Comprehensive Group results

The consolidated financial statements as at and for the year ended 31 December 2011 show a net profit for the year of €440.0 million, entirely attributable to the Group. It includes €327.3 million relating to the profit from continuing operations and €112.7 million to the profit from assets held for sale.

Comprehensive Group results

Revenue amounts to approximately €1,635.6 million, of which €1,380.9 million refers to the transmission fee with an increase of €46.4 million (+2.9%) over 2010. More specifically, the transmission fee refers to the Parent Company for approximately €1,237.6 million and to the subsidiary Terna Rete Italia for approximately €143.3 million.

Revenue

Operating expenses amounted to some €405.9 million, of which €211.0 million relates to personnel expense and €149.0 million to services. EBITDA (gross operating profit) for the year stands at €1,229.7 million, rising by €54.8 million (+4.7%) over €1,174.9 million of 2010. The subsidiary Terna Rete Italia accounted for €139.3 million.
The EBITDA margin went from 73.9% in 2010 to 75.2% in financial year 2011.

EBITDA MARGIN

Ebitda margin

EBIT (operating profit) stands at approximately €835.6 million, after depreciation and amortisation charges of €394.1 million, of which €348.8 million recorded by the Parent Company and €45.2 million by the subsidiary Terna Rete Italia.
The financial position for the financial year, with a negative balance amounting to €121.0 million, fully attributable to the Parent Company, posts an increase amounting to €18.5 million (+18.0%) on the 2010 figure, mainly due to the increase in gross debt and the rise in market interest rates.
Income tax
for the financial year amounts to €387.3 million, up on the previous financial year by €140.5 million (+56.9%), mainly as a result of the increased IRES (corporate income tax) introduced by the “corrective manoeuvre-bis” (the “Robin Hood Tax”).

Net profit for the financial year from continuing operations stands at €327.3 million, whilst the Group’s net profit, including the result of discontinued operations and assets held for sale (equal to €112.7 million), stands at €440.0 million.
Net profit from continuing operations adjusted
by the total effects of the Robin Hood Tax, and the extraordinary one-off items, including adjustment of IRAP amounts to €465.3 million, up €5.2 million on the same figure of the previous financial year (+1.1%).

Invested capital net of continuing operations and comprehensive invested capital, amounting to €7,874.1 million, is financed through shareholders’ equity for €2,751.0 million and through total net financial debt for €5,123.1 million.

Invested capital net

(*) This includes the net cash position of Terna S.p.A. with regard to RTR, amounting to €254.6 million.

The debt/equity ratio stands at 1.86.

Total investments made in core business by the Group during the year amount to €1,219.8 million (of which €1,168.7 million refer to property, plant and machinery), up 5.0% on the €1,161.7 million figure recorded for 2010.