Terna's Board of Directors has approved the results for the first half of 2016 during which the Italian company that manages the electricity transmission grid recorded revenues of 1,0399 billion euros, up 3,8% compared to the first six months of the previous year (1,002 billion).
Operating costs in the first half of 2016 amounted to 262,9 million euros, up by 27,5 million euros compared to the same period of 2015, mainly due to the costs relating to the inclusion in the perimeter of the electricity grid acquired from State Railways and the TES company.
EBITDA rose to 777 million, an improvement of 1,4% compared to 766,6 million in the first half of 2015, while the EBIT decreased by 2,6% to 509,8 million due to the increase in depreciation and amortization.
Net financial expenses for the period, amounting to €36,2 million, show a reduction of €27,5 million compared to the figure for the same period of 2015, attributable to the general decrease in interest rates.
The pre-tax result is 473,6 million euros, up by 3% compared to the corresponding period of the previous year. Income taxes in the six months of reference amounted to 150,7 million euro, in line with the same period of the previous year (+0,5%).
Group net profit for the period amounted to 324,8 million euro, recording an increase of 14,9 million euros (+4,8%), compared to 309,9 million in the first half of 2015.
Based on what was communicated by Terna, in the second half of 2016 the group will be engaged in implementing the provisions of the 2016-2019 Strategic Plan. In particular, the company will continue to pursue its strategic objectives with a focus on carrying out the investments envisaged in the Development Plan, in the Defense Plan and the renewal of existing assets, on the development of non-regulated activities and on the rationalization of processes and operating costs. With reference to non-regulated activities, the focus on the creation of value through activities for third parties in the field of engineering, construction and maintenance services is confirmed, mainly for the electricity sector and for the telecommunications business.
Terna, taking advantage of the approval of the half-year report, has announced that it is participating in a tender for the construction of a power line in Uruguay, while confirming its own interest in participating in an international tender for the privatization of 24% of the Greek Tso.
The managing director Matteo del Fante is satisfied, who commented: “We close the first half of 2016 with positive results on the main economic indicators, confirming the solidity of Terna's balance sheet. We continue our work for the development and security of the Italian electricity system and we confirm our commitment to the interconnection projects we have launched, in order to be able to make our contribution to the integration of electricity markets and make our country a renewable traction electricity hub in the Mediterranean area”.
A few minutes after the publication of the accounts, on Piazza Affari the stock rose by 0,8% to 4,87 euros.
