Value created by Enel in 2021, restated by way of various operational details, totaled €23.1 billion.
Value Created - ENEL STAKECAP©TM model
Of the total value created, €16.1 billion, or about 70%, was distributed to our stakeholders.
Value distributed to our stakeholders: 70% of value created

In 2021, the Group achieved its goals in a sustainable, responsible manner. The figure below shows the primary indicators that demonstrate how Enel has both distributed earnings to our stakeholders and achieved these objectives in a manner that respects the planet and ensures a significant level of sustainability and social responsibility for all stakeholders (i.e. customers, suppliers, partners, employees, the financial community, and our local communities). 

For further details, follow the links for each stakeholder.

Financial resources distributed by Enel to its stakeholders and goals achieved with respect to the planet
As a result, value retained came to €7.0 billion, or 30% of the value created, and is being used by Enel to fund future growth and development through organic investments focused mainly on new renewable capacity and on our distribution networks, in line with the United Nations’ Sustainable Development Goals (SDGs) and the European Taxonomy.
Value retained, capex and investment aligned toSDG and European Taxonomy - 2021
As such, the funding needed by these investments is not fully covered by the value Enel retains. We need to turn to other stakeholders for additional financial support for the growth being pursued. In addition to taking account of changes in net working capital and of actions inspired by strategies of portfolio management and strategic repositioning, these funding needs are met by way of new sources of financing, mainly in the form of instruments of sustainable finance.
Sources of financing used in 2021

Value created is a hybrid metric that can be used to analyze both financial performance and free cash flow. As a result, it may be reconciled with the traditional metrics used to analyze the Group’s performance, such as EBITDA, net income, and funds from operations (FFO).

Finally, we can reconcile value created with value retained.

Billions of euro
2021
VALUE CREATED
23.1
- Personnel expenses
-4.5
+ Capitalization of personnel expenses
1.0
- Taxes and various fees
-1.1
- Depreciation, amortization, and impairment losses
-5.8
- Financial expense
-3.0
- Operating income from investments in partnerships (prop. at 100%)
-0.2
- Income taxes
-2.8
- Non-controlling interests
-1.1
GROUP ORDINARY PROFIT
5.6
Billions of euro
2021
VALUE CREATED
23.1
- Personnel expenses
-4.5
+ Capitalization of personnel expenses
1.0
- Taxes and various fees
-1.1
- Interest income
-0.2
- Operating income from investments in partnerships (prop. at 100%)
-0.2
+ Impairment/Write-backs of trade receivables
1.1
GROSS OPERATING MARGIN
19.2
Billions of euro
2021
VALUE RETAINED
23.1
- Personnel expenses
-4.5
+ Capitalization of personnel expenses
1.0
- Use of personnel provisions
-0.9
- Taxes and various fees
-1.1
- Income taxes paid
-1.8
- Financial expenses paid
-2.8
- Change in net working capital
-1.2
FUNDS FROM OPERATIONS (FFO)
11.8
Billions of euro
2021
VALUE RETAINED
7.0
+ Capitalization of personnel expenses
1.0
+ Dividends paid
5.0
- Change in net working capital
-1.2
FUNDS FROM OPERATIONS (FFO)
11.8

Figures related to the new Stakeholder Capitalism model are available from 2021.

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