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  • Day ahead market (Energy glossary)

    The marketplace for negotiating the purchase and sale of electricity for each hour of the day following the day of negotiation. The combination of supply and demand not only defines the prices and the quantities of electricity that will be exchanged the following day, but also the electricity input/withdrawal programmes for the national transmission grid.

  • Debt Ratio (Investor Relations Glossary)

    This is the ratio between the total liabilities and total assets. Indicates the percentage of the payables on the total assets of a company.

  • Debt ratio and own funds (Investor Relations Glossary)

    Also defined as debt equity ratio. This is the ratio between the total liabilities and own funds. Defines the guarantee offered by the own funds in case of liquidation.
    Also defined as the ratio between net financial debt and net equity. We recall that the net financial debt results from the difference between the total financial debt and the liquidity (cash and bank). The debt equity indicator reports a positive signal when the values are low, and even more so when it is not possible to calculate it, in that the net financial position is positive.
    There are standard values that measure the level of danger for a company and they are:

    • D/E < 0.50 the company is in a positive situation
    • 0.50 < D/E < 1 situation to be maintained under control
    • D/E > 1 situation very negative
  • Default (Investor Relations Glossary)

    Identifies the condition of declared impossibility to honour payables and/or the payment of relative interest.

  • Deposit certificates (Investor Relations Glossary)

    Issued by a credit institution, it is a credit bond that is discounted based on the rate of return.

  • Deposits (Investor Relations Glossary)

    Includes current accounts, deposits with pre-arranged duration, repayable with notice, subordinated liabilities with a technical form different than bonds, and forward term operations. The current account deposits also include cheques while they do not include restricted current accounts. The deposits with pre-arranged duration include the deposit certificates, including those issued for the collection of subordinated loans, restricted current accounts and restricted saving accounts. The deposits repayable with notice include the normal savings account and other deposits. 

  • Directors' Report (Investor Relations Glossary)

    Document prepared by the directors that has the principal purpose of providing a true account of the situation of the company, the performance of its overall management and in the various sectors in which it operates, including of its subsidiary companies, with particular regard to costs, revenues and investments.
    The report must indicate the strategic lines followed, the principal operations concluded during the year (investments made) and significant events after the year end, in addition to the outlook of the business.

  • Dispatching (Energy glossary)
    • Electricity

    The activity of coordinated management and regulation of the production plants, the national transmission grid and auxiliary services entrusted to the company Terna and that proves essential for guaranteeing a proper demand balance.

    • Natural gas

    The activity of coordinated management and regulation of the cultivation and storage plants, the transport and distribution networks, as well as the auxiliary services, which is essential for guaranteeing a proper balance between demand and supply.

  • Dispatching service (see Dispatching) (Energy glossary)
  • Dispatching service market (Energy glossary)

    The marketplace for negotiating the procurement of certain resources necessary for the despatching service. When fully operational, this will be made up of several markets: the congestion resolution market, the reserve market, and the balancing service market.

  • Distribution (Energy glossary)
    • Electricity

    The activity of transporting and transforming electricity to end customers on the medium-and low-voltage distribution networks.

    • Natural gas

    The activity of natural gas transport to the end customers through the local pipeline networks.

  • Distributor (Energy glossary)

    Party responsible for local distribution, which owns the electricity grid or the natural gas network to which the end customers are directly connected.

  • Dividend Option (Investor Relations Glossary)

    This is a dividend payable to the shareholders through cash or shares. Normally it is the shareholder that chooses the possibility, between the two, which is considered most appropriate.

  • Dividend in Shares (Investor Relations Glossary)

    Payment of dividend by means of the delivery of shares. This may relate to, for example, new shares issued on the occasion of the increase in the free share capital.

  • Dividend on Liquidation (Investor Relations Glossary)

    Dividend that is paid to the shareholders, that does not correspond to profits recorded but represents a distribution of capital. This may be deliberated, for example, for the termination of the activities of the company or due to the sale of the investments.

  • Dividend paid (Investor Relations Glossary)

    The net profit of the year paid to the shareholders as remuneration of the Risk Capital, differing from the “stock dividend” where the dividend is distributed under the form of new shares.

  • Dividend yield (Investor Relations Glossary)

    Return of the dividends, calculated from the ratio between the dividend per share and the market price of the share.

  • Dividends (Investor Relations Glossary)

    Remuneration paid to the holder of shares, normally annually for Italian companies and quarterly for American companies, that can be paid in cash, in new free shares or in another manner. The Shareholders’ Meeting that approves the financial statement deliberates on the distribution of the profits to the shareholders. Dividends cannot be paid on shares if profits have not been recorded and resulting from the financial statements duly approved.

  • Drain (Water Glossary)

    any introduction of waste water into surface water, onto the ground, into the subsoil and into the sewer system, regardless of its pollutant properties, even subjected to prior treatment. Releases of water provided for by art. 114 (releases from dams) are not included.

  • Drainage (Environment Glossary)

    Network for collecting rainwater and leachate in the landfill.

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