2020 saw RFI deal with the dramatic effects of the Covid 19 pandemic, achieving, for the 14th consecutive year, a positive net result of €38 million, extremely low compared to the previous year (87% less than in 2019), while maintaining its role as the leading investment company in Italy, contributing a volume of around €4.2 billion.

EBIT decreased, as a result of the fall in revenues, to €71 million with an EBIT Margin of 2.85%, while EBITDA stood at €333 million with an EBITDA Margin of 13.36%.

Operating revenues amounted to €2,492 million, down 10% compared to the previous year; operating expenses, amounting to €2,159 million, decreased by €135 million (-6% vs 2019).

These results are particularly significant in light of the scenario in which the Company operated during the year, characterised by a high degree of uncertainty generated by the pandemic, the resulting lockdown and the continuation of the emergency situation.

The high level of financial soundness remained almost unchanged, thanks to equity of over €33.7 billion (unchanged compared 2019).

MAIN OPERATING, CASH FLOW AND CAPITAL FIGURES
  mln€ mln€ mln€  
  2020 2019 Change %
Operating income 2492 2775 (283) 10%
Operating Costs (2,159) (2,294) 135 (6%)
Gross operating margin (EBITDA) 333 481 (148) (31%)
Operating result (EBIT) 71 350 (279) (80%)
Net result 38 302 (264) (87%)
  31.12.2020 31.12.2019 Change %
Net Invested Capital 35902 36214 (312) (1%)
Equity 33672 33279 (57) 0%
Net financial position 2230 2585 (255)
(10%)
Investments during the year 4901 4847 54 1%
Total cash flow generated/absorbed during the year (239) (170)
(69) 41%
MAIN FINANCIAL RATIOS
  2020 2019
EBITDA MARGIN (EBITDA/OPERATING INCOME) 13.36% 17.33%
ROS (EBIT MARGIN) 2.85% 12.61%
STAFF COSTS/OPERATING INCOME 55.14% 54.77%

Share Capital

31,528,425,067.00 (latest change: 18.12.2018).

Financial statements