KEY DEBT RATIOS Home Investors Debt and rating Key debt ratios Share The key aspects of the Group’s financial policy are diversification of the sources of funding, a balance between short- and medium/long-term forms of debt and the proactive management of debt €/m 2020 2019 2018 2017 2016 Net financial debt 9,172.6 8,258.6 7,899.4 7,796.4 7,976.3 Shareholders' equity (including minority interests) 4,415.8 4,231.9 4,054.0 3,829.0 3,555.2 Net invested capital 13,588.4 12,490.5 11,953.6 11,625.4 11,531.5 Cash Flow from Operating Activities 1,048.5 1,491.1 1,474.5 1,634.2 1,299.2 Net financial debt/Net invested capital 67.5% 66.1% 66.0% 67.1% 69.2% Net financial debt/Shareholders' equity 2.08x 1.95x 1.95x 2.04x 2.24x Cash flow from operating activities/Net financial debt 11.4% 18.1% 19.0% 21.0% 16.3% The Key Debt Ratios is based on reported figures LONG TERM FINANCIAL DEADLINES AT 06.30.2021 € Mn 0 1,000 2,000 1,500 500 2021 2022 2023 2024 2025 2026 2027 2028 2029-2042 BONDS EIB LOANS BANK LOANS & FOREIGN DEBT Related contents INTEGRATED REPORT 2020 INDUSTRIAL PLAN 2021-2025 DEBT AND RATING TERNA IS THE FIRST GRID OPERATOR FOR ELECTRICITY TRANSMISSION IN EUROPE. WE PROMOTE THE ENERGY TRANSITION AND SUSTAINABLE DEVELOPMENT BY FOCUSING ON PEOPLE AND INNOVATION. We work every day to build an atmosphere of dialogue and trust in local areas, to which we bring a vital asset for everyone’s economic and social lives: electricity. > FIND OUT MORE Useful links CALENDAR GENERAL ARCHIVE CERT REAL ESTATE ASSETS ACCESSIBILITY PRIVACY COOKIE DECLARATION LEGAL NOTICE INSERT CV Portals PURCHASES SUPPLIERS QUALIFICATION GAUDI GSTAT ENERGY DISTRIBUTORS MY TERNA TITOLARI RTN OUR SITES: OPEN AND TRANSPARENT SETTLEMENT CERTIFICATION WHISTLEBLOWING TERNA PLUS TERNA S.p.A. - Capitale sociale € 442.198.240 interamente versato - Sede Legale in Italia, Viale Egidio Galbani, 70 - 00156 Roma - Tel +39 06 83138111 Registro delle Imprese di Roma - Codice fiscale e Partita IVA 05779661007 - R.E.A. di Roma 922416