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The Political Economy of Sovereign Debt Ownership in the Eurozone
MPIfG Discussion Paper 20/2 Who Are These Bond Vigilantes Anyway? The Political Economy of Sovereign Debt Ownership in the Eurozone Tobias Arbogast MPIfG Discussion Paper MPIfG Discussion Paper Tobias Arbogast Who Are These Bond Vigilantes Anyway? The Political Economy of Sovereign Debt Ownership in the Eurozone MPIfG Discussion Paper 20/2 Max-Planck-Institut für Gesellschaftsforschung, Köln Max Planck Institute for the Study of Societies, Cologne April 2020 MPIfG Discussion Paper ISSN 0944-2073 (Print) ISSN 1864-4325 (Internet) © 2020 by the author(s) About the author Tobias Arbogast was a research assistant in the Research Group on the Sociology of Public Finances and Debt at the Max Planck Institute for the Study of Societies, Cologne. Email: [email protected] MPIfG Discussion Papers are refereed scholarly papers of the kind that are publishable in a peer-reviewed disciplinary journal. Their objective is to contribute to the cumulative improvement of theoretical knowl- edge. Copies can be ordered from the Institute or downloaded as PDF files (free). Downloads www.mpifg.de Go to Publications / Discussion Papers Max-Planck-Institut für Gesellschaftsforschung Max Planck Institute for the Study of Societies Paulstr. 3 | 50676 Cologne | Germany Tel. +49 221 2767-0 Fax +49 221 2767-555 www.mpifg.de [email protected] Arbogast: Who Are These Bond Vigilantes Anyway? iii Abstract This paper examines the ownership structure of eurozone public debt and the distribu- tional consequences thereof. Through both a comparative perspective and an explorative case study of Italy, this paper asks two research questions. Firstly, it asks who holds gov- ernment debt in Spain, France, Germany, and Italy. -
Energy in Tune With
Annual Report 2005 ENERGY IN TUNE WITH YOU The history of Enel is a part of the history of Italy, just as Enel is an expression of the Italian flair for innovation, creativity and “getting the job done” that is so characteristic of the country's enterprise culture. Today, however, Enel is even more: an international company that is driven by its values and their application in contexts beyond Italy's frontiers. Enel is currently present in eleven countries. In each of these, Enel's concerns, such as the search for innovation, respect for the environment, ethical and social commitment, technological development and attention for our customers, are expressed differently in the local environment while maintaining their universal significance. This is how Enel forges and promotes a single corporate identity in its operations around the world while embracing the principles of local integration, knowledge transfer and best practices. These principles are put into action through our most important resource: human capital. It is to our people that we dedicate the images in this publication, which communicate Enel's values through true stories and real people. Our thanks go to them, who represent all of those working every day to make the company stand out. Annual Report 2005 Report on operations 6 The Enel structure 7 Corporate boards 8 Letter to shareholders and stakeholders 12 Summary of results 15 Significant events in 2005 20 Regulatory and rate developments 24 Enel and the financial markets 30 Overview of the Group’s performance and financial -
Oh for a New Risorgimento
SPECIAL REPORT I TA LY June 11th 2011 Oh for a new risorgimento SRitaly.indd 1 31/05/2011 14:42 S PECIAL REPORT I TALY O h for a new risorgimento Italy needs to stop blaming the dead for its troubles and get on with life, says John Prideaux ON A WARM spring morning in Treviso, a town in Italy’s north•east, sev• eral hundred people have gathered in the main square, in the shadow of a13th•century bell tower, to listen to speeches. The crowd is so uniformly dressed, in casually smart clothes and expensive sunglasses, that an out• sider might assume invitations to this event had been sent out weeks ago. Most people are clutching plastic ags on white sticks. Some of them car• ry children wearing rosettes in red, white and green. On a temporary stage a succession of speakers talk about the country’s glori• ous history. Italy has taken the day o to celebrate its 150th anniversary as a nation. Treviso’s mayor, Gian Paolo Gobbo, is not celebrating. The desk in his oce faces a large painting of Venice in the style of Canaletto. This has some signicance for Mr Gobbo, who has spent his political career ghting to resus• citate the Republic of Venice, which nally expired in 1797 after a long illness. Below the painting stands a uorescent• green bear. It’s just like me! exclaims the mayor, a portly man in his 60s. Green is the colour of the Northern League, C ONTENTS a party which has sometimes toyed with the idea of break• 3 The economy ing up Italy and allowing the northern part of the country For ever espresso to go it alone. -
Differences Between Financial Options and Real Options
Lecture Notes in Management Science (2012) Vol. 4: 169–178 4th International Conference on Applied Operational Research, Proceedings © Tadbir Operational Research Group Ltd. All rights reserved. www.tadbir.ca ISSN 2008-0050 (Print), ISSN 1927-0097 (Online) Differences between financial options and real options Tero Haahtela Aalto University, BIT Research Centre, Helsinki, Finland [email protected] Abstract. Real option valuation is often presented to be analogous with financial options valuation. The majority of research on real options, especially classic papers, are closely connected to financial option valuation. They share most of the same assumption about contingent claims analysis and apply close form solutions for partial difference equations. However, many real-world investments have several qualities that make use of the classical approach difficult. This paper presents many of the differences that exist between the financial and real options. Whereas some of the differences are theoretical and academic by nature, some are significant from a practical perspective. As a result of these differences, the present paper suggests that numerical methods and models based on calculus and simulation may be more intuitive and robust methods with looser assumptions for practical valuation. New methods and approaches are still required if the real option valuation is to gain popularity outside academia among practitioners and decision makers. Keywords: real options; financial options; investment under uncertainty, valuation Introduction Differences between real and financial options Real option valuation is often presented to be significantly analogous with financial options valuation. The analogy is often presented in a table format that links the Black and Scholes (1973) option valuation parameters to the real option valuation parameters. -
Valuation of Stock Options
VALUATION OF STOCK OPTIONS The right to buy or sell a given security at a specified time in the future is an option. Options are “derivatives’, i.e. they derive their value from the security that is to be traded in accordance with the option. Determining the value of publicly traded stock options is not a problem as the market sets the price. The value of a non-publicly traded option, however, depends on a number of factors: the price of the underlying security at the time of valuation, the time to exercise the option, the volatility of the underlying security, the risk free interest rate, the dividend rate, and the strike price. In addition to these financial variables, subjective variables also play a role. For example, in the case of employee stock options, the employee and the employer have different reasons for valuation, and, therefore, differing needs result in a different valuation for each party. This appendix discusses the reasons for the valuation of non-publicly traded options, explores and compares the two predominant valuation models, and attempts to identify the appropriate valuation methods for a variety of situations. We do not attempt to explain option-pricing theory in depth nor do we attempt mathematical proofs of the models. We focus on the practical aspects of option valuation, directing the reader to the location of computer calculators and sources of the data needed to enter into those calculators. Why Value? The need for valuation arises in a variety of circumstances. In the valuation of a business, for example, options owned by that business must be valued like any other investment asset. -
Modeling the Steel Price for Valuation of Real Options and Scenario Simulation
Norwegian School of Economics Bergen, December, 2015 Modeling the Steel Price for Valuation of Real Options and Scenario Simulation Master thesis in Finance Norwegian School of Economics Written by: Lasse Berggren Supervisor: Jørgen Haug This thesis was written as a part of the Master of Science in Economics and Business Administration at NHH. Please note that neither the institution nor the examiners are responsible | through the approval of this thesis | for the theories and methods used, or results and conclusions drawn in this work. 1 Summary Steel is widely used in construction. I tried to model the steel price such that valuations and scenario simulations could be done. To achieve a high level of precision this is done with a continuous-time continuous-state model. The model is more precise than a binomial tree, but not more economically interesting. I have treated the nearest futures price as the steel price. If one considers options expiring at the same time as the futures, it will be the same as if the spot were traded. If the maturity is short such that details like this matters, one should treat the futures as a spot providing a convenience yield equal to the interest rate earned on the delayed payment. This will in the model be the risk-free rate. Then I have considered how the drift can be modelled for real world scenario simu- lation. It involves discretion, as opposed to finding a convenient AR(1) representation, because the ADF-test could not reject non-stationarity (unit root). Given that the underlying is traded in a well functioning market such that prices reflect investors attitude towards risk, will the drift of the underlying disappear in the one-factor model applied to value a real-option. -
The Promise and Peril of Real Options
1 The Promise and Peril of Real Options Aswath Damodaran Stern School of Business 44 West Fourth Street New York, NY 10012 [email protected] 2 Abstract In recent years, practitioners and academics have made the argument that traditional discounted cash flow models do a poor job of capturing the value of the options embedded in many corporate actions. They have noted that these options need to be not only considered explicitly and valued, but also that the value of these options can be substantial. In fact, many investments and acquisitions that would not be justifiable otherwise will be value enhancing, if the options embedded in them are considered. In this paper, we examine the merits of this argument. While it is certainly true that there are options embedded in many actions, we consider the conditions that have to be met for these options to have value. We also develop a series of applied examples, where we attempt to value these options and consider the effect on investment, financing and valuation decisions. 3 In finance, the discounted cash flow model operates as the basic framework for most analysis. In investment analysis, for instance, the conventional view is that the net present value of a project is the measure of the value that it will add to the firm taking it. Thus, investing in a positive (negative) net present value project will increase (decrease) value. In capital structure decisions, a financing mix that minimizes the cost of capital, without impairing operating cash flows, increases firm value and is therefore viewed as the optimal mix. -
Negative Rates in Derivatives Pricing. Theory and Practice Agustín Pineda
Negative Rates in Derivatives Pricing. Theory and Practice Agustín Pineda García Trabajo de investigación 021/017 Master en Banca y Finanzas Cuantitativas Tutores: Dr. Manuel Moreno Fuentes Gregorio Vargas Martínez Universidad Complutense de Madrid Universidad del País Vasco Universidad de Valencia Universidad de Castilla-La Mancha www.finanzascuantitativas.com Negative rates in derivatives pricing. Theory and Practice A MSc Thesis submitted to the Complutense University of Madrid in partial fulfilment of the requirements for the degree Master’s degree in Banking and Quantitative Finance July, 2017 Agust´ın Pineda Garcia† Academic supervisor: Manuel Moreno Fuentes†† Industry supervisor: Gregorio Vargas Mart´ınez‡‡ †[email protected] ††Associate Professor at University of Castilla-La Mancha ‡‡Market Risk Manager at EY Acknowledgments To my supervisors, Gregorio and Manuel, for their constant guidance and support. Your selfless help has been one of the main pillars of this project. To Alvaro,´ Alberto and Samu, who needed between 5 to 7 minutes to find and down- load those non-standard volatilities I had previously been searching for too many days. You are stars. To my friends, for su↵ering my bad mood when things just would not work. Wherever I am, you are always with me. Alba, Tamara, Fran, Miguel, Rober, Rub´en,Carlos, Joan, Ferran:Ideservenoneofyou,sothankyouall. To Eli, for an unforgettable journey full of laughter and companionship. Late-night discussions about quantile regression, friends, Archimedean copulae, life, martingale rep- resentation theorem and less important topics made my day. Everyday. To Dani, for assuming the role of being the best friend one could only imagine. You played it nicely, as every time you are on the stage. -
The Limitations of the Euro: a Case Study of the COVID-19 Pandemic in Italy
Bard College Bard Digital Commons Masters of Science in Economic Theory and Policy Levy Economics Institute of Bard College Spring 2020 The Limitations of the Euro: A Case Study of the COVID-19 Pandemic in Italy Madeleine Johnsson Follow this and additional works at: https://digitalcommons.bard.edu/levy_ms Part of the Health Economics Commons The Limitations of the Euro: A Case Study of the COVID-19 Pandemic in Italy by Madeleine Johnsson Thesis Submitted to the Master of Arts in Economic Theory and Policy The Levy Economics Institute of Bard College Annandale-on-Hudson, NY 2020 1 Introduction The COVID-19 pandemic in Italy is the latest event following the 2010 European sovereign debt crisis and the 2015 European migrant crisis to expose the limitations of the euro. While the worst of the COVID-19 pandemic is over in Italy, the Italian economy faces a new dilemma. Italy finds itself in a potential deadlock as other countries outside and inside the Economic and Monetary Union (EMU) are able to mitigate the impact of the pandemic through greater fiscal relief measures. Therefore, the fate of Italy’s economic woes lies in the hands of the European Central Bank (ECB) and the Economic Commission. The difficulty, however, is that the EMU and its governing institutions not only are predicated on neoclassical economics that strips away vital monetary and fiscal policy space for member states during a crisis but also lacks an autonomous fiscal policy mechanism on the supranational level that can act decisively in a health crisis which asymmetrically affects Eurozone countries. -
Energynews 2009 VI 1 – Existing, Recent And
Energy News in Southeast Europe two issues per month № 2009-VI/1 •17.06.2009 About: In this issue: Main focus of Balkan Energy NEWS is energy related news from coun- June (1) 2009 edition of Balkan Energy NEWS, tries of South East Europe. Countries involved are: Albania, Bulgaria, Bosnia and Herzegovina, Croatia, Greece, FYR Macedonia, Montene- with limited data. gro, Romania, and Serbia. Besides all regional energy related news, we are giving you in each issue one market analysis and review of the You can request free trial / latest issue on tenders announced and held in this area. You will be also able to see review of relevant power exchanges. [email protected] News are published to subscribers only as an .pdf edition, two times per month Actual data » Power sector operational and market data for the period of Balkan Energy NEWS consulting: 1.06.-15.6.2009 » Forecasted weather conditions for the following period BalkanEnergy NEWS Consulting § § § Consulting, intellectual and assistance services related to energy business in South Eastern Europe Analysis: Why Balkan Energy NEWS consulting? » Existing, recent and planned capacity increase of existing Hydro Power Plants - More then four years in consulting business for SEE Energy Sector § § § - More then three years leading info provider for energy business in SEE. News headlines For more information contact us on [email protected] Albania » EVN and Statkraft started with 3 HPP construction Disclaimer: » Construction works on oil terminal Vlora All rights reserved by Balkan Energy Solutions Team. No part of this pub- lication may be reproduced, redistributed, or in any other way copied as Bosnia and Herzegovina: a whole or partially without written permission of Balkan Energy Solu- » EP BiH: 2.5 billion euros of investments until 2020 tions Team. -
Integrated Report Terna S.P.A
Terna S.p.A. and Terna Group S.p.A. and Terna Terna ENERGY IS OUR RESPONSIBILITY 2019 Annual Report Report - Integrated 2019 2019 ANNUAL REPORT INTEGRATED REPORT WorldReginfo - c4516490-ee9b-48dc-874e-46a463ce0e93 All pictures are property of Terna. www.terna.it Mercurio GP Milan Strategic advisory Creative concept Graphic design Layout Editing www.mercuriogp.eu Password Language Services S.r.l. Rome Translation Varigrafi ca Alto Lazio S.r.l. Nepi (VT) Printing www.varigra ca.com WorldReginfo - c4516490-ee9b-48dc-874e-46a463ce0e93 OUR MISSION Energy is our responsibility. Responsibility is our energy. To play a leading role in the coming sustainable energy transition, by leveraging our distinctive innovation capabilities, competencies and technologies for the benefit of all stakeholders. We are a major operator of grids used to transport energy. We manage the high-voltage transmission of electricity in Italy, ensuring security, quality and cost-effectiveness over time. We are working hard on development of the electricity grid, the achievement of ongoing improvements in operational efficiency and integration with the European grid. We guarantee equal access to all grid users. We are developing Non-regulated Activities and new business opportunities, building on the experience and technical expertise gained in managing complex systems and on our technological excellence. WorldReginfo - c4516490-ee9b-48dc-874e-46a463ce0e93 The energy transition represents a major opportunity. Nothing less than an industrial transformation requiring a collective commitment from businesses, government and other stakeholders, called on to work together to devise strategies and implement projects designed to achieve the goals of decarbonisation, energy efficiency and security, and to deliver research, innovation and competitiveness. -
Results As of 31 March 2020 Approved
RESULTS AS OF 31 MARCH 2020 APPROVED • Revenues at € 567.5 million (€ 537.0 million in 1Q19, +5.7%) • EBITDA at € 434.2 million (€ 420.2 million in 1Q19, +3.3%) • Group net profit at € 186.6 million (€ 186.0 million in 1Q19, +0.3%) • Capex at € 217.5 million (€ 164.4 million in 1Q19, +32.3%) • Net debt at € 8,408.5 million (€ 8,258.6 million as of 31 December 2019) Rome, 13 May 2020 – The Chief Executive Officer and General Manager Luigi Ferraris has presented the results of the first quarter of 2020, which were examined and approved by the Board of Directors of Terna S.p.A. (“Terna”) at a meeting held on 13 May 2020 and chaired by Catia Bastioli. “The good results achieved in the first quarter of the year are the outcome of the Group’s constant capex acceleration process, evidence of Terna’s strategic role in the ongoing energy transition in our Country towards full integration of renewable sources. People, innovation, digitization and attention to local communities, with a view to dialogue and listening, continue to be the key pillars of a Strategic Plan that focuses all managerial actions on an increasingly safe, efficient and sustainable electricity grid, at the service of the Country and local communities” said Luigi Ferraris, Terna’s CEO and General Manager. SUMMARY OF 1Q2020 CONSOLIDATED RESULTS € million Q1 2020 Q1 2019 % change Revenues 567.5 537.0 +5.7% EBITDA (Gross Operating Profit) 434.2 420.2 +3.3% EBIT (Operating Profit) 282.0 279.8 +0.8% Group net profit for the period 186.6 186.0 +0.3% CAPEX 217.5 164.4 +32.3% Revenues of the first quarter of 2020 amounted to € 567.5 million and registered an increase of € 30.5 million (+5.7%) compared to the same period in 2019.