Economic Results  
(euro million)20202021202220232024% 24/23
Revenues2,208.62,777.63,629.03,849.23,840.6-0.2%

Gross operating income

% on revenues

388.7

17.6%

502.7

18.1%

625.2

17.2%

665.8

17.3%

661.1

17.2%

-0.7%

Net operating income

% on revenues

181.1

8.2%

288.0

10.4%

382.8

10.5%

414.1

10.8%

393.3

10.2%

-5.0%

Result before taxes

% on revenues

156.0

7.1%

286.8

10.3%

382.2

10.5%

392.0

10.2%

365.9

9.5%

-6.7%

Net Result

% on revenues

136.5

6.2%
215.5

7.8%
292.8

8.1%
305.0

7.9%
262.6

6.8%
-13.9%
Main Ratios
20202021202220232024
Net operating income / revenues8.2%10.4%10.5%10.8%10.2%
Result before taxes / revenues7.1%10.3%10.5%10.2%9.5%
Net Investments / revenues6.8%7.6%7.8%10.7%10.6%
Net financial debt / Equity26.0%22.9%25.8%21.7%15.5%
Adjusted net interest expense** / revenues0.8%0.3%0.4%0.5%0.7%
Adjusted net interest expense** / net operating income9.4%3.4%3.4%4.9%6.6%
R.O.I.9.6%12.9%15.5%16.0%14.4%
R.O.E.9.3%12.0%15.1%14.6%11.4%

* Net investments in property, plant, equipment and intangible assets, calculated as the sum total of increases (net of decreases) of property, plant, equipment and intangible assets. 
** This item does not include exchange gains and losses.  

Personnel And Capital Expediture
20202021202220232024
Employees at year-end (No.)11,03912,22512,95613,65414,348
Revenues per employee (euro thousand)200.1227.2280.1281.9267.7
Net Investments* (euro million)150.2210.0282.1412.2408.2
Increases in leased assets (euro million)37.626.437.520.789.3

* Net investments in property, plant, equipment and intangible assets, calculated as the sum total of increases (net of decreases) of property, plant, equipment and intangible assets.

Financial Results
(euro million)20202021202220232024
Net invested capital1,891.52,231.32,472.82,590.62,737.5
Shareholders' equity1,481.01,796.11,947.02,099.42,329.8
Net financial debt384.7411.8502.0454.8360.4

Last update 31 December 2024