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