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2017 Annual Report 2017 Integrated Report Terna S.p.A. and Terna Group is our responsibility Energy Annual Report 2017 and Integrated Report TERNA S.P.A. AND TERNA GROUP Our mission Energy is our responsibility. Responsibility is our energy. “To play a leading role in the coming sustainable energy transition, by leveraging our distinctive innovation capabilities, competencies and technologies for the benefit of all stakeholders.” We are a major operator of grids used to transport energy. We manage the High-Voltage transmission of electricity in Italy, ensuring security, quality and cost-effectiveness over time. We are working hard on development of the electricity grid, the achievement of ongoing improvements in operational efficiency and integration with the European grid. We guarantee equal access to all grid users. We are developing Non-Regulated Activities and new business opportunities, building on the experience and technical expertise gained in managing complex systems and on our technological excellence. Integrated Report 6 Consolidated financial statements 156 Separate financial statements 232 Integrated Report NOTE TO THE READER As in previous years, the Report on Operations constitutes the Terna Group’s Integrated Report for 2017. In keeping with earlier editions, this year’s Integrated Report continues to apply the principles contained in the International Integrated Reporting Framework published by the IIRC (International Integrated Reporting Council), the international body set up to oversee this form of reporting, but introduces a number of significant changes. In terms of the manner in which content is organised, pride of place has been given to “Our People”: this is our way of highlighting the essential and central role played by expertise and human capital throughout the Group’s activities. The need to clearly and fully describe our business model has also led us to choose a “horizontal” approach, based on area of business (Regulated Activities, Non-Regulated Activities and International Activities), more in line with the connectivity of information. The materiality principle has been applied in selecting the information to include; in particular, the inclusion of information regarding environmental, social and governance aspects meets the need to show how they relate to the creation of value. The materiality matrix used is attached to this document. 8 TERNA S.P.A. AND TERNA GROUP | ANNUAL REPORT 2017 INTEGRATED REPORT CONSOLIDATED FINANCIAL STATEMENTS | SEPARATE FINANCIAL STATEMENTS The Terna Group | Operating environment | The Group’s strategy and businesses | Financial review | Risk management | Annexes Table of contents Statement to Stakeholders from the Chairwoman and the Chief Executive Officer 11 The Terna Group 12 Highlights and overview 14 Milestones 16 Key events during the year and after the end of the reporting period 18 Structure of the Group 25 Shareholder structure 26 Governance 28 Our business integrity and values 30 Operating environment 32 Macroeconomic environment 34 Market environment 36 Regulatory environment 45 Social environment 46 The Group’s strategy and businesses 48 Our people 50 Strategic Plan 2018-2022 57 Regulated Activities 60 Non-Regulated Activities 84 International Activities 90 Terna and Innovation 94 Financial review for 2017 100 The Terna Group 102 Terna’s shares 114 Terna SpA 118 Proposal for the Annual General Meeting regarding the distribution of Terna SpA’s profit for the year 122 Risk management 124 Risk management 126 Annexes 132 ANNUAL REPORT 2017 | TERNA S.P.A. AND TERNA GROUP 9 10 TERNA S.P.A. AND TERNA GROUP | ANNUAL REPORT 2017 INTEGRATED REPORT CONSOLIDATED FINANCIAL STATEMENTS | SEPARATE FINANCIAL STATEMENTS The Terna Group | Operating environment | The Group’s strategy and businesses | Financial review | Risk management | Annexes Statement to The world of energy is changing extremely rapidly and against this backdrop, our goal is to enable the transition to a more efficient, secure and sustainable energy system. Recent developments Stakeholders from have brought a series of new challenges, such as how to manage the decarbonisation process the Chairwoman and the need to guarantee security of supply and the cost-effectiveness of the service for businesses and households. and the Chief Executive Officer Terna is playing a strategic role in this scenario. We are developing a more resilient and sustainable grid, increasing cross-border interconnections and resolving localised congestion. We are also improving our grid, reducing the risk of interruptions to supply and implementing innovative, digital solutions. Against this backdrop, in accordance with our new Strategic Plan for the period 2018-2022, presented to the financial community on 22 March 2018, we intend to give priority to investment in our domestic market. Our aim is to focus on the needs of the system, with a view to strengthening the electricity grid and enabling the integration of renewable sources. In terms of our International Activities, the new Plan concentrates on the completion of projects already in progress, preserving the Company’s low risk profile. Our continued commitment, in relation to our Non-Regulated Activities, is to develop value added services based on our distinctive competencies. Sustainability is a part of our business model, with our environmental and social indicators included in the cost-benefit analysis (CBA) applied to our projects. The green economy and innovation go hand in hand: the introduction of green transformers (insulated with vegetable oil rather than mineral oil) and the dispatching of renewable energy are good examples of this. Energy for change depends on our people, in whom we are continuing to invest in the knowledge that they are the key to Terna’s future success. We are investing in development and training, reducing the age of our workforce through voluntary retirement schemes and by creating the conditions for new initiatives designed to attract talented young people. The aim is to create an environment in which employees can develop both personally and professionally. At Terna, dialogue with our stakeholders forms the basis for everything we do. We take a proactive approach to engagement with interest parties, such as national and local authorities, municipalities, the general public, trade unions and environmental organisations, and we believe that the involvement of stakeholders is key to delivering our business objectives. This year, we are once again proud to present you with an improved set of results, further proof of the ongoing progress achieved by the Group in terms of operational and financial efficiency. This financial strength and earnings performance are the foundations on whichwe can together build the Terna of the future. Backed by a solid financial structure, Terna is capable of creating further lasting and sustainable value for its shareholders and stakeholders. This is why we like to say that energy is Terna’s responsibility and that responsibility is our energy. Catia Bastioli Luigi Ferraris Chairwoman CEO ANNUAL REPORT 2017 | TERNA S.P.A. AND TERNA GROUP 11 The Terna 01 Group Highlights Revenue Total Shareholder Return 2,248 €m 514% +6.9% since the IPO at the end of 2017 EBITDA Dividends: Interim for 2017 1,604 €m +3.8% 7.43 euro cents per share Profit attributable to Final for 2017 owners of the Parent proposed to AGM 688 €m 14.57 euro cents per share +8.7% Capital expenditure 1,034 €m +21% Net debt 7,796 €m -2.3% SHARE PERFORMANCE AND SHAREHOLDER RETURN FINANCIAL HIGHLIGHTS PERFORMANCE 14 TERNA S.P.A. AND TERNA GROUP | ANNUAL REPORT 2017 INTEGRATED REPORT CONSOLIDATED FINANCIAL STATEMENTS | SEPARATE FINANCIAL STATEMENTS The Terna Group | Operating environment | The Group’s strategy and businesses | Financial review | Risk management | Annexes ASA Lines demolished Training (Average Service Availability) 98.3 km 50 hours per capita 99.99% Over 1,000 kilometres of lines have. been The number of per capita hours of training provided is well This figure, close to 100% as in previous removed since 2010 above the average for FTSE MIB years, is a mere tenth of a percentage point companies (25.8 in 2016, based below the maximum possible, confirming on the latest available data). the high quality of Terna’s services. CO2 emissions 0.47% Injury rate SF6 leakage rate 32% Leakages of the greenhouse gas, SF , as a percentage of total installed gas of Italy’s demand 6 capacity. This gas represents the principal 0.81 covered by renewable source of Terna’s direct CO2 emissions. The injury rate is down 19% electric sources on 2016. Carbon intensity Interconnection capacity* .0 tonnes of CO Turnover among 66 2 the under 30s 8.9% per €m In line with the last three years. With the entry into service of the International interconnections envisaged in the Strategic 1.0% Plan 2018-2022, Terna expects to reach the target of 10% set by the European Waste reused or recycled Turnover among the under 30s Community for 2020. is down 49% on 2016. 87 % Principal new lines Recovery of machinery and packaging entering service exceeds 95%. • Udine West-Redipuglia • Capri-Mainland SOCIAL PERFORMANCES ENVIRONMENTAL PERFORMANCES OPERATIONAL HIGHLIGHTS (*) Ratio of interconnection capacity to net installed capacity. ANNUAL REPORT 2017 | TERNA S.P.A. AND TERNA GROUP 15 Milestones ORIGINS THE NEW TERNA 1962-1999 2004 From a Monopoly to an Independent Terna’s Initial Public Offering System Operator A Cabinet Office Decree gives the Group Terna’s principal activities
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