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Terna Energy S.A. — Interim / Quarterly Report 2006
Sep 30, 2015
2713_10-q_2015-09-30_fcda1ee5-f6df-47bc-a52b-1eb526906970.pdf
Interim / Quarterly Report
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TERNA GROUP
INTERIM FINANCIAL STATEMENTS OF THE PARENT COMPANY AND ITS GROUP AS AT THE 31ST OF MARCH 2006 IN ACCORDANCE WITH THE INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)
TABLE OF CONTENTS
THE COMPANY
| BALANCE SHEET……………………………………………………………………………………3 | |
|---|---|
| INCOME STATEMENT……………………………………………………………………………….5 | |
| CASH FLOW STATEMENT ………………………………………………………………………….6 | |
| STATEMENT OF CHANGES IN EQUITY …………………………………………………………8 |
THE GROUP
| BALANCE SHEET……………………………………………………………………………………9 | |
|---|---|
| INCOME STATEMENT…………………………………………………………………………….11 | |
| CASH FLOW STATEMENT …………………………………………………………………………12 | |
| STATEMENT OF CHANGES IN EQUITY ………………………………………………………….14 |
NOTES ON THE INTERIM PARENT & CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2006
| 1. | ACTIVITY OF THE GROUP 15 | |
|---|---|---|
| 2. | BASIS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS 15 | |
| 3. | SUMMARY OF KEY ACCOUNTING PRINCIPLES 15 | |
| 4. | INFORMATION ON CONSOLIDATED COMPANIES 16 | |
| 5. | INFORMATION BY SECTOR OF ACTIVITY 19 | |
| 6. | EXISTING CHARGES ON ASSETS 20 | |
| 7. | DIFFERENCES UNDER LITIGATION OR ARBITRATIONS 20 | |
| 8. | INTRA-COMPANY TRANSACTIONS 20 | |
| 9. | POST BALANCE SHEET DATE EVENTS 21 | |
| 10. | CONTINGENT LIABILITIES 21 |
TERNA SA
BALANCE SHEET 31 MARCH 2006
(all amounts are in thousand euros unless otherwise stated)
| THE COMPANY | ||
|---|---|---|
| 31 March | 31 December | |
| 2006 | 2005 | |
| ASSETS | ||
| Long-term assets | ||
| Tangible fixed assets | 40.284 | 41.111 |
| Intangible assets | 5.736 | 5.821 |
| Real estate | 7.935 | 7.935 |
| Participation in affiliated companies and joint | ||
| ventures | 37.111 | 37.111 |
| Other long-term receivables | 146 | 146 |
| Deferred income tax | 2.990 | 6.446 |
| Total long-term assets | 94.202 | 98.570 |
| Current assets | ||
| Inventories | 2.923 | 4.324 |
| Trade receivables | 90.163 | 92.726 |
| Prepayments and other receivables | 17.291 | 15.006 |
| Other financial assets | 4.578 | 4.578 |
| Cash and cash equivalents | 10.572 | 12.818 |
| Total current assets | 125.527 | 129.452 |
| TOTAL ASSETS | 219.729 | 228.022 |
| EQUITY AND LIABILITIES | ||
| Equity of the shareholders of the parent | ||
| Share capital | 53.319 | 53.319 |
| Share premium | 35.922 | 35.922 |
| Reserves | 15.969 | 15.969 |
| Profit carried forward | 32.430 | 28.362 |
| Total equity | 137.640 | 133.572 |
| Long-term liabilities | ||
|---|---|---|
| Long-term loans | - | - |
| Loans from finance leases | 2.769 | 3.372 |
| Other long-term liabilities | 31 | 31 |
| Provisions | 757 | 946 |
| Provision for staff indemnities | 735 | 996 |
| Subsidies | - | - |
| Deferred income tax | - | - |
| Total long-term liabilities | 4.292 | 5.345 |
| Short-term liabilities | ||
| Suppliers | 32.339 | 37.517 |
| Short-term loans | 23.386 | 26.029 |
| Long-term liabilities falling due | 22.072 | 25.367 |
| Accrued and other short-term liabilities | - | |
| Income tax payable | - | 192 |
| Total short-term liabilities | 77.797 | 89.105 |
| TOTAL EQUITY AND LIABILITIES | 219.729 | 228.022 |
TERNA SA
INCOME STATEMENT
FOR THE PERIOD ENDING ON 31 MARCH 2006
(All amounts are expressed in thousand euro, except the shares)
| THE COMPANY | ||||
|---|---|---|---|---|
| 31 March | 31 December | |||
| 2006 | 2005 | |||
| INCOME | ||||
| Net turnover | 30.553 | 39.290 | ||
| Cost of sales | (24.582) | (29.573) | ||
| Gross profit | 5.971 | 9.717 | ||
| Administartive and distribution expenses | (3.066) | (2.716) | ||
| Other income(expenses) | 2.794 | 441 | ||
| Net financial income(expenses) | (281) | (1.500) | ||
| EARNINGS BEFORE TAX | 5.418 | 5.942 | ||
| Income tax | (1.350) | (418) | ||
| EARNIGNS AFTER TAX | 4.068 | 5.524 | ||
| Distributed to | ||||
| Shareholders of the parent | ||||
| Minority interest | ||||
| - | - | |||
| Earnings per share (in euro) | ||||
| Basic | 0,09 | 0,12 | ||
| Dilluted | ||||
| Weighted average number of shares and dilluted | ||||
| Basic | 45.964.500 | 45.964.500 | ||
| Dilluted | ||||
TERNA SA
CASH FLOW STATEMENT
FOR THE PERIOD ENDING ON 31 MARCH 2006
(all amounts are in thousand euros unless otherwise stated)
| THE COMPANY | ||
|---|---|---|
| 31 March 2006 |
31 December 2005 |
|
| Cash flow from operating activities | ||
| Earnings before tax | 5.418 | 5.942 |
| Adjustments for the agreement of net flows from operating | ||
| activities | ||
| Depreciations | 1.416 | 1.308 |
| Provisions | (450) | (1.219) |
| Interest and related income | (219) | (1) |
| Interest and other financial expenses (Profit)/Loss from the sale of tangible assets and investment |
501 | 609 |
| property | (61) | 0 |
| (Profit)/loss from the sale and valuation of participations | 0 | 1.439 |
| Depreciation of grants | 0 | 0 |
| Operating profit before the changes in working capital | 6.605 | 8.078 |
| (Increase)/decrease in | ||
| Inventory | 1.401 | 3.015 |
| Trade receiveble | 2.563 | (11.506) |
| Prepayments and other short-term receivables | (82) | (6.944) |
| Increase(decrease) in: | ||
| Suppliers | (5.178) | (5.380) |
| Accrued and other short-term liabilities | (3.488) | 6.245 |
| Subsidies receivals | 0 | 0 |
| (Increase)/Decrease of other long-term receivables | (2) | (2) |
| Cash inflows from operating activities | 1.819 | (6.494) |
| Cash flows from investing activities | ||
| Purchases if tangible assets | (555) | (30) |
| Sales of tangible assets | 61 | 0 |
| Purchases of intangible assets | (45) | (18) |
| Interest and related income received | 219 | 1 |
| Sale of participation percentage and other changes in participations | 0 | (3.020) |
| Share capital increase of a participation | ||
| Real estate | 0 | 0 |
| Cash flows from investing activities | (320) | (3.067) |
Cash flows from financing activities
| Net change in short-term loans | (2.643) | 9.728 |
|---|---|---|
| Withdrawals from long-term loans | 0 | 0 |
| Payments of loans from financial leases | (603) | (414) |
| Interest paid | (501) | (609) |
| Change of other financial receivables | 2 | 1.767 |
| Cash flows from financing activities | (3.745) | 10.472 |
| Foreign exchange effect on cash and cash equivalents | 0 | 0 |
| Net increase in cash and cash equivalents | (2.246) | 911 |
| Cash and equivalents at the beginning of the period | 12.818 | 3.918 |
| Cash and equivalents at the end of the period | 10.572 | 4.829 |
TERNA SA STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDING ON 31 MARCH 2005
(All amounts are expressed in thousand euro unless otherwise stated)
| S Ca i ha ta l re p |
S ha Pr iu re em m Ac t co un |
Re ser ve s |
Pr f i Ca ie d t o rr Fo d rw ar |
To l ta |
|
|---|---|---|---|---|---|
| 1s Ja 2 0 0 5 t nu ar y |
3. 3 1 9 5 |
3 9 2 2 5. |
1 6 6 9 5. |
3 3. 8 9 7 |
1 3 8. 8 9 7 |
| i he io d Ne f for t p t t ro p er |
- | - | - | 5. 5 2 4 |
5. 5 2 4 |
| 3 1s M h 2 0 0 5 t ar c |
3. 3 1 9 5 |
3 9 2 2 5. |
1 6 6 9 5. |
3 9. 4 0 3 |
1 4 4. 3 1 3 |
| S ha Ca i l ta re p |
S ha Pr iu re em m Ac t co un |
Re ser ve s |
Pr f i Ca ie d t o rr Fo d rw ar |
To l ta |
|
|---|---|---|---|---|---|
| 1s Ja 2 0 0 6 t nu ar y |
3. 3 1 9 5 |
3 9 2 2 5. |
1 9 6 9 5. |
2 8. 3 6 2 |
1 3 3. 2 5 7 |
| Ne f i for he io d t p t t ro p er |
- | - | - | 4. 0 6 8 |
4. 0 6 8 |
| 3 1s M h 2 0 0 6 t ar c |
5 3. 3 1 9 |
3 5. 9 2 2 |
1 5. 9 6 9 |
3 2. 4 3 0 |
1 3 7. 6 4 0 |
TERNA GROUP S.A.
BALANCE SHEET
31 MARCH 2006
(all amounts are in thousand euros unless otherwise stated)
| GROUP | ||
|---|---|---|
| 31 March | 31 December | |
| 2006 | 2005 | |
| ASSETS | ||
| Long-term assets | ||
| Tangible fixed assets | 169.999 | 154.637 |
| Intangible assets | 5.769 | 5.859 |
| Real estate | 26.305 | 26.305 |
| Other long-term receivables | 324 | 256 |
| Deferred income tax | 3.708 | 7.092 |
| Total long-term assets | 206.105 | 194.149 |
| Current assets | ||
| Inventories | 13.659 | 14.260 |
| Trade receivables | 173.776 | 163.511 |
| Prepayments and other receivables | 46.715 | 38.030 |
| Other financial assets | 5.003 | 9.069 |
| Cash and cash equivalents | 41.781 | 49.067 |
| Total current assets | 280.934 | 273.937 |
| TOTAL ASSETS | 487.039 | 468.086 |
| EQUITY AND LIABILITIES | ||
| Equity of the shareholders of the parent | ||
| Share capital | 53.319 | 53.319 |
| Share premium | 35.922 | 35.922 |
| Reserves | 21.783 | 21.783 |
| Profit carried forward | 55.303 | 50.500 |
| 166.327 | 161.524 | |
| Minority interest | 19.285 | 18.601 |
| Total equity | 185.612 | 180.125 |
| Long-term liabilities | ||
|---|---|---|
| Long-term loans | 55.731 | 53.994 |
| Loans from finance leases | 15.782 | 17.353 |
| Other long-term liabilities | 31 | 31 |
| Provisions | 2.027 | 2.092 |
| Provision for staff indemnities | 868 | 1.277 |
| Subsidies | 14.004 | 14.296 |
| Deferred income tax | 3.419 | 3.778 |
| Total long-term liabilities | 91.862 | 92.821 |
| Short-term liabilities | ||
| Suppliers | 81.017 | 87.054 |
| Short-term loans | 83.516 | 75.267 |
| Long-term liabilities falling due | 395 | 527 |
| Accrued and other short-term liabilities | 44.094 | 32.116 |
| Income tax payable | 543 | 176 |
| Total short-term liabilities | 209.565 | 195.140 |
| TOTAL EQUITY AND LIABILITIES | 487.039 | 468.086 |
TERNA GROUP SA
INCOME STATEMENT FOR THE PERIOD ENDING ON 31 MARCH 2006
(All amounts are expressed in thousand euro, except the shares)
| GROUP | ||||
|---|---|---|---|---|
| 31 March | 31 March | |||
| 2006 | 2005 | |||
| INCOME | ||||
| Net turnover | 51.473 | 60.963 | ||
| Cost of sales | (39.872) | (45.759) | ||
| Gross profit | 11.601 | 15.204 | ||
| Administartive and distribution expenses | (4.326) | (3.582) | ||
| Other income(expenses) | 1.582 | 755 | ||
| Net financial income(expenses) | (1.268) | (2.130) | ||
| EARNINGS BEFORE TAX | 7.589 | 10.247 | ||
| Income tax | (2.422) | (663) | ||
| EARNIGNS AFTER TAX | 5.167 | 9.584 | ||
| Distributed to | ||||
| Shareholders of the parent | 4.483 | 8.738 | ||
| Minority interest | 684 | 846 | ||
| 5.167 | 9.584 | |||
| Earnings per share (in euro) | ||||
| Basic | 0,10 | 0,19 | ||
| Dilluted | ||||
| Average weighted number of shares, basic and diluted | ||||
| Basic | 45.964.500 | 45.964.500 | ||
| Dilluted |
TERNA GROUP S.A.
CASH FLOW STATEMENT
FOR THE PERIOD ENDING ON 31 MARCH 2006
(all amounts are in thousand euros unless otherwise stated)
| GROUP | ||
|---|---|---|
| 31 March 2006 |
31 March 2005 |
|
| Cash flow from operating activities | ||
| Earnings before tax | 7.589 | 10.247 |
| Adjustments for the agreement of net flows from operating | ||
| activities | ||
| Depreciations | 3.421 | 2.628 |
| Provisions | (474) | (1.156) |
| Interest and related income | (324) | (82) |
| Interest and other financial expenses | 1.605 | 1.751 |
| (Profit)/loss from the sale and valuation of participations | (104) | 1.377 |
| Depreciation of grants | (292) | (289) |
| Operating profit before the changes in working capital | 11.421 | 14.476 |
| (Increase)/decrease in | ||
| Inventory | 601 | 550 |
| Trade receiveble | (10.265) | (11.137) |
| Prepayments and other short-term receivables | (8.685) | (5.213) |
| Increase(decrease) in: | ||
| Suppliers | (6.037) | (5.524) |
| Accrued and other short-term liabilities | 12.535 | 4.088 |
| Subsidies receivals | 2.719 | |
| (Increase)/Decrease of other long-term receivables | (68) | 9 |
| Cash inflows from operating activities | (498) | (32) |
| Cash flows from investing activities | ||
| Purchases if tangible assets | (18.002) | 0 |
| Sales of tangible assets | 104 | 3.186 |
| Purchases of intangible assets | (90) | (18) |
| Interest and related income received | 324 | 82 |
| Sale of participation percentage and other changes in participations | 0 | (657) |
| Share capital increase of a participation | ||
| Real estate | 0 | (2.569) |
| Cash flows from investing activities | (17.664) 24 |
Cash flows from financing activities
| Net change in short-term loans | (1.872) | |
|---|---|---|
| Withdrawals from long-term loans | 1.737 | 5.420 |
| Payments of loans from financial leases | (1.571) | (1.401) |
| Interest paid | (1.605) | (1.751) |
| Change of other financial receivables | 4.066 | (3.506) |
| Cash flows from financing activities | 10.876 | (3.110) |
| Foreign exchange effect on cash and cash equivalents | 0 | 0 |
| Net increase in cash and cash equivalents | (7.286) | (3.118) |
| Cash and equivalents at the beginning of the period | 49.067 | 37.013 |
| Cash and equivalents at the end of the period | 41.781 | 33.895 |
TERNA GROUP SA STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDING ON 31 MARCH 2006
(All amounts are expressed in thousand euro unless otherwise stated)
| S ha ho l de re |
f he t t rs o p ar en |
||||||
|---|---|---|---|---|---|---|---|
| S ha re i l ta ca p |
S ha re iu p re m m |
Re ser ve s |
Pr f i ie d ts o ca rr for d wa r |
To l ta |
M in i ty or In ter t es |
To l ta i ty eq u |
|
| Ba lan 1s Ja 2 0 0 5 t ce nu ar y , |
5 3. 3 1 9 |
3 5. 9 2 2 |
2 1. 4 8 3 |
4 7. 0 5 3 |
1 5 7. 7 7 7 |
1 7. 9 4 7 |
1 7 5. 7 2 4 |
| f i for he io d Pr t t o p er |
8. 3 8 7 |
8. 3 8 7 |
8 4 6 |
9. 8 4 5 |
|||
| Tr fer O he ha d o t ts an s s- r m ov em en c rg e n i ty eq u |
7 9 7 |
7 9 7 |
( ) 7 6 5 |
3 2 |
|||
| Ba lan 3 1s M h 2 0 0 5 t ce ar c , |
5 3. 3 1 9 |
3 5. 9 2 2 |
2 1. 4 8 3 |
5 6. 5 8 8 |
1 6 7. 3 1 2 |
1 8. 0 2 8 |
1 8 5. 3 4 0 |
| S ha re |
S ha ho l de re S ha re |
f he t t rs o p ar en |
Pr f i ie d ts o ca rr |
M in i ty or |
To l ta |
||
| i l ta ca p |
iu p re m m |
Re ser ve s |
for d wa r |
To l ta |
In ter t es |
i ty eq u |
|
| Ba lan 1s Ja 2 0 0 6 t ce nu ar y , |
5 3. 3 1 9 |
3 5. 9 2 2 |
2 1. 7 8 3 |
5 0. 5 0 0 |
1 6 1. 5 2 4 |
1 8. 6 0 1 |
1 8 0. 1 2 5 |
| f i for he io d Pr t t o p er |
4. 4 8 3 |
4. 4 8 3 |
6 8 4 |
1 6 5. 7 |
|||
| Fo ig ha f fec t re n e xc ng e e |
3 2 0 |
3 2 0 |
0 | 3 2 0 |
|||
| fer he dm ha d o Tr O t ts an s s- r m ov en c rg e n i ty eq u |
0 | 0 | |||||
| 3 1s 2 0 0 6 Ba lan t M h ce ar c , |
3. 3 1 9 5 |
3 9 2 2 5. |
2 1. 8 3 7 |
3 0 3 5 5. |
1 6 6. 3 2 7 |
1 9. 2 8 5 |
1 8 6 1 2 5. |
TERNA GROUP NOTES ON THE INTERIM PARENT & CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2006 (Amounts in thousand euros, unless otherwise stated
1. ACTIVITIES OF THE GROUP
Terna SA (hereinafter the Company or TERNA) was founded in 1972 (Govt. Gazette 1338/04.07.72), is domiciled in Athens, 85 Mesogeion Str. and has a duration of 50 years, until 04.07.2022.
TERNA S.A. holds a 7th grade construction certificate and its main activity is to undertake and carry out public and private construction projects of any kind. According to the legislation in effect, companies that hold a 7th grade construction certificate may only undertake public projects of over 35 mil. euros. There is no upper limit to the budget of the projects that the Group may independently undertake. Furthermore, TERNA owns and operates a quarry and trades in inert materials.
At the Group level, TERNA is active in the industrial sector with its subsidiary companies «ΒΙΟΜΕΚ», which undertakes metal constructions and «STROTIRES AEBE», which produces and distributes skids from armed concrete. Also, through «HERON THERMOELEKTRIKI SA» and «TERNA ENERGY ΑΒΕΤΕ» the Group is active in the energy sector through thermoelectric installations and wind parks with a total installed capacity of 148MW and 55.7MW. The consolidated financial statements of TERNA are included in the consolidated financial statements of its parent company GEK SA, which on the balance sheet date held (directly and indirectly) 54.22% of its share capital.
2. BASIS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS
The attached financial statements that form the parent and consolidated financial statements of the Parent and the Group are compiled in accordance with IFRAS as these are adopted by the European Union and specifically in accordance with the provisions of IAS 34 «Interim Financial Statements». There are not any standards that have been applied prior to their adoption date. Also, the financial statements have been prepared according to the historic cost principle, except from investment property which is valued at fair value. Some own-used tangible fixed assets on the date of transition to the International Financial Reporting Standards (IFRS) (01/01/2004) were measured at fairl value and these values were used as deemed cost.
3. SUMMARY OF KEY ACCOUNTING POLICIES
The main accounting policies adopted during the compilation of the attached financial statements are consistent to those followed for the compilation of the annual financial statements for the period ending on 31/12/2005. Also, the International Accounting Standards Board and the Interpretations Committee have issued a series of new Accounting Standards and interpretations as reported below:
Effect of newly issued Accounting Standards (IFRS or IAS) and Interpretations (SIC): Τα The new IFRS and IFRIC are mandatory for the accounting periods beginning from January 1st 2006. The assessment of the Management regarding the impact of the new standards and interpretations is as follows:
TERNA GROUP NOTES ON THE INTERIM PARENT & CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2006
(Amounts in thousand euros, unless otherwise stated)
- IAS 19 (amendment): Employee Benefits (in effect from January 1st 2006). This amendment provides companies with the option of an alternative method for the recognition of actuarial gains or losses. It will probably introduce new recognition conditions for multiemployer plans where adequate information for the application of defined benefit accounting is not available. It also adds new disclosure requirements. This amendment is not applicable for the Group.
- IAS 39 (amendment): Cash Flow Hedge Accounting for Forecast Intragroup Transactions (in effect from January 1st 2006). This amendment allows for the foreign currency risk from a highly probable forecast intragroup transaction may qualify as a hedged item in consolidated financial statements if: (a) the transaction is denominated in a currency other than the functional currency of the entity entering into that transaction and (b) the currency risk will affect the consolidated income statement. This amendment is not relevant to the operations of the Group, as the Group does not carry out any such intragroup transactions.
- IAS 39 (amendment): Fair Value Option (in effect from January 1st 2006). This amendment changes the definition of the financial instruments that have been classified at fair value through profit and loss and limits the possibility of classifying financial instruments in this category. The Group considers that this particular amendment will not have a significant impact on the classification of its financial instruments since the Group has not classified any financial instruments at fair value through profit and loss other than the instruments that are held for trading purposes. The Group will apply this amendment from January 1st, 2006 onwards.
- IAS 39 and IFRS 4 (Amendment): Financial Guarantee Contracts (in effect from January 1st 2006). This amendment requires that financial guarantees issued, other than those that the Group has proved that they are insurance contracts, to be initially recognized at fair value and to be subsequently valued at the greatest of (a) the unamortized balance of the relevant fees that have been collected and deferred and (b) the outflow required to settle the commitment at the balance sheet date. The Management has come to the conclusion that this amendment does not apply to the Group.
- IFRS 6: Exploration for and evaluation of mineral resources. It is applied to financial statements that starting from January 1st 2006 onwards and it has not affected the financial statements of the Company and the Group.
- IFRIC 4. Determining Whether an Arrangement Contains a Lease: IFRIC 4 is applied to annual periods starting from January 1st 2006 onwards The implementation of IFRIC 4 did not change the accounting treatment of any of the Group's current contracts.
- IFRIC 5. Rights to interests arising from decommissioning, restoration and environmental rehabilitation funds. It is applied to financial statements starting from January 1 st 2006 onwards and did not affect the financial statements of the Group.
4. INFORMATION ON CONSOLIDATED ENTITIES
The data of the consolidated entitiew of the Group as of the 31st of March 2006 are as follows:
Regarding the non-audited tax years, the Company for the years 2002-2004 as well as its subsidiary TERNA ENERGY ABETE which for the year 2004 are currently under a tax audit procedure. The non-audited tax years for the companies of the TERNA Group SA that are consolidated are as follows:
TERNA GROUP NOTES ON THE INTERIM PARENT & CONSOLIDATED FINANCIAL STATEMENTS
31 MARCH 2006
(Amounts in thousand euros, unless otherwise stated)
Α) COMPANIES FULLY CONSOLIDATED Α.1) Direct subsidiaries
| Α/Α | COUNTRY OF | PARTICIPATION | NON-AUDITED | |
|---|---|---|---|---|
| COMPANY NAME | DOMICILE | PERCENTAGE | TAX YEARS | |
| 1. | ΤΕRΝΑ ENERGY ΑΒΕΤΕ | GREECE | 61,75% | 2 |
| 2. | ΒΙΟΜΕΚ ΑΒΕΤΕ | GREECE | 66,50% | 4 |
| 3. | STROTIRES ΑΕΒΕ | GREECE | 51% | 3 |
| 4. | DIKEVE SA | GREECE | 100% | 3 |
| 5. | ILIOCHORA SA | GREECE | 100% | 1 |
Α.2) Subsidiaries of TERNA ENERGY ΑBETΕ:
| Α/Α | COMPANY NAME | COUNTRY OF | PARTICIPATION | NON-AUDITED |
|---|---|---|---|---|
| DOMICILE | PERCENTAGE | TAX YEARS | ||
| 1. | IWECO CHONOS LASITHI CRETE SA | GREECE | 100% | 3 |
| 2. | ENERGIAKI SERVOUNIO SA | GREECE | 100% | 4 |
| 3. | TERNA ENERGY EVROS SA | GREECE | 100% | 4 |
| 4. | PPC RENEWABLE- ΤΕRΝΑ ENERGY SA | GREECE | 51% | 3 |
Β. COMPANIES CONSOLIDATED PROPORTIONALLY B.1) Direct consolidated companies
| Α/Α | COMPANY NAME | COUNTRY OF | PARTICIPATION | NON-AUDITED |
|---|---|---|---|---|
| DOMICILE | PERCENTAGE | TAX YEARS | ||
| 1. | HERON THERMOELEKTRIKI SA | GREECE | 50% | A tax audit has not |
| been made since the |
company is at the preliminary stage
Β.2) JOINT VENTURES OF TERNA SA
| Α/Α | COMPANY NAME | PARTICIPATION PERCENTAGE |
NON-AUDITED TAX YEARS |
|---|---|---|---|
| 1. | J/V MAIN IRRIGATION CANAL D 1 | 75,00% | 6 |
| 2. | J/V TERNA SA – IMPEGILO SPA (TRAM ) | 55,00% | 5 |
| 3. | J/V HERACLION UNIVERSITY CITY | 50,00% | 2 |
| 4. | J/V DEVIATION ANCIENT OLYMPIA | 50,00% | 4 |
| 5. | J/V AKTOR, AEGEK, EKTER, TERNA, SPATA AIRPORT | 20,00% | 6 |
| 6. | J/V TERNA SA/AKTOR SA GOULANDRI MUSEUM | 50,00% | 3 |
| 7. | J/V DEPA PROJECT | 10,00% | 3 |
| 8. | J/V UNDERGROUND CAR PARK THESSALONIKI | 50,00% | 3 |
| 9. | J/V ARTA DEVIATION - PHILIPIADAS | 98,00% | 4 |
| 10. | J/V ATHENS OPERA HOUSE | 45,00% | 4 |
| 11. | J/V ATHENIAN CAR PARKS | 20,00% | 3 |
| 12. | J/V PERISTERI METRO | 50,00% | 4 |
| 13. | J/V TERNA SA – ATHINA ATE PROJECT ARACHTHOU PERIST. | 62,50% | 4 |
| 14. | J/V TERNA SA – KARAGIANNIS PROJECT TEFAA KOMOTINIS | 24,00% | 3 |
| 15. | J/V THALES ATM SA-TERNA UPGRADE CAR PARK TACAN | 22,25% | 5 |
| 16. | J/V ETETH-TERNA-AVAX PANTHECHNIKI HORSE RIDING CENTER | 35,00% | 3 |
| 17. | J/V AVAX-BIOTER (CONSTRUTION OF OLYMPIC VILLAGE) | 37,50% | 3 |
| 18. | J/V TERNA S.A. PANTECHNIKI S.A. | 83,50% | 3 |
| 19. | J/V TERNA S.A. AKTOR A.T.E J&P AVAX | 33,00% | 4 |
| 20. | J/V TERNA SA J&P AVAX – PANTHECHNIKI MAINTENANCE OF | ||
| HORSE RIDING CENTER | 25,00% | 3 | |
| 21. | J/V TERNA SA-ATHINA ATE | 62,50% | 2 |
| 22. | J/V ARCHIRODON HELLAS ATE-TERNA SA | 30,00% | 4 |
TERNA GROUP NOTES ON THE INTERIM PARENT & CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2006
(Amounts in thousand euros, unless otherwise stated)
| 23. | J/V EVINOU – AEFEK-METON SA-TERNA SA-EYKLEIDIS ATE | 33,33% | 3 |
|---|---|---|---|
| 24. | J/V TERNA SA – TH. KARAGIANNIS SA PROJECT YPEXODE | ||
| CONSTRUCTION | 50,00% | 5 | |
| 25. | J/V SALONICA PARK | 50,00% | 1 |
| 26. | J/V SIEMENS-ΑΚΤOR-ΤΕRΝΑ SA | 37,50% | 1 |
| 27. | J/V TERNA SA- MICHANIKI SA DEVIATION OF AGRINIO | 65,00% | 1 |
| 28. | J/V TERNA SA/BIOTER SA - CONTRUCTION OF NAT BUILDING | 50,00% | 6 |
| 29. | J/V TERNA SA-THALES SA | 50,00% | 3 |
B.3) Joint Ventures of TERNA ENERGY ABETE
| J/V NAME | PARTICIPATION PERCENTAGE |
NON-AUDITED TAX YEARS |
|
|---|---|---|---|
| 1. | J/V TRAM POLITICAL ENGINEERING WORKS, Greece | 36% | 3 |
| 2. | J/V ENVAGELISMOU, PROJECT C', Greece | 50% | 3* |
| 3. | J/V TERNA ENERGY - TSAMPR. DRAMAS HOSPITAL, | 40% | 3* |
| Greece | |||
| 4. | J/V EPL DRAMAS, Greece | 24% | 3* |
| 5. | J/V TERNA ENERGY - OLYMPIOS ATE, Greece | 50% | 3 |
| 6. | J/V K. MANIOTIS - TERNA - TERNA ENERGY, Greece | 37,50% | 3 |
| 7. | J/V/ EMBEDOS - PANTECHNIKI - TERNA ENERGY, Greece | 50,10% | 3 |
| 8. | J/V THEMELI - TERNA ENERGY - TERNA SA IMPREGILO | 40% | 2 |
| SPA, Greece | |||
| 9. | J/V EKTER - TERNA - ATHONIKI, Greece | 31% | 1 |
| 10. | J/V/ KL. ROUTSIS - TERNA ENERGY ABETE, Greece | 50% | 2 |
* Without any tax interest because the project of the J/V is completed and during these years no income was generated. These J/Vs are soon expected to cease existing.
B.4) Partnership and Limited Partnership companies of the subgroup TERNA ENERGY ABETE*
* They are established in order to receive the license for the construction of facilities for the production of electrical energy using renewable resources, and if this project goes through the companies would be absorbed by TERNA ENERGY ABETE. They have no activity till today and therefore no tax interest.
| NAME | PARTICIPATION | NON AUDITED TAX YEARS |
|
|---|---|---|---|
| 1. | TERNA ENERGY ΑΒΕΤΕ - Μ.Ε.L. MAKEDONIKI ETAIRIA HARTOU & SIA, J/V, Greece |
50% | 4 |
| 2. | TERNA ENERGY Α.Β.Ε.Τ.Ε. & SIA AIOLIKI RAHOULAS DERVENOHORION, Greece |
100% | 4 |
| 3. | TERNA ENERGY ABETE & SIA AIOLIKI POLYKASTROU, Greece | 100% | 4 |
| 4. | TERNA ENERGY ABETE & SIA AIOLIKI PROVATA TRAIANOUPOLEOS, Greece |
100% | 4 |
| 5. | TERNA ENERGY ABETE & SIA ENERGIAKI DERVENOHORION, Greece |
100% | 4 |
| 6. | TERNA ENERGY ABETE & SIA ENERGIAKI VELANIDION LAKONIAS, Greece |
100% | 4 |
| 7. | TERNA ENERGY ABETE & SIA ENERGIAKI DISTION EVIAS, Greece | 100% | 4 |
TERNA GROUP NOTES ON THE INTERIM PARENT & CONSOLIDATED FINANCIAL STATEMENTS
31 MARCH 2006
(Amounts in thousand euros, unless otherwise stated)
| 8. | TERNA ENERGY ABETE & SIA AIOLIKI PASTRA ATTIKIS, Greece | 100% | 4 |
|---|---|---|---|
| 9. | TERNA ENERGY ABETE & SIA AIOLIKI MALEA LAKONIAS, Greece |
100% | 4 |
| 10. | TERNA ENERGY ABETE & SIA ENERGIAKI FERRON EVROU, Greece |
100% | 4 |
| 11. | TERNA ENERGY ABETE & SIA AIOLIKI DERVENI TRAIANOUPOLEOS, Greece |
100% | 4 |
| 12. | TERNA ENERGY ABETE & SIA AIOLIKI KARYSTIAS EVIAS, Greece | 100% | 4 |
| 13. | TERNA ENERGY ABETE & SIA ENERGIAKI ARI SAPPON, Greece | 100% | 4 |
| 14. | TERNA ENERGY ABETE & SIA ENERGIAKI PELOPONNISOU, Greece |
100% | 4 |
| 15. | TERNA ENERGY ABETE & SIA AIOLIKI ANATOLIKIS ELLADOS, Greece |
100% | 4 |
| 16. | TERNA ENERGY ABETE & SIA AIOLIKI MARMARIOU EVIAS, Greece |
100% | 4 |
| 17. | TERNA ENERGY ABETE & SIA ENERGIAKI PETRION EVIAS, Greece |
100% | 4 |
| 18. | TERNA ENERGY ABETE & SIA AIOLIKI ROKANI DERVENOHORION, Greece |
100% | 4 |
| 19. | TERNA ENERGY ABETE & SIA ENERGIAKI STIRON EVIAS, Greece | 100% | 4 |
| 20. | TERNA ENERGY ABETE & SIA ENERGIAKI NEAPOLEOS LAKONIAS, Greece |
100% | 4 |
| 21. | TERNA ENERGY ABETE & SIA ENERGIAKI XSIROVOUNIOU, Greece |
70% | 4 |
| 22. | TERNA ENERGY ABETE & SIA AIOLIKI PANORAMATOS DERVENOHORION, Greece |
100% | 4 |
| 23. | TERNA ENERGY ABETE & SIA ENERGIAKI KAFIREOS EVIAS, Greece |
100% | 4 |
| 24. | TERNA ENERGY ABETE & Co EE | 70% | 3 |
5. INFORMATION BY SECTOR OF ACTIVITY
The table below reports the analysis of the results of the Group for the 3-month period ending on 31/03/2006 and 31/03/2005 by sector.
| TERNA GROUP (1/1-31/03/2005) |
Construction | Energy | Real Estate | Industrial | Other | Total of | |
|---|---|---|---|---|---|---|---|
| Sector | Sector | Sector | Sector | Sectors | Sectors | ||
| INCOME STATEMENT | |||||||
| Turnover (Sales) | 48.010 | 6,183 | 191 | 1,710 | 5,958 | 62,052 | |
| Less: inter-company sales | -1.089 | 0 | 0 | 0 | 0 | -1,089 | |
| Sales of the sector | 46,921 | 6,183 | 191 | 1,710 | 5,958 | 60,963 | |
| Earnings before interest, tax depreciation and amortization (EBITDA) |
11,490 | 3,797 | 166 | -2 | -446 | 15,005 | |
| Earnings before tax | 8,688 | 1,955 | 87 | 16 | -498 | 10,247 |
TERNA GROUP NOTES ON THE INTERIM PARENT & CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2006
(Amounts in thousand euros, unless otherwise stated)
| TERNA GROUP (1/1-31/03/2006) |
Construction Sector |
Energy Sector |
Real Estate Sector |
Industrial Sector |
Other Sectors |
Total of Sectors |
|---|---|---|---|---|---|---|
| INCOME STATEMENT | ||||||
| Turnover (Sales) | 44,644 | 7,997 | 169 | 0 | 962 | 53,772 |
| Less: inter-company sales | -2,299 | 0 | 0 | 0 | 0 | -2,299 |
| Sales of the sector | 42,345 | 7,997 | 169 | 0 | 962 | 51,473 |
| Earnings before interest, tax depreciation and amortization (EBITDA) |
7,494 | 4,979 | 115 | 115 | -424 | 12,278 |
| Earnings pre tax | 5,350 | 2,580 | 13 | 83 | -436 | 7,589 |
6. EXISTING CHARGES ON ASSETS
There are mortgage prenotations on some subsidiaries of the Group amounting to €17,107. Specifically,
| BIOMEK ΑΒΕΤΕ ……………………………………………………1,507 | |
|---|---|
| DIKEBE SA ………………………………………………………15,600 | |
| Total | 17,107 |
7. DIFFERENCES UNDER LITIGATION OR ARBITRATION
During the course of conducting its business, the Company may face legal claims from third parties. According to both the Management and the Company's Legal Counsel, any such claims are not expected to have a material impact on the Company's operation and financial position as of the 31st of 31 March 2006.
8. TRANSACTIONS WITH RELATED PARTIES
The intra-group transactions (purchases and sales) and the intra-group balances between the companies of the Group that are consolidated are eliminated in the consolidated financial statements.
The transactions with related parties for the period 01/01-31/03/2006 as well as the balances that have arisen from these transactions are as of 31.03.2005 as follows:
| TRANSACTIONS | ||
|---|---|---|
| Category of transation Income from intra-company sales Cost of intra-company transactions Dividends |
Amounts 5,760 6,208 704 |
|
| BALANCES | ||
| Category of balance | Amounts | |
| Trade receivables | 31,511 | |
| Inventory pre-payments | 147 | |
| Sundry debtors | 5,555 | |
| Trade payables | 3,964 | |
| Sundry creditors | 2,389 |
TERNA GROUP NOTES ON THE INTERIM PARENT & CONSOLIDATED FINANCIAL STATEMENTS 31 MARCH 2006 (Amounts in thousand euros, unless otherwise stated)
9. POST BALANCE SHEET DATE EVENTS
The companies of TERNA SA group of companies and TERNA ENERGY ABETE together with their joint ventures signed contracts participating in projects totalling €117mil, while there are also declared bidders in other competitions having a total budget of €54mil.
The consortium «HELLENIC AUTOPISTAS» in which the Company participates by 33.33% is declared as a temporary bidder for the construction, exploitation and operation of the Ionian Road, having a construction cost of €1.4mil. Based on the signed contract for the construction of the project, TERNA SA, would participate in the construction part of the project with a participation percentage of 33.33%.
10. CONTINGENT LIABILITIES
The management of the Group estimates that there are no changes in contingent liabilities compared to those existed on 31/03/2006.
The Management of the Group estimates that there are no changes in contingent liabilities of the Group compared to the ones as of 31/12/2005.
CERTIFICATE
It is confirmed that the attached Financial Statements are those approved by the Board of Directors of the Company on May, 26 2006 and have been published with their posting on the internet, at the web page www.terna.gr. It is noted that the published in the press brief financial data, aim at providing general financial information but do not provide a complete depiction of the Company's and Group's economic status and financial results, according to the International Financial Reporting Standards.
CHAIRMAN OF BoD VICE-CHAIRMAN OF BoD& MANAGING DIRECTOR
Nikolaos Kambas George Peristeris
CHIEF FINANCIAL OFFICER HEAD OF ACCOUNTING DEPARTMENT
Panayiotis Pothos Nikolaos Athanasiou