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Six-Month Financial Report for the Period Ended As at June 30Th 2020

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Six-Month Financial Report for the Period Ended As at June 30Th 2020 Six‐month Financial Report for the period ended as at June 30th 2020 (1 January ‐ 30 June 2020) According to article 5 of Law 3556/2007 and relevant executive decisions of Hellenic Market Commission Board of Directors (amounts in € thousand unless otherwise mentioned) Industrial Commercial Technical Societe Anonyme 85 Mesogeion Ave., 115 26 Athens, Greece Societe Anonyme Reg. No. 318/06/Β/86/28 G.E.MI Reg. No. 312701000 TERNA ENERGY GROUP Six‐month Financial Report for the period from January 1st to June 30th 2020 CONTENTS I. REPRESENTATIONS OF THE MEMBERS OF THE BOARD OF DIRECTORS ................................. 4 II. SIX‐MONTHREPORT OF THE BOARD OF DIRECTORS on the consolidated and separate financial statements of the Company “TERNA ENERGY SOCIETE ANONYME INDUSTRIAL COMMERCIAL TECHNICAL COMPANY” for the period 01/01/2020 – 30/06/2020 ....................... 5 III. INDEPENDENT AUDITOR’S REVIEW REPORT .................................................................... 22 IV. CONDENSED INTERIM SEPARATE AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX‐MONTH PERIOD ENDED AS AT JUNE 30th 2020 ...................................................................... 24 NOTES TO CONDENSED INTERIM SIX‐MONTH FINANCIAL STATEMENTS .................................... 35 1. GENERAL INFORMATION ABOUT THE GROUP ..................................................................... 35 2 BASIS FOR THE PREPARATION OF FINANCIAL STATEMENTS ................................................ 36 3. RISK MANAGEMENT ............................................................................................................. 42 4. GROUP STRUCTURE .............................................................................................................. 45 5. SEGMENT REPORTING .......................................................................................................... 50 6. BUSINESS ACQUISITIONS ...................................................................................................... 56 7. INTANGIBLE ASSETS .............................................................................................................. 60 8. PROPERTY, PLANT AND EQUIPMENT ................................................................................... 61 9. OTHER LONG‐TERM RECEIVABLES ....................................................................................... 61 10. FINANCIAL ASSETS – CONCESSIONS ................................................................................. 62 11. PREPAYMENTS AND OTHER RECEIVABLES ....................................................................... 64 12. CASH AND CASH EQUIVALENT .......................................................................................... 65 13. SHARE CAPITAL – EARNINGS PER SHARE ......................................................................... 66 14. EQUITY INSTRUMENTS HAVING A SUBSTANCE OF FINANCIAL LIABILITY ........................ 67 15. BORROWINGS ................................................................................................................... 70 16. FINANCIAL DERIVATIVES ................................................................................................... 73 17 OTHER PROVISIONS .......................................................................................................... 76 18 GRANTS ............................................................................................................................. 77 19 ACCRUED AND OTHER LONG‐TERM AND SHORT‐TERM LIABILITIES ................................ 77 20 OTHER REVENUE /(EXPENSES) ......................................................................................... 78 21 REVENUE FROM PARTICIPATING INTEREST AND OTHER INVESTMENTS ......................... 79 22 NUMBER OF PERSONNEL ................................................................................................. 79 23 INCOME TAX ..................................................................................................................... 79 2 TERNA ENERGY GROUP Six‐month Financial Report for the period from January 1st to June 30th 2020 24 TRANSACTIONS WITH RELATED PARTIES ......................................................................... 80 25 FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE ........................................................ 83 26 EFFECTIVE LIENS ............................................................................................................... 86 27 SIGNIFICANT EVENTS DURING THE PERIOD (FIRST SIX‐MONTH 2020) ............................ 86 28. CONTINGENT ASSETS AND LIABILITIES ............................................................................. 88 29. SIGNIFICANT EVENTS AFTER THE REPORTING DATE OF STATEMENT OF FINANCIAL POSITION ...................................................................................................................................... 93 30. APPROVAL OF FINANCIAL STATEMENTS .......................................................................... 94 3 TERNA ENERGY GROUP Six‐month Financial Report for the period from January 1st to June 30th 2020 I. REPRESENTATIONS OF THE MEMBERS OF THE BOARD OF DIRECTORS (under article 5, par. 2, Law 3556/2007) The below statements are made by the following representatives: George Peristeris, Chairman of the Board of Directors Emmanuel Maragoudakis, Chief Executive Officer George Spyrou, Executive Member of the Board of Directors WE HEREBY DECLARE AND CERTIFY To the best of our knowledge that: a. The attached six‐month financial statements of the Company TERNA ENERGY SOCIETE ANONYME INDUSTRIAL COMMERCIAL TECHNICAL COMPANY (the Company) for period from January 1st 2020 to June 30th 2020, prepared according to the applicable International Financial Reporting Standards (IFRS), adopted by the European Union and applied in the Interim Financial Reporting (International Accounting Standard 34) present truly and fairly the assets and liabilities, the equity as at 30/06/2020 and the comprehensive financial results of the Company for the first six‐month period of 2020 as well as of the companies included in the consolidation in aggregate, according to par. 3 – 5 of article 5 of Law 3556/2007, and b. The six‐month Board of Directors Report presents in a true and fair view the information required according to par. 6 of article 5 of Law 3556/2007. Athens, 01 September 2020 George Peristeris Emmanuel Maragoudakis George Spyrou Chairman of the Chief Executive Officer Member of the BoD BoD 4 TERNA ENERGY GROUP Condensed Interim Financial Statements as of June 30th 2020 (Amounts in thousand Euro, unless otherwise stated) II. SIX‐MONTHREPORT OF THE BOARD OF DIRECTORS on the consolidated and separate financial statements of the Company “TERNA ENERGY SOCIETE ANONYME INDUSTRIAL COMMERCIAL TECHNICAL COMPANY” for the period 01/01/2020 – 30/06/2020 The current Six‐month Report of the Board of Directors, pertaining to the interim period from January 1st to June 30th 2020, has been prepared and is in compliance with the provisions of Law 4548/2018 and Article 5 of Law 3556/2007 and the relevant executive decisions of the Hellenic Capital Market Commission Board of Directors. The financial statements have been prepared in accordance with the International Financial Reporting Standards adopted by the European Union and, in particular, in accordance with IAS 34. Introduction The current report briefly presents the financial information for the six‐month reporting period, as well as the most significant events that took place (before and after the reporting date of the financial statements). It also describes the main risks and uncertainties that the Group may face during the second half of 2020 and, finally, lists the significant transactions that took place between the issuer and its affiliates. In section E, special reference is made to the sudden outbreak and rapid spread of COVID‐19 around the globe, as well as to the serious adverse effects it caused, both to the citizens’ health and to the national economy of every affected state. Α. Financial Developments & Performance for the Reporting Period Greece, mainly thanks to timely reaction of the state, thorough scientific excellence and heroic effort of the medical professionals that undertook the burden of addressing the coronavirus pandemic, as well as the fact that the citizens accepted restrictions imposed on their transpiration, managed to be distinguished for the effectiveness of the specifically generated mechanism, since the country recorded very low number of COVID‐19 cases and a very small number of deaths. Despite the tragedy of the situation around the globe and the extremely adverse effects of the pandemics on the world economy, Greece has managed to set a good example to follow and strengthened its position as an investment‐friendly country, a stronger and a more stable one after the previous decade‐long economic crisis, hospitable, open as a society, creative and ready to transmit new standards, new ideas and social values to the world. TERNA ENERGY Group, as Mr. George Peristeris, Chairman of the Board has repeatedly pointed out, believes in the potential of the Greek society and the growth dynamics of our national economy, continues to invest significant amounts on annual basis, even during major crises, such as the current COVID‐19 pandemic. The question arising now, both nationally and globally, is: "what will it be like after the virus?" 5 TERNA ENERGY GROUP Condensed Interim Financial Statements as of June 30th
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