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ANNUAL FINANCIAL REPORT for the Period TERNA ENERGY Industrial Commercial Technical Societe Anonyme 85 Mesogeion Ave., 115 26 Athens, Greece Societe Anonyme Reg. No. 318/06/Β/86/28 ANNUAL FINANCIAL REPORT for the period from 1 January to 31 December 2020 In accordance with Article 4, Law 3556/2007 and the relevant Executive Decisions of the Hellenic Capital Market Commission Board of Directors TERNA ENERGY GROUP Annual Financial Report for 2020 (Amounts in thousand Euro unless mentioned otherwise) Contents I. REPRESENTATIONS OF THE MEMBERS OF THE BOARD OF DIRECTORS (under article 4, par. 2, Law 3556/2007) ............................................................................................................................................ 4 II. ANNUAL MANAGEMENT REPORT OF THE BOARD OF DIRECTORS OF “TERNA ENERGY S.A.” ON CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR FINANCIAL YEAR 2020 ....................... 5 CORPORATE GOVERNANCE STATEMENT ............................................................................................ 60 III. INDEPENDENT AUDITOR’S REPORT ..................................................................................... 72 IV. ANNUAL SEPARATE AND CONSOLIDATED FINANCIAL STATEMENTS FOR FY ENDED AS AT DECEMBER 31st, 2020 (1 January – 31 December 2020) ....................................................................................... 78 NOTES TO FINANCIAL STATEMENTS .................................................................................................. 89 1. GENERAL INFORMATION ABOUT THE GROUP .................................................................... 89 2. FRAMEWORK FOR THE PREPARATION OF FINANCIAL STATEMENTS ............................... 90 3 SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGMENTS OF THE MANAGEMENT ....... 95 4 SUMMARY OF KEY ACCOUNTING POLICIES ..................................................................... 100 5. CONSOLIDATED COMPANIES AS AT 31/12/2020 .............................................................. 124 6. SEGMENT REPORTING ....................................................................................................... 130 7. BUSINESS ACQUISITIONS AND DISPOSALS ........................................................................ 137 8. INTANGIBLE ASSETS ........................................................................................................... 143 9. RIGHT - OF - USE ASSETS ................................................................................................... 145 10. TANGIBLE ASSETS .............................................................................................................. 147 11. INVESTMENT PROPERTY .................................................................................................... 152 12. INVESTMENTS IN SUBSIDIARIES ........................................................................................ 152 13. INVESTMENTS IN ASSOCIATES .......................................................................................... 156 14. INVESTMENTS IN JOINT ARRANGEMENTS ........................................................................ 157 15. INVESTMENTS IN EQUITY INTERESTS ................................................................................ 158 16. OTHER LONG-TERM RECEIVABLES .................................................................................... 159 17. FINANCIAL ASSETS - CONCESSIONS ................................................................................... 159 18. INVENTORIES ..................................................................................................................... 162 19. TRADE RECEIVABLES .......................................................................................................... 163 20. PREPAYMENTS AND OTHER RECEIVABLES ........................................................................ 165 21. RECEIVABLES/(LIABILITIES) FROM CONTRACTS WITH COSTUMERS ................................. 166 22. CASH AND CASH EQUIVALENTS ......................................................................................... 167 23. BORROWING...................................................................................................................... 168 24. LEASE LIABILITIES ............................................................................................................... 172 25. FINANCIAL DERIVATIVES ................................................................................................... 173 26. PROVISION FOR EMPLOYEE COMPENSATION ................................................................... 175 27. OTHER PROVISIONS ........................................................................................................... 177 28. GRANTS .............................................................................................................................. 178 29. EQUITY INSTRUMENTS HAVING A SUBSTANCE OF FINANCIAL LIABILITY ......................... 178 30. SUPPLIERS .......................................................................................................................... 181 31. ACCRUED AND OTHER SHORT-TERM LIABILITIES .............................................................. 182 32. SHARE CAPITAL AND SHARE PREMIUM ............................................................................. 183 33. RESERVES ........................................................................................................................... 185 34. EARNINGS PER SHARE ....................................................................................................... 187 35. INCOME TAX- DEFERRED TAX ............................................................................................ 187 36. TURNOVER ......................................................................................................................... 194 37. COST OF SALES, ADMINISTRATIVE AND RESEARCH AND DEVELOPMENT EXPENSES ....... 196 38. OTHER INCOME/EXPENSES ............................................................................................... 198 39. FINANCIAL INCOME/EXPENSES ......................................................................................... 199 40. PAYROLL COST ................................................................................................................... 200 41. TRANSACTIONS WITH RELATED PARTIES .......................................................................... 200 42. RISK MANAGEMENT POLICIES AND PROCEDURES ............................................................ 203 43. PRESENTATION OF FINANCIAL ASSETS AND LIABILITIES PER CATEGORY ......................... 212 2 TERNA ENERGY GROUP Annual Financial Report for 2020 (Amounts in thousand Euro unless mentioned otherwise) 44. LIABILITIES ARISING FROM FINANCING ACTIVITIES .......................................................... 214 45. FAIR VALUE MEASURMENT ............................................................................................... 214 46. CAPITAL MANAGEMENT POLICIES AND PROCEDURES ..................................................... 216 47. EFFECTIVE LIENS ................................................................................................................ 218 48. CONTIGENT ASSETS AND LIABILITIES ................................................................................ 218 49. EVENTS AFTER THE REPORTING DATE OF STATEMENT OF FINANCIAL POSITION ............ 224 50. APPROVAL OF FINANCIAL STATEMENTS ........................................................................... 234 3 TERNA ENERGY GROUP Annual Financial Report for 2020 (Amounts in thousand Euro unless mentioned otherwise) I. REPRESENTATIONS OF THE MEMBERS OF THE BOARD OF DIRECTORS (under article 4, par. 2, Law 3556/2007) The below statements are made by the following representatives: 1. George Peristeris, Chairman of the Board of Directors 2. Emmanouil Maragoudakis, Chief Executive Officer 3. George Spirou, Executive Member of the Board of Directors WHO HEREBY DECLARE AND CERTIFY to the best of our knowledge that: i) The attached annual separate and consolidated financial statements of the Company TERNA ENERGY S.A. for the annual period from January 1st 2020 to December 31st 2020 prepared according to the applicable accounting standards, present truly and fairly the assets and liabilities, the equity and the financial results of the Company as well as of the companies included in the consolidation in aggregate, and ii) The attached BoD Report provides a true and fair view of the Company’s evolution, performance and position, as well as of the companies included in the consolidation in aggregate. A description of the main risks and uncertainties to which they are exposed is also encompassed in the Report. Athens, 27 April 2021 Chairman of the BoD Chief Executive Officer Member of the BoD George Peristeris Emmanouil Maragoudakis George Spirou 4 TERNA ENERGY GROUP Annual Financial Report for 2020 (Amounts in thousand Euro unless mentioned otherwise) II. ANNUAL MANAGEMENT REPORT OF THE BOARD OF DIRECTORS OF “TERNA ENERGY S.A.” ON CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR FINANCIAL YEAR 2020 Dear Shareholders, In compliance with provisions of Law 4548/2018 as well as Law 3556/2007 Article 4 par. 2(c), 6,7 & 8 and the decisions issued by the Hellenic Capital Market Commission under No. 7/448/11-10-2007 Article 2 and the Company’s Articles of Association, we are hereby submitting the annual management report of the Board of Directors for the financial year from 01/01/2020
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