Dear Terna Shareholders and Stakeholders, by means of this Annual Report, for the first time the Group has presented results which include the functions of the grid operator, acquired as from November 2005. Terna looks out over 2006 with a new aspect: within a context of attention towards the financial markets and the creation of value, the Company has enhanced its connotation of concession holder of a public service, whilst at the same time confirming the commitments towards the search for business opportunities within non-regulated spheres...

• Over 330 billion KWh of energy managed a year
  
  
• 35,129 km of transmission lines
  
  
• 302 transforming and switching stations

By means of the acquisition in November 2005 of the TSO business segment, TERNA became the company responsible in Italy for the transmission and dispatch of electricity onto the high and very high voltage grid throughout the whole of Italy.
During the accounting period, the safety of the supplies was guaranteed, ensuring the adequacy of the resources covering the demand and the continual balance over time between energy requirements and available resources.

• Acquisition of the TSO business segment
  
  
• Acea Trasmissione
  
  
• The new Concession
  
  
• Transfer by ENEL SpA of 29.99% to Cassa Depositi e Prestiti SpA

• Revenues 1,087.4 million euros: +6.6%
  
  
• Ebitda 722.2 million euros: +11%
  
  
• Ebit 547.1 million euros: +10.6%
  
  
• Net profit 297.9 million euros: +28.9%
  
  
• Proposed 2005 full year dividend of 13.00 euro cents per share: +13% compared to 2004

		Financial highlights Interactive annual, half-year and quarterly results
		Audiowebcasting Presentation of FY 2005 consolidated results to the financial community

Balance Sheet and Income Statement with interactive notes and comments

SECTIONS	DOWNLOADS
Income Statement	(75 Kb)
Balance Sheet	(72 Kb)
Cash Flow Statement	(74 Kb)

Consolidated Results

(395 Kb)

Download of financial statements, presentations, press releases and documents in pdf and excel format