Terna Group results

The consolidated financial statements as of and for the year ended 31 December 2006 show profits for the year of euros 369.8 million, after amortization and depreciation of approximately euros 212.4 million, net financial expenses of euros 68.6 million and income taxes of euros 249.1 million.
Revenues amounted to approximately euros 1,307.8 million, including euros 1,191.5 million in relation to the consideration received for use of the grid. In particular, considerations for use of the parent’s grid have been approved for approximately euros 994.3 million, up roughly euros 172.7 million (+21.0%) on 2005.
The contribution of subsidiaries totalled euros 197.2 million (including euros 95.2 million from Novatrans, euros 91.3 million from TSN and euros 10.7 million from the Italian subsidiaries).
Operating expenses amounted to approximately euros 407.9 million, including personnel expenses of euros 242.0 million and services of euros 145.3 million.
Income taxes of the year, which totalled euros 249.1 million, include euros 211.1 million due from the parent, euros 18.7 million from Novatrans, euros 17.6 million from TSN and euros 1.7 million from the Italian subsidiaries. The balance sheet includes net non-current assets of euros 5,470.9 million, net invested capital of euros 4,441.7 million, of which euros 2,158.9 million is covered by equity (including euros 150 million attributable to minority interests) and net financial indebtedness of euros 2,282.8 million.
The 2006 and 2005 consolidated income statements of Terna Group for management purposes are summarized below. Figures have been reclassified.