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Results by Division for 2009 and 2008

The representation of divisional performance and financial results presented here is based on the approach used by management in assessing Group performance for the two periods under review, taking account of the organizational structure introduced by the Group in September 2008, with the establishment of the “Renewable Energy” Division alongside the existing Divisions in the organization implemented in December 2007 and operational since January 1, 2008.

2009 Results (1)

Millions of euro Sales GEM Eng. & Innov. Infra. & Networks Iberia & Latin America Int’l Renewable Energy Parent Company Services and Other Activities Eliminations and adjustments Total
Revenues from third parties 20,034 12,393 212 2,577 21,529 5,358 1,520 335 116 (39) 64,035
Revenues from other segments 296 5,984 691 4,665 3 182 231 302 976 (13,330) -
Total revenues 20,330 18,377 903 7,242 21,532 5,540 1,751 637 1,092 (13,369) 64,035
Net income/(charges) from commodity risk management (871) 811 - - 173 31 116 4 - - 264
Gross operating margin 393 3,024 17 3,986 5,928 1,424 1,178 (25) 124 (5) 16,044
Depreciation, amortization and impairment losses 383 542 3 880 2,487 644 240 9 101 - 5,289
Operating income 10 2,482 14 3,106 3,441 780 938 (34) 23 (5) 10,755
Net financial income/(expense) and income/(expense) from equity investments accounted for using equity method - - - - - - - - - - (1,687)
Income taxes - - - - - - - - - - 2,520
Net income from continuing operations - - - - - - - - - - 6,548
Net income from discontinued operations - - - - - - - - - - (158)
Net income (Group and minority interests) - - - - - - - - - - 6,390
Operating assets 6,598 15,054 342 17,272 78,995(2) 12,292 6,423 1,229 2,197 (6,142) 134,260
Operating liabilities 5,471 4,218 363 5,682 13,543(3) 4,814 804 1,090 1,612 (4,981) 32,616
Capital expenditure 80 783 5 1,112 2,962 1,014 771 6 92 - 6,825

Notes:
(1) Segment revenues include both revenues from third parties and revenue flows between the segments. An analogous approach was taken for other income and costs for the year.
(2) Of which €485 million regarding units classified as “Held for sale”.
(3) Of which €102 million regarding units classified as “Held for sale”.

2008 Results (1)

Millions of euro Sales GEM Eng. & Innov. Infra. & Networks Iberia & Latin America Int’l Renewable Energy Parent Company Services and Other Activities Eliminations and adjustments Total
Revenues from third parties 22,447 14,253 167 1,843 15,788 4,487 1,675 405 159 (40) 61,184
Revenues from other segments 162 7,890 838 4,694 17 221 177 322 1,010 (15,331) -
Total revenues 22,609 22,143 1,005 6,537 15,805 4,708 1,852 727 1,169 (15,371) 61,184
Net income/(charges) from commodity risk management 580 (368) - - (64) (114) (44) (10) - - (20)
Gross operating margin 554 3,113 14 3,719 4,647 1,044 1,188 (71) 116 (6) 14,318
Depreciation, amortization and impairment losses 439 854 3 875 1,799 488 207 23 89 - 4,777
Operating income 115 2,259 11 2,844 2,848 556 981 (94) 27 (6) 9,541
Net financial income/(expense) and income/(expense) from equity investments accounted for using equity method - - - - - - - - - - (3,162)
Income taxes - - - - - - - - - - 585
Net income from continuing operations - - - - - - - - - - 5,794
Net income from discontinued operations - - - - - - - - - - 240
Net income (Group and minority interests) - - - - - - - - - - 6,034
Operating assets 8,105 15,357 217 19,773(2) 53,201(4) 12,562 5,593 1,233 1,883 (5,714) 112,210
Operating liabilities 6,127 4,468 474 6,023(3) 9,255(5) 5,098 691 1,351 1,658 (5,150) 29,995
Capital expenditure 72 887 - 1,407 2,382 681 951 13 109 - 6,502

Notes:
(1) Segment revenues include both revenues from third parties and revenue flows between the segments. An analogous approach was taken for other income and costs for the year.
(2) Of which €2,871 million regarding units classified as “Held for sale”.
(3) Of which €324 million regarding units classified as “Held for sale”.
(4) Of which €2,368 million regarding units classified as “Held for sale”.
(5) Of which €36 million regarding units classified as “Held for sale”.

The following table reconciles consolidated assets and liabilities and the segment figures.

Millions of euro at Dec. 31, 2009 at Dec. 31, 2008
Total assets 160,457 133,207
Financial assets, cash and cash equivalents 18,410 13,251
Tax assets 7,787 7,746
Segment assets 134,260 112,210
- of which:

Sales 6,598 8,105
Generation and Energy Management 15,054 15,357
Engineering and Innovation 342 217
Infrastructure and Networks(1) 17,272 19,773
Iberia and Latin America (2) 78,995 53,201
International 12,292 12,562
Renewable Energy 6,423 5,593
Parent Company 1,229 1,233
Services and Other Activities 2,197 1,883
Eliminations and adjustments (6,142) (5,714)
Total liabilities 116,104 106,912
Loans and other financial liabilities 71,141 66,079
Tax liabilities 12,347 10,838
Segment liabilities 32,616 29,995
- of which:

Sales 5,471 6,127
Generation and Energy Management 4,218 4,468
Engineering and Innovation 363 474
Infrastructure and Networks(3) 5,682 6,023
Iberia and Latin America (4) 13,543 9,255
International 4,814 5,098
Renewable Energy 804 691
Parent Company 1,090 1,351
Services and Other Activities 1,612 1,658
Eliminations and adjustments (4,981) (5,150)

Notes:
(1) Of which €2,871 million regarding units classified as “Held for sale” at December 31, 2008.
(2) Of which €485 million regarding units classified as “Held for sale” (€2,368 million at December 31, 2008).
(3) Of which €324 million regarding units classified as “Held for sale” at December 31, 2008.
(4) Of which €102 million regarding units classified as “Held for sale” (€36 million at December 31, 2008).