Introduction and Alternative performance indicators


The income statement and balance sheet and the associated comments contained in this section describe the ACEA Group’s performance in 2011, also including the economic data as at 31 March 2011 of companies sold as part of the Framework Agreement executed by the end of the first quarter, targeted at terminating the 2002 joint venture agreement.

Alternative performance indicators

In line with recommendation CESR/05-178b, the content and meaning of non-GAAP measures of performance and other alternative performance indicators used in these financial statements are described below:

  • gross operating profit is used by the ACEA Group as an indicator of operating performance and is calculated by adding “Amortisation, depreciation, provisions and impairment charges” to the operating result;
  • net debt indicates the state of the ACEA Group’s financial structure and is obtained by adding non-current borrowings and financial liabilities, less non-current financial assets (loans and receivables and securities other than investments), to current borrowings and other current liabilities, less current financial assets and cash and cash equivalents;
  • net invested capital is the sum of “Current assets”, “Non-current assets” and assets and liabilities held for sale, less “Current liabilities” and “Non-current liabilities”, excluding items taken into account in calculating net debt.