Comprehensive Group results

Comprehensive Group results

The Consolidated Financial Statements as at and for the year ended 31 December 2012 show a net profit of €464 million, entirely attributable to the Group and with reference to continuing operations.

Net profit

Revenue amounts to approximately €1,806 million, of which €1,532 million refers to the transmission fee with an increase of €170 million (+10.4%) over 2011. More specifically, the transmission fee refers to the Parent Company for approximately €1,344 million and to the subsidiary Terna Rete Italia S.r.l. for approximately €188 million.

Revenue

Operating expenses amounted to approximately €416 million, of which €197 million relating to personnel expenses and €139 million to services. EBITDA (gross operating profit) for the year stands at €1,390 million, rising by €160 million (+13%) over €1,230 million of 2011.

The EBITDA margin went from 75.2% in 2011 to 77% in financial year 2012.

EBITDA MARGIN

EBITDA MARGIN       

EBIT (Operating Profit) came out at €969 million, after depreciation and amortisation charges of €421 million, of which €371 million recognised by the Parent Company and €49 million by the subsidiary Terna Rete Italia S.r.l..

The financial position for the financial year, with a negative balance amounting to €93 million, mainly attributable to the Parent Company, for €90 million, posts a decrease amounting to €28 million (-23.1%), mainly traceable to the reduction in interest rates which more than offset the charges relating to the higher level of net debt compared to 2011.

Income tax charged to the year was €412 million, up €24 million (+6.2%) compared with the previous year, owing essentially to the increase in the net profit for the year.

As a result, the net profit for the year from continuing operations amounts to €464 million, up €137 million on the net profit for the year from continuing operations for 2011 (+41.9%) and also up €24 million (+5.5%) on the previous net profit for the year, which includes €113 million of net profit from discontinued operations and assets held for sale, relating to extraordinary transactions in the photovoltaic sector and the release of the guarantee connected with the sale of the Brazilian subsidiaries.

Net invested capital of €8,649 million is financed through shareholders' equity for €2,794 million and through net financial debt for €5,855 million. 

Net invested capital

The debt/equity ratio stands at 2.10.

Total investments made by the Group in 2012 amounted to €1,235 million (of which 28 million in non-core business) up 0.5% from €1,229 million recorded in 2011.