TERNA announced earnings results for the nine months of 2016. Total revenues in the first nine months increased by 2.3%, reaching EUR 1,551,000,000, up by EUR 34 million versus the same period of last year, mainly due to regulated activities contribution, which will comment more in detail in the next slide. EBITDA reached EUR 1,176,000,000, EUR 15 million better than last year. Other CapEx stood at EUR 26 million mainly related to capitalized financial charges associated to long-term projects. Net debt at the end of the period was EUR 7.8 billion, EUR 200 million lower versus 2015 year-end. And the EBIT reached EUR 773 million. The group net income reached EUR 487 million.

The company expects tax rate in range of 33% to 34% for the year 2016.