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Improve to Increase Value

 
Objectives Actions carried out in 2016 Future objectives
Maintain a high level of interest by investors towards the Group, with particular attention towards US funds Intense contact with institutional investors and financial analysts, marked by the increase in financial markets visited, which also included the United States (Boston and New York) • Group focus on the continuous improvement process of financial communication, with the aim of extending the coverage of financial analysts so as to increase the visibility for the market and stakeholders of growth, efficiency and sustainability actions that have been implemented
• Maintenance of high disclosure levels in the CDP survey (Carbon Disclosure Project)
Maintain the Investment Grade rating Confirming the public Investment Grade rating from the Fitch agency equal to BBB- and BBB for the bond issues • Maintenance of the Investment Grade rating
Continue with the coverage activities of financial requirements to support the investments with a balanced relationship between short and medium/long term funds • Improvement and use of new medium/long-term loans for 520 million Euro, of which 500 million with a new public bond issue with a duration of 8 years
• Extension of the BEI Idro credit line for 30 million Euro
• Update and extension of a bond issue program (EMTN Program) up to a maximum amount of 1.5 billion Euro
• Continuation with the coverage activities of financial requirements to support the investments with a balanced relationship between short and medium/long term funds
Optimise the debt portfolio also with liability management activities aimed at reducing the cost of debt • Liability management operations to reduce the cost of debt: Tender Offer operation for 150 million Euro and early repayment of bank loans amounting to 200 million Euro • Continuation of the optimisation of the debt portfolio also with liability management activities aimed at reducing the cost of debt