Key figures and annual report

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%