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  • National transmission grid (Energy glossary)

    The system of transmission and distribution grids connected via one or more interconnection devices.

  • National transmission grid operator (GRTN) (Energy glossary)

    GRTN is a joint-stock company appointed to promote, provide incentives for and develop renewable sources in Italy. Up until November 2005, it was responsible for the transmission and despatching of electricity over the high-voltage and extra-high voltage grid. Terna is now responsible for this activity. Note that the national transmission grid operator is normally referred to by its Italian initials, GRTN (Gestore della rete di trasmissione nazionale).

  • Neon (Environment Glossary)

    Chemical element, noble gas used for tubular lamps and, above all, illuminated signs.

  • Net Financial Debt (Investor Relations Glossary)

    This is intended as the total financial payables, to banks and other lenders, net of the immediate liquidity available to the company (cash and banks). A high net financial debt is typical of the so-called interest sensitive securities, that receive significant benefits in the case of a general reduction of interest rates.

  • Net Profit (Investor Relations Glossary)

    Final result of the year. This is calculated subtracting from the gross profit the amount of income taxes.

  • Net Profit Margin (Investor Relations Glossary)

    This is the ratio between net profit and turnover. Indicates the part of turnover transformed into profit.

  • Net Working Capital (Investor Relations Glossary)

    Difference between the current assets, consisting of the liquid assets or available in the short-term, and current liabilities, consisting of the short-term payables.
    It represents the part of the current assets that are not financed by short-term payables and that, therefore, must be financed either by medium long-term payables or by own funds.
    Where the current liabilities are greater than the current assets it is evident that there is a serious situation of difficulty for the company, in that a part of the fixed investments is financed by short-term payables and it is not able to meet with its own funds its financial commitments in the short-term.
    If the net working capital records a negative change in the period under consideration, this means that short-term sources of funds were utilised to cover a part of the long-term needs of the business.
    This situation results in a deterioration in the liquidity position of the company and a greater dependence on suppliers and lenders with the consequence that in the future liquidity problems could arise.

  • Network of gas pipelines (or transport) (Energy glossary)

    Network made up of high and medium-pressure, large-diameter gas pipeline. The cultivation pipelines and distribution networks are not included in this network.

  • Network of local gas pipelines (or local distribution) (Energy glossary)

    Network of local, low-pressure, small-diameter gas pipelines managed by local gas distribution companies to be supplied to the end customers.

  • Non distributable profits (Investor Relations Glossary)

    Part of the profits of the company belonging to the shareholders, not distributed as dividends.

  • Non-eligible customer (Energy glossary)

    A physical or legal person, who does not belong to the category of eligible customers, who can stipulate supply contracts only with the distributor who provides the service in that person's geographical area.

  • Non-eligible market (Energy glossary)

    The area of the electricity market for supplying end customers who, since they do not belong to the category of eligible customers, can only stipulate contracts with the distributor that provides the service in the geographical area. In this context there is only one electricity purchase price at national level, and it is regulated by the Authority for Electrical Energy and Gas.

  • Non-ferrous metals (Environment Glossary)

    Iron-free alloys.

  • Notes to the financial statements (Investor Relations Glossary)

    This is an integral part of the financial statements and has the function to complete the data reported in the Balance Sheet and in the Income Statement in order that they are clear to the reader of the financial statements.
    It is a document that includes the accounting principles, the procedures and valuation criteria utilised in the preparation of the financial statements.

  • Nylon (Environment Glossary)

    Synthetic fibre with polyamide structure.

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