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Key figures

In order to allow for a better assessment of economic and financial performance, the Management Report includes the reclassified financial statements and certain alternative performance indicators, including EBITDA, EBIT and net financial debt, in addition to the financial statements and conventional indicators laid out in IAS/IFRS.

These figures are presented in the tables below, the relative notes and the reclassified financial statements. For the definition of the terms used, when not directly specified, please refer to the chapter “Financial results, Non-GAAP Measures”.

Key share figures

31.12.2019 31.12.2020
Number of shares of share capital (million)  809,135,502 809,135,502
Closing price at the end of period (€) 5.444 5.200
Average closing price in the period (a) (€) 5.6421 5.2739
Market capitalisation (b) (€ million) 4,565 4,267
Exact market capitalisation (c) (€ million) 4,405 4,208

(a) Non-adjusted for dividends paid.
(b) (b) The product of the number of shares outstanding (exact number) multiplied by the average closing price in the period.
(c) The product of the number of shares outstanding (exact number) multiplied by the closing price at the end of the period.

Key financial figures

(€ MILLION) 2019 2020
Total revenues (*)  1,257.9 1,442.2
Adjusted total revenues (*) 1,257.9 1,333.8
EBITDA (**) 907.5 1.027.9
Adjusted EBITDA (**) 907.5 971.4
EBIT (**) 516.0 603.3
Adjusted EBIT (**) 516.0 546.8
Gross profit 547.5 555.6
Adjusted gross profit 479.9 499.1
Net profit 423.6 403.6
Net profit attributable to the Group 417.2 383.0
Adjusted net profit (**) 351.6 364.0
Adjusted net profit attributable to the Group (**) 345.2 345.4
Adjusted Earnings per share (***) 0.427 0.427

(*) Revenue from the construction and upgrading of distribution infrastructure, recognised in accordance with IFRIC 12 and in an amount equal to the costs incurred (€668.7 million and €621.1 million respectively in 2020 and 2019) is shown as a direct reduction of the respective cost items.
(**) The reported and adjusted versions of EBITDA and EBIT, and the adjusted net profit, are not measures allowed by IFRS. For their calculation, reference should be made to the chapter “Non-GAAP Measures” in this report.
(***) The indicator is calculated as a ratio between the adjusted net profit attributable to the Group and the total number of shares, which is 809,135,502.

(€ MILLION)31.12.201931.12.2020
Net invested capital as at 31 December6,280.26,717.5
Shareholders’ equity1,794.91,981.0 
of which, Group1,560.41,740.9
of which, third parties234.6240.1 
Net financial debt (*)4,485.34,736.5

(*) Inclusive of the effects deriving from financial payables pursuant to IFRS 16 (€ 76.3 million and € 74.7 million respectively in 2020 and 2019).