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Financial data

Net capital employedcapitale investito netto

Net capital employed, including net assets held for sale of €281 million, amounted to €88,941 million at December 31, 2018 and was financed by equity attributable to shareholders of the Parent Company and non-controlling interests of €47,852 million and net financial debt of €41,089 million. At December 31, 2018, the debt/equity ratio came to 0.86 (0.72 at December 31, 2017).

The percentage increase in leverage is attributable to the reduction of €3,704 million in the Group’s consolidate equity following the retrospective application of IFRS 9 and IFRS 15 and to the increase in net financial debt.

Net financial debt amounted to €41,089 million, an increase of €3,679 million compared with December 31, 2017. The increase is mainly attributable to the acquisition of Enel Distribuição São Paulo, the public tender offer for all of the shares of the subsidiary Enel Generación Chile held by non-controlling interests, investments in the period and adverse exchange rate developments.

Cash flows from operationscash flow

Cash flows from operations amounted to €11,075 million in 2018, an increase of €950 million on the previous year owing to the increase in the gross operating margin and net current assets.

Capital expenditureinvestimenti

Capital expenditure amounted to €8,152 million in 2018 (of which €6,530 million in respect of property, plant and equipment), an increase of €22 million on 2017, with a concentration on renewables plants in Spain, South Africa and India as well as greater work on grids operated on a concession basis in Italy and Brazil.

In the latter case, part of the increase is attributable to Enel Distribuição São Paulo following its acquisition in June 2018. These increases were partly offset by adverse exchange rate developments, mainly in South America, and a reduction in capital expenditure on renewables plants in Brazil as most of the plants entered service during the year.

Milions of Euro
Italy2,479 (1)1,81266736.8%
South America2,2463,002(756)-25.2%
Europe and Euro-Mediterranean Affairs390307(3)8327.0%
North and central America1,373(2)1,802(4)(429)-23.8%
Africa. Asia e Oceania14230112-
Other. eliminations and adjustments89721723.6%

(1) Does not include €3 million regarding units classified as “held for sale”.
(2) Does not include €375 million regarding units classified as “held for sale”.
(3) Does not include €44 million regarding units classified as “held for sale”.
(4) Does not include €325 million regarding units classified as “held for sale”.