In accordance with recommendation CESR/05-178b published on November 3, 2005, the criteria used for constructing the main performance indicators deemed by the management to be useful for the purpose of monitoring Group performance are provided below.
ROE: is calculated as the ratio of “Group net result” for the year under way to the average “Total shareholders' equity attributable to the holding company” (the average is calculated with reference to the punctual values at the end of the year under way and of the previous year).
ROI: is calculated as the ratio of “EBIT” relating to the year under way to the average “Net capital invested”, as set forth in the table of the consolidated capital structure included in the “Report on Operations”, (the average is calculated with reference to the punctual values at the end of the year under way and of the previous year).
Normalised ROI: is calculated as the ratio of “Pre-restructuring EBIT” relating to the year under way to the average “Net capital invested”, as set forth in the table of the consolidated capital structure included in the “Report on Operations”, (the average is calculated with reference to the punctual values at the end of the year under way and of the previous year).
EBITDA: starting from financial year 2012, EBITDA is calculated as the sum of “EBIT”, “Depreciation and Amortisation” and the writedowns of tangible and intangible fixed assets included in the item “Other non-operating expenses (income)”.
Pre-restructuring EBITDA is calculated as the sum of “EBITDA”, “Restructuring costs” and other expenses incurred in restructuring included in item “Other non-operating expenses (income)”.
Normalised EBITDA is calculated by summing “EBITDA” and the expenses and revenues arising from non-ordinary operations, such as “Restructuring costs”, “Losses (gains) on disposal”, and non-recurring items included in “Other non-operating expenses (income)”.
Pre-restructuring EBIT is calculated as the sum of “EBIT”, “Restructuring costs” and other expenses incurred in restructuring included in item “Other non-operating expenses (income)”.
GEARING: is calculated as the “Net financial position” / “Total Shareholders' equity” ratio.