Consolidated Financial Statements 2010

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Consolidated Financial Statements 2010

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<ul><li> 1. 2010 ANNUAL REPORTCONSOLIDATED FINANCIAL STATEMENTS </li> <li> 2. CONTENTS2010 ANNUAL REPORTCONSOLIDATED FINANCIAL STATEMENTS 2 Income Statement and Other Components of the Comprehensive Income Statement 3 Balance Sheet 4 Cash Flow Statement 5 Changes in Consolidated Shareholders Equity 7 Notes to the Consolidated Financial Statements at December 31, 2010 8 Accounting Principles and Consolidation Criteria 8 - Content and Presentation10 - Scope of Consolidation12 - Consolidation of Foreign Companies and Criteria Used to Translate Items Denominated in Foreign Currencies12 - 2010 Financial Highlights of Companies Consolidated by the Proportional Method13 - Valuation Criteria20 Segment Information21 Notes to the Income Statement33 Notes to the Balance Sheet49 Net Financial Debt50 Disclosure About Business Combinations (IFRS 3 Revised)51 Disclosure About Disposal Group (IFRS 5)52 Commitments and Contingent Risks64 Group Financial Risk Management78 Intercompany and related-party transactions81 Other Information82 Significant events occurring after December 31, 201083 Scope of Consolidation at December 31, 201091 Certification Pursuant to Article 81-ter of CONSOB Regulation No. 1197193 Report of the Independent Auditors </li> <li> 3. 2010 ANNUAL REPORTCONSOLIDATED FINANCIAL STATEMENTS </li> <li> 4. Income StatementIncome Statement(in millions of euros) 2010 2009 (*) See of which of which Note related parties related partiesSales revenues 1 10,446 368 8,867 301Other revenues and income 2 638 51 517 77Total net revenues 11,084 419 9,384 378Raw materials and services used (-) 3 (9,462) (177) (7,673) (72)Labor costs (-) 4 (253) - (240) -EBITDA 5 1,369 1,471Depreciation, amortization and writedowns (-) 6 (1,096) - (772) -EBIT 273 699Net financial income (expense) 7 (144) - (156) -Income from (Expense on) equity investments 8 (1) 1 (3) (5)Other income (expense), net 9 44 - (11) 3Profit before taxes 172 529Income taxes 10 (83) - (278) -Profit (Loss) from continuing operations 89 251Profit (Loss) from discontinued operations 11 (40) - - -Profit (Loss) 49 251Broken down as follows:Minority interest in profit (loss) 28 11Group interest in profit (loss) 21 240Earnings per share (in euros) 12Basic earnings per common share 0.0034 0.0448Basic earnings per savings share 0.0334 0.0748Diluted earnings per common share 0.0034 0.0448Diluted earnings per savings share 0.0334 0.0748(*) The data are being re-presented merely for comparative purposes to reflect the adoption of IFRIC 12.Other Components of the Comprehensive Income Statement(in millions of euros) See Note 2010 2009Profit (Loss) 49 251Other components of comprehensive income: A) Change in the Cash Flow Hedge reserve 24 58 188 - Gains (Losses) arising during the year 93 306 - Reclassification of gains (losses) recognized in the initial carrying amount of hedged items (basic adjustment) - (8) - Income taxes (-) (35) (110) B) Change in reserve for available-for-sale investments 24 (2) 2 - Gains (Losses) arising during the year (2) 2 - Income taxes (-) - - C) Differences on the translation of assets in foreign currencies 3 7 D) Pro rata interest in other components of comprehensive income of investee companies - -Total other components of comprehensive income net of taxes (A+B+C+D) 59 197Total comprehensive profit (loss) 108 448Broken down as follows:Minority interest in comprehensive profit (loss) 28 11Group interest in comprehensive profit (loss) 80 4372 I 2010 Annual Report </li> <li> 5. Balance SheetBalance Sheet(in millions of euros) 12.31.2010 12.31.2009 (*) See of which of which Note related parties related partiesASSETSProperty, plant and equipment 13 7,002 - 7,445 -Investment property 14 11 - 12 -Goodwill 15 3,534 - 3,538 -Hydrocarbon concessions 16 985 - 1,259 -Other intangible assets 17 109 - 108 -Investments in associates 18 48 48 43 43Available-for-sale investments 18 293 - 304 -Other financial assets 19 91 - 98 -Deferred-tax assets 20 182 - 103 -Other assets 21 112 - 21 -Total non-current assets 12,367 12,931Inventories 331 - 308 -Trade receivables 2,375 100 1,862 83Current-tax assets 35 - 33 -Other receivables 655 83 545 84Current financial assets 69 6 30 -Cash and cash equivalents 472 - 748 -Total current assets 22 3,937 3,526Assets held for sale 23 209 - - -Total assets 16,513 16,457LIABILITIES AND SHAREHOLDERS EQUITYShare capital 5,292 - 5,292 -Reserves and retained earnings (loss carryforward) 2,548 - 2,526 -Reserve for other components of comprehensive income 78 - 19 -Group interest in profit (loss) 21 - 240 -Total shareholders equity attributable toParent Company shareholders 7,939 8,077Shareholders equity attributable to minority shareholders 198 - 177 -Total shareholders equity 24 8,137 8,254Provision for employee severance indemnitiesand provisions for pensions 25 62...</li></ul>

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