Value added

in

EC1

In the period 2010-2012, the value added generated by the Group increased by 23.8% with regard to its continuing operations and by 9.5%, when the added value of discontinued operations relative to 2010 are included.

During the 2010-2012 three-year period, the incidence of remuneration of employees (on average 22.9%) and borrowed capital (on average 13.8%), relative to the total net added value of ongoing activities was essentially stable.

During the three-year period, the incidence of direct and indirect taxes on the total net value of ongoing activities increased by 8.9%, basically due to the application of the additional IRES (so-called Robin Hood Tax) introduced starting in 2011 through Decree Law No. 138 of 13 August 2011. During the three-year period, on average 31.6% of the total net overall value added was allocated to remuneration of risk capital, thanks to the Parent Company’s dividend policy of the Parent Company, which has been linear over time and was again confirmed in the  new 2013-2017 Strategic Plan approved in February 2013.

In 2012, the incidence of allocations to reserves recorded at the total net overall value added comes to about 4%, despite the negative impact on the 2012 result of the so-called Robin Hood Tax.

 

TERNA GROUP VALUE ADDED STATEMENT (1)

TERNA GROUP Financial period 2012 Financial period 2011 Financial period 2010
Non-subordinate personnel 2,222,526 1,957,413 1,621,627
Subordinate personnel, direct remuneration 209,488,624 217,416,887 214,860,807
Subordinate personnel, indirect remuneration 64,055,525 63,742,596 64,879,119
A – Remuneration of personnel 275,766,675 283,116,896 281,361,553
Direct taxes 412,696,487 387,281,919 246,825,990
Indirect taxes 24,701,769 6,133,331 6,620,414
B – Remuneration of Government 437,398,256 393,415,250 253,446,404
Short-term loan expense 468 45,248 185,869
Interest on bank loans 82,220,620 92,634,544 80,378,970
Interest on bonds 129,226,227 89,522,207 40,810,758
C – Remuneration of borrowed capital 211,447,315 182,201,999 121,375,597
Dividends (2) 401,998,400 422,098,320 421,650,343
D – Remuneration of risk capital 401,998,400 422,098,320 421,650,343
Allocations to reserves 61,541,976 17,906,390 190,327,845
E – Remuneration of the Company 61,541,976 17,906,390 190,327,845
TOTAL NET GLOBAL VALUE ADDED 1,388,152,622 1,298,738,855 1,268,161,742
of which net global value added of ongoing activities 1,388,152,622 1,186,035,046 1,121,314,030
of which net overall value added of discontinued operations destined for sale 0 112,703,809 146,847,712
(1) The amounts relative to the distribution of the Value Added are taken from the Consolidated Financial Statements, which were prepared according to the IFRS/IAS International Accounting Standards. Specifically, the Terna Group has used the IFRS/IAS International Accounting Standards since 2005. (2) The 2012 dividends regard the advance distributed in November 2012 (140.7 million euro) and the balance proposed by the BoD of 15 March 2013 (261.3 million euro).