The figures discussed below have been drawn from the reclassified statements included in the section “Group performance and financial position” of this report, taken from the consolidated financial statements as described in the notes to the reclassified statements.

As described in greater detail below, 2009 featured the acquisition of the high-voltage transmission company, TELAT, from Enel Distribuzione and the sale of the equity investment held in Terna Participações S.A. described in the section “Significant events”.
Following the latter event, the 2009 income statement account balances related to the sale of the Brazilian companies have been reclassified as “Profit from discontinued operations and assets held for sale” in accordance with IFRS 5 (Non-current assets held for sale and discontinued operations). For the purposes of comparison, the 2008 balances for these Brazilian firms have been reclassified in the same manner.

The consolidated financial statements at December 31, 2009, closed with profit for the year of 771.0 million, attributable entirely to the shareholders of the Parent, €354.0 million of which from continuing operations and €417.0 million from discontinued operations as a result of the aforementioned sale of the investment in Terna Participações during the year. This is a total increase in total profit of €443.5 million (+135.4%) on the profit for the previous year attributable to the shareholders of the Parent (€327.5 million).



Revenue amounted to about 1,360.7 million, of which €1,185.6 million in relation revenue from fees paid for the use of the National Transmission Grid, and increased by €164.9 million compared with 2008. In particular, transmission fees in the amount of €1,087.9 million are attributable to the Parent and €97.7 million to the subsidiary TELAT related to the last nine months of the year.


Operating expenses amounted to about €357.5 million, of which €181.6 million relating to personnel expense and €128.0 million to services. EBITDA (gross operating profit) reached 1,003.2 million, equal to 73.7% of revenue, rising by €152.8 million over the €850.4 million of the previous year (+18.0%). TELAT contributed €95.3 million to this total.



EBIT (operating profit) came to €694.4 million, after amortisation and depreciation in the amount of €308.8 million, €279.4 million of which for the Parent and €29.4 million for the subsidiary TELAT.

Net financial expense came to €148.3 million, which is attributable entirely to the Parent.

Income taxes for the year totalled €192.1 million, of which €179.5 million attributable to the Parent, for an effective tax rate of 35.2%.

The Profit from continuing operations came to €354.0 million, of which €300.8 million attributable to the Parent.

The Profit from discontinued operations came to €417.0 million and refers to the effects of the sale of the Brazilian subsidiaries, best described in the following.

In terms of the statement of financial position, net non-current assets amounted to €7,468.5 million, while net invested capital was equal to €6,259.7 million, funded by Group equity of €2,501.5 million and net financial debt of €3,758.2 million.


As a result, the debt-to-equity ratio at the end of 2009 came to 1.50, compared with 1.42 at December 31, 2008, which does not take account of the debt position of the Brazilian firms.

Total capital expenditure by the Group during the year came to €900.4 million up 17.7% from the €764.9 million from continuing operations in 2008.