7. Segment information

The representation of performance and financial position by business area presented here is based on the approach used by management in monitoring Group performance for the two periods being compared.
As already discussed in note 5 to the consolidated financial statements, since September 2019, segment information has been reformulated to give a more consistent view of the decision-making processes implemented by management, which give priority to analyzes by Business Line rather than by Country or Region.
In order to ensure full comparability of the figures commented here in the light of the new breakdown of the primary and secondary reporting sectors for IFRS 8 disclosure purposes and of the reallocation of countries in the Enel Green Power segment, the comparative figures for 2018 have been restated appropriately. At the same time, within each CGU, lower level operating units were identified at the intersections of the organizational matrix (Business Line/Country/Region), which in accordance with IAS 36 made it possible to reallocate the goodwill associated with the higher level and reported cumulatively at December 31, 2018 in the column “Other, eliminations and adjustments”.

For more information on performance and financial developments during the year, please see the dedicated section in the Report on Operations.

Segment information for 2019 and 2018

Results for 2019 (1)

Millions of euro

Thermal Generation and Trading

Enel Green Power

 

Infrastructure and Networks

End-user Markets

Enel X

Services

Other, eliminations and adjustments

Total

Revenue and other income from third parties

30,519

7,360

 

20,092

19,482

967

1,901

6

80,327

Revenue and other income from transactions with other segments

1,532

373

 

1,697

13,062

163

80

(16,907)

-

Total revenue

32,051

7,733

 

21,789

32,544

1,130

1,981

(16,901)

80,327

Total costs

29,980

3,143

 

13,511

29,186

972

1,855

(16,757)

61,890

Net income/(expense) from commodity risk management

(676)

14

 

-

(71)

-

-

-

(733)

Depreciation and amortization

1,142

1,241

 

2,692

333

145

171

26

5,750

Impairment losses

4,031

99

 

371

930

111

33

1

5,576

Reversals of impairment losses

(284)

(12)

 

(62)

(139)

-

(3)

-

(500)

Operating income

(3,494)

3,276

 

5,277

2,163

(98)

(75)

(171)

6,878

Capital expenditure

851

4,293

(2)

3,905

449

270

134

45

9,947


(1) Segment revenue includes both revenue from third parties and revenue flows between the segments. An analogous approach was taken for other income and costs for the period.
(2) Does not include €4 million regarding units classified as “held for sale”.

Results for 2018 (1) (2) (3)

Millions of euro

Thermal Generation and Trading

Enel Green Power

 

Infrastructure and Networks

End-user Markets

Enel X

Services

Other, eliminations and adjustments

Total

Revenue and other income from third parties

26,630

7,613

 

18,250

20,340

849

1,878

15

75,575

Revenue and other income from transactions with other segments

977

443

 

1,718

13,431

157

60

(16,786)

-

Total revenue

27,607

8,056

 

19,968

33,771

1,006

1,938

(16,771)

75,575

Total costs

27,130

3,286

 

12,429

30,681

882

1,918

(16,570)

59,756

Net income/(expense) from commodity risk management

640

(162)

 

-

(11)

-

65

-

532

Depreciation and amortization

1,098

1,101

 

2,483

314

86

113

19

5,214

Impairment losses

158

131

 

337

1,0000

15

15

1

1,657

Reversals of impairment losses

(21)

(129)

 

(68)

(193)

4

(5)

(8)

(420)

Operating income

(118)

3,505

 

4,787

1,958

19

(38)

(213)

9,9000

Capital expenditure

839

2,784

(4)

3,830

374

183

106

36

8,152


(1) Segment revenue includes both revenue from third parties and revenue flows between the segments. An analogous approach was taken for other income and costs for the period.
(2) The figures have been restated to ensure comparability with results for 2019, which are presented using business area as the primary reporting segment.
(3) The 2018 figures have been adjusted to take account of the interpretations of the International Financial Reporting Interpretations Committee (IFRIC) contained in the Agenda Decision of March 2019, which involved changes in the classification, with no impact on margins, of the effects of purchase and sales contracts for commodities measured at fair value through profit or loss (for more details, see note 4.3 of the consolidated financial statements).
(4) Does not include €378 million regarding units classified as “held for sale”.   

Financial position by segment

At December 31, 2019

Millions of euro

Thermal Generation and Trading

 

Enel Green Power

 

Infrastructure and Networks

 

End-user Markets

Enel X

Services

Other, eliminations and adjustments

Total

Property, plant and equipment

11,863

 

30,351

 

36,333

 

160

442

663

11

79,823

Intangible assets

134

 

4,697

 

23,782

 

3,624

605

466

29

33,337

Non-current and current contract assets

-

 

-

 

482

 

-

53

75

43

653

Trade receivables

3,219

 

1,726

 

7,649

 

3,838

607

676

(4,632)

13,083

Other

1,426

 

1,421

 

1,654

 

543

1,098

1,283

(1,350)

6,075

Operating assets

16,642

(1)

38,195

(2)

69,900

(3)

8,165

2,805

3,163

(5,899)

132,971

            

Trade payables

3,383

 

2,192

 

5,411

 

5,028

414

949

(4,417)

12,960

Non-current and current contract liabilities

199

 

167

 

7,271

 

75

5

16

(104)

7,629

Sundry provisions

3,410

 

903

 

4,412

 

494

34

578

459

10,290

Other

1,074

 

1,843

 

8,867

 

2,642

415

1,451

(503)

15,789

Operating liabilities

8,066

 

5,105

 

25,961

(4)

8,239

868

2,994

(4,565)

46,668


(1) Of which €4 million regarding units classified as “held for sale”.
(2) Of which €7 million regarding units classified as “held for sale”.
(3) Of which €10 million regarding units classified as “held for sale”.
(4) Of which €3 million regarding units classified as “held for sale”.

 

At December 31, 2018 (1)

Millions of euro

Thermal Generation and Trading

 

Enel Green Power

 

Infrastructure and Networks

 

End-user Markets

Enel X

Services

Other, eliminations and adjustments

 

Total

Property, plant and equipment

15,448

 

25,971

 

35,026

 

73

344

371

10

 

77,243

Intangible assets (2)

38

 

1,220

 

15,875

 

1,078

347

414

14,343

 

33,315

Non-current and current contract assets

15

 

-

 

348

 

-

47

78

(7)

 

481

Trade receivables

4,345

 

1,290

 

7,582

 

4,640

282

696

(5,224)

 

13,611

Other

2,483

 

1,042

 

2,424

 

555

113

1,726

(1,985)

 

6,358

Operating assets

22,329

(3)

29,523

(4)

61,255

(5)

6,346

1,133

3,285

7,137

(6)

131,008

             

Trade payables

4,680

 

1,806

 

5,555

 

5,535

381

890

(5,458)

 

13,389

Non-current and current contract liabilities

220

 

100

 

7,156

 

41

13

12

(141)

 

7,401

Sundry provisions

2,490

 

768

 

4,644

 

551

35

669

524

 

9,681

Other

1,647

 

1,517

 

6,746

 

2,454

257

1,311

(998)

 

12,934

Operating liabilities

9,037

 

4,191

(7)

24,101

(8)

8,581

686

2,882

(6,073)

 

43,405

 

(1)The figures have been restated to ensure comparability with the results at December 31, 2019, which are presented using business area as the primary reporting segment.
(2)Intangible assets include goodwill allocated by country, which was reallocated by business area in 2019 in the light of new breakdown of primary and secondary reporting segments for the purpose of IFRS 8 disclosures.
(3) Of which €4 million regarding units classified as “held for sale”.
(4)Of which €635 million regarding units classified as “held for sale”.
(5)Of which €5 million regarding units classified as “held for sale”.
(6)Of which €23 million regarding units classified as “held for sale”.
(7) Of which €19 million regarding units classified as “held for sale”.
(8) Of which €3 million regarding units classified as “held for sale”.

   

The following table reconciles segment assets and liabilities and the consolidated figures.

Millions of euro

  
 

at Dec. 31, 2019

at Dec. 31, 2018

Total assets

171,426

165,424

Equity investments accounted for using the equity method

1,682

2,099

Non-current derivative assets

1,383

1,005

Other non-current financial assets

6,006

5,769

Long-term tax receivables included in “Other non-current assets”

1,587

231

Current financial assets

4,305

5,160

Current derivative assets

4,065

3,914

Cash and cash equivalents

9,029

6,630

Deferred tax assets

9,112

8,305

Tax receivables

1,206

1,282

Financial and tax assets of “Assets held for sale”

80

21

Segment assets

132,971

131,008

   

Total liabilities

124,488

117,572

Long-term borrowings

54,174

48,983

Non-current derivative liabilities

2,407

2,609

Short-term borrowings

3,917

3,616

Current portion of long-term borrowings

3,409

3,367

Current financial liabilities

754

788

Current derivative liabilities

3,554

4,343

Deferred tax liabilities

8,314

8,650

Income tax payable

209

333

Other tax payables

1,082

1,093

Financial and tax liabilities of “Liabilities held for sale”

-

385

Segment liabilities

46,668

43,405