Consolidated income statement
| € thousand | 2024 | Of which related party transactions | 2023 | Of which related party transactions | Change |
|---|---|---|---|---|---|
| Revenue from sales and services | 4,050,221 | 4,410,094 | (359,873) | ||
| Other revenue and income | 219,634 | 219,124 | 510 | ||
| Consolidated net revenue | 4,269,855 | 145,613 | 4,629,218 | 163,833 | (359,363) |
| Staff costs | 328,524 | 334,478 | (5,954) | ||
| External costs | 2,400,175 | 2,918,260 | (518,085) | ||
| Consolidated operating costs | 2,728,699 | 71,144 | 3,252,738 | 59,772 | (524,039) |
| Net income/(expense) from commodity risk management | 0 | 0 | 0 | ||
| Profit/(Loss) from non-financial equity investments | 15,688 | 14,397 | 1,291 | ||
| EBITDA | 1,556,844 | 74,469 | 1,390,877 | 104,061 | 165,967 |
| Net write-downs (write-backs) of trade receivables | 96,875 | 86,487 | 10,388 | ||
| Depreciation, amortisation and provisions | 757,283 | 692,060 | 65,223 | ||
| Operating profit/(loss) | 702,686 | 74,469 | 612,330 | 104,061 | 90,356 |
| Financial income | 43,078 | 2,213 | 39,481 | 2,868 | 3,598 |
| Financial charges | (187,592) | (576) | (176,009) | (6) | (11,583) |
| Profit/(Loss) on equity investments | (5,740) | (603) | (5,137) | ||
| Profit/(Loss) before tax | 552,432 | 76,106 | 475,198 | 106,923 | 77,234 |
| Income tax | 179,970 | 147,755 | 32,215 | ||
| Net profit/(loss) | 372,462 | 76,106 | 327,443 | 106,923 | 45,019 |
| Net profit/(loss) from discontinued operations | |||||
| Net profit/(loss) | 372,462 | 327,443 | 45,019 | ||
| Profit/(Loss) due to third parties | 40,843 | 33,536 | 7,307 | ||
| Net profit/(loss) attributable to the Group | 331,620 | 293,908 | 37,712 | ||
| Earnings/(Loss) per share attributable to Parent Company’s shareholders | |||||
| 1.55716 | 1.38008 | 0.17708 | ||
| 1.55716 | 1.38008 | 0.17708 | ||
| Earnings/(Loss) per share attributable to Parent Company’s shareholders net of treasury shares | |||||
| 1.56021 | 1.38278 | 0.17743 | ||
| 1.56021 | 1.38278 | 0.17743 |
Consolidated statement of comprehensive income
| € thousand | 2024 | 2023 | Change |
|---|---|---|---|
| Net profit/(loss) for the period | 372,462 | 327,443 | 45,019 |
| Gains/Losses from the conversion of financial statements in foreign currency | 3,984 | (2,735) | 6,719 |
| Provision for exchange rate difference | 5,570 | 14,004 | (8,434) |
| Tax on exchange rate difference | (1,337) | (3,361) | 2,024 |
| Gains/Losses from exchange rate difference | 4,234 | 10,643 | (6,410) |
| Effective portion of gains/(losses) on hedging instruments (“cash flow hedges”) | (41,790) | (86,541) | 44,750 |
| Tax effect of other gains/(losses) on hedging instruments (“cash flow hedges”) | 11,022 | 25,042 | (14,020) |
| Profit/(Loss) from the effective portion on hedging instruments, net of tax | (30,768) | (61,499) | 30,730 |
| Actuarial profit/(loss) on staff benefits included in the Shareholders’ Equity | 2,650 | (2,749) | 5,399 |
| Tax effect on the other actuarial profit/(loss) on staff benefits | (1,787) | 801 | (2,588) |
| Actuarial profit/(loss) on defined benefit pension plans, net of tax | 863 | (1,948) | 2,811 |
| Total of the comprehensive income components, net of tax | (21,688) | (55,539) | 33,851 |
| Total comprehensive profit/(loss) | 350,774 | 271,905 | 78,870 |
| Total comprehensive income (loss) attributable to: | |||
| 309,664 | 242,124 | 67,540 |
| 41,110 | 29,781 | 11,329 |
Consolidated statement of financial position
| ASSETS € thousand | 31/12/2024 | Of which related party transactions | 31/12/2023 | Of which related party transactions | Change |
|---|---|---|---|---|---|
| Tangible fixed assets | 3,363,465 | 3,334,868 | 28,597 | ||
| Real estate investments | 9,711 | 1,990 | 7,721 | ||
| Goodwill | 241,041 | 254,626 | (13,586) | ||
| Concessions and rights on infrastructure | 3,999,275 | 3,787,263 | 212,013 | ||
| Intangible fixed assets | 417,231 | 413,162 | 4,069 | ||
| Copyright | 93,267 | 93,284 | (17) | ||
| Equity investments in unconsolidated subsidiaries and associates | 488,089 | 359,281 | 128,808 | ||
| Other equity investments | 7,990 | 8,029 | (39) | ||
| Deferred tax assets | 218,801 | 205,065 | 13,736 | ||
| Financial assets | 39,553 | 39,553 | 18,852 | 18,852 | 20,702 |
| Other non-current assets | 852,079 | 716,582 | 135,498 | ||
| Non-current assets | 9,730,502 | 39,553 | 9,193,002 | 18,852 | 537,500 |
| Inventories | 122,556 | 97,843 | 24,713 | ||
| Trade receivables | 1,027,608 | 55,593 | 1,213,200 | 66,272 | (185,592) |
| Other current assets | 454,371 | 405,026 | 49,346 | ||
| Current tax assets | 9,436 | 13,075 | (3,640) | ||
| Current financial assets | 186,801 | 89,216 | 487,251 | 97,093 | (300,450) |
| Cash and cash equivalents | 513,476 | 359,379 | 154,097 | ||
| Current assets | 2,314,248 | 144,810 | 2,575,774 | 163,365 | (261,526) |
| Non-current assets destined for sale | 181,320 | 18,288 | 163,032 | ||
| TOTAL ASSETS | 12,226,070 | 184,363 | 11,787,064 | 182,217 | 439,006 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY € thousand | 31/12/2024 | Of which related party §transactions | 31/12/2023 | Of which related party t ransactions | Change |
|---|---|---|---|---|---|
| Share capital | 1,098,899 | 1,098,899 | 0 | ||
| Legal reserve | 167,986 | 157,838 | 10,148 | ||
| Other reserves | 396,666 | 73,697 | 322,969 | ||
| Retained earnings/(losses) | 509,935 | 752,940 | (243,005) | ||
| Profit/(Loss) for the year | 331,620 | 293,908 | 37,712 | ||
| Total Shareholders’ Equity for the Group | 2,505,105 | 2,377,281 | 127,824 | ||
| Third parties Shareholders’ Equity | 370,462 | 445,803 | (75,341) | ||
| Total Shareholders’ Equity | 2,875,567 | 2,823,084 | 52,483 | ||
| Staff termination benefits and other defined benefit plans | 77,609 | 109,895 | (32,286) | ||
| Provisions for risks and charges | 234,099 | 224,276 | 9,822 | ||
| Borrowings and financial liabilities | 4,895,268 | 4,770,436 | 124,832 | ||
| Other non-current liabilities | 774,937 | 510,871 | 264,066 | ||
| Non-current liabilities | 5,981,913 | 5,615,479 | 366,434 | ||
| Borrowings | 758,611 | 100,584 | 922,950 | 111,306 | (164,340) |
| Payables to suppliers | 1,872,451 | 19,618 | 1,750,473 | 8,661 | 121,978 |
| Tax payables | 40,821 | 13,032 | 27,789 | ||
| Other current liabilities | 684,946 | 661,857 | 23,089 | ||
| Current liabilities | 3,356,829 | 120,202 | 3,348,313 | 119,967 | 8,517 |
| Liabilities closely associated with assets held for sale | 11,761 | 188 | 11,573 | ||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 12,226,070 | 120,202 | 11,787,064 | 119,967 | 439,006 |
| € thousand | 31/12/2024 | Of which related party trnsactions | 31/12/2023 | Of which related party trnsactions | Change |
|---|---|---|---|---|---|
| Profit before tax | 552,432 | 0 | 475,198 | 0 | 77,234 |
| Depreciation/amortisation and impairment losses | 708,931 | 0 | 651,827 | 0 | 57,104 |
| Profit/(Loss) on equity investments | (9,948) | 0 | (13,794) | 0 | 3,846 |
| Changes in provisions for risks and charges | 19,063 | 0 | 8,099 | 0 | 10,964 |
| Net change in the provision for employee benefits | (25,986) | 0 | (1,463) | 0 | (24,523) |
| Net financial income/(charges) | 140,602 | 0 | 132,055 | 0 | 8,547 |
| Cash flow from operating activities before changes in net working capital | 1,385,093 | 0 | 1,251,922 | 0 | 133,172 |
| Provision for doubtful accounts | 96,875 | 0 | 86,487 | 0 | 10,388 |
| Increase/Decrease in receivables included in current assets | 48,486 | 10,678 | (24,004) | (4,558) | 72,490 |
| Increase/Decrease in payables included in the working capital | 261,914 | 10,956 | (84,485) | (33,324) | 346,399 |
| Increase/Decrease in inventories | (23,243) | 0 | 6,665 | 0 | (29,908) |
| Income taxes paid | (145,990) | 0 | (148,185) | 0 | 2,194 |
| Change in working capital | 238,042 | 21,635 | (163,522) | (37,881) | 401,564 |
| Change in other assets/liabilities during the period | 108,632 | 0 | 22,520 | 0 | 86,112 |
| Cash flow from operations of disposal groups/Assets held for sale | 0 | 0 | 0 | 0 | 0 |
| Cash flow from operating activities | 1,731,767 | 20,917 | 1,110,919 | (37,881) | 620,847 |
| Investments in tangible and intangible assets | (1,438,866) | 0 | (1,142,690) | 0 | (296,176) |
| Investments in investees, subsidiaries and business units | (12,910) | 0 | (67,983) | 0 | 55,073 |
| Collections/payments deriving from other financial investments | 282,493 | (12,825) | (133,487) | 6,918 | 415,980 |
| Dividends received | 6,768 | 6,768 | 5,567 | 5,567 | 1,200 |
| Interest income received | 42,154 | 0 | 39,252 | 0 | 2,902 |
| Cash flow from investments of disposal groups/Assets held for sale | 0 | 0 | 0 | 0 | 0 |
| TOTAL CASH FLOW FROM INVESTMENT ACTIVITIES | (1,120,361) | (6,057) | (1,299,341) | 12,486 | 178,980 |
| New issues of long-term financial debt | 755,000 | 0 | 700,000 | 0 | 55,000 |
| Repayment of financial payables | (671,876) | 0 | (377,978) | 0 | (293,899) |
| Decrease/Increase in other financial debts | (246,665) | (10,722) | (22,827) | 2,783 | (223,838) |
| Interest expense paid | (179,049) | 0 | (166,090) | 0 | (12,959) |
| Dividends paid | (149,360) | (149,360) | (145,213) | (145,213) | (4,147) |
| Cash flow from loans of disposal groups/ Assets held for sale | 0 | 0 | 0 | 0 | 0 |
| TOTAL CASH FLOW FROM FINANCING ACTIVITIES | (491,950) | (160,081) | (12,107) | (142,429) | (479,843) |
| CASH FLOW FOR THE PERIOD | 119,456 | (144,504) | (200,529) | (167,825) | 319,984 |
| Net opening balance of cash and cash equivalents | 359,379 | 559,908 | (200,529) | ||
| Cash availability from acquisition | 34,641 | 0 | 34,641 | ||
| NET CLOSING BALANCE OF CASH AND CASH EQUIVALENTS | 513,476 | 359,379 | 154,097 | ||
| Cash and cash equivalents at the end of the year Disposal groups/Assets held for sale | 0 | 0 | 0 | ||
| Cash and cash equivalents at the end of the year Continuing Operations | 513,476 | 359,379 | 154,097 |
| € thousand | 31/12/2024 | Of which related party trnsactions | 31/12/2023 | Of which related party trnsactions | Change |
|---|---|---|---|---|---|
| Profit before tax | 552,432 | 0 | 475,198 | 0 | 77,234 |
| Depreciation/amortisation and impairment losses | 708,931 | 0 | 651,827 | 0 | 57,104 |
| Profit/(Loss) on equity investments | (9,948) | 0 | (13,794) | 0 | 3,846 |
| Changes in provisions for risks and charges | 19,063 | 0 | 8,099 | 0 | 10,964 |
| Net change in the provision for employee benefits | (25,986) | 0 | (1,463) | 0 | (24,523) |
| Net financial income/(charges) | 140,602 | 0 | 132,055 | 0 | 8,547 |
| Cash flow from operating activities before changes in net working capital | 1,385,093 | 0 | 1,251,922 | 0 | 133,172 |
| Provision for doubtful accounts | 96,875 | 0 | 86,487 | 0 | 10,388 |
| Increase/Decrease in receivables included in current assets | 48,486 | 10,678 | (24,004) | (4,558) | 72,490 |
| Increase/Decrease in payables included in the working capital | 261,914 | 10,956 | (84,485) | (33,324) | 346,399 |
| Increase/Decrease in inventories | (23,243) | 0 | 6,665 | 0 | (29,908) |
| Income taxes paid | (145,990) | 0 | (148,185) | 0 | 2,194 |
| Change in working capital | 238,042 | 21,635 | (163,522) | (37,881) | 401,564 |
| Change in other assets/liabilities during the period | 108,632 | 0 | 22,520 | 0 | 86,112 |
| Cash flow from operations of disposal groups/Assets held for sale | 0 | 0 | 0 | 0 | 0 |
| Cash flow from operating activities | 1,731,767 | 20,917 | 1,110,919 | (37,881) | 620,847 |
| Investments in tangible and intangible assets | (1,438,866) | 0 | (1,142,690) | 0 | (296,176) |
| Investments in investees, subsidiaries and business units | (12,910) | 0 | (67,983) | 0 | 55,073 |
| Collections/payments deriving from other financial investments | 282,493 | (12,825) | (133,487) | 6,918 | 415,980 |
| Dividends received | 6,768 | 6,768 | 5,567 | 5,567 | 1,200 |
| Interest income received | 42,154 | 0 | 39,252 | 0 | 2,902 |
| Cash flow from investments of disposal groups/Assets held for sale | 0 | 0 | 0 | 0 | 0 |
| TOTAL CASH FLOW FROM INVESTMENT ACTIVITIES | (1,120,361) | (6,057) | (1,299,341) | 12,486 | 178,980 |
| New issues of long-term financial debt | 755,000 | 0 | 700,000 | 0 | 55,000 |
| Repayment of financial payables | (671,876) | 0 | (377,978) | 0 | (293,899) |
| Decrease/Increase in other financial debts | (246,665) | (10,722) | (22,827) | 2,783 | (223,838) |
| Interest expense paid | (179,049) | 0 | (166,090) | 0 | (12,959) |
| Dividends paid | (149,360) | (149,360) | (145,213) | (145,213) | (4,147) |
| Cash flow from loans of disposal groups/ Assets held for sale | 0 | 0 | 0 | 0 | 0 |
| TOTAL CASH FLOW FROM FINANCING ACTIVITIES | (491,950) | (160,081) | (12,107) | (142,429) | (479,843) |
| CASH FLOW FOR THE PERIOD | 119,456 | (144,504) | (200,529) | (167,825) | 319,984 |
| Net opening balance of cash and cash equivalents | 359,379 | 559,908 | (200,529) | ||
| Cash availability from acquisition | 34,641 | 0 | 34,641 | ||
| NET CLOSING BALANCE OF CASH AND CASH EQUIVALENTS | 513,476 | 359,379 | 154,097 | ||
| Cash and cash equivalents at the end of the year Disposal groups/Assets held for sale | 0 | 0 | 0 | ||
| Cash and cash equivalents at the end of the year Continuing Operations | 513,476 | 359,379 | 154,097 |