TERNA ENERGY: 1^ST Half 2011 Results

According to the financial statements of 30/06/2011, which were prepared in accordance with the International Financial Reporting Standards, the results for the 1^st half of 2011 of TERNA ENERGY are as follows:

Consolidated sales amounted to 27.9 mil euro compared to 28.7 mil euro during the 1^st half of 2010, posting a 3% decline due to the decrease of income from the company’s construction activities. Income from the energy sector amounted to 20 mil euro compared to 16.4 mil euro the 1^st half of 2010, increased by 21.9%.

Sales of the company’s construction sector towards third parties amounted to 7.9 mil euro, compared to 12.3 mil euro the respective period of 2010, posting a decrease of 36%.

Earnings before interest tax depreciation and amortization (EBITDA) amounted to 13.3 mil euro compared to 9.7 mil euro the 1^st half of 2010, thus increased by 37% compared to the respective period last year. EBITDA from the energy segment amounted to 12.3 mil compared to 8.9 mil in the 1^st half of 2010, posting a 38% increase as a result of the company’s increased capacity under operation. EBITDA from construction activities towards third parties amounted to 0.9 mil euro compared to 0.8 mil during the respective period of 2010, posting a 13% increase.

Earnings before interest and tax (ΕΒΙΤ) amounted to 9.2 mil euro, increased by 42.2% compared to 6.4 mil euro during the 1^st half of 2010. Correspondingly, earnings before tax amounted to 10 mil euro compared to 7.4 mil euro during the respective period of 2010, thus posting an increase of 34.9%. Net earnings after minority interest, amounted to 6.9 mil euro compared to 2.9 mil euro the respective period of last year, thus increased by 138%.

The Group’s investments amounted to 91 mil euro during the 1^st half of 2011, as the investment plan is intensely underway.

Cash flows from operating activities before changes in working capital amounted to 13.2 mil euro during the 1^st half compared to 9.7 mil euro during the respective period of 2010, while the Group’s net cash position (cash & cash equivalents minus bank debt) amounts to 113 mil euro.

During 2011 TERNA ENERGY acquired full licenses for additional 93 MW of wind parks and 6 MW of photovoltaic projects in Greece, while the construction of 178 MW in USA is expected to begin soon. Overall, the Group has RES facilities either under construction or ready to build corresponding to 474 MW, while it also has an additional 229.5 MW of RES facilities in operation. Two wind parks of 27.5 MW recently began operations in Greece.

The Company has production licenses for additional 1,552 MW of wind parks, while it also has production licenses for 157 MW of hydroelectric projects. Overall, the Company operates, is currently constructing or has full licensing of 702 MW in RES facilities in Europe and America.

 Information:

Investor Relations: Aristotelis Spiliotis, tel + 30 210 69 68 431, tspiliotis@terna-energy.gr

Press Office & Public Relations: Konstantinos Lambrou, tel + 30 210 6968445, klamprou@gekterna.gr