11 2 46 1 133
Ordinary operating profit/(loss) 1,456 3,460 4,759 1,906 (7) (85) (205) 11,284
Millions of euro 2019
  Thermal Generation and Trading Enel Green Power Infrastructure and Networks End-user Markets Enel X Services Other, eliminations and adjustments Total
Operating profit/(loss) (1) (3,525) 3,260 5,277 2,210 (98) (75) (171) 6,878
Indemnity resulting from the sale of the equity interest in Enel Rete Gas - - (50) - - - - (50)
Sale of the equity interest in Mercure Srl (94) - - - - - - (94)
Write-downs of fuel and spare-parts inventories at a number of coal plants in Italy and Spain 308 - - - - - - 308
Impairment losses on a number of coal-fired plants in Italy 1,936 - - - - - - 1,936
Impairment losses on a number of coal-fired plants in Spain 1,591 - - - - - - 1,591
Impairment losses on a number of gas-fired plants in Italy (265) - - - - - - (265)
Impairment losses on a number of coal-fired plants in Chile 356 - - - - - - 356
Value adjustment of the Reftinskaya coal-fired plant 134 - - - - - - 134
Impairment losses on a number of renewable energy projects in Italy and North America - 70 - - - - - 70
Value adjustment of the Funac receivable for Enel Distribuição Goiás - - 96 - - - - 96
Impairment losses on a number of intangible assets of Enel X North America - - - - 77 - - 77
Impairment losses on a number of Enel Italia assets - - - - - 29 - 29
Price adjustment for purchase of a number of Greek companies - 30 - - - - - 30
Ordinary operating profit/(loss) (1) 441 3,360 5,323 2,210 (21) (46) (171) 11,096

(1) The comparative figures for 2019 have been adjusted to take account of the fact that as from 2020 in South America and Mexico amounts attributable to large customers managed by the power generation companies were reallocated to the End-user Markets Business Line.

Group profit

Group profit in 2020 came to €2,610 million, compared with €2,174 million the previous year.
The increase was attributable to the increase in operating profit commented earlier, partially offset by impairment losses of the equity interest in Slovenské elektrárne and the associated receivable due from EP Slovakia BV for the sale of the investment, as well as an increase in the tax liability.
The tax liability increased in 2020 as a result both of the tax treatment of the above impairment losses and the following tax transactions recognized in 2019:

  • the reversal of deferred taxes by Enel Distribuição São Paulo following the merger with Enel Brasil Investimentos Sudeste SA (Enel Sudeste) in the amount of €494 million;
  • the “revalúo” of a number of generation companies in Argentina;
  • the application of the participation exemption mechanism to the gain on the sale of Mercure Srl;
  • the reversal of deferred tax liabilities by EGPNA as an ancillary effect of the acquisition of a number of companies from EGPNA REP.

These effects were partially offset by:

  • a reduction in net financial expense connected with interest rates primarily on bonds, mainly due to renegotiation at more advantageous interest rates;
  • a decrease in the impact of non-controlling interests compared with 2019.

Group ordinary profit in 2020 came to €5,197 million (€4,767 million in 2019), increasing by €430 million compared with 2019. The following table provides a reconciliation of Group profit with Group ordinary profit, indicating the non-recurring items and their respective impact on performance, net of the associated tax effects and non-controlling interests.

Millions of euro  
  2020 2019
Group profit 2,610 2,174
Impairment losses on certain assets connected with the disposal of Slovenské elektrárne 833 38
Impairment losses on/write-downs of a number of plants, inventories and other charges in respect of coal-fired plants 598 2,415
Impairment losses on the Mexico, Australia and Argentina CGUs 537 -
Restructuring plans for the decarbonization and digitalization process 422 -
COVID-19 costs 86 -
Impairment losses on a number of assets of Enel Italia and Enel Green Power 65 50
Impairment losses on assets related to a number of wind and hydroelectric projects in North America 35 31
Other minor impairment losses 11 38
Impairment losses on the Reftinskaya coal-fired plant - 60
Impairment losses on a number of intangible assets of Enel X North America - 77
Price adjustment for purchase of a number of Greek companies - 30
Indemnity from the sale of e-distribuziones equity interest in Enel Rete Gas - (49)
Sale of the equity interest in Mercure Srl - (97)
Group ordinary profit (1) 5,197 4,767

(1) Taking account of taxes and non-controlling interests.