Terna Energy S.A.

Annual / Quarterly Financial Statement • Apr 30, 2018

				COMPANY INFORMATION
Relevant Authority: Board of Directors' Composition:	General Secretariat of Commerce Georgios Peristeris (chairman), Georgios Perdikaris (vice-chairman), Emmanuel Maragoudakis (CEO),				Approval Date of the annual Financial Statements (from which the condensed data were derived): Legal Auditor:	27 April 2018 Pavlos Stellakis (SOEL Reg. No. : 24941)
	Georgios Spyrou (executive director), Michael Gourzis & Vasilis Delikaterinis (executive members), George Mergos (non-executive member), Gagik Apkarian & Nikolaos Kalamaras (independent non				Auditing Firm:		GRANT THORNTON AE (SOEL Reg. No. : 127)
	executive members).				Type of audit report by Legal Auditor: Company Website:	Unqualified www.terna-energy.com
STATEMENT OF FINANCIAL POSITION (Consolidated and Non-Consolidated) Amounts in thousand euro					STATEMENT OF COMPREHENSIVE INCOME (Consolidated and Non-Consolidated) Amounts in thousand euro
	GROUP			COMPANY		GROUP		COMPANY
	31/12/2017	31/12/2016	31/12/2017	31/12/2016		1/1-31/12/2017	1/1-31/12/2016	1/1-31/12/2017	1/1-31/12/2016
ASSETS Self used tangible fixed assets	1.122.834	970.577	93.205	99.427	Turnover	276.535	225.560	96.175	107.433
Investment property	509	530	509	530	Gross profit / (losses)	114.125	74.202	36.659	27.700
Other non-current assets	65.117	46.919	385.533	341.176	Earnings/(Loss) before interest and tax (EBIT)	105.341	74.750	27.551	25.227
Intangible assets Inventories	22.853 4.218	27.102 4.063	2.004 3.097	2.116 3.403	Earnings/(Loss) before tax Earnings/(Loss) after tax (A)	57.015 37.120	36.291 21.379	18.378 12.469	18.726 12.484
Trade receivables	79.867	83.516	52.521	62.642	Allocated to:
Cash & cash equivalents	201.328	164.399	97.782	29.249	Company Shareholders	37.089	20.648
Other current assets	106.585	140.505	22.904	20.086	Minority Shareholders	31	731
TOTAL ASSETS	1.603.311	1.437.611	657.555	558.629		37.120	21.379
EQUITY & LIABILITIES					Other comprehensive income after taxes (B)	818	(578)	(293)	56
Share capital Other items of Shareholders' Equity	32.794 336.578	32.794 316.066	32.794 268.653	32.794 273.624	Total comprehensive income after taxes (A+B) Allocated to:	37.938	20.801	12.176	12.540
Total Shareholders' Equity (a)	369.372	348.860	301.447	306.418	Company Shareholders	37.888	20.077
Non-controlling interests	9.377	6.370	-	-	Minority Shareholders	50	724
Total Equity (b)	378.749	355.230	301.447	306.418		37.938	20.801
Long-term bank liabilities	670.152	567.175	241.332	111.879
Provisions/Other-long-term liabilities Short-term bank liabilities	320.878 111.808	236.286 100.681	23.959 22.028	24.949 39.993	Earnings/(Losses) after tax per share - basic (in €)	0,3542	0,1960
Other-short-term liabilities	121.724	178.239	68.789	75.390	Earnings/(Losses) before interest, tax, depreciation and amortization (EBITDA)	147.484	116.682	27.443	30.612
Total liabilities	1.224.562	1.082.381	356.108	252.211
TOTAL EQUITY & LIABILITIES	1.603.311	1.437.611	657.555	558.629	STATEMENT OF CASH FLOWS (indirect method) (Consolidated and Non-Consolidated)	Amounts in thousand euro
	STATEMENT OF CHANGES IN EQUITY (Consolidated and Non-Consolidated)					GROUP 1/1-31/12/2017	1/1-31/12/2016	COMPANY 1/1-31/12/2017	1/1-31/12/2016
	Amounts in thousand euro				Operating activities
	GROUP			COMPANY	Profit before tax	57.015	36.291	18.378	18.726
	31/12/2017	31/12/2016	31/12/2017	31/12/2016	Plus/less adjustments for:
Total equity at beginning of period (01/01/2017 and 01/01/2016)	355.230	346.781	306.418	306.969	Depreciation Provisions	46.112 61	53.294 120	6.319 45	8.179 80
Total earnings after taxes (continuing and discontinued operations)	37.938	20.801	12.176	12.540	Impairments	2.296	536	7.719	313
					Interest income and related income	(2.569)	(1.457)	(5.066)	(3.411)
	393.168	367.582	318.594	319.509	Interest expenses and related expenses	49.794	40.905	14.239	9.912
Return of share capital Increase of share capital	(5.239) 118	- 1.119	(5.239) -	- -	Results from intangible and tangible assets and investment property Amortization of grants	187 (7.901)	(156) (10.868)	188 (1.205)	65 (1.878)
Distributed dividends	(10.246)	(10.217)	(9.838)	(9.838)	Results from participation and securities	2	(586)	(5.221)	(981)
Purchases of treasury shares	(2.070)	(3.250)	(2.070)	(3.250)	Results from derivatives	(12)	(1.069)	-	-
Transfers - other movements	-	(4)	-	(3)	Results from associates	1.113	80	-	-
Total equity at end of period (31/12/17 and 31/12/16)	375.731 0	355.230 0	301.447 0	306.418 0	Foreign exchange differences Operating profit before changes in working capital	3.930 150.028	(821) 116.269	- 35.395	- 31.005
	ADDITIONAL DATA AND INFORMATION
1. There was no change in the accounting policies and estimations, and there is no case for correction of accounting errors or reclassification of accounts in the financial					Plus/Less adjustments for working capital account movements or movements related to operating activities:
statements.					Decrease / (increase) in inventories	(163)	(1.181)	305	(910)
2. The Basic Accounting Principles of the financial statements as of 31/12/2016 have been followed.					Decrease / (increase) in receivables	40.106	(84.793)	11.999	(26.786)
3. The group during the present period employed 249 individuals. For the respective period of the previous year the group employed 161 individuals. During the present period					(Decrease) / increase in liabilities (other than to banks)	(22.164)	7.392	390	18.374
the company employed 135 individuals, while during the respective period of the previous year the company employed 114 individuals.					(Less): Income taxes paid	(16.330)	(9.437)	(9.324)	(2.711)
4. The Company has been audited by the tax authorities up to fiscal year 2011 included. Note No 4 of the financial statements refers to the tax un-audited fiscal years of the					Total inflows / (outflows) from operating activities (a)	151.477	28.250	38.766	18.972
consolidated entities. 5. Earnings per share were calculated based on the weighted average number of shares.					Investing activities
6. The financial statements of the group are included in the consolidated financial statements of GEK TERNA SA, consolidated with the full consolidation method. The					Purchases of tangible & intangible assets	(229.194)	(145.474)	(2.495)	(3.955)
aforementioned parent company is registered in Greece and on 31/12/2017 owned 39.529% of the company's share capital.					Interest received	1.273	1.171	1.957	960
7. The amounts of sales and purchases (goods and services) cumulatively from the beginning of the financial period, as well as the balances of receivables and liabilities of the					Sale of publicly listed shares	-	9.622	-	9.622
company at the end of the present period, that have emerged from its transactions with its related parties, as such are defined by IAS 24, are as follows:	GROUP	COMPANY			Receipt of dividends Net change in loans granted	- (500)	- -	5.236 (28.021)	395 (4.159)
a) Sales of goods and services	34.307	68.863			Grants to be rebated	(63.777)	-	(250)	-
b) Purchases of goods and services	2.845	8.325			(Purchases)/sales of participations and securities	1.000	(50)	(25.496)	(25.346)
c) Receivables	17.236	127.979			Total outflows from investing activities (b)	(291.198)	(134.731)	(49.069)	(22.483)
d) Liabilities	1.743	114.452
e) Transactions & remuneration of Board members and executives f) Liabilities to Board members and executives	1.020 529	507 12			Financing activities Return of share capital	(5.239)	-	(5.292)	-
					Receipts from capital increases	58	1.125	-	-
					Purchases of treasury shares	(2.070)	(3.250)	(2.070)	(3.250)
8. The provisions of the company and group are analyzed as follows:					Net change in long-term loans	236.714	219.658	115.210	23.839
	GROUP	COMPANY			Net change in short-term loans	8.250	(45.777)	(5.000)	(7.200)
Provisions for restoration of natural environment	14.407	2.988			Dividends paid	(10.561)	(8.697)	(10.154)	(8.317)
Other Provisions	1.619	1.125			Interest and related expenses paid	(47.091)	(34.479)	(13.858)	(6.476)
9. The names, domiciles, participation percentages and consolidation method of companies and joint ventures that were consolidated in the financial statements of 31/12/2017 are mentioned in detail in Note 4 of the financial statements.					Change in financial liabilities Total inflows / (outflows) from financing activities (c)	- 180.061	(2.882) 125.698	- 78.836	- (1.404)
10. As of 31 December 2017, the following companies were consolidated for the first time via the full method, in the consolidated financial statements in comparison with the
previous financial year.					Net increase / (decrease) in cash and cash equivalents for the period (a) + (b) + (c)	40.340	19.217	68.533	(4.915)
Company Name	Percentage Date	Country	Activity		Effect of FX differences on cash equivalents	(3.411)	1.578	-	-
AEIFORIKH HPEIROU MAEES	100% Establ. 03/05/2017	Greece		Waste management	Cash and cash equivalents at the beginning of the period	164.399	143.604	29.249	34.164
OPTIMUS ENERGY A.E.	51% Establ. 05/05/2017	Greece		Energy Trading	Cash and cash equivalents at the end of the period	201.328	164.399	97.782	29.249
TERNA ENERGY TRADING SHPK	51 % Establ. 26/12/2017	Albania		Energy Trading

FLUVANNA I INVESTOR INC 100% USA FLUVANNA I HOLDING COMPANY LLC 100% USA

11. The amounts and nature of other comprehensive income/(expenses) after taxes, are analyzed as follows:

Athens, 27 April 2018

THE CHIEF FINANCIAL OFFICER THE HEAD ACCOUNTANT

THE CHAIRMAN OF THE BOARD THE CHIEF EXECUTIVE OFFICER

DELIKATERINIS VASILIOS ARTAN TZANARI

	GROUP 31/12/2017	COMPANY 31/12/2017
Foreign exchange differences from conversion of incorporated foreign operations	(891)	-
Actuarial income/losses from defined benefit plans	92	87
Expenses for capital increase	(60)	(60)
Income / expenses from hedging of cash flow risk	2.120	(416)
Tax on items transferred directly to or from equity	(442)	450

GEORGIOS PERISTERIS EMMANUEL MARAGOUDAKIS ID No. : ΑI 036060 ID No.: ΑΜ 587311

ID No.: ΑΒ 560298 ID No.: ΑΒ 986527 License Reg. No. A' CLASS 0064937

Production of Electric Energy from RE

Establ. 21/12/2017 Production of Electric Energy from RE

1. The number of treasury shares owned by the company on 31 December 2017 corresponded to 4,895,464 shares with a total acquisition cost of 12,586 thous. €. 13. No sector or company has ceased operations.

TERNA ENERGY SA

S.A. Reg. No. 318/06/Β/86/28

85 Mesogeion Ave., 11526 Athens Greece

DATA AND INFORMATION FOR THE FINANCIAL YEAR FROM 01.01.2017 TO 31.12.2017

Published in accordance with C.L. 2190/20 article 135 for companies that prepare annual financial statements, consolidated and non-consolidated, according to IAS

The following data and information that have been derived from the financial statements, aim at providing general information on the financial position and results of TERNA ENERGY SA and its Group. Therefore, before proceeding with any kind of investment choice or other transaction with the company or group, readers should refer to the company's website where the financial statements are posted as well as the Audit Report by the Legal Auditor, when applicable.

Establ. 21/12/2017