Performance
Millions of euro | ||||
2019 | 2018 | Change | ||
Revenue and other income (net of eliminations) | 2,229 | 2,140 | 89 | 4.2% |
Gross operating margin | (18) | (116) | 98 | 84.5% |
Operating income | (246) | (251) | 5 | 2.0% |
Capital expenditure | 179 | 142 | 37 | 26.1% |
The tables below show performance by geographic area in 2019.
Revenue
Millions of euro | ||||
2019 | 2018 | Change | ||
Italy | 1,359 | 1,389 | (30) | -2.2% |
Iberia | 597 | 514 | 83 | 16.1% |
Latin America | 27 | 35 | (8) | -22.9% |
Europe and Euro-Mediterranean Affairs | 28 | 22 | 6 | 27.3% |
Other | 291 | 231 | 60 | 26.0% |
Eliminations and adjustments | (73) | (51) | (22) | -43.1% |
Total | 2,229 | 2,140 | 89 | 4.2% |
Gross operating margin
Millions of euro | ||||
2019 | 2018 | Change | ||
Italy | 169 | 119 | 50 | 42.0% |
Iberia | 66 | 80 | (14) | -17.5% |
Latin America | (123) | (104) | (19) | -18.3% |
Europe and Euro-Mediterranean Affairs | 5 | 1 | 4 | - |
Other | (135) | (212) | 77 | 36.3% |
Total | (18) | (116) | 98 | -84.5% |
The increase in gross operating margin for 2019 is due to:
- an increase of €50 million in the margin in Italy, the result mainly of a reduction in costs for leases and rents due to application of IFRS 16 and their consequent inclusion in the value of right-of-use assets;
- an increase in the margin on the “Other” segment related to the increase in services provided by the holding company to the other Business Lines of the Group and to a decrease in costs for reversal of the provision related to the closing of an Enel SpA arbitration in Romania (€13 million).
Operating income
Millions of euro | ||||
2019 | 2018 | Change | ||
Italy | 17 | 39 | (22) | -56.4% |
Iberia | 19 | 39 | (20) | -51.3% |
Latin America | (122) | (105) | (17) | -16.2% |
Europe and Euro-Mediterranean Affairs | 3 | - | 3 | - |
Other | (163) | (224) | 61 | 27.2% |
Total | (246) | (251) | 5 | -2.0% |
The operating loss in 2019 improved by €5 million, after an increase in depreciation, amortization and impairment losses of €93 million, which mainly reflected the depreciation of right-of-use assets following application of the new IFRS 16.
Capital expenditure
Millions of euro | ||||
2019 | 2018 | Change | ||
Italy | 78 | 68 | 10 | 14.7% |
Iberia | 46 | 28 | 18 | 64.3% |
Latin America | 9 | 9 | - | - |
Europe and Euro-Mediterranean Affairs | 1 | 1 | - | - |
Other | 45 | 36 | 9 | 25.0% |
Total | 179 | 142 | 37 | 26.1% |
The increase in capital expenditure in 2019 can be attributed to increases in Italy and Spain.