Economic and financial objectives

The Business Plan foresees an increase in EBITDA of approximately 200 million with the overcoming of the billion euros of Ebitda in 2024. This positive increase is also reflected in the expected Net Profit of 300 million euros.

From a financial point of view, the net financial position of 2.6 billion euros is expected to remain constant with a NFP / Ebitda ratio of 2.4x by 2024.

    2018 2022 2024 Cagr '18-'24
EBITDA M€ 866(1) 980 1,070 3.6%
Networks M€ 342 406 451 4.7%
Waste Management M€ 155 189 199 4.3%
Energy (generation, DH, energy efficiency) M€

265

247 261 -0.3%
Market M€ 98 136 156 8.1%
Technological services M€ 6 2 3 n.s.
EBIT M€ 430(1) 460 520 3.2%
Group net profit M€ 206(2) 270 300 6.5%
Net financial position/EBITDA x 2.8 3.0 2.4  
Net financial position M€ 2,557(3) 2,900 2,600  
Average cost of debt % 2.7 2.0 2.0  
Dividend per share € cents 8.4 12.3 14.9  

 (1) Net of positive one-offs seen in 2018, totalling € 101 million.

(2) Adjusted figure considering the positive effects registered on the EBITDA, the impact generated by OLT and the corresponding estimated effects on taxes. Reported net profit of € 242 million.

(3) Adjusted figure, considering the effects of accounting standard IFRS 16. Reported NFP of € 2,453 million.