Terna Energy S.A. — Interim / Quarterly Report 2006

Oct 5, 2015

the relevant information is posted. should have access to the annual financial statements compiled according to the International Accounting Standards, as well as sworn auditor accountant's report. Furthermore, the reader may visit the Company's web-site at www.terna.gr, where The following figures and information aim at providing general information for the financial position and results of TERNA S.A.. The reader who wishes to have a full view of the Company's financial position and financial results,

			DATA OF THE COMPANY
Address of the company's registered office SA Register Number:	85 Mesogeion Avenue, 11526 Athens 1998/06/Β/86/10		Approval date of the Annual Financial Statements (which are the basis of the condensed financial data):	28 of August 2006
Appropriate Prefecture:	Ministry of Development, Division of Societe Anonyme and Credit Chairman Nikolaos Kampas, Vice Chairman and CEO Georgios Peristeris, Executive Members:		Sworn Auditor Accountant:	George Lagas
Board of Directors Composition:			Auditing Firm: Type of Sworn Auditor Accountant Report:	S.O.L S.A.	Approved-matter of emphasis
	Dimitrios Antonakakos, Konstantinos Vavaletskos,		Web-site Address:	www.terna.gr
	Emannouil Vrailas, Michael Gourzis, Aggelos Benopoulos, Panagiotis Pothos, Non Executive
	Members: Sofia Dimitrakopoulou, Katsimpokis Dimitrios Merkourios Moschovis.
BALANCE SHEET FIGURES Amounts in thousands of euros		FIGURES FROM THE INCOME STATEMENT FOR THE PERIOD	Amounts in thousands of euros
	CONSOLIDATED FIGURES	COMPANY			CONSOLIDATED FIGURES				COMPANY
	30.6.2006 31.12.2005 30.6.2006	31.12.2005		01/01/06- 30/06/06	01/01/05- 30/06/05	01/04/06- 30/06/06	01/04/05- 30/06/05	01/01/06- 30/06/06	01/01/05- 30/06/05	01/04/06- 30/06/06	01/04/05- 30/06/05
ASSETS			Turnover	123.489	98.486	72.016	37.523	80.254	81.705	49.701	42.415
Fixed assets Participations and other long-term financial assets	183.320 160.496 46.736 503 256 39.178	46.932 37.257	Cost of sales Gross profit	-95.133 28.356	-68.020 30.466	-55.261 16.755	-24.891 12.632	-60.682 19.572	-64.873 16.832	-36.100 13.601	-36.608 5.807
Inventories	26.305 14.260 7.935	4.324	Profit before tax, financial and investment results and depreciation	26.740	23.367	13.738	10.818	17.409	11.887	10.906	3.137
Real estate investments	17.295 26.305 9.088	7.935	Depreciation	6.810	4.906	2.665	2.277	2.597	2.266	1.121	958
Trade receivables Cash and cash equivalents	183.019 163.511 108.005 36.555 49.067 9.371	92.726 12.818	Profit before tax, financial and investment results Profit before tax	19.930 16.263	18.461 15.820	11.073 8.674	8.541 5.573	14.812 14.441	9.621 8.085	9.785 9.023	2.179 2.143
Other Assets	48.824 54.191 41.596	26.030	Less (Tax)	-4.820	1.664	-2.398	2.328	-2.156	1.282	-806	1.701
TOTAL ASSETS LIABILITIES AND EQUITY	495.821 468.086 261.909	228.022	Profit after tax Attributable to:	11.443	17.484	6.276	7.901	12.285	9.367	8.217	3.844
Long-term loans	55.403 53.994 0	0	Shareholders of the company	11.088	16.426	6.605	7.689
Loans from finance leases Other long-term liabilities	14.368 17.353 2.590 25.537 21.474 1.601	3.372 1.973	Minority interests	355 11.443	1.058 17.484	-329 6.276	212 7.901
Short-term liabilties to banks Other short-term liabilities and deferred income	99.709 75.267 32.082 119.459 119.873 89.570	26.029 63.076	Basic earnings after tax per share (in euro) - basic	0,24	0,36	0,14	0,17	0,27	0,20	0,18	0,08
Total liabilities (a)	314.476 287.961 125.843	94.450
Share capital Other equity	53.319 53.319 53.319 109.994 108.205 82.747	53.319 80.253			FIGURES FROM THE CASH FLOW STATEMENT
Minority interests	18.032 18.601 0	0			Amounts in thousands of euros
Total equity (b) TOTAL LIABILITIES AND EQUITY (a) + (b)	181.345 180.125 136.066 495.821 468.086 261.909	133.572 228.022		30/06/06	CONSOLIDATED FIGURES 30/06/05			COMPANY 30/06/06	30/06/05
			Operating activities
FIGURES FROM THE STATEMENT OF MOVEMENTS IN EQUITY Amounts in thousands of euros			Profit before tax Plus/less adjustments for:	16.263	15.820			14.441	8.085
	CONSOLIDATED FIGURES	COMPANY	Depreciation Provisions	6.810	4.906			2.597	2.266
Opening balance (01.01.2006 and 01.01.2005 respectively)	30.6.2006 30.6.2005 30.6.2006 180.125 175.724 133.572	30.6.2005 138.789	Interest and related revenue	-477	142 0			-321 -2.998	122 -30
Profit / (loss) for the period, after tax Others	11.443 17.484 12.285	9.367	Interest and other financial expenses (Profit)/Loss from the sale and valuation of participations	-458	-198			-267	-18
Closing balance (30.6.2006 and 30.6.2005 respectively)	-10.223 -10.991 -9.791 181.345 182.217 136.066	-10.123 138.033	Amortization of grants	1.105 -633	4.204 -578			1.293 0	1.458 0
			Plus/Less adjustments for working capital account movements or	22.610	24.296			14.745	11.883
			movements related to operating activities:
ADDITIONAL ELEMENTS AND INFORMATION			Decrease / (increase) in inventories Decrease / (increase) in receivables	-3.035 -19.382	-579 56.357			-4.764 -33.011	2.616 6.974
1. The emphasis matter that is mentioned in the auditing report with the approved opinion of the Accountand Auditor			(Decrease) / increase in liabilities (other than to banks)	-5.543	-59.551			19.335	-11.201
without mentioning any concern regarding the auditing results refer to:			(Less):
a. To the fact that the tax lilabilities of the companies and the group are not finalised for some years since the are not audited by the tax authorities as mentioned in note 4 in the interim financial statements			Taxes paid Total inflows / (outflows) from operating activities (a)	-2.725 -8.075	0 20.523			-3.695	10.272
b. To the fact that there are not any delayed receivables from previous years as a proportion of joint venture project,			Investing activities
referring to an additional out-of-contract item that is estimated to be collected. 2. The companies and the joint ventures of the Group with their domiciles and participation percentages			Purchase of tangible and intangible fixed assets Sales of tangible and intangible fixed assets		-621			-1.601	-2.556
that are included in the consolidated financial statements are:			Disposal of tangible & intangible fixed assets	-29.358	-2.154			-2.389	-1.693
Full consolidation method	Percentage Unaudited financial year		Receipts from the sales of tangible & intangible fixed assets Interest received	216 411	0 198			71 267	33 16
TERNA ENERGY ΑΒΕΤΕ, Greece	63,19% 1		Dividends received Real estate investments		0				0
ΒΙΟΜΕΚ ΑΒΕΤΕ, Aliveri Evoias	4 66,50%				0				0
STROTIRES ΑΕΒΕ, Greece DIKEVE SA, Greece	3 51,00% 100,00% 3		Total inflows / (outflows) from investing activities (b) Financing activities	-28.731	-2.577			-3.652	-4.200
ILIOHORA SA, Greece	1 100,00%		Receipts from share capital increase Net change in long-term loans	0 1.409	0 10.915			0	0 0
IWECO CHONOS LASITHIOU KRITIS SA, Greece	3 100,00%		Net change in loans from finance leases	-3.010	-3.668			-807	-815
ΤΕRΝΑ ENERGY ΑΒΕΤΕ & CO ENERGY SERVOUNIOU SA, Greece	4 100,00%
ΤΕRΝΑ ENERGY EVROU, Greece	4 100,00%		Net change in lonas from short-term assets Interest and related expenses paid	24.442	-24.075 -4.550			5.990 -1.276	-3.988 -1.460
DEH RENEWABLE - ΤΕRΝΑ ENERGY SA, Greece	3 51,00%
Proportional consolidation method (consolidated companies and J/V of TERNA ENERGY ABETE)	Percentage Unaudited financial year		Cash flows from purchases and sales of other financial assets	2.729	-1.619			-7	2.371
TERNA ENERGY ΑΒΕΤΕ - Μ.Ε.L. MAKEDONIKI ETAIRIA HARTOU & SIA, J/V, Greece 1	50,00% 4		Dividends paid	-1.276	0			0	0
TERNA ENERGY Α.Β.Ε.Τ.Ε. & SIA AIOLIKI RAHOULAS DERVENOHORION, Greece 2	100,00% 4		Total inflows / (outflows) from financing activities (c)	24.294	-22.997			3.900	-3.892
			Net increase / (decrease) in cash and cash equivalents for the	-12.512	-5.051			-3.447	2.180
3 TERNA ENERGY ABETE & SIA AIOLIKI POLYKASTROU, Greece	100,00% 4		period (a) + (b) + (c) Cash and cash equivalents at the beginning of the period	49.067	37.013			12.818	3.918
4 TERNA ENERGY ABETE & SIA AIOLIKI PROVATA TRAIANOUPOLEOS, Greece 5 TERNA ENERGY ABETE & SIA ENERGIAKI DERVENOHORION, Greece	100,00% 4 100,00% 4		Cash and cash equivalents at the end of the period	36.555	31.962			9.371	6.098
6 TERNA ENERGY ABETE & SIA ENERGIAKI VELANIDION LAKONIAS, Greece	100,00% 4
7 TERNA ENERGY ABETE & SIA ENERGIAKI DISTION EVIAS, Greece 8 TERNA ENERGY ABETE & SIA AIOLIKI PASTRA ATTIKIS, Greece	100,00% 4 100,00% 4
			Proportional Consolidation Method (consolidated companies
9 TERNA ENERGY ABETE & SIA AIOLIKI MALEA LAKONIAS, Greece 10 TERNA ENERGY ABETE & SIA ENERGIAKI FERRON EVROU, Greece	100,00% 4 100,00% 4		and J/V in TERNA SA) 1 J/V TERNA SΑ - ATHINA ΑΤΕ	Percentage 62,50%	Unaudited financial year 2
11 TERNA ENERGY ABETE & SIA AIOLIKI DERVENI TRAIANOUPOLEOS, Greece 12 TERNA ENERGY ABETE & SIA AIOLIKI KARYSTIAS EVIAS, Greece	100,00% 4 100,00% 4		2 J/V IRAKLEION CAMPUS 3 J/V ARTA-FILIPPIADA BY-PASS	50,00% 98,00%	2 4
13 TERNA ENERGY ABETE & SIA ENERGIAKI ARI SAPPON, Greece	100,00% 4		J/V TERNA SA - TH. KARAGIANNIS SA PROJECT CONSTRUCTION MEPW 4	50,00%	5
14 TERNA ENERGY ABETE & SIA ENERGIAKI PELOPONNISOU, Greece	100,00% 4		5 J/V UNDERGROUND CARS THESSALONIKI	50,00%	3
15 TERNA ENERGY ABETE & SIA AIOLIKI ANATOLIKIS ELLADOS, Greece	100,00% 4		J/V THALES ATM SA-TERNA UPGRADE OF TACAN STATIONS 6	22,25%	5
16 TERNA ENERGY ABETE & SIA AIOLIKI MARMARIOU EVIAS, Greece 17 TERNA ENERGY ABETE & SIA ENERGIAKI PETRION EVIAS, Greece	100,00% 4 100,00% 4		7 J/V TERNA S.A. PANTECHNIKI S.A. 8 J/V TERNA S.A.-THALES S.A.	83,50% 50,00%	3 3
18 TERNA ENERGY ABETE & SIA AIOLIKI ROKANI DERVENOHORION, Greece	100,00% 4		9 J/V MAIN ARROGATION CANAL D 1	75,00%	6
19 TERNA ENERGY ABETE & SIA ENERGIAKI STIRON EVIAS, Greece	100,00% 4		J/V TERNA S.A. - ATHINA ΑΤΕ ARAHTHOS PERIST. PROJECTS 10	62,50%	4
20 TERNA ENERGY ABETE & SIA ENERGIAKI NEAPOLEOS LAKONIAS, Greece	100,00% 4		J/V ANCIENT OLYMPIA BY-PASS(ALPINE MAYREDER BAU GMBH) 11	50,00%	4
21 TERNA ENERGY ABETE & SIA ENERGIAKI XSIROVOUNIOU, Greece TERNA ENERGY ABETE & SIA AIOLIKI PANORAMATOS DERVENOHORION,	70,00% 4		12 J/V PERISTERI METRO J/V ATHENS CONCERT HALL	50,00%	4
Greece 22	100,00% 4		13	45,00%	4
23 TERNA ENERGY ABETE & SIA ENERGIAKI KAFIREOS EVIAS, Greece 24 J/V TERNA ENERGY ABETE&Co, Greece	100,00% 4 70,00% 3		14 J/V TERNA S.A. AKTOR Α.Τ.Ε. J&P ΑVAX 15 J/V TRAM CIVIL ENGINEERING PROJECTS (IMPREGILO)	33,00% 55,00%	4 5
25 J/V TRAM POLITICAL ENGINEERING WORKS, Greece 26 J/V ENVAGELISMOU, PROJECT C', Greece	36,00% 3 50,00% 3		16 J/V TERNA SA - KARAGIANNIS TEFAA KOMOTINI PROJECT 17 J/V EVINOS - AEGEK-METON SA-TERNA SA-EUKLEIDES ΑΤΕ	24,00% 33,33%	3 3
27 J/V TERNA ENERGY - TSAMPR. DRAMAS HOSPITAL, Greece 28 J/V EPL DRAMAS, Greece	40,00% 3 24,00% 3		18 J/V DEPA PROJECT 19 J/V ATHENS CAR PARKS	10,00% 20,00%	3 3
29 J/V TERNA ENERGY - OLYMPIOS ATE, Greece	50,00% 3		20 J/V TERNA SA / AKTOR SA - GOULANDRIS MUSEUM	50,00%	3
30 J/V K. MANIOTIS - TERNA - TERNA ENERGY, Greece	70,00% 3		J/V ΑKTOR, ΑΕGΕΚ, ΕΚΤΕR, TERNA AIRPORT INSTAL. SPATA 21	20,00%	6
31 J/V/ EMBEDOS - PANTECHNIKI - TERNA ENERGY, Greece 32 J/V THEMELI - TERNA ENERGY - TERNA SA IMPREGILO SPA, Greece	37,50% 3 50,10% 3		22 J/V ARCHIRODON HELLAS Α.Τ.Ε. - TERNA S.A. 23 J/V TERNA ΑΕ ΒΙΟΤΕR SA Ο.Ε.	30,00% 50,00%	4 6
33 J/V EKTER - TERNA - ATHONIKI, Greece	40,00% 2		JOINT VENTURE AVAX-VIOTER (OLYMPIC VILLAGE CONSTRUCTION) 24	37,50%	3
34 J/V/ KL. ROUTSIS - TERNA ENERGY ABETE, Greece	31,00% 1		25 J/V ΕΤΕTH-TERNA ΑVAX PANTECHNIKI	35,00%	3
	50,00% 2		26 J/V TERNA S.A. J&P ΑVAX - PANTECHNIKI 27 J/V SALONIKA PARK	35,00% 50,00%	3 1
3. TERNA SA is currently audited for the financial years 2002-2004 for tax purposes. 4. The Basic Accounting Principles of the Balance Sheet as of 31.12.2005 have been followed.			28 J/V SIEMENS-ΑΚΤOR ΑΤΕ-ΤΕRΝΑ SA 29 J/V ΤΕRΝΑ-ΜICHANIKI AGRINIO BY-PASS	37,50% 65,00%	1 1
5. The Company has been audited by the tax authorities up to and including the financial year 2001.			30 IRON THERMOELECTRICAL SA, GREECE	50,00%	4
6. Charges have been registered on fixed assets of the subsidiary companies DIKVE SA and VIOMEK ABETE, to the amount of 17.1 million euros.			31 J/V TOMI ABETE-ILIOHORA SA 32 J/V AVAX-BIOTER-ILIOHORA SA	30,00% 37,50%	Running 1st
7. There are no pending litigations or cases under arbitration by courts or arbitration authorities that may have a significant impact on the financial position of the Company, except for one pending court case with a client, in which a positive outcome may be achieved.			33 J/V AKTOR-DOMOTECHNIKI-THEMELIODOMI-TERNA-ETETH 34 J/V BUILDING CONSTRUCTION OSE ILIOHORA SA	25,00% 13,00%	year of operation
8. Number of employees at the end of the current period: Company 381 persons, Group 606 persons
9. Earnings per share were calculated based on the weighted average number of shares 10. The above financial statements were approved by the Board of Directors on 28/8/2006.
11. The amount of sales and purchases of the Group to and from affiliated companies during 1/1/-30/6/2006 amount to EUR 10,345 thous. and 1,163 thous. respectively. The balance of receivables and liabilities
of the Group with affiliated companies at the end of the period amounts to 49,829 thous. and 6,687 thous EUR respectively.
			Athens, 28.08.2006
BOD CHAIRMAN	VICE CHAIRMAN OF BOD AND CEO		CHIEF FINANCIAL OFFICER				CHIEF ACCOUNTANT
NIKOLAOS D. KAMPAS ID.: Χ 679387	GEORGIOS TH. PERISTERIS ID.: Τ 108485		PANAGIOTIS G. POTHOS ID CPA. 0014599				NIKOLAOS G. ATHANASIOU ID CPA. 0018084

T E R N A S. A.

TOURISM CONSTRUCTIONS AND MARINE SOCIETE ANONYME FINANCIAL ACCOUNTS AND DATA FOR THE FINANCIAL YEAR 1 JANUARY 2006 - 30 JUNE 2006

(published according to provisions of P.D. 360/1985 and the decision 17/336/21-4-2005 of the Hellenic Capital Market Commission)