Earnings before interest, tax, depreciation and amortisation (Ebitda) were up 20.6% at €1.58bn. However, net profit was 9.7% lower at €408m compared to €452m in 2010.
This was due to the expiry of tax relief on investments under Italy’s “Tramonti-ter” decree, which only applied in 2009 and 2010, and an increase to the country’s so-called “Robin Hood Tax” on corporations. The latter was raised from 6.5%
