Financial Highlights
Focus on performance
Edison Group
(in millions of euros) 2005 2004 % change
  IAS/IFRS IAS/IFRS  
Sales revenues 6,650 5,627 18.2%
EBITDA 1,306 1,475 (11.5%)
as a % of sales revenues 19.6% 26.2%  
EBIT 649 815 (20.4%)
as a % of sales revenues 9.8% 14.5%  
Profit before taxes 436 510 (14.5%)
Group interest in net profit 500 354 41.3%
Capital expenditures 598 608 (1.6%)
Investments in exploration 22 25 (12.0%)
Net invested capital (A+B) 11,307 11,082 2.0%
Net borrowings (A) (1) 4,878 4,906 (0.6%)
Shareholders' equity before minority interest (1) (B) 6,429 6,176 4.1%
Group interest in shareholders' equity (1) 6,270 5,707 9.9%
ROI (2) 5.90% 7.15%  
ROE (3) 8.35% 6.45%  
Debt / Equity ratio (A/B) 0.76 0.79  
Number of employees (1) 2,963 4,536  
Stock market prices (in euros) (3)      
- common shares 1.7344 1.5570  
  - nonconvertible savings shares 1.8303 1.5091
  - warrants outstanding 0.8334 0.5530
Profit (Loss) per share    
  - basic 0.1165 0.0829
  - diluited 0.1060 0.0768
(1) Companies consolidated line by line and Group interest in companies consolidated by the proportional method.
(2) EBIT divided by average net invested capital, computed after deducting the value of equity investments held as fixed assets.
(3) Group interest in net profit divided by average Group interest in shareholders' equity.
(4) Simple arithmetic mean of the prices for the last calendar month of the year.  
Edison Spa
  2005 2004 % change
  Italian GAAP Italian GAAP  
Sales revenues 4,065 3,303 23.1%
EBITDA 624 719 (13.2%)
as a % of sales revenues 15.4% 21.8%  
EBIT 211 316 (33.2%)
as a % of sales revenues 5.2% 9.6%  
Net profit (Loss) for the period 351 312 12.5%
Capex 407 389 4.6%
Net invested capital 8,529 8,472 0.7%
Net borrowings 3,940 4,251 (7.3%)
Shareholders' equity 4,589 4,221 8.7%
Debt/Equity ratio 0.86 1.01 (14.7%)
Number of employees 1,782 1,631 9.3%
Key Group Data
Sales revenues
7.000
6.000
5.000
4.000
3.000
2.000
1.000
EBIT/sales revenues
15,0%
10,0%
5,0%
12/31/04 12/31/05
12/31/04 12/31/05
5,627
14.5%
6,650
9.8%
EBITDA
1.600
1.400
1.200
1.000
800
600
400
200
Group interest in net profit
600
500
400
300
200
100
12/31/04 12/31/05
12/31/04 12/31/05
1,475
354
500
1,306
EBIT
900
800
700
600
500
400
300
200
100
Net borrowings
6,000
4,000
2,000
12/31/04 12/31/05
12/31/04 12/31/05
815
4,906
649
4,878