The accounts of Terna, the internationally known Italian electricity company, are positive. The shareholders' meeting, chaired by Luigi Roth, today gave the green light to the budget 2011 which closes with a net profit of 440 million. The managing director Flavio Cattaneo also approved a dividend of 21 cents with a balance of 13 cents payable on June 21st and detachment of the coupon on the 18th. The down payment of 8 cents was distributed in November 2011.
According to Cattaneo, Terna does not need to finance itself until 2015.”We don't need to refinance before 2015.“, explained the CEO, “with the latest issues we have net financial resources of 2,5 billion. A possible subsequent downgrade does not affect the issues already made but on any future subscription. But as mentioned, we don't need to until 2015. We are one of the few companies with a higher rating than Italy”.
But it is the company's title that gives greater satisfaction. Since listing at the end of 2011, Terna's share has “appreciated by 53,2% against a loss of 45,9% by the index of Italian blue chips”. Cattaneo also explained that in the “first quarter of 2012 the stock recorded a rise of 16%, despite the impact of the Robin Hood tax and the difficult national and international situation”. Today Terna's stock closed on Piazza Affari up 1,48% at 2,746 euros per share.
Terna has also disclosed the accounts of first quarter. “2012 got off to a good start and the commitment of the entire Terna team convinces me that we will have another year of growth”, declared the CEO. Revenues increased 12,2% to 46,9 million euros. The higher payment for the transport of energy on the National Transmission Grid (+32,8 million) and for dispatching activities (+14 million) mainly benefited turnover. Operating costs increased by 2% to 91,8 million. Strong the leap in Ebitda which stood at 339,8 million euros: up 15,3% compared to the same period of the 2011.
The pre-tax profit grew to 207,6 million euros (+19%) while net income dropped to 114,2 million, 59 million euros less than the 173,2 million of the first three months of 2011, which included the extraordinary contribution relating to the sale of the investment in Rete Rinnovabile Srl for 59,2 million euro. The increase in financial charges relating to long-term debt (31 million euros) also partly weighed on the result: net financial debt stood at 5,27 billion euros, up by 150 million compared to 31 December 2011, essentially for investments and reduction of trade payables compared to the end of 2011.
