L’Amministratore Delegato Flavio Cattaneo ha illustrato i risultati dei primi nove mesi e del terzo trimestre 2010, esaminati e approvati dal Consiglio di amministrazione di TERNA SpA (“Terna”), riunitosi oggi sotto la presidenza di Luigi Roth.
QUADRO DI SINTESI DEI PRIMI NOVE MESI DEL 2010
Crescita a doppia cifra degli indicatori economici con i Ricavi a quota 1.166,2 milioni di euro, in crescita di oltre il 15% rispetto ai primi nove mesi del 2009, il Margine Operativo Lordo a 888,8 milioni con un incremento di oltre il 16% e l’Utile Netto a 372 milioni, in aumento di oltre il 32% (al netto delle attività brasiliane cessate).
Prosegue l’accelerazione degli investimenti per lo sviluppo della rete che crescono di circa il 35% raggiungendo i 766,9 milioni di euro. Oltre 300 i cantieri aperti ad oggi, con più di 5.000 addetti. In fase di avanzamento i lavori per il collegamento sottomarino SAPEI con la posa del secondo cavo, per l’elettrodotto “Casellina-Tavarnuzze-Santa Barbara”, in Toscana, e per la razionalizzazione della rete della Val d’Ossola; avviati i cantieri per il collegamento “Sorgente-Rizziconi” tra Sicilia e Calabria e per l’elettrodotto Chignolo Po- Maleo.
L’Amministratore Delegato, Flavio Cattaneo, ha commentato: “I buoni risultati del terzo trimestre e dei primi nove mesi ci fanno essere fiduciosi per una chiusura del 2010 in rialzo. Avevamo detto che quest’anno sarebbe stato l’anno delle opere: nel 2010 supereremo il miliardo di euro di investimenti nel potenziare e ammodernare la rete elettrica italiana, oltre ai più di 400 milioni del progetto fotovoltaico Rete Rinnovabile. La squadra di Terna sta confermando di saper mantenere le promesse”.
(Fonte: Terna WebMagazine)
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Snam reported its third quarter 2016 results, with the following highlights:
- Weather-adjusted gas demand was up 2.3% driven by a moderate recovery in industrial production and higher thermoelectric demand.
- Capex was in line with targets at €842 million, up 5% from the first nine months of 2015.
- Revenues were €2.469 billion, down 4.2% due to a new regulatory framework.
- Net profit was €783 million, down 11.8% compared to the first nine months of 2015.
- Snam confirmed its full-year 2016 guidance and announced the acquisition of a 49% stake in Gas Connect Austria GmbH.
Snam reported solid financial results for the first half of 2015. Revenues increased 3.1% to €1.8 billion while EBITDA rose slightly to €1.4 billion. Net profit was up 9.1% to €612 million. Operational performance was also positive, with gas consumption increasing 0.8% and gas injected into the network rising 7.9% compared to the prior year period. The company generated €587 million in free cash flow for the first half of 2015. Snam remains focused on sound growth and cash flow generation while continuing investment in its gas infrastructure network.
Snam reported its third quarter 2014 results. Revenues increased slightly to 2.648 billion euros while EBITDA rose 1.3% to 2.111 billion euros. Net income increased 28% to 863 million euros. Capex also increased to 856 million euros. Snam acquired an 84.47% stake in TAG GmbH, the operator of the Trans Austria Gas pipeline, for 505 million euros. The acquisition enhances Snam's international strategy.
This document provides a summary of Snam's 2014 full year results and strategy update. Some key points:
- 2014 revenues were €3.566 billion, up 1.0% while EBITDA was €2.776 billion, down 1.0%. Net profit increased 30.6% to €1.198 billion.
- The acquisition of TAG was completed and the TIGF asset was effectively managed.
- A dividend of €0.25 per share is proposed for 2014.
- The 2015-2018 strategy will focus on sustainable returns through selective portfolio management, operational excellence and financial discipline.
- Priority investments in Italy include increasing transport capacity and developing new balancing services. International investments will focus
Snam’s Board of Directors, chaired by Carlo Malacarne, yesterday approved the consolidated half-year report at 30 June 2016 (subjected to a limited audit) and the consolidated results for the second quarter of 2016 (unaudited).
Operating highlights
New regulatory period with adjustments to WACC from 1 st January 2016
Gas injected into the transportation network: 34.07 billion cubic metres (+4.0%)
Number of active meters: 6.525 million (6.518 million at 30 June 2015)
Available storage capacity: 11.8 billion cubic metres (+0.4 billion cubic metres compared with 30 June 2015)
Financial highlights
Regulated revenue: €1,644 million 1 (-€78 million; -4.5%); reduction due to WACC adjustment
EBIT: €867 million (-14.3%)
Net profit: €526 million (-14.1%)
Technical investments: €526 million
Free cash flow: €508 million
Significant events
Separation of Italgas from Snam approved on 28 June 2016 by Snam Board of Directors. The closing of the entire transaction, which is subject to certain conditions precedent being met, will likely take effect by 31 December 2016
The Snam Board of Directors proposed a share buyback programme to the shareholders’ meeting called for 1 August 2016 for up to 3.5% of Snam’s share capital for a maximum amount of up to €500 million over 18 months
Snam's interim review for 2017 shows steady progress. Gas demand recovery in Italy continued in the first half of 2017, driven by increases in the thermoelectric and industrial sectors. Snam's financial results for the first half of 2017 show increases in revenues, EBIT, net profit and cash flow compared to the same period in 2016. This was achieved through higher volumes transported, cost efficiencies, and optimization of debt costs. Snam also continued investments in Italian gas infrastructure and acquired additional gas transportation assets. The external regulatory environment is increasingly supportive of gas and Snam's strategic focus.
- Snam reported a 2.4% increase in revenues and a 2.0% decrease in EBITDA for 1Q 2015 compared to 1Q 2014. Net profit increased 11.3% over the same period.
- Key financial actions in 1Q 2015 included bond issuances totaling €250 million and new and canceled financing agreements with the EIB totaling €200 million and €300 million respectively.
- Cash flow from operations was €653 million for 1Q 2015, with free cash flow of €453 million after net capital expenditures of €200 million.
The document provides a summary of Tegma's 2Q09 and 6M09 financial results. Net revenue increased 11.8% in 2Q09 and 13.3% in 6M09 compared to the same periods in 2008. EBITDAR grew 10.3% in 2Q09 and 20.9% in 6M09. Net income increased 3.6% in 2Q09 and 29.3% in 6M09 year-over-year. The board approved a dividend payment of R$20 million or R$0.30 per share to be paid on August 24th based on the shareholder base as of August 13th.
Snam reported its third quarter 2016 results, with the following highlights:
- Weather-adjusted gas demand was up 2.3% driven by a moderate recovery in industrial production and higher thermoelectric demand.
- Capex was in line with targets at €842 million, up 5% from the first nine months of 2015.
- Revenues were €2.469 billion, down 4.2% due to a new regulatory framework.
- Net profit was €783 million, down 11.8% compared to the first nine months of 2015.
- Snam confirmed its full-year 2016 guidance and announced the acquisition of a 49% stake in Gas Connect Austria GmbH.
Snam reported solid financial results for the first half of 2015. Revenues increased 3.1% to €1.8 billion while EBITDA rose slightly to €1.4 billion. Net profit was up 9.1% to €612 million. Operational performance was also positive, with gas consumption increasing 0.8% and gas injected into the network rising 7.9% compared to the prior year period. The company generated €587 million in free cash flow for the first half of 2015. Snam remains focused on sound growth and cash flow generation while continuing investment in its gas infrastructure network.
Snam reported its third quarter 2014 results. Revenues increased slightly to 2.648 billion euros while EBITDA rose 1.3% to 2.111 billion euros. Net income increased 28% to 863 million euros. Capex also increased to 856 million euros. Snam acquired an 84.47% stake in TAG GmbH, the operator of the Trans Austria Gas pipeline, for 505 million euros. The acquisition enhances Snam's international strategy.
This document provides a summary of Snam's 2014 full year results and strategy update. Some key points:
- 2014 revenues were €3.566 billion, up 1.0% while EBITDA was €2.776 billion, down 1.0%. Net profit increased 30.6% to €1.198 billion.
- The acquisition of TAG was completed and the TIGF asset was effectively managed.
- A dividend of €0.25 per share is proposed for 2014.
- The 2015-2018 strategy will focus on sustainable returns through selective portfolio management, operational excellence and financial discipline.
- Priority investments in Italy include increasing transport capacity and developing new balancing services. International investments will focus
Snam’s Board of Directors, chaired by Carlo Malacarne, yesterday approved the consolidated half-year report at 30 June 2016 (subjected to a limited audit) and the consolidated results for the second quarter of 2016 (unaudited).
Operating highlights
New regulatory period with adjustments to WACC from 1 st January 2016
Gas injected into the transportation network: 34.07 billion cubic metres (+4.0%)
Number of active meters: 6.525 million (6.518 million at 30 June 2015)
Available storage capacity: 11.8 billion cubic metres (+0.4 billion cubic metres compared with 30 June 2015)
Financial highlights
Regulated revenue: €1,644 million 1 (-€78 million; -4.5%); reduction due to WACC adjustment
EBIT: €867 million (-14.3%)
Net profit: €526 million (-14.1%)
Technical investments: €526 million
Free cash flow: €508 million
Significant events
Separation of Italgas from Snam approved on 28 June 2016 by Snam Board of Directors. The closing of the entire transaction, which is subject to certain conditions precedent being met, will likely take effect by 31 December 2016
The Snam Board of Directors proposed a share buyback programme to the shareholders’ meeting called for 1 August 2016 for up to 3.5% of Snam’s share capital for a maximum amount of up to €500 million over 18 months
Snam's interim review for 2017 shows steady progress. Gas demand recovery in Italy continued in the first half of 2017, driven by increases in the thermoelectric and industrial sectors. Snam's financial results for the first half of 2017 show increases in revenues, EBIT, net profit and cash flow compared to the same period in 2016. This was achieved through higher volumes transported, cost efficiencies, and optimization of debt costs. Snam also continued investments in Italian gas infrastructure and acquired additional gas transportation assets. The external regulatory environment is increasingly supportive of gas and Snam's strategic focus.
- Snam reported a 2.4% increase in revenues and a 2.0% decrease in EBITDA for 1Q 2015 compared to 1Q 2014. Net profit increased 11.3% over the same period.
- Key financial actions in 1Q 2015 included bond issuances totaling €250 million and new and canceled financing agreements with the EIB totaling €200 million and €300 million respectively.
- Cash flow from operations was €653 million for 1Q 2015, with free cash flow of €453 million after net capital expenditures of €200 million.
The document provides a summary of Tegma's 2Q09 and 6M09 financial results. Net revenue increased 11.8% in 2Q09 and 13.3% in 6M09 compared to the same periods in 2008. EBITDAR grew 10.3% in 2Q09 and 20.9% in 6M09. Net income increased 3.6% in 2Q09 and 29.3% in 6M09 year-over-year. The board approved a dividend payment of R$20 million or R$0.30 per share to be paid on August 24th based on the shareholder base as of August 13th.
Snam presented its full-year 2016 results and 2017-2021 strategic plan update. Key highlights include:
- 2016 results met guidance with adjusted net profit of €845 million.
- The 2017-2021 plan increases investments to €5 billion, improves contributions from new activities, and maintains a solid financial structure.
- The plan focuses on innovation, efficiency initiatives, and strengthening operational excellence to support higher performance.
FY2014 and 2015-2019 Strategic Plan (26 marzo 2015)Terna SpA
Terna presented its 2015-2019 strategic plan focused on free cash flow generation to drive sustainable shareholder returns. Key elements include capex discipline with €3.2 billion planned, optimization of non-regulated activities like interconnectors and services to contribute €1.4 billion in revenues, and opex savings of €30 million annually by 2019. The plan aims to reduce net debt starting in 2017/2018 and maintain a dividend of €0.20 per share in 2015 as a basis for future dividends.
1) Terna reported solid results for the first half of 2017, with revenues increasing 0.7% to €1,047 million and net income growing 8.2% to €351 million compared to the same period last year.
2) Regulated transmission and dispatching activities drove revenue growth, increasing 2.1% to €962 million, while costs remained well controlled.
3) Positive cash flow was generated over the period, covering both capital expenditures of €326 million and dividend payments, while maintaining a solid financial position with net debt of €7,959 million.
Snam reported lower revenues, earnings, and profits in the first quarter of 2016 compared to the same period in 2015. Revenues decreased 8.3% to €852 million, earnings before interest and taxes (EBIT) declined 15.9% to €429 million, and net profit decreased 18.2% to €266 million. Operating expenses were down slightly while capital expenditures increased. Despite lower results, free cash flow was positive at €251 million due to changes in working capital. Italian gas consumption and injections into the transportation network were up on a weather-adjusted basis.
The document provides an overview of the company's 2Q and 1H 2020 financial results. Key highlights include:
- Net loss of S$697M in 2Q 2020 compared to net profit of S$153M in 2Q 2019, largely due to impairments of S$919M. Excluding impairments, net profit was S$222M.
- Net loss of S$537M for 1H 2020 compared to net profit of S$356M in 1H 2019, after total impairments of S$930M for the period.
- Revenue declined 26% in 2Q 2020 and 4% for 1H 2020 year-on-year.
- The Offshore & Marine segment recorded
1Q 2015 Consolidated Results (6 Maggio 2015)Terna SpA
Terna presented its 2015-2019 strategic plan focused on free cash flow generation to drive sustainable shareholder returns. Key elements include capex discipline with €3.2 billion planned, optimization of non-regulated activities like interconnectors and services to contribute €1.4 billion in revenues, and opex savings of €30 million annually by 2019. The plan aims to reduce net debt starting in 2017/2018 and maintain a dividend of €0.20 per share in 2015 as a basis for future dividends.
Keppel Corporation reported its 2Q and 1H 2019 financial results, with net profit down 39% and 39% respectively year-on-year. The Property division contributed the largest portion of net profit for both periods. Revenue increased by 17% and 11% for 2Q and 1H 2019 respectively, driven by higher contributions from Infrastructure and Investments. Free cash flow was an outflow of S$614 million in 1H 2019 compared to an inflow of S$873 million in the previous year. The CEO addressed focusing on improving earnings quality and growing recurring income, while the CFO provided details on financial performance with net profit declines across most divisions and lower ROE.
Snam reported solid 2015 full year results, with revenues up 2.3% and adjusted net profit up 12.2%. Total investments were €1.54 billion, with €1.27 billion spent on capital expenditures. Operational efficiencies and financial restructuring led to a significant reduction in debt costs. Gas consumption in Italy increased 8.9% in 2015 from the prior year. Snam intends to pay a dividend of €0.25 per share and remains focused on consolidating its leadership role in the European gas infrastructure sector, including through its stake in the Trans Adriatic Pipeline project.
- Terna reported its consolidated financial results for fiscal year 2015, with total revenues increasing 4.3% to €2,082 million driven by growth in both regulated and non-regulated activities. EBITDA rose 3.2% to €1,539 million.
- Key highlights included record electricity demand of 315 TWh and a peak demand of 59.4 GW. Renewable energy sources accounted for 40% of total generation.
- Total capex was €1,103 million, with €834 million spent on network development and €201 million on maintenance. Net debt increased to €8,003 million due to acquisitions and dividend payments.
Snam's 2016-2020 strategy document outlines plans to strengthen its leadership in the European gas market through three strategic pillars: 1) executing solid investment plans for its existing portfolio; 2) pursuing additional growth opportunities; and 3) maintaining stable and visible regulation. The document also details Italgas' strategic pillars following its demerger from Snam, which include driving consolidation in the Italian market through participation in distribution tenders and pursuing organic growth.
Snam reported solid third quarter 2015 results, with revenues up 3.8% and adjusted net profit increasing 5.7% compared to the same period last year. Operating expenses rose due to higher regulated activities costs, but EBITDA was maintained at the prior year level. Cash flow from operations was strong, enabling continued investments while maintaining a stable net debt level. Overall the results demonstrated sound revenue growth and cash generation for Snam during the third quarter.
The document is a newsletter from Snam SpA providing information on the company's financial performance, investor relations activities, and corporate news.
In the first half of 2015, Snam's net profit increased 9.1% to €612 million despite a 3.1% decline in EBIT. Total revenues rose 3.1% while technical investments decreased 7.4%.
Snam's investor relations continues its strategy of openness and transparency through various communication channels such as roadshows, conferences, and social media. The company aims to provide high quality information to its diverse investor base, over half of which are international.
Italgas, a subsidiary of Snam, had its board of directors reinstated
Snam reported solid results for the first quarter of 2014, with EBIT up 2.1% and net income increasing 20.7% over the same period in 2013. A memorandum of understanding was also signed with Fluxys to combine their international gas infrastructure assets in Europe. Regulated revenues were largely unchanged while controllable costs decreased, contributing to higher earnings.
- The company reported financial results for the first quarter of 2009, with net revenue up 15.1% to R$244 million and net income up 63.1% to R$18.9 million compared to the first quarter of 2008. EBITDAR increased 35% to R$34.8 million.
- In the automotive sector, net revenue grew 12.2% while EBITDAR increased 30.6% due to adjustments to the operating structure, changes in product mix, and synergies from a merger. Revenue from other sectors increased 27.5% and EBITDAR grew 53.1%.
- Cash and debt levels showed a net debt of R$65.6 million
Analysis of ca ipcc taxation- nov 2014 question paperswadeep89
The document analyzes the CA-IPCC Taxation November 2014 question paper. It provides details on the syllabus, marking scheme, classification of questions, topics covered, and number of marks for each question. Key points:
- The paper had 7 questions covering Direct and Indirect taxes
- Direct taxes section had 62 marks covering Income Tax topics
- Indirect taxes section had 58 marks covering excise, customs, VAT, CST and service tax
- Questions covered topics like computation of income tax liability, service tax computation, CENVAT credit, VAT liability and more.
This document contains instructions for the Public Accountants Examination Council of Malawi 2012 Examinations Accounting Technician Programme Paper TC 10(B): Taxation. It outlines that the paper contains 7 questions split into two sections, with Section A containing two questions to be answered and Section B containing three questions to choose from. It provides information on time allowed, use of calculators, and tables provided. It instructs candidates not to open the paper until instructed by the invigilator.
This document contains instructions for the Public Accountants Examination Council of Malawi 2012 Examinations Accounting Technician Programme Paper TC 10(B): Taxation. It outlines that the paper contains 7 questions divided into two sections, with both questions in Section A to be answered and 3 questions from Section B. It provides information on the use of calculators, tables provided, and the required formatting of answers. It also states that the question paper is 10 pages long and must not be removed from the examination hall.
The document provides an agenda and financial highlights from a CEO and CFO presentation. Some key points:
- The CFO discussed the Group's 2019 financial results, with net profit down 25% year-on-year to $707 million due to fewer property sales and divestments. Revenue increased 27% to $7.58 billion driven by Offshore & Marine, Infrastructure, and Investments segments.
- Segment highlights included Offshore & Marine returning to profitability, property sales up 16%, and Keppel Capital's assets under management growing 14% to $33 billion.
- For 4Q2019 specifically, net profit increased 42% year-on-year to $192 million with improved performance across
Castrol India Limited today announced its results for the fourth quarter / full year 2014. The company delivered a strong performance during the quarter October – December 2014, continuing to build on operational momentum in a challenging macro-economic environment. Profit from operations during the quarter under review was up sharply at 20%, driven by a 1% increase in volume and a higher Unit Gross Margin. Other Income was sharply lower on account of lower interest post the capital reduction and some one-offs. As a result, Profit after Tax was up by 5% at Rs.132 crores during the quarter under review.
The company reported financial results for the first quarter of 2010. Net revenue increased 7.3% to R$247 million driven by growth in vehicle sales and logistics services. EBITDA grew 9.6% to R$38.1 million and the EBITDA margin increased slightly to 15.4%. The automotive logistics segment saw a 14.8% increase in net revenue and 15.8% growth in EBITDA. However, the integrated logistics segment experienced declines in net revenue and EBITDA of 20.2% and 12.7%, respectively. Overall, net income increased 19.7% to R$22.6 million.
Terna reported its consolidated results for the first 9 months of 2017. Revenues increased 5% to €1.627 billion driven by growth in regulated and international activities. EBITDA rose 3% to €1.207 billion due to solid performance of domestic regulated business. Capex was €545 million, in line with full year guidance. Net income increased 9% to €529 million, reflecting revenue and cost control. Cash flow covered investments and dividends. Terna confirmed its targets for 2017.
Results driven by growth in power generation and Acciona Windpower in international markets. Earnings before tax (EBT) increases 69.5% to €248 million. Ebitda increases by 14.4% to €883 million. Consolidated revenues grow 4.6% to €4,946 million.
Snam presented its full-year 2016 results and 2017-2021 strategic plan update. Key highlights include:
- 2016 results met guidance with adjusted net profit of €845 million.
- The 2017-2021 plan increases investments to €5 billion, improves contributions from new activities, and maintains a solid financial structure.
- The plan focuses on innovation, efficiency initiatives, and strengthening operational excellence to support higher performance.
FY2014 and 2015-2019 Strategic Plan (26 marzo 2015)Terna SpA
Terna presented its 2015-2019 strategic plan focused on free cash flow generation to drive sustainable shareholder returns. Key elements include capex discipline with €3.2 billion planned, optimization of non-regulated activities like interconnectors and services to contribute €1.4 billion in revenues, and opex savings of €30 million annually by 2019. The plan aims to reduce net debt starting in 2017/2018 and maintain a dividend of €0.20 per share in 2015 as a basis for future dividends.
1) Terna reported solid results for the first half of 2017, with revenues increasing 0.7% to €1,047 million and net income growing 8.2% to €351 million compared to the same period last year.
2) Regulated transmission and dispatching activities drove revenue growth, increasing 2.1% to €962 million, while costs remained well controlled.
3) Positive cash flow was generated over the period, covering both capital expenditures of €326 million and dividend payments, while maintaining a solid financial position with net debt of €7,959 million.
Snam reported lower revenues, earnings, and profits in the first quarter of 2016 compared to the same period in 2015. Revenues decreased 8.3% to €852 million, earnings before interest and taxes (EBIT) declined 15.9% to €429 million, and net profit decreased 18.2% to €266 million. Operating expenses were down slightly while capital expenditures increased. Despite lower results, free cash flow was positive at €251 million due to changes in working capital. Italian gas consumption and injections into the transportation network were up on a weather-adjusted basis.
The document provides an overview of the company's 2Q and 1H 2020 financial results. Key highlights include:
- Net loss of S$697M in 2Q 2020 compared to net profit of S$153M in 2Q 2019, largely due to impairments of S$919M. Excluding impairments, net profit was S$222M.
- Net loss of S$537M for 1H 2020 compared to net profit of S$356M in 1H 2019, after total impairments of S$930M for the period.
- Revenue declined 26% in 2Q 2020 and 4% for 1H 2020 year-on-year.
- The Offshore & Marine segment recorded
1Q 2015 Consolidated Results (6 Maggio 2015)Terna SpA
Terna presented its 2015-2019 strategic plan focused on free cash flow generation to drive sustainable shareholder returns. Key elements include capex discipline with €3.2 billion planned, optimization of non-regulated activities like interconnectors and services to contribute €1.4 billion in revenues, and opex savings of €30 million annually by 2019. The plan aims to reduce net debt starting in 2017/2018 and maintain a dividend of €0.20 per share in 2015 as a basis for future dividends.
Keppel Corporation reported its 2Q and 1H 2019 financial results, with net profit down 39% and 39% respectively year-on-year. The Property division contributed the largest portion of net profit for both periods. Revenue increased by 17% and 11% for 2Q and 1H 2019 respectively, driven by higher contributions from Infrastructure and Investments. Free cash flow was an outflow of S$614 million in 1H 2019 compared to an inflow of S$873 million in the previous year. The CEO addressed focusing on improving earnings quality and growing recurring income, while the CFO provided details on financial performance with net profit declines across most divisions and lower ROE.
Snam reported solid 2015 full year results, with revenues up 2.3% and adjusted net profit up 12.2%. Total investments were €1.54 billion, with €1.27 billion spent on capital expenditures. Operational efficiencies and financial restructuring led to a significant reduction in debt costs. Gas consumption in Italy increased 8.9% in 2015 from the prior year. Snam intends to pay a dividend of €0.25 per share and remains focused on consolidating its leadership role in the European gas infrastructure sector, including through its stake in the Trans Adriatic Pipeline project.
- Terna reported its consolidated financial results for fiscal year 2015, with total revenues increasing 4.3% to €2,082 million driven by growth in both regulated and non-regulated activities. EBITDA rose 3.2% to €1,539 million.
- Key highlights included record electricity demand of 315 TWh and a peak demand of 59.4 GW. Renewable energy sources accounted for 40% of total generation.
- Total capex was €1,103 million, with €834 million spent on network development and €201 million on maintenance. Net debt increased to €8,003 million due to acquisitions and dividend payments.
Snam's 2016-2020 strategy document outlines plans to strengthen its leadership in the European gas market through three strategic pillars: 1) executing solid investment plans for its existing portfolio; 2) pursuing additional growth opportunities; and 3) maintaining stable and visible regulation. The document also details Italgas' strategic pillars following its demerger from Snam, which include driving consolidation in the Italian market through participation in distribution tenders and pursuing organic growth.
Snam reported solid third quarter 2015 results, with revenues up 3.8% and adjusted net profit increasing 5.7% compared to the same period last year. Operating expenses rose due to higher regulated activities costs, but EBITDA was maintained at the prior year level. Cash flow from operations was strong, enabling continued investments while maintaining a stable net debt level. Overall the results demonstrated sound revenue growth and cash generation for Snam during the third quarter.
The document is a newsletter from Snam SpA providing information on the company's financial performance, investor relations activities, and corporate news.
In the first half of 2015, Snam's net profit increased 9.1% to €612 million despite a 3.1% decline in EBIT. Total revenues rose 3.1% while technical investments decreased 7.4%.
Snam's investor relations continues its strategy of openness and transparency through various communication channels such as roadshows, conferences, and social media. The company aims to provide high quality information to its diverse investor base, over half of which are international.
Italgas, a subsidiary of Snam, had its board of directors reinstated
Snam reported solid results for the first quarter of 2014, with EBIT up 2.1% and net income increasing 20.7% over the same period in 2013. A memorandum of understanding was also signed with Fluxys to combine their international gas infrastructure assets in Europe. Regulated revenues were largely unchanged while controllable costs decreased, contributing to higher earnings.
- The company reported financial results for the first quarter of 2009, with net revenue up 15.1% to R$244 million and net income up 63.1% to R$18.9 million compared to the first quarter of 2008. EBITDAR increased 35% to R$34.8 million.
- In the automotive sector, net revenue grew 12.2% while EBITDAR increased 30.6% due to adjustments to the operating structure, changes in product mix, and synergies from a merger. Revenue from other sectors increased 27.5% and EBITDAR grew 53.1%.
- Cash and debt levels showed a net debt of R$65.6 million
Analysis of ca ipcc taxation- nov 2014 question paperswadeep89
The document analyzes the CA-IPCC Taxation November 2014 question paper. It provides details on the syllabus, marking scheme, classification of questions, topics covered, and number of marks for each question. Key points:
- The paper had 7 questions covering Direct and Indirect taxes
- Direct taxes section had 62 marks covering Income Tax topics
- Indirect taxes section had 58 marks covering excise, customs, VAT, CST and service tax
- Questions covered topics like computation of income tax liability, service tax computation, CENVAT credit, VAT liability and more.
This document contains instructions for the Public Accountants Examination Council of Malawi 2012 Examinations Accounting Technician Programme Paper TC 10(B): Taxation. It outlines that the paper contains 7 questions split into two sections, with Section A containing two questions to be answered and Section B containing three questions to choose from. It provides information on time allowed, use of calculators, and tables provided. It instructs candidates not to open the paper until instructed by the invigilator.
This document contains instructions for the Public Accountants Examination Council of Malawi 2012 Examinations Accounting Technician Programme Paper TC 10(B): Taxation. It outlines that the paper contains 7 questions divided into two sections, with both questions in Section A to be answered and 3 questions from Section B. It provides information on the use of calculators, tables provided, and the required formatting of answers. It also states that the question paper is 10 pages long and must not be removed from the examination hall.
The document provides an agenda and financial highlights from a CEO and CFO presentation. Some key points:
- The CFO discussed the Group's 2019 financial results, with net profit down 25% year-on-year to $707 million due to fewer property sales and divestments. Revenue increased 27% to $7.58 billion driven by Offshore & Marine, Infrastructure, and Investments segments.
- Segment highlights included Offshore & Marine returning to profitability, property sales up 16%, and Keppel Capital's assets under management growing 14% to $33 billion.
- For 4Q2019 specifically, net profit increased 42% year-on-year to $192 million with improved performance across
Castrol India Limited today announced its results for the fourth quarter / full year 2014. The company delivered a strong performance during the quarter October – December 2014, continuing to build on operational momentum in a challenging macro-economic environment. Profit from operations during the quarter under review was up sharply at 20%, driven by a 1% increase in volume and a higher Unit Gross Margin. Other Income was sharply lower on account of lower interest post the capital reduction and some one-offs. As a result, Profit after Tax was up by 5% at Rs.132 crores during the quarter under review.
The company reported financial results for the first quarter of 2010. Net revenue increased 7.3% to R$247 million driven by growth in vehicle sales and logistics services. EBITDA grew 9.6% to R$38.1 million and the EBITDA margin increased slightly to 15.4%. The automotive logistics segment saw a 14.8% increase in net revenue and 15.8% growth in EBITDA. However, the integrated logistics segment experienced declines in net revenue and EBITDA of 20.2% and 12.7%, respectively. Overall, net income increased 19.7% to R$22.6 million.
Terna reported its consolidated results for the first 9 months of 2017. Revenues increased 5% to €1.627 billion driven by growth in regulated and international activities. EBITDA rose 3% to €1.207 billion due to solid performance of domestic regulated business. Capex was €545 million, in line with full year guidance. Net income increased 9% to €529 million, reflecting revenue and cost control. Cash flow covered investments and dividends. Terna confirmed its targets for 2017.
Results driven by growth in power generation and Acciona Windpower in international markets. Earnings before tax (EBT) increases 69.5% to €248 million. Ebitda increases by 14.4% to €883 million. Consolidated revenues grow 4.6% to €4,946 million.
Terna reported its consolidated results for the first half of 2021. Key highlights include:
- Electricity demand recovered by 7.8% compared to the first half of 2020.
- Revenues increased 6.4% to €1.259 billion, driven by growth in regulated and non-regulated activities.
- EBITDA rose 3.9% to €910 million.
- Capex increased 41% to €602 million to support Italy's energy transition goals and grid investments outlined in Terna's 10-year plan.
Comgás reported its third quarter 2010 results. Key highlights included:
- Sales volume grew 16.2% year-over-year to 3.6 billion cubic meters.
- The number of meters grew 10.2% to 746,904.
- R$418.4 million had been declared in dividends and interest on equity to be paid in 2010.
- A long-term loan of €200 million from the European Investment Bank was received, with €100 million already disbursed.
Terna reported its consolidated results for the first quarter of 2023. Revenues increased 11% to €713 million driven by growth in regulated transmission and dispatching activities. EBITDA rose 8% to €500 million and group net income increased 4% to €200 million. Capex was up 7% to €315 million, with investments focused on development projects. Net debt stood at €8.847 billion, an increase of €271 million primarily due to capital expenditures exceeding operating cash flow. Overall, Terna delivered solid financial results in 1Q 2023 and continued progress on its investment plan.
- The document provides consolidated results for 9M16 for an energy company. It includes sections on 9M16 results, strategic updates, and next catalysts.
- Key highlights from 9M16 results include total revenues of €1,551 million, a 2.3% increase over 9M15. EBITDA was €1,176 million and group net income was €487 million, up 1.3% and 7% respectively versus 9M15.
- The strategic update section outlines initiatives regarding grid integration, corporate simplification, and efficiency improvements.
Flavio Cattaneo and Giuseppe Saponaro presented Terna's 1H13 consolidated results. Revenues increased 7.3% to €919 million driven by a 9.9% increase in grid fees. EBITDA rose 9.4% to €732 million and net income increased 18.8% to €264 million. Total capex was €504 million, with regulated capex of €482 million. Net debt was €6.575 billion, an increase of €720 million from year-end 2012. Key projects discussed included the Italy-France interconnection and Capri-Mainland link.
The document provides consolidated financial results for 9M15 (January to September 2015). Key highlights include total revenues increasing 4.8% to €1,517 million driven by growth in both regulated and non-regulated activities. EBITDA was up 2.3% to €1,161 million and group net income increased 8.9% to €455 million. Total capex for 9M15 was €702 million, up 8% year-over-year. Net debt stood at €6,561 million as of September 30, 2015.
The document provides consolidated results for 9M18 (January-September 2018). Key highlights include:
- National demand was 242 TWh, with renewable sources covering 36% of demand compared to 34% in 9M17.
- Revenues increased 3% to €1,625 million driven by growth across all business lines.
- EBITDA increased 2% to €1,230 million.
- Group net income increased 2% to €542 million.
- Capex was well on track at €561 million.
- Net debt was reduced to €7,592 million providing solid financial results and confirming full year guidance.
The document provides preliminary 2019 results for Banca Ifis. Key highlights include:
- Net income of €123.1 million, driven by a reversal of PPA of €47 million.
- CET1 ratio increased to 10.96%, above SREP requirements.
- Customer loans totaled €7.651 billion, with the NPL business representing €1.28 billion.
- Funding sources remained stable, with customer deposits of €5.286 billion.
Terna reported its consolidated results for the first nine months of 2020. Revenues increased 7% to €1,781 million driven by growth in regulated and non-regulated activities. EBITDA rose 4% to €1,323 million and group net income increased 3% to €569 million. Capex was up 12% at €749 million as Terna accelerated investments to develop and maintain the transmission grid. Despite the challenges of COVID-19, Terna was able to ensure security of supply and remains on track to meet its targets for the full year.
- Revenues for the first half of 2016 decreased 16.3% to €2.764 billion compared to the same period in 2015, mainly due to the deconsolidation of AWP and lower construction activity in Spain.
- EBITDA decreased 8.4% to €525 million due to lower contributions from the Energy division, while the EBITDA margin increased 1.6 percentage points to 19%.
- EBIT was €868 million, a 175.4% increase primarily from an extraordinary capital gain of €616 million related to the sale of AWP.
Terna reported its consolidated results for the first half of 2016. Revenues increased 3.8% to €1,040 million driven by higher regulated transmission activities. EBITDA rose 1.4% to €777 million and group net income increased 4.8% to €325 million. Total capex was €347 million, down from €439 million in 1H15. Net debt was €8.172 billion as of June 30, 2016. For the full year 2016, Terna expects EBITDA of approximately €1.53 billion, EPS of around €0.29, and capex of approximately €0.9 billion.
The document provides consolidated results for 9M13 (January-September 2013):
- Revenues increased 7.9% year-over-year to €1,401 million, driven by a 9.4% increase in grid fees. EBITDA rose 10.1% to €1,133 million.
- Total capex was €758 million, up 1.5% year-over-year. Three storage sites are fully authorized and under construction.
- Net income increased 15.8% to €412 million. Net debt rose to €6,340 million due to capex spending partially offset by cash from operations.
- The interim dividend for 2013 was set at €
This document summarizes the financial results of ACCIONA Group for the first half of 2015. Key points include:
- Revenues increased 9.9% to €3,304 million driven by growth in energy business.
- EBITDA grew 21.4% to €573 million with energy contributing most at 82%.
- Attributable net profit increased 50.6% to €103 million.
- Net debt decreased 2.7% to €5,153 million while gearing improved.
- Capital expenditure declined 48.2% to €99 million mainly in energy division.
Gruppo Hera reported strong growth in its financial results for the first 9 months of 2021. EBITDA increased 9.6% to €883 million, driven by growth across all business segments. Net profit grew 32.3% to €308 million, benefiting from business recovery, organic growth initiatives, and acquisitions. Cash flow remained solid, allowing continued investment in infrastructure expansion. Management expects further growth in 2022 supported by economic recovery trends and its focus on sustainable resource management.
Comgás reported strong financial results for 2010, with sales volume reaching 4.9 million cubic meters, a 15.2% increase over 2009. Investments totaled R$405 million for the expansion of its natural gas distribution network. The number of meters grew 9.12% to 767,214, and 108,612 new residential connections were added. Total shareholder remuneration including dividends and interest on equity was R$427 million.
Ferrovial Investors Presentation Jan Sep 2015Ferrovial
Ferrovial reported strong results for the first 9 months of 2015, with revenues and EBITDA increasing by double digits. Toll road traffic grew across the portfolio, with new concessions awarded. Construction backlog remained high, with international projects performing well. Services backlog was close to an all-time high, although UK margins declined due to higher costs on one contract. Heathrow airport saw a record number of passengers and higher dividends. Overall, the company demonstrated profitable growth across its businesses.
- EBITDA increased 9.8% to R$489 million compared to 3Q09 due to a 4% rise in total energy consumption and lower expenses. Net income grew 22.7% to R$289 million.
- Investments totaled R$82 million, focusing on expanding the distribution system and improving customer service.
- Revenues benefited from a July 2010 tariff adjustment and market growth. Operating costs were stable despite higher personnel and tax expenses.
- The company continues efforts to improve operational metrics like collection rates, commercial and technical losses. Financial results were positively impacted by non-recurring items.
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Soave, si incontrano centinaia di persone tra reduci, politici, militari, bambini, ragazzi, in ricordo dei 120 mila morti della Campagna di Russia. I piccoli della prima elementare della Ippolito Nievo di Soave hanno portato in omaggio dei garofani. Il presidente Schifani ha inviato al sindaco la medaglia del Senato, consegnata dalla Senatrice Bonfrisco.
Arena di Verona, Cinzia Bonfrisco (Pdl), componente della commissione bilancio del Senato, esprime “grande soddisfazione per l’emendamento approvato. Il Parlamento ha svolto un buon lavoro importante”.
Per l’amministratore delegato di Eni, Paolo Scaroni, le scoperte sono giunte dopo cinque anni di studi di Eni nell’Africa dell’Est, dove si era finora trovato poco gas e altrettanto poco petrolio. “Pur essendo il Mozambico un paese giovane, ci è sembrato che le possibilità di trovare qualcosa fossero ragionevoli, circa del 20 per cento”, ha detto Scaroni nel corso di un’intervista a Milano. “Ovviamente è una situazione di alto rischio/alto rendimento”.
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Rai lancia la prima piattaforma web dedicata alla fiction, ai documentari e alle serie Tv, con sottotitoli in inglese, francese e arabo: “Terramed Plus”. Un progetto internazionale, realizzato in partenariato con cinque televisioni pubbliche del Mediterraneo, cofinanziato dell’UE nell’ambito del Programma Euromed Audiovisuel III. «Il catalogo sarà continuamente alimentato dalle televisioni pubbliche algerina, francese, spagnola, marocchina, dal canale franco-tedesco Arte, e dalla Rai che, con RaiNews, è capofila del consorzio» ha dichiarato Marco Simeon, Direttore delle Relazioni Istituzionali e Internazionali della Rai.
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3. 9M10 CONSOLIDATED RESULTS NOVEMBER 12th 2010
Agreement’s Details
Sale of up to 150MWp solar plants to Terra Firma for about 620-670mn
EV determined on a modular basis, considering the PV plants that will benefit
alternatively from 2010 or early 2011 Conto Energia Feed-in tariff
Closing: March 31, 2011
Terna to provide RTR with land leasing contracts, plants’ maintenance and
surveillance services
Strategic Update
Sale Agreement on Photovoltaic Project
Investor Relations 3
surveillance services
At the expiring of each land leasing contract, Terna will regain possession of the
areas
Future Developments
In 2011 a second PV project will be implemented
We are investigating other opportunistic projects that will maximize the profitability of
existing assets
4. 9M10 CONSOLIDATED RESULTS NOVEMBER 12th 2010
2010 Interim Dividend
8€c (+14% vs 2009 Interim)
Ex date: November 22nd
Payment date: November 25th
8.0
+14% vs Interim 09
€cents/share
Strategic Update
Interim Dividend
Investor Relations 4
5.9
7.0
8.0
2008 2009 2010
+36% vs Interim 08
5. 9M10 CONSOLIDATED RESULTS NOVEMBER 12th 2010
Change
€ mn 9M09 9M10 mn ∆%
Highlights
Double digit top line growth led by tariff evolution and higher dispatching premia
Healthy net income, supported also by lower financial charges
Impressive acceleration in capex deployment driven by regulated and
photovoltaic
(1)
9M10 Results
Investor Relations 5
€ mn
Operating Revenues 1,013 1,166 153 15.1%
EBITDA 764 889 125 16.4%
EBITDA Margin (%) 75.4% 76.2%
EBITDA adjusted 737 889 152 20.6%
EBITDA Margin (%) adjusted 72.7% 76.2%
Net Income Continuing Operations 281 372 91 32.4%
Capex 571 879 308 54.0%
(1) Figures restated according to IFRIC 12 and net of Brazilian activities
(2) Excluding the partial release of “Energy Discount Fund” accounted in 2009 (26.8mn in 2Q09)
(2)
(2)
6. 9M10 CONSOLIDATED RESULTS NOVEMBER 12th 2010
213.1
-3.3
33.6
9M09 9M10 9M10
Energy Items
9M10
Demand up by 1.7% yoy
Total Production +2.1%
Pumping -21.0%
Net Import -3.6%
TWh
+1.7%
9M10 Results
239.3 243.3
Total Demand 9M10
Investor Relations 6
2009 2010
9M Oct
Total Production Pumping Net Import Total Demand
Source: 2009 final figures; 2010 provisional figures (as of November 8th)
Total Demand YTD
TWh266.4 270.8
+1.6%
YTD
In October energy demand
grew by 1.1% (+1.6% normalized)
YTD demand up by 1.6% yoy
7. 9M10 CONSOLIDATED RESULTS NOVEMBER 12th 2010
1,013
+94
+54 +5 1,166
17
24
+153
1,166
1,013
124
58
63
9M10 Results
Consolidated Revenues
Revenues by Nature Revenues Breakdown
€ mn € mn
*
*
Investor Relations 7
9M09 Grid Fee Other
Energy Items
Other
Activities
9M10
886
979
70
124
58
9M09 9M10
Grid Fee Other Energy Items Other Activities
(*) Impact from the application of IFRIC 12, reported in the Other Energy Items
8. 9M10 CONSOLIDATED RESULTS NOVEMBER 12th 2010
+28
277
250
34
9M10 Results
Costs by Nature1 Costs Breakdown
Consolidated Costs
€ mn
250
0
277
17
+7
+27 -7 +1
24
€ mn
(2)
*
*
Investor Relations 8
124
145
97
99
29
9M09 9M10
Salaries Services Other
(1) Net of capitalized costs
(*) Impact from the application of IFRIC 12 (see slide 15 for details)
17
9M09 IFRIC 12 One off Salaries Services Other 9M10
*
9. 9M10 CONSOLIDATED RESULTS NOVEMBER 12th 2010
9M10 Results
From EBITDA to Net Income
€ mn 9M09 9M10 mn ∆%
EBITDA 764 889 125 16.4%
EBITDA Margin (%) 75.4% 76.2%
D&A 223 260 37 16.4%
Consolidated Change
*
Investor Relations 9
EBIT 540 629 88 16.4%
Financial Charges 109 71 -38 -34.7%
Taxes 151 186 35 23.3%
Tax rate (%) 34.9% 33.3%
Net Income Continuing Operations 281 372 91 32.4%
(*) Note: Figures restated according to IFRIC 12 and net of Brazilian activities
10. 9M10 CONSOLIDATED RESULTS NOVEMBER 12th 2010
9M10 Results
Capex Breakdown
Regulated capex: still accelerating and improving the mix
Photovoltaic project: capex spending on track
Capex Regulated Activities
Consolidated Change
Investor Relations 10
19%
34%
47%
Capex base return
Capex base return+ 2%
Capex base return+3%
€ mn 9M09 9M10 mn ∆%
Capex base return+3% 213 341 128 60%
Capex base return+ 2% 169 250 82 48%
Capex base return 167 141 -26 -16%
Capex Regulated Activities 548 732 183 33%
Capex not included in RAB 22 147 125 558%
of which PV Project 0 112 112
TOTAL CAPEX 571 879 308 54%
Consolidated Change
11. 9M10 CONSOLIDATED RESULTS NOVEMBER 12th 2010
9M10 Results
Cash Flow and Consolidated Net Debt
€ mn
496-
Investor Relations 11
-3,758
+609 +43
-928
-219
-4,254
Dec.31, 2009 Operating
Cash Flow
∆ WC Capex* Dividends
and Other
Changes
Sep.30, 2010
(*) Including Other Fixed Assets Change
17. 9M10 CONSOLIDATED RESULTS NOVEMBER 12th 2010
Final Headcount
9M10 Results
Headcount Evolution
Average Headcount
-4 -45
Investor Relations 17
3,513 3,509
9M09 9M10
3,522
3,477
9M09 9M10
18. 9M10 CONSOLIDATED RESULTS NOVEMBER 12th 2010
9M10 Results
Consolidated Balance Sheet
€ mn FY09 9M10 mn
Assets
PP&E 6,990 7,650 660
Intangible Asset, net 458 462 4
Financial Inv. and Other 21 25 4
Total Fixed Assets 7,469 8,137 669
Net WC -571 -613 -43
*
Investor Relations 18
(*) Note: Figures restated according to IFRIC 12
Net WC -571 -613 -43
Funds -638 -616 23
Net assets of discontinued operations 0.1 0.0 0
Total Net Invested Capital 6,260 6,908 649
Financed by:
Net Debt 3,758 4,254 496
Total Shareholder's Equity 2,502 2,654 153
D/E ratio 1.5 1.6
Number of Shares 2,001 2,004
19. 9M10 CONSOLIDATED RESULTS NOVEMBER 12th 2010
€ mn 9M09 9M10
Net Income 340 372
Depreciation 231 259
Net Change in Funds -17 -23
Operating Cash Flows 555 609
9M10 Results
Consolidated Cash Flows
(*)
(1)
Investor Relations 19
Change in WC 357 43
Cash Flow from Operating Activities 912 652
Capital Expenditures -584 -879
Other Fixed Asset Changes -1,399 -49
Free Cash Flow -1,071 -276
Dividends -199 -240
Change in Capital -94 21
(1) Net of assets’ disposal
20. 9M10 CONSOLIDATED RESULTS NOVEMBER 12th 2010
9M10 Results
Consolidated Net Financial Position
€ mn
1,404
2,529
59
4,795
541
4,254
Investor Relations 20
Change in Net Financial Position (mn €)
Net Debt 2009YE 3,758
∆ Fair Value on Bonds 237
Change in Financial Position +517
∆ Fair Value on Derivatives -258
Net Debt 9M10 4,254
Change in Net Debt +496
802
EIB Loans Banks LT+ST Terna SpA Bonds IAS Impact &
Derivatives
Consolidated Gross
Debt
Cash, Cash Equivalents
and Financial Assets
Consolidated Net Debt
(1) EIB (European Investment Bank) Loans
(1)
21. 9M10 CONSOLIDATED RESULTS NOVEMBER 12th 2010
Financial Structure
Gross Debt by Instruments (€mn) Fixed/Floating Mix
4,795
2,529
1,404
802
59
Terna SpA Bonds
Banks LT+ST
EIB Loans
IAS Impact & Derivatives
55%
45%
9M10 Results
Investor Relations 21
Debt Maturity
9M10
Debt Floating Debt Fixed
0 2 4 6 8 10 12 14 16
RCF 2006
Bond 2014
Club Deal
Bond 2019
EIB Loans
Bond IL 2023
Bond 2024
Average Maturity Terna Debt
22. 9M10 CONSOLIDATED RESULTS NOVEMBER 12th 2010
THIS DOCUMENT HAS BEEN PREPARED BY TERNA S.P.A. (THE “COMPANY”) FOR THE SOLE PURPOSE DESCRIBED HEREIN. IN NO
CASE MAY IT BE INTERPRETED AS AN OFFER OR INVITATION TO SELL OR PURCHASE ANY SECURITY ISSUED BY THE COMPANY OR
ITS SUBSIDIARIES.
THE CONTENT OF THIS DOCUMENT HAS A MERELY INFORMATIVE AND PROVISIONAL NATURE AND THE STATEMENTS CONTAINED
HEREIN HAVE NOT BEEN INDEPENDENTLY VERIFIED. NEITHER THE COMPANY NOR ANY OF ITS REPRESENTATIVES SHALL ACCEPT
ANY LIABILITY WHATSOEVER (WHETHER IN NEGLIGENCE OR OTHERWISE) ARISING IN ANY WAY FROM THE USE OF THIS DOCUMENT
OR ITS CONTENTS OR OTHERWISE ARISING IN CONNECTION WITH THIS DOCUMENT OR ANY MATERIAL DISCUSSED DURING THE
PRESENTATION.
THIS DOCUMENT MAY NOT BE REPRODUCED OR REDISTRIBUTED, IN WHOLE OR IN PART, TO ANY OTHER PERSON. THE
INFORMATION CONTAINED HEREIN AND OTHER MATERIAL DISCUSSED AT THE CONFERENCE CALL MAY INCLUDE FORWARD-
LOOKING STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS ABOUT THE COMPANY’S BELIEFS AND
Disclaimer
Investor Relations 22
EXPECTATIONS. THESE STATEMENTS ARE BASED ON CURRENT PLANS, ESTIMATES, PROJECTIONS AND PROJECTS, AND CANNOT
BE INTERPRETED AS A PROMISE OR GUARANTEE OF WHATSOEVER NATURE.
HOWEVER, FORWARD-LOOKING STATEMENTS INVOLVE INHERENT RISKS AND UNCERTAINTIES AND ARE CURRENT ONLY AT THE
DATE THEY ARE MADE. WE CAUTION YOU THAT A NUMBER OF FACTORS COULD CAUSE THE COMPANY’S ACTUAL RESULTS AND
PROVISIONS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN ANY FORWARD-LOOKING STATEMENT. SUCH FACTORS INCLUDE,
BUT ARE NOT LIMITED TO: TRENDS IN COMPANY’S BUSINESS, ITS ABILITY TO IMPLEMENT COST-CUTTING PLANS, CHANGES IN THE
REGULATORY ENVIRONMENT, DIFFERENT INTERPRETATION OF THE LAW AND REGULATION, ITS ABILITY TO SUCCESSFULLY
DIVERSIFY AND THE EXPECTED LEVEL OF FUTURE CAPITAL EXPENDITURES. THEREFORE, YOU SHOULD NOT PLACE UNDUE
RELIANCE ON SUCH FORWARD-LOOKING STATEMENTS. TERNA DOES NOT UNDERTAKE ANY OBLIGATION TO UPDATE FORWARD-
LOOKING STATEMENTS TO REFLECT ANY CHANGES IN TERNA’S EXPECTATIONS WITH REGARD THERETO OR ANY CHANGES IN
EVENTS.
EXECUTIVE IN CHARGE OF THE PREPARATION OF ACCOUNTING DOCUMENTS “LUCIANO DI BACCO” DECLARES, PURSUANT TO
PARAGRAPH 2 OF ARTICLE 154-BIS OF THE CONSOLIDATED LAW ON FINANCE, THAT THE ACCOUNTING INFORMATION CONTAINED
IN THIS PRESENTATION CORRESPONDS TO THE DOCUMENT RESULTS, BOOKS AND ACCOUNTING RECORDS.