terna 2010 consolidated results

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  • 1. FY10 CONSOLIDATED RESULTS MARCH 31st 2011FY10 Consolidated ResultsFlavio Cattaneo - Chief Executive OfficerFabio Todeschini - Chief Financial OfficerMARCH 31st, 2011 Investor Relations 1
  • 2. FY10 CONSOLIDATED RESULTS MARCH 31st 2011Agenda STRATEGIC UPDATE 3 FY10 RESULTS 6 ANNEXES 11 Investor Relations 2
  • 3. FY10 CONSOLIDATED RESULTS MARCH 31st 2011Strategic UpdateHighlights2010 Results Strong growth and peak in capex Performance on incentives for dispatching activities about 160mn. Considering the incentive scheme lasts for 3 years, in 2010 P&L accounted only 77mn Net Profit from continuing operations (467mn) up by 32%M&A Successfully completed the disposal of Rete Rinnovabile S.r.l. Acquired 22.09% stake of Montenegrin TSO1Funding Recently issued 1.25bn euro bond, with 10 year maturity Available cash and credit lines to cover Plans needs1) CrnoGorski Elektroprenosni Sistem AD (CGES) Investor Relations 3
  • 4. FY10 CONSOLIDATED RESULTS MARCH 31st 2011Strategic UpdateDisposal of the first PV Portfolio (Rete Rinnovabile S.r.l.) Transaction Details Transfer of 100% of the shares of Rete Rinnovabile S.r.l. (RTR Srl) to Terra Firma Enterprise Value: 641mn euro (equivalent to an average EV/MWp of 4.46mn) RTR owns 143.7MWp (62 sites, located in 11 regions) 101.6MWp benefitting from 2010 Feed-in tariff 42.1MWp benefitting from early 2011 Feed-in tariff Impacts of the Transaction Overall net proceeds: 204mn euro Impact on 2010 consolidated net income: 147mn (accounting treatment according to IAS 111) Reduction in the effective net financial debt from continuing operations of the Group of over 200mn1) Revenues and costs associated with plants construction accounted for on the stage of completion of the contract activity at balance sheet date Investor Relations 4
  • 5. FY10 CONSOLIDATED RESULTS MARCH 31st 2011Strategic UpdateAttractive Shareholder Returns cents/share 2010 DPS: 21c 2010 13.0 8c Interim, paid on November 25th 8.0 +8.3% 13c Final (+8.3% vs 2009 Final), payable 12.0 2009 from June 23rd (Ex date June 20th) 7.0 +31.3% Top ranking yield: 6.5%1 2008 9.9 5.9 Final Interim cents/share Double Digit Growth 21.0 Ordinary Dividend +4% 19.0 +10.5% +20.3% 3.9 15.8 2.6 Additional distribution from value accretive M&A +4% +4% (nearly 20% of total DPS) 16.4 17.1 2008 2009 2010 Ordinary dividend Step-up1) Calculated on the basis of Terna closing price as of December 30th, 2010 adjusted for the interim dividend (3.16 + 0.08 = 3.24) Investor Relations 5
  • 6. FY10 CONSOLIDATED RESULTS MARCH 31st 2011FY10 ResultsConsolidated Revenues Revenues by Nature Revenues Breakdown mn mn +17 1,589 +199 +49 +13 +121 38 * 1,589 1,390 38 1,390 75 21 30 * 62 170 121 1,306 1,186 Other Activities FY09 FY10 Grid Fee Other Energy Items FY09 Grid Fee Other Non Other FY10 Non Regulated Revenues Other Revenues Energy Items Regulated Revenues Revenues(*) Impact from the application of IFRIC 12, reported in the Other Energy Items Investor Relations 6
  • 7. FY10 CONSOLIDATED RESULTS MARCH 31st 2011FY10 ResultsConsolidated Costs Costs by Nature1 Costs Breakdown mn mn +27 +27 -1 0 -7 414 414 387 +9 387 38* 50 30 * 52 152 150 186 212 FY09 FY10 Salaries Services Other FY09 IFRIC 12 One off Salaries Services Other FY10(1) Net of capitalized cost

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