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

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