Introduction and Alternative performance indicators


The income statement and balance sheet and the associated comments contained in this section describe the ACEA Group’s performance in 2010, also including the economic and equity data of companies destined to be sold as part of the Framework Agreement, signed in December 2010 between ACEA and GdF-Suez Energia Italia, targeted at termination of the 2002 joint venture agreement.

The figures for the AceaElectrabel Produzione Group (excluding the perimeter subject to non-proportional demerger), Eblacea, Tirreno Power and AceaElectrabel Trading are instead shown in the Notes to the 2010 Consolidated Financial Statements, in compliance with IFRS 5, under discontinued operations where sale costs are allocated.

Alternative performance indicators

In line with recommendation CESR/05-178b, the content and meaning of non-GAAP measures of performance and other alternative performance indicators used in these financial statements are described below:

  1. gross operating profit is used by the ACEA Group as an indicator of operating performance and is calculated by adding “Amortisation, depreciation, provisions and impairment charges” to the operating result;
  2. net debt indicates the state of the ACEA Group’s financial structure and is obtained by adding non-current borrowings and financial liabilities, less non-current financial assets (loans and receivables and securities other than investments), to current borrowings and other current liabilities, less current financial assets and cash and cash equivalents;
  3. net invested capital is the sum of “Current assets”, “Non-current assets” and assets and liabilities held for sale, less “Current liabilities” and “Non-current liabilities”, excluding items taken into account in calculating net debt.