Country risk

The Group has a major international presence, with some 50% of its revenue being generated abroad in a variety of currencies. In addition to changes in global macroeconomic and financial conditions, cash flows and corporate assets are also exposed to idiosyncratic risk factors, such as exchange rate volatility and changes in the economic, political, social and financial conditions in the various countries in which Enel operates. Global risks associated with pandemics or other crises that may impact the continuity of the supply of materials or commodities, migratory flows or economic activity are also considered given that the impacts depend so closely on economic, social and even energy conditions in individual countries.
For a detailed analysis of this class of risk, please see the section “Reference scenario”.