Value added

In the period 2008-2010 the value added generated and distributed by the Group increased by 27.4% with regard to its continuing operations and 37.4% with the inclusion of value added of discontinued operations held for sale.

Ternai Group – Value-added statement (1)
Values in euro
Financial period
2010
 Financial period
2009
Financial period
2008
(A) TURNOVER      
1, Revenue from sales and services
1,533,102,227 1,346,812,023 1,151,965,436
4, Other revenue and proceeds
56,077,819 43,379,376 43,855,562
Standard sales revenue 1,589,180,046 1,390,191,399 1,195,820,998
       
5, Non-standard sales revenue (Hour-rated work) 91,972,485 77,407,493 66,341,085
Total sales revenue
1,681,152,531 1,467,598,892 1,262,162,083
       
(B) COSTS OF PRODUCTION      
6. Raw materials
38,433,650 31,236,973 25,247,177
7. Services 157,561,339 135,829,303 96,813,167
8. Leasing and rental expense 12,050,835 13,893,976 13,919,106
9. Provisions for risks 2,009,949 3,620,822 2,884,532
11. Other expense 12,824,885 26,422,832 13,987,619
Total intermediate cost of production 222,880,658 211,003,906 152,851,601
       
STANDARD GROSS VALUE ADDED
1,458,271,873 1,256,594,986 1,109,310,482
       
- Accessory revenue
107,370,164 91,961,322 205,896,415
- Accessory costs
83,607,472 86,900,793 181,802,080
12. Accessory balance 23,762,692 5,060,529 24,094,335
       
GROSS NET STANDARD VALUE ADDED
1,482,034,565 1,261,655,515 1,133,404,817
       
Amortization intangible assets
45,118,232 54,832,235 24,624,733
Depreciation tangible assets 315,602,303 257,711,993 228,845,898
       
NET GLOBAL VALUE ADDED
1,121,314,030 949,111,287 879,934,186
VALUE ADDED OF DISCONTINUED OPERATIONS DESTINED FOR SALE 146,847,712 416,976,119 40,874,917
TOTAL NET GLOBAL VALUE ADDED
1,268,161,742 1,366,087,406 920,809,103
       
Non-subordinate personnel
1,621,627 2,063,354 1,582,934
Subordinate personnel, direct remuneration
214,860,807 182,908,901 202,907,779
Subordinate personnel, indirect remuneration
64,879,119 64,796,883 56,395,874
A – Remuneration of personnel 281,361,553 249,769,138 260,886,587
       
Direct taxes
245,250,301 192,150,648 174,623,989
Indirect taxes
6,620,414 5,579,516 4,814,421
B – Remuneration of Government 251,870,715 197,730,164 179,438,410
       
Short-term loan expense
185,869 14,975 445,217
Interest on bank loans 80,378,970 89,763,459 36,059,258
Interest on bonds
40,810,758 57,855,170 102,567,782
C – Remuneration of borrowed capital 121,375,597 147,633,604 139,072,257
       
Dividends (2) 421,585,486 380,523,323 328,155,134
D – Remuneration of risk capital 421,585,486 380,523,323 328,155,134
       
Allocations to reserves
191,968,391 390,431,177 13,256,715
E – Remuneration of the Company 191,968,391 390,431,177 13,256,715
       
TOTAL NET GLOBAL VALUE ADDED 1,268,161,742 1,366,087,406 920,809,103

(1) The sums regarding the creation and distribution of value added are taken from the Consolidated Financial Statements, which was prepared in accordance with the IFRS/IAS international accounting standards. Specifically, the Ternai Group has used IFRS/IAS international accounting standards since 2005. It should be noted that, in preparing the Consolidated Financial Statements as of and for the year ended December 31, 2010, in accordance with IFRIC 12 – “Service Concession Arrangements”, as from January 1, 2010, the Income Statement records the costs and revenues regarding dispatching as construction costs and revenues. Consequently, in the 2010 Consolidate Financial Statements and in the preparation of the 2010 Consolidated Value-added Statement, the comparative 2009 cost and revenue balances were likewise reclassified without any effect on, respectively, the Group’s results and the total net value added. In preparing the present Consolidate Value-Added Statement, the 2010 balances regarding RTR and Valmontone Energia were reclassified under “Total net value added of discontinued operations held for sale”, in line with their classification in the 2010 Financial Statements under “Net earnings for the year from discontinued operations held for sale” in accordance with the provisions of IFRS 5 – “Non-current assets held for sale and discontinued operations”. For further details, see the Consolidated Financial Statements as of and for the year ended December 31, 2010. Therefore, the total net global value added represents the added value of continuing operations, i.e. of the Parent Company and its Italian subsidiaries (net global value added) and the value added of discontinued operations held for sale.       

(2) The 2010 dividends regard the interim dividend distributed in November 2010 and the balance proposed by the Board of Directors on March 31, 2011. The 2009 dividends regard those distributed by Terna S.p.A. Of the 2008 dividends, 316.1 million euro regard those distributed by Terna S.p.A. and 12 million euro those distributed to third parties by Terna Participações