Highlights from the Financial Statements of the Principal
Subsidiaries
Edison Trading Spa
Registered office: Milan  
Share capital: 30,000,000 euros  
% interest held: Edison Spa 100%
(in thousands of euros) 12/31/2005 12/312004
Net revenues 2,168,722 1,531,614
Value added 17,725 70,035
EBITDA 14,242 65,688
EBIT 14,242 65,688
Income before extraordinary items and taxes 27,847 65,476
Income before taxes 27,427 65,768
Net income (loss) 16,065 41,085
Fixed assets - -
Net working capital 152,986 60,836
Invested capital, net of operating liabilities 152,986 60,836
Reserve for employee severance indemnities (560) (433)
Net invested capital 152,426 60,403
Shareholders' equity 49,927 71,361
Net borrowings (liquid assets) 102,499 (10,958)
Edison Energia Spa
Registered office: Milan  
Share capital: 22,000,000 euros  
% interest held: Edison Spa 100%
(in thousands of euros) 12/31/2005 12/312004
Net revenues 1,898,954 1,380,016
Value added 11,866 69,288
EBITDA 4,746 62,983
EBIT 4,746 62,983
Income before extraordinary items and taxes 33,226 58,335
Income before taxes 34,390 59,732
Net income (loss) 20,555 34,814
Fixed assets - -
Net working capital 147,973 40,248
Invested capital, net of operating liabilities 147,973 40,248
Reserve for employee severance indemnities (1,184) (1,043)
Net invested capital 146,789 39,204
Shareholders' equity 64,535 76,979
Net borrowings (liquid assets) 82,254 (37,775)
Edison Rete Spa
Registered office: Milan  
Share capital: 106,778,200 euros  
% interest held: Edison Spa 100%
(in thousands of euros) 12/31/2005 12/312004
Net revenues 42,584 43,674
Value added 30,674 33,385
EBITDA 25,561 28,533
EBIT 15,154 17,979
Income before extraordinary items and taxes 13,566 16,142
Income before taxes 13,555 16,532
Net income (loss) 8,060 10,016
Fixed assets 199,595 207,614
Net working capital 9,313 24,339
Invested capital, net of operating liabilities 208,908 231,953
Reserve for employee severance indemnities (3,420) (3,238)
Net invested capital 205,488 228,715
Shareholders' equity 171,245 172,689
INet borrowings (liquid assets) 34,243 56,026
Edison D.G. Spa
Registered office: Selvazzano Dentro (PD)  
Share capital: 460,000 euros  
% interest held: Edison Spa 100%
(in thousands of euros) 12/31/2005 12/312004
Net revenues 28,233 26,407
Value added 18,519 16,552
EBITDA 15,044 13,173
EBIT 9,533 8,529
Income before extraordinary items and taxes 10,947 9,547
Income before taxes 11,055 21,692
Net income (loss) 6,905 17,885
Fixed assets 81,539 79,149
Net working capital (20,201) (21,529)
Invested capital, net of operating liabilities 61,338 57,620
Reserve for employee severance indemnities (1,269) (1,227)
Net invested capital 60,069 56,393
Shareholders' equity 30,008 28,116
Net borrowings (liquid assets) 30,061 28,277