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Terna Group Interim Financial Report 30 June 2015

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Terna Group Interim Financial Report 30 June 2015 Terna Group Interim Financial Report 30 June 2015 WorldReginfo - 638e028d-a550-44d2-b3ed-be8d145b7096 Contents Highlights – The results of the first half of 2015 ...................................................................................................... 3 Interim report on operations at 30 June 2015 ............................................................................................... 4 Organisation, reference scenario and business ..................................................................................................... 6 Risks and opportunities.......................................................................................................................................... 31 The Group's Performance ..................................................................................................................................... 44 Future prospects .................................................................................................................................................... 69 Condensed consolidated interim financial statements at 30 June 2015 ................................................. 88 Consolidated financial statements ......................................................................................................................... 90 Notes to the Financial Statements ........................................................................................................................ 97 Certification of the consolidated interim financial statements under the terms of Art. 81-ter Consob Regulation No. 11971 of 14 May 1999, and subsequent amendments and additions ............ 143 Report of the Independent Auditors .......................................................................................................... 145 2 WorldReginfo - 638e028d-a550-44d2-b3ed-be8d145b7096 Highlights – The results of the first half of 2015 0 The Terna stock . +5.4% from the start of the year, the best performance among regulated stocks in Europe . Record high for the security, € 4.40 per share on 19 May Financial and economic performance INCOME STATEMENT 767 310 1,002€mln €mln €mln Revenue EBITDA Net profit +1.9%YoY +13.1% +5.5%YoY YoY INVESTMENTS AND PAYABLES 439€mln 6,876€mln Investments Net Payables Development of the transmission grid Work in the period on the main projects1 . Italy – Montenegro HVDC interconnection (76€mln) . Sorgente – Rizziconi 380 kV power line (25€mln) . Italy – France interconnection (16€mln) . Udine Ovest-Redipuglia 380 kV power line (27€mln) (1) Net of capitalised borrowing costs. 3 WorldReginfo - 638e028d-a550-44d2-b3ed-be8d145b7096 Interim report on operations at 30 June 2015 WorldReginfo - 638e028d-a550-44d2-b3ed-be8d145b7096 Contents Introduction ...................................................................................................................................................... 6 Organisation, reference scenario and business ............................................................. 6 Organisation and context in which the Group operates ............................................................................. 6 Shareholders ............................................................................................................................................................ 7 The corporate structure ............................................................................................................................................ 8 Terna's commitment, objectives and strategies in the medium and long term .................................................... 11 Reference context .................................................................................................................................................. 12 The Group's business and capital ............................................................................................................... 16 Electricity dispatching ............................................................................................................................................. 16 Non-Regulated Activities ....................................................................................................................................... 20 Terna's International Business .............................................................................................................................. 23 Research and development .................................................................................................................................. 26 The National Transmission Grid – Number of plants............................................................................................ 27 Management of human capital .............................................................................................................................. 28 Risks and opportunities .................................................................................................. 31 The situation regarding risks and opportunities for the Terna Group ..................................................... 31 Agreement with the community ............................................................................................................................. 31 Risks and uncertainties facing Terna and the Group ........................................................................................... 32 Risk protection ............................................................................................................................................... 38 Risk management systems and instruments ........................................................................................................ 38 The security of the electricity system..................................................................................................................... 41 Information Security ............................................................................................................................................... 42 The Group's Performance ............................................................................................... 44 Significant events in the first half of 2015 .............................................................................................................. 44 Performance of Terna stock ......................................................................................................................... 48 Economic-financial performance ................................................................................................................. 51 Operating performance ................................................................................................................................. 64 Sustainability performance .......................................................................................................................... 67 Future prospects ............................................................................................................. 69 Future performance in the short and medium-long term .......................................................................... 69 Grid development ................................................................................................................................................... 69 Significant events subsequent to 30 June 2015 ................................................................................................... 74 Business outlook .................................................................................................................................................... 75 ANNEX – Italy's regulatory framework ........................................................................................................ 76 WorldReginfo - 638e028d-a550-44d2-b3ed-be8d145b7096 Introduction The Interim Financial Report of the Terna Group at 30 June 2015 has been prepared in accordance with the provisions of Art. 154-ter of Italian Legislative Decree 58/98 introduced by Italian Legislative Decree No. 195 of 6 November 2007 (the “Transparency Decree”), as amended by Italian Legislative Decree No. 27 of 27 January 2010. Organisation, reference scenario and business Organisation and context in which the Group operates Terna S.p.A. operates mainly in the Italian electricity system. Within the industry supply chain – the production, transmission, distribution and sale of electricity – Terna manages the transmission segment, in the role of Italian TSO (Transmission System Operator), a monopoly position through government concession. The activities performed by Terna are regulated by the Italian Regulatory Authority for Electricity Gas and Water (AEEGSI) and the Ministry for Economic Development. The Terna Group owns almost all of the National Transmission Grid (NTG) in Italy1 and is responsible for the transmission and dispatching of electricity on the high- and very-high-voltage grid throughout the country, as well as the planning, implementation and maintenance of the grid. In managing transmission, Terna guarantees the security, quality and cost-effectiveness of the National Electricity System. It ensures equal conditions of access for all grid users. It develops market activity and new business opportunities with the experience and technical skills gained in managing complex systems. It also creates value for its shareholders with a strong commitment to professional best practices and with
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