Basis of presentation

The measurement and recognition criteria applied in this annual financial report are consistent with those adopted in the separate financial statements at 31 December 2012.

Note that, as described above, during this financial year, the project for the new organisational structure of Terna Group was launched, in the context of which, on 23 March 2012, the Parent Company Terna leased to Terna Rete Italia S.p.A. a business unit comprising human resources, goods and relationships related to operation activities, ordinary and extraordinary maintenance and development of the NTG. The contract, four years in length and renewable for a further four years, is effective from 1 April 2012 and has a yearly instalment of €23.7 million.

The equity of the business unit on the effective date of the contract is summarised in the following statement:

In thousands of euros 1 April 2012
Assets
Employee receivables 4,479.4
Deferred tax assets 16,799.8
Total assets for business unit 21,279.2
Receivables from Parent Company Terna 100,045.4
Total assets 121,324.6
Liabilities
Termination benefits and other employee benefits 109,902.9
Payables to employees and social security institutions 11,421.7
Total liabilities for business unit 121,324.6
 

The number of employees included in the business unit on 31 December 2012 amounts to 3,088 units.

In view of the organisational structure described above, a series of new inter-company contracts were signed during the year for the regulation of technical and administrative services within the Terna Group.

It follows that the analysis of the changes in the balances of the company's financial and equity items compared to the previous period has been significantly influenced by this reorganisation.