“In the third quarter, Terna recorded very solid results, with strong growth in investments in all areas of the country, confirming its role as director of the energy transition and engine of economic growth. With this in mind, on 19 November we will present our new 2021-2025 Business Plan, with the aim of further contributing to Italy's recovery". With these words the CEO of Terna, Stefano Donnarumma, presented the accounts for the first nine months of 2020 of the company that manages the national electricity grid. The figure that stands out most is that of investments, which jumped by 12% despite the difficult context, marked by the Covid pandemic and a lockdown phase: compared to the same period of 2019, they went from 670 to almost 750 million euros.
The other data is good too. Revenues rose to 1.780,6 million euros (+6,9%), EBITDA to 1.323,3 million (+3,5%), group net income it didn't spark but it still rose to 569,1 million euros (+3%). Operating income increased by 2,7% to over 865 million. Net financial expenses for the period amounted to 70,4 million euros compared to 61,1 million euros in the first nine months of 2019 due to lower capitalized expenses and the adjustment of the valuation of the equity investments in some associated companies. The consolidated balance sheet of Terna recorded shareholders' equity of 4.333,5 million euros, compared to 4.190,3 million euros as at 31 December 2019. Net financial debt amounted to 8.824,6 million euros, compared to 8.258,6 million euros at the end of 2019 (+566 million euros), serving the growth in investments in the period.
As far as the investments, the main projects of the period include the interventions to increase the exchange capacity between the various areas of the electricity market in Campania and Sicily; the rationalization of the electricity grid in the metropolitan area of Naples and the progress of the construction sites for the interconnection with France. But on 30 July 2020, for example, Terna also started work to remove the reinforced concrete foundations of the 19 electricity pylons demolished in the Venice lagoon, and at the end of September launched the public consultation plan for the new one Italy-Tunisia power line. The inauguration of the new one is also of particular importance electric line that connects Capri to the mainland, in which Terna has invested a total of 150 million euros to create a technologically advanced work.
Finally, Terna's Board of Directors approved the distribution of an interim dividend on the ordinary dividend for the 2020 financial year equal to 9,09 euro cents per share, up by 8% compared to the previous year, in line with the guidelines of the 2020-2024 Strategic Plan.
