Consolidated Financial Statements

Consolidated Income Statement

Millions of euro	Notes
		2019		2018
			of which with related parties		of which with related parties
Revenue
Revenue from sales and services ⁽¹⁾	8.a	77,366	4,804	73,037	5,387
Other income	8.b	2,961	16	2,538	38
	[Subtotal]	80,327		75,575

Costs
Electricity, gas and fuel purchases ⁽¹⁾	9.a	33,755	7,189	37,264	7,737
Services and other materials ⁽¹⁾	9.b	18,580	2,617	18,406	2,644
Personnel	9.c	4,634		4,581
Net impairment/(reversals) of trade receivables and other receivables	9.d	1,144		1,096
Depreciation, amortization and other impairment losses	9.e	9,682		5,355
Other operating expenses ⁽¹⁾	9.f	7,276	235	1,769	272
Capitalized costs	9.g	(2,355)		(2,264)
	[Subtotal]	72,716		66,207
Net income/(expense) from commodity risk management ⁽¹⁾	10	(733)	11	532	10
Operating income		6,878		9,900
Financial income from derivatives	11	1,484		1,993
Other financial income	12	1,637	88	1,715	59
Financial expense from derivatives	11	1,142		1,532
Other financial expense	12	4,518	46	4,392	55
Net income/(expense) from hyperinflation		95		168
Share of income/(losses) of equity investments accounted for using the equity method	13	(122)		349
Income before taxes		4,312		8,201
Income taxes	14	836		1,851
Net income from continuing operations		3,476		6,350
Net income from discontinued operations		-		-
Net income for the year (shareholders of the Parent Company and non-controlling interests)		3,476		6,350
Attributable to shareholders of the Parent Company		2,174		4,789
Attributable to non-controlling interests		1,302		1,561
Basic earnings/(loss) per share attributable to shareholders of the Parent Company (euro)		0.21		0.47
Diluted earnings/(loss) per share attributable to shareholders of the Parent Company (euro)		0.21		0.47
Basic earnings/(loss) per share from continuing operations attributable to shareholders of the Parent Company (euro)		0.21		0.47
Diluted earnings/(loss) per share from continuing operations attributable to shareholders of the Parent Company (euro)		0.21		0.47

(1) The 2018 figures have been represented 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).

Statement of Consolidated Comprehensive Income

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Millions of euro	Notes
		2019	2018

Net income for the period		3,476	6,350
Other comprehensive income recyclable to profit or loss (net of taxes)
Effective portion of change in the fair value of cash flow hedges		39	(552)
Change in fair value of hedging costs		120	83
Share of the other comprehensive income of equity investments accounted for using the equity method		(57)	(57)
Change in the fair value of financial assets at FVOCI		5	(3)
Change in translation reserve		(481)	(1,287)
Other comprehensive income not recyclable to profit or loss (net of taxes)
Remeasurement of net liabilities (assets) for employee benefits		(502)	(120)
Change in fair value of equity investments in other entities		-	12
Total other comprehensive income/(loss) for the period	34	(876)	(1,924)
Total comprehensive income/(loss) for the period		2,600	4,426
Attributable to:
- shareholders of the Parent Company		1,745	3,667
- non-controlling interests		855	759

Consolidated Balance Sheet

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Millions of euro	Notes
ASSETS		at Dec. 31, 2019		at Dec. 31, 2018
			of which with related parties		of which with related parties
Non-current assets
Property, plant and equipment	16	79,809		76,631
Investment property	19	112		135
Intangible assets	20	19,089		19,014
Goodwill	21	14,241		14,273
Deferred tax assets	22	9,112		8,305
Equity investments accounted for using the equity method	23	1,682		2,099
Derivatives	24	1,383	15	1,005
Non-current contract assets	25	487		346
Other non-current financial assets	26	6,006		5,769
Other non-current assets	27	2,701		1,272
	[Total]	134,622		128,849
Current assets
Inventories	28	2,531		2,818
Trade receivables	29	13,083	896	13,587	1,085
Current contract assets	25	166		135
Tax receivables		409		660
Derivatives	24	4,065	8	3,914	52
Other current financial assets	30	4,305	27	5,160	21
Other current assets	31	3,115	183	2,983	165
Cash and cash equivalents	32	9,029		6,630
	[Total]	36,703		35,887
Assets classified as held for sale	33	101		688
TOTAL ASSETS		171,426		165,424

Millions of euro	Notes
LIABILITIES AND SHAREHOLDERS’ EQUITY		at Dec. 31, 2019		at Dec. 31, 2018
			of which with related parties		of which with related parties
Equity attributable to the shareholders of the Parent Company
Share capital		10,167		10,167
Treasury share reserve		(1)		-
Other reserves		1,130		1,700
Retained earnings (loss carried forward)		19,081		19,853
	[Total]	30,377		31,720
Non-controlling interests		16,561		16,132
Total shareholders’ equity	34	46,938		47,852
Non-current liabilities
Long-term borrowings	35	54,174	715	48,983	804
Employee benefits	36	3,771		3,187
Provisions for risks and charges (non-current portion)	37	5,324		5,181
Deferred tax liabilities	22	8,314		8,650
Derivatives	24	2,407		2,609
Non-current contract liabilities	25	6,301	151	6,306
Other non-current liabilities	38	3,706		1,901	86
	[Total]	83,997		76,817
Current liabilities
Short-term borrowings	35	3,917		3,616
Current portion of long-term borrowings	35	3,409	89	3,367	89
Provisions for risks and charges (current portion)	37	1,196		1,312
Trade payables	39	12,960	2,291	13,387	2,924
Income tax payable		209		333
Derivatives	24	3,554	8	4,343	35
Current contract liabilities	25	1,328	39	1,095	25
Other current financial liabilities	40	754		788
Other current liabilities	42	13,161	30	12,107	69
	[Total]	40,488		40,348
Liabilities included in disposal groups classified as held for sale	33	3		407
Total liabilities		124,488		117,572
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		171,426		165,424

Statement of Changes in Consolidated Shareholders’ Equity (note 34)

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	Share capital and reserves attributable to the shareholders of the Parent Company
	Share capital	Share premium reserve	Treasury share reserve	Legal reserve	Other reserves	Reserve from translation of financial statements in currencies other than euro	Reserve from measurement of cash flow hedge financial instruments	Reserve from measurement of costs of hedging financial instruments	Reserve from measurement of financial instruments at FVOCI	Reserve from equity investments accounted for using the equity method	Reserve from remeasurement of net liabilities/(assets) of defined benefit plans	Reserve from disposal of equity interests without loss of control	Reserve from acquisitions of non-controlling interests	Retained earnings and loss carried forward	Equity attributable to the shareholders of the Parent Company	Non-controlling interests	Total shareholders’ equity
At December 31, 2017	10,167	7,489	-	2,034	2,262	(2,614)	(1,588)	-	(23)	(5)	(646)	(2,398)	(1,163)	21,280	34,795	17,366	52,161
Application of new accounting standards (IFRS 9 and IFRS 15)	-	-	-	-	-	-	348	(348)	3	-	-	-	-	(3,707)	(3,704)	(576)	(4,280)
Monetary revaluation (IAS 29)	-	-	-	-	-	-	-	-	-	-	-	-	-	212	212	362	574
At January 1, 2018 restated	10,167	7,489		2,034	2,262	(2,614)	(1,240)	(348)	(20)	(5)	(646)	(2,398)	(1,163)	17,785	31,303	17,152	48,455
Distribution of dividends and interim dividends	-	-		-	-	-	-	-	-	-	-	-	-	(2,765)	(2,765)	(1,137)	(3,902)
Monetary revaluation (IAS 29)	-	-	-	-	-	-	-	-	-	-	-	-	-	73	73	143	216
Transactions in non-controlling interests	-	-		-	-	-	-	-	-	-	-	17	(460)		(443)	(850)	(1,293)
Change in the scope of consolidation	-	-		-	-	(94)	(14)		27		(5)	-	-	(29)	(115)	65	(50)
Comprehensive income for the period	-	-		-	-	(609)	(491)	90	9	(58)	(63)	-	-	4,789	3,667	759	4,426
of which:
- other comprehensive income/(loss)	-	-		-	-	(609)	(491)	90	9	(58)	(63)	-	-	-	*(1,122)*	*(802)*	*(1,924)*
- net income/(loss) for the period	-	-		-	-	-	-	-	-	-	-	-	-	4,789	*4,789*	*1,561*	*6,350*
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 revaluation (IAS 29)	-	-	-	-	-	-	-	-	-	-	-	-		104	104	170	274
Transactions in non-controlling interests	-	-	-	-	-	-	-	-	-	-	-	-	61	-	61	593	654
Change in the scope of consolidation	-	-	-	-	-	(220)	41				(11)		(3)	-	(193)	1	(192)
Comprehensive income for the period	-	-	-	-	-	(265)	94	111	5	(56)	(318)	-	-	2,174	1,745	855	2,600
of which:			-
- other comprehensive income/(loss)	-	-	-	-	-	(265)	94	111	5	(56)	(318)	-	-	-	*(429)*	*(447)*	*(876)*
- net income/(loss) for the period	-	-	-	-	-	-	-		-	-	-	-	-	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

Consolidated Statement of Cash Flows

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Millions of euro	Notes
		2019		2018
			of which with related parties		of which with related parties
Income before taxes for the period		4,312		8,201
Adjustments for:
Net impairment/(reversals) of trade receivables and other receivables	9.d	1,144		1,096
Depreciation, amortization and other impairment losses	9.e	9,682		5,355
Financial (income)/expense	11-12	2,443		2,048
Net income of equity investments accounted for using the equity method	13	123		(349)
Changes in net working capital:		(273)		153
- inventories	28	318		(117)
- trade receivables	29	(877)	189	426	(253)
- trade payables	39	(51)	(633)	734	559
- other contract asset ⁽¹⁾	25	(31)		-
- other contract liabilities ⁽¹⁾	25	154		750
- other assets (liabilities)		214	18	(1,640)	71
Accruals to provisions		515		449
Utilization of provisions		(1,838)		(1,226)
Interest income and other financial income collected	11-12	1,582	88	1,768	59
Interest expense and other financial expense paid	11-12	(4,235)	(46)	(4,342)	(55)
Net (income)/expense from measurement of commodities		(86)		(71)
Income taxes paid	14	(1,850)		(1,721)
Capital (gains)/losses		(268)		(286)
Cash flows from operating activities (A)		11,251		11,075
Investments in property, plant and equipment	16	(8,236)		(6,908)
Investments in intangible assets	20	(1,023)		(1,351)
Investments in non-current contract assets		(692)		(271)
Investments in entities (or business units) less cash and cash equivalents acquired	6	(320)		(1,472)
Disposals of entities (or business units) less cash and cash equivalents sold	6	688		424
(Increase)/Decrease in other investing activities		468		(83)
Cash flows from investing/disinvesting activities (B)		(9,115)		(9,661)
Financial debt (new long-term borrowing)	43.3	8,899		13,424
Repayments of financial debt ⁽¹⁾	43.3	(5,511)	(89)	(12,040)	(89)
Other changes in net financial debt ⁽¹⁾		355		1,826
Receipts from disposal of equity investments without loss of control ⁽¹⁾		-		2
Payments for acquisitions of equity investments without change of control and other transactions with non-controlling interests ⁽¹⁾		530		(1,404)
Purchase of own shares		(10)		-
Dividends and interim dividends paid		(3,957)		(3,444)
Cash flows from financing activities (C)		306		(1,636)
Impact of exchange rate fluctuations on cash and cash equivalents (D)		(76)		(185)
Increase/(Decrease) in cash and cash equivalents (A+B+C+D)		2,366		(407)
Cash and cash equivalents at the beginning of the period ⁽²⁾		6,714		7,121
Cash and cash equivalents at the end of the period ⁽³⁾		9,080		6,714

(1) In order to improve the presentation of these items, they have been broken down to a greater extent than in the past, making it necessary to reclassify the figures for 2018 in order to ensure the uniformity and comparability of the data with the previous year.
(2) Of which cash and cash equivalents equal to €6,630 million at January 1, 2019 (€7,021 million at January 1, 2018), short-term securities equal to €63 million at January 1, 2019 (€69 million at January 1, 2018) and cash and cash equivalents pertaining to “Assets held for sale” in the amount of €21 million at January 1, 2019 (€31 million at January 1, 2018). In order to improve the presentation of these items, they have been broken down to a greater extent than in the past, making it necessary to reclassify the figures for 2018 in order to ensure the uniformity and comparability of the data with the previous year.
(3) Of which cash and cash equivalents equal to €9,029 million at December 31, 2019 (€6,630 million at December 31, 2018), short-term securities equal to €51 million at December 31, 2019 (€63 million at December 31, 2018) and cash and cash equivalents pertaining to “Assets held for sale” in the amount of €21 million at December 31, 2018.

Consolidated Financial Statements

Consolidated Balance Sheet

Statement of Changes in Consolidated Shareholders’ Equity (note 34)

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