Related parties

As an operator in the field of generation, distribution, transport and sale of electricity and the sale of natural gas, Enel carries out transactions with a number of companies directly or indirectly controlled by the Italian State, the Group’s controlling shareholder.

The table below summarizes the main types of transactions carried out with such counterparties.

Related party Relationship Nature of main transactions 
Single Buyer  Fully controlled (indirectly) by the Ministry for the Economy and Finance  Purchase of electricity for the enhanced protection market
Sale of electricity for own use 
EMO - Energy Markets Operator  Fully controlled (indirectly) by the Ministry for the Economy and Finance  Sale of electricity on the Power Exchange
Purchase of electricity on the Power Exchange for pumping and plant planning
Sale of electricity for own use 
ESO - Energy Services Operator  Fully controlled (directly) by the Ministry for the Economy and Finance  Sale of subsidized electricity
Payment of A3 component for renewable resource incentives
Sale of electricity for own use 
Terna  Indirectly controlled by the Ministry for the Economy and Finance  Sale of electricity on the Ancillary Services Market
Purchase of transport, dispatching and metering services
Sale of electricity for own use 
Eni Group  Directly controlled by the Ministry for the Economy and Finance  Sale of electricity transport services
Purchase of fuels for generation plants, storage services and natural gas distribution
Sale of electricity for own use 
Finmeccanica Group  Directly controlled by the Ministry for the Economy and Finance  Purchase of IT services and supply of goods
Sale of electricity for own use 
Poste Italiane Group  Fully controlled (directly) by the Ministry for the Economy and Finance  Purchase of postal services
Sale of electricity for own use 

Finally, Enel also maintains relationships with the pension funds Fopen and Fondenel, Fondazione Enel and Enel Cuore, an Enel non-profit company devoted to providing social and healthcare assistance.

All transactions with related parties were carried out on normal market terms and conditions, which in some cases are determined by the Authority for Electricity and Gas.

The following table summarizes transactions with related parties and with associated companies outstanding at December 31, 2013 and carried out during the period, respectively.

 Related parties        
Millions of euro Single Buyer EMO Terna ENI ESO Poste Italiane Other Total 
Balance sheet                 
Non-current financial assets  - - - - - - - -
Other non-current assets - - - - - - - -  
Trade receivables  453  491  209  19  - 59  1,234 
Current financial assets  - - - - - - - -
Other current assets  - - 29  88  - - 126 
Other non-current liabilities  - - - - - -
Trade payables  885  515  538  247  1,269  72  40  3,566 
Current financial liabilities  - - - - - - - -
Other current liabilities  - - 21  - - - - 21 
Income statement                 
Revenues from sales  - 6,523  1,316  658  102  - 38  8,637 
Other revenues and income  - 74  16  - 297  - 391 
Raw materials and consumables  5,135  4,451  198  355  - 14  10,154 
Services  - 75  1,814  89  113  29  2,123 
Other operating expenses  - - 28 
Net income from commodity risk management  (22)  - 100  - - - - 78 
Financial income  - - - - - - - -
Financial expense  - - - - - - - -

 Associated companies        
Millions of euro GNL Chile Enel Rete Gas CESI Other Total Overall total Total balance-sheet item % of total 
Balance sheet                 
Non-current financial assets  - - - 6,401  0.1% 
Other non-current assets - - - - 15  15  15  837  1.8% 
Trade receivables  - 32  34  1,268  11,533  11.0% 
Current financial assets  - - - 7,877  0.1% 
Other current assets  18  - - 26  152  2,562  5.9% 
Other non-current liabilities  - - - - - 1,266  0.2% 
Trade payables  19  - 12  50  81  3,647  13,004  28.0% 
Current financial liabilities  - - - 3,640  0.1% 
Other current liabilities  - - - 24  9,834  0.2% 
Income statement                 
Revenues from sales  46  33  - 37  116  8,753  77,258  11.3% 
Other revenues and income  - - 10  401  3,277  12.2% 
Raw materials and consumables  91  - - 21  112  10,266  41,612  24.7% 
Services  53  295  17  22  387  2,510  15,551  16.1% 
Other operating expenses  1 30  2,837  1.1% 
Net income from commodity risk management  - - - - - 78  (378)  -20.6% 
Financial income  - - - 35  35  35  2,453  1.4% 
Financial expense  - - 5,266  0.1% 

In November 2010, the Board of Directors of Enel SpA approved a procedure governing the approval and execution of transactions with related parties carried out by Enel SpA directly or through subsidiaries. The procedure (available at http://www.enel.com/en-GB/group/governance/rules/related_parties/) sets out rules designed to ensure the transparency and procedural and substantive propriety of transactions with related parties. It was adopted in implementation of the provisions of Article 2391-bis of the Italian Civil Code and the implementing regulations issued by CONSOB. In 2013, no transactions were carried out for which it was necessary to make the disclosures required in the rules on transactions with related parties adopted with CONSOB Resolution 17221 of March 12, 2010, as amended with Resolution 17389 of June 23, 2010.