Terna Group’s Financial Debt

Terna’s financial debt and capital structure according to grid investment activities 




As of September 30, 2011 Terna’s effective net financial debt from continuing operations equaled 4.9 billion euros and the Group’s net shareholders’ equity equaled 2.8 billion euros with a Debt/Equity ratio equaled to 1.8.

The nature of the business and the present and future financial structure gives a rating level that is practically the same for the three rating agencies and establishes highly competitive access conditions both for bank funding as well as for capital markets.

For the 2011-2015 Plan period, Terna expects a cash absorption deriving principally from investment activities on the grid (equal to approximately 5 billion euros) and from dividends (for approximately 2 billion euros) that will be funded primarily by cash flows generated by operating activities. The difference, equal to approximately 2.6 billion euros, will lead to an overall increase of the net financial debt at the end of the Plan’s period.

Capital structure will continue to remain solid during the Plan’s period and Terna confirmed its commitment to maintaining the ratio between Debt and RAB (Regulated Asset Base) below 60%, guaranteeing in this way the sustainability of the present rating.

Further details: Strategic Plan 2011-2015