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Economic-financial performance

In 2015, the Terna Group achieved revenues totalling € 2,082.1 million, € 1,732.5 million pertaining to the Parent Company, € 193.5 million to the subsidiary Terna Rete Italia S.r.l., and € 116.0 million to the Tamini Group, with an increase of € 85.7 million with respect to the previous year (+4.3%). This change is mainly attributable to Non-Regulated Activities, for € 63.1 million and to Regulated Activities for € 26.8 million.
The economic results for financial year 2015 for the Terna Group, compared with the previous year, are summarised in the following Operating Income Statement:


 

million

2015

2014

Δ

Δ%

REVENUE

 

 

 

 

- Transmission fee

1,706.4

1,650.7

55.7

3,4%

- Dispatching fee

125.2

117.3

7.9

6.7%

- Other operating revenue

of wich other revenue from Regulated Activities

of wich revenue from Non-Regulated Activities

224.3

18.1

206.2

198.0

54.9

143.1

26.3

(36.8)

63.1

13.3%

(67.0%)

44.1%

- Revenue from construction of licensed activities

26.2

30.4

(4.2)

(13.8%)

TOTAL REVENUE

2,082.1

1,996.4

85.7

4.3%

OPERTING EXPENSES

 

 

 

 

- Personnel expenses

226.9

258.9

(32.0)

(12.4%)

- Services, leases and rentals

145.2

139.5

5.7

4.1%

- Materials

89.9

37.1

52.8

142.3%

- Other expenses

46.8

41.2

5.6

13.6%

- Service quality

7.9

(2.2)

10.1

n/a

Costs of construction of licensed activities

26.2

30.4

(4.2)

(13.8%)

TOTAL OPERATING ESPENSES
 

542.9

504.9

38.0

7.5%

EBITDA (GROSS OPERATING PROFIT)

1,539.2

1,491.5

47.7

3.2%

Amortisation, depreciation and impairment

516.8

480.6

36.2

7.5%

EBIT (OPERATING PROFIT)

1,022.4

1,010.9

11.5

1.1%

- Net financial income and impairment

516.8

480.6

36.2

7,5%

PROFIT/LOSS BEFORE TAXES

881.3

883.0

(1.7)

(0.2%)

- Income taxes for the year
 

286.0

338.5

(52.5)

(15.5%)

NET PROFIT FOR THE YEAR

595.3

544.5

50.8

9.3%

- Share attributable to on-cntrolling interests

(0.2)

-

(0.2)

n/a

NET PROFIT FOR THE GROUP

595.5

544.5

51.0

9.4%

 


The reclassified consolidated statements of financial position of the Terna Group at 31 December 2015, and 31 December 2014, are presented below.
 

€ million

at 31.12.2015

at 31.12.2014 

Δ

Net non-current assets

 

- Intangible assets and goodwill

520.1

452.5

67.6

- Property, plant and equipment

12,078.7

10,778.6

1,300.1

- Financial assets

89.5

89.3

0.2

Total

12,688.3

11,320.4

1,367.9

Net working capital

 

- Trade receivables

568.3

670.8

(102.5)

- Inventories

12.4

21.6

(9.2)

- Other assets

40.0

24.4

15.6

- Trade payables

(747.1)

(742.9)

(4.2)

- Net energy-related pass-through payables

(617.9)

(453.9)

(164.0)

- Net tax assets

132.5

6.2

126.3

- Other liabilities

(349.9)

(347.0)

(2.9)

Total

(961.7)

(820.8)

(140.9)

Gross invested capital

11,726.6

10,499.6

1,227.0

Sundry provisions

(378.1)

(440.9)

62.8

NET INVESTED CAPITAL

11,348.5

10,058.7

1,289.8

Equity attributable to the owners of the Parent

3,320.8

3,092.9

227.9

Equity attributable to non-controlling interests

25.0

-

25.0

Net financial debt

8,002.7

6,965.8

1,036.9

TOTAL

11,348.5

10,058.7

1,289.8

The increase in net non-current assets of € 1,367.9 million, compared to the figures at 31 December 2014, signals the effects of the business combination involving Rete S.r.l. (performed on 23 December 2015), owner of the assets acquired from FSI.The increase in net non-current assets of € 1,367.9 million, compared to the figures at 31 December 2014, signals the effects of the business combination involving Rete S.r.l. (performed on 23 December 2015), owner of the assets acquired from FSI.

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