Milan, March 22 nd 2018

Transcription

1 Milan, March 22 nd 2018

2 Agenda Sustainability as a key value driver C. Bastioli 3 Overall macro scenario Strategic Overview L. Ferraris L. Ferraris 7 13 FY 2017 results A. Scornajenchi Group targets A. Scornajenchi 33 Dividend policy and closing remarks L. Ferraris 39 Glossary and Annexes 42 2

3 Sustainability as a key value driver 3

4 Sustainability as a key value driver Terna and the Sustainable Development Goals What we do (1/2) Returning value through SDGs 4

5 Sustainability as a key value driver Terna and the Sustainable Development Goals What we do (2/2) Commitment Affordable and Clean Energy Industry, Innovation and Infrastructure Climate Action Partnership for the goals Targets Ensure affordable and reliable energy services Increase the share of renewable energy Develop sustainable and resilient infrastructure Strengthen resilience and adaptive capacity to climaterelated hazards and natural disasters in all countries Strengthen public and private partnerships for the implementation of SDGs Strong commitment on sustainability 5

6 Sustainability as a key value driver Terna Environmental Social and Governance Approach How we do Integrity, responsibility, transparency Local and central stakeholders Awareness of external challenges and global trends Sustainable management Availability of appropriate intangible capitals ESG risk mitigation Environment Human resources Containment of environmental impacts Sustainability is driving our business model 6

7 Overall Macro Scenario 7

8 Overall Macro Scenario Mega trends System Evolution (1/2) POLICIES FRAMEWORK TECHNOLOGICAL EVOLUTION MAIN IMPACTS ON TSO UNITED NATIONS COP 21 EUROPEAN GUIDELINES Clean Energy Package Renewables Energy Efficiency EV SECURITY OF SUPPLY RENEWABLES INTEGRATION NATIONAL ENERGY STRATEGY Digitization Storage INNOVATION AND DIGITIZATION Ensuring security of supply for a sustainable and efficient energy system 8

9 Overall Macro Scenario Mega trends System Evolution (2/2) FROM THE TRADITIONAL SYSTEM TO A COMPLEX AND INTEGRATED SYSTEM Centralized Generation Distributed Generation Prosumers Import TSO One-way system & Regional structures Renewables Multi-directional System TSO DSO DSO Cross-borders flows Storage Consumers Grids pivotal role confirmed 9

10 Overall Macro Scenario Mega trends Global Energy Industry Investments Other Asia Cumulated (bn$) 41% 1,754 North America Europe China 38% 972 South America 37% 1,325 Africa 40% Middle East 36% 211 1,771 2,710 (41%) World 6,700 Bn$ 47% % 381 Fossil fuels Nuclear Renewables Grids Acceleration on grid investments is the enabling factor for the energy transition Source: World Energy Outlook, IEA

11 Overall Macro Scenario Mega trends Gross Electricity Generation Mix, (% of GWh) Fossil fuels Nuclear Renewables including hydro 16% 22% 31% 12% 15% 19% 13% 19% 31% 19% 27% 38% 6% 8% 19% 16% 26% 19% 34% 40% 29% 27% 26% 78% 75% 73% 26% 22% 13% 21% 20% 21% 21% 55% 51% 43% 60% 59% 56% 81% 72% 62% 75% 76% 52% 61% 46% 39% 10% 10% 8% European Union France Germany Italy UK Spain Italy has one of the highest renewables share in Europe Source: Enerdata: Global Energy & CO2 data (2018) 11

12 Overall Macro Scenario Mega trends National Energy Strategy AREAS CORE TARGETS Energy Efficiency Renewables Development Decarbonization speed up Security of Supply Reducing final energy consumption by a total of 10 Mtoe by 2030 Reaching 55% * share of renewables in electricity consumption by 2030 Phasing out the use of coal in electricity generation by 2025 Strengthening security of supply and narrowing the energy price gap Furthering sustainable public mobility and eco-friendly fuels Transmission grid as one of the key enablers of the forthcoming energy system Source: 2017 National Enegy Strategy Italian Ministry of Economic Development *Including hydro 12

13 Strategic overview 13

14 Strategic overview Mission Play a leading role for a sustainable energy transition, leveraging innovation, skills and distinctive technologies with the goal of generating value for all stakeholders 14

15 ENABLING FACTORS STRATEGIC GUIDELINES Strategic Overview Guidelines & Enabling Factors Domestic Regulated Operations: focus on Italian Grid reinforcement Non Regulated Operations: value added solutions for the integrated TSO International Operations: exploit core capabilities Innovation & Digitization: be the front-runner People: strengthening core competences 15

16 Strategic Overview Domestic Regulated Operations: focus on Italian Grid reinforcement (1/4) STRATEGY ACTIONS Grid reinforcement Capex acceleration driven by system needs Support the framework evolution Play a proactive role in system design and roll-out (e.g. Capacity Market) Enhance core competences Leveraging technological skills and innovation System is calling for a new investment wave 16

17 Strategic Overview Domestic Regulated Operations: focus on Italian Grid reinforcement (2/4) Resiliency Sustainability Innovation Digitization Quality and Security Development Plan Defence Plan Asset Renewal and Efficiency 52% 13% 30% Capex 5.3 bn cumulated 2 Other Investments 5% 8% 70% 11% 1 11% Increasing benefits for the system reducing overall energy costs 1. Including RHV Grid 2. Domestic Regulated Capex net of EU contributions 17

18 Strategic Overview Domestic Regulated Operations: focus on Italian Grid reinforcement (3/4) CATEGORY Development Defence Asset Renewal and Efficiency CUMULATED CAPEX ~2.8 bn ~0.7 bn ~1.9 bn MAIN PROJECTS Rationalization of major metropolitan areas Decongestion investments in Sicily Italy-France interconnection Italy-Montenegro interconnection SA.CO.I 3 Grid stabilization devices Connectivity (optical fiber) Service quality improvement, efficiency and environment RHV Grid integration Strong focus on security of supply 18

19 Strategic Overview Domestic Regulated Operations: focus on Italian Grid reinforcement (4/4) CAPEX bn RAB EVOLUTION bn 5.3 bn cumulated* >90% directly related % 6% MAIN DRIVERS Resiliency Digitization Development Capex Plan Acceleration New Capex Plan Total Calendar RAB WIP Capex acceleration drives a robust RAB growth * Domestic Regulated Capex net of EU contributions 19

20 Strategic Overview Non Regulated Operations: value added solutions for the integrated TSO (1/2) STRATEGY Energy Solutions Provider ACTIONS Develop high value-added services TLC O&M Services Pursue new business opportunity based on TLC assets Catch new business opportunities Tamini Turnaround expected on-track Non Regulated Activities to serve energy transition 20

21 Strategic Overview Non Regulated Operations: value added solutions for the integrated TSO (2/2) TLC Private Interconnectors Tamini Energy Solutions Provider Grid Infrastructure Energy Efficiency New Solution Services EBITDA ~350 mn cumulated in 5 years +50mn vs old plan restated 1 Robust contribution to P&L mn restated old plan including Tamini and in accordance with accounting principle IFRS 15 (Interconnectors margin spread over the exemption period) 21

22 Strategic Overview International Operations: exploit core capabilities (1/2) STRATEGY Europe LatAm ACTIONS Playing an active role in TSO governance Executing on system connectivity Delivering existing projects Exploring front-end technology solutions Focus on high skill and capital light activities Limited capital absorption and low risk profile 22

23 Strategic Overview International Operations: exploit core capabilities (2/2) PROJECTS IN EXECUTION TOTAL MAXIMUM CAPEX LEVEL Brazil Uruguay Perù 2 BOOT concessions for >500km Capex 1 at ~160 mn P&L contribution starting from 2019 BOT concession for >200km Capex 1 at ~70 mn P&L full contribution starting from 2020 (on PBT) BOOT concession for > 130km Capex 1 at ~15 mn P&L full contribution starting from Cumulated Capex Lower than 300 mn o/w 160 related to projects in execution EBITDA ~150 mn 2 cumulated in 5 years + ~70mn vs old plan Ongoing execution 1. Including 2017 capex 2. Including financial income from Uruguay project 23

24 PEOPLE INNOVATION AND DIGITIZATION Strategic Overview Enabling Factors (1/2) STRATEGY ACTIONS Transmission Operator Activities System Operator Activities Enhance open innovation approach Overall Group processes Predictive assets maintenance through centralized data management Advanced Analytics (i.e. flexibility management and DER* dispatching) Innovation sharing process to turn ideas into new strategic initiatives Workforce, processes and IT management Partnerships with academic institutions Enhancement of existing competences New skills development Strengthening technological skills and high level competences Empowering project planning, execution, and control activities Digital and Innovation Leveraging digitization and people to manage increasing system complexity *distributed energy resources 24

25 Strategic Overview Enabling Factors (2/2) MAIN PROJECTS Processes Digitization Big Data Optical Fiber Capex Digital Workplace Metering IoT 600 mn * cumulated R&D and Storage Innovation & Digitization are key tools for SO activities *Included in Regulated Capex. Including RHV Grid 25

26 Strategic Overview EBITDA Evolution 80% 20% 1.6 bn Regulatory Downside (WACC, WIP, Input based incentives) Capex Acceleration ~1.9 bn 2017 Regulatory Regulated Activities Capex Downsides Remuneration and Output based incentives Non Regulated Activities Revenues growth supported by strong capex acceleration. Focus on project execution International

27 Strategic Overview Guidance 2018 and 2022 bn FY 2017 FY 2018 FY vs 2017 Actual Guidance Guidance % Revenues 1 ~ 2.16 ~ 2.20 ~ % EBITDA ~ 1.60 ~ 1.61 ~ % Capex 2 ~ 1.0 ~ 1.1 ~ 5.7 Cumulated EPS cents ~ 34 ~ 34 ~ % Ensuring a sustainable growth during the plan period 1. Excluding IFRIC 12 effect related to international activities construction 2. Total Group Capex 27

28 FY 2017 results 28

29 FY 2017 results Key Numbers mn FY 2017 FY 2016 Δ vs FY 16 2, ,103 Revenues +7% 1,604 1,545 EBITDA +4% Group Net Income 2 +9% 1, Total Group Capex +21% FY 2017 FY 2016 Net Debt 3 7,796 7,976 Growth in all P&L lines 1. Including IFRIC 12 effect related to international activities construction 2. Attributable to Terna 3. FY 2016 restated (17 mn related to Interconnector guarantee provision) 29

30 FY 2017 results EBITDA REGULATED ACTIVITIES mn NON REGULATED ACTIVITIES mn ,496 1, FY16 FY17 FY16 FY17 Solid EBITDA driven Insourcingby attività domestic di O&M Rete regulated FS activities 30

31 FY 2017 results From EBITDA to Net Income mn % YoY EBITDA D&A EBIT Net Financial Expenses Taxes Group Net Income 1 Group Net Income FY % growth YoY at net income level 1. Attributable to Terna 31

32 FY 2017 results Cash Flow & Net Debt Evolution mn ,976 1, , ,796 Free Cash Flow to Equity +600 Dec.31, 2016 Operating Cash Flow Δ WC & Other 1 Capex Dividends & Equity2 Dec.31, 2017 Positive cash flow generation covers dividend and capex 1. Including Other Fixed Assets Changes 2. Including Cash Flow Hedge accruals and other 32

33 Group targets 33

34 Group targets Assumptions: Regulation 2018 Total Grid Fee 1.92 bn Regulated WACC at 5.1% starting from 2019 Output based principles and guidelines factored in RAB inflation at 0.9% on average during plan period today Jan Dec Totex Framework GRADUALLY INTRODUCTION OF OUTPUT-BASED INCENTIVES INTRODUCTION OF TOTEX FORESEEN BY THE REGULATOR STARTING FROM 2020 * In accordance with ARERA resolutions 883/2017 and 909/

35 Group targets Assumptions: Accounting and Finance Accounting Figures not affected by international projects IFRIC effects Interconnector EBITDA contribution spread over exemption period Debt management 10 years average interest rate 1.6% 35

36 Group targets P&L REVENUES EBITDA bn 2.16 * 2.20 * CAGR >3% bn CAGR >3% % % 9% 11% 4% 4% 91% 89% 85% 96% 96% 94% Regulated Other** EPS CAGR % * Excluding international IFRIC 12 effect ** Services, International & Tamini 36

37 Group targets Efficiency HEADCOUNT / ASSETS OPEX / EQUIVALENT ASSETS* RHV GRID ASSETS Cumulated Opex ( mn) -20% % 4% 4% % % % % % Headcount/Km lines 000 Km of Lines mn/ 000 Equivalent Assets 000 Equivalent Assets Strategic Plan Strategic Plan Maintaining high efficiency level in grid management *Equivalent assets = Number of equivalent bays at Electric Stations + Length in equivalent km of Lines /

38 Group targets Cash Flow & Net Debt CUMULATED bn 1.9 bn 4.4 bn FFO/NET DEBT 15.3% 14.3% 13.4% Threshold 11% Net Debt / RAB <60% over the Plan 2 Operating Cash Flow Asset Renewal and Efficiency Capex Free 1 Cash Flow Average Cost of Net Debt 1.6% back end loaded Gross Debt as of YE 100% Fix rate Rock-solid financial structure notwithstanding capex acceleration and enhanced shareholders remuneration 1. Before development capex 2. Calendar RAB adjusted for international capex 38

39 Dividend Policy and Closing Remarks 39

40 Dividend Policy and Closing Remarks Dividend Policy cents CAGR 6% 75% PAYOUT 22.0 FLOOR

41 Dividend Policy and Closing Remarks Closing Remarks our five pillars Domestic Regulated Operations Non Regulated Operations International Operations Financial structure Focus on Italian grid reinforcement Supporting the energy transition Exploit core capabilities with limited capital absorption and low risk profile Rock-solid structure with strong ratios Dividends Predictable and accretive policy Ensuring yield and growth with a low risk investment profile 41

42 Glossary and Annexes 42

43 Glossary (1/2) BOOT: Build Own Operate Transfer BOT: Build Operate Transfer CAGR: Compound Annual Growth Rate Capacity Market: mechanism introduced by the Government to ensure that electricity supply continues to meet demand as more volatile and unpredictable renewable generation plants come on stream; The objective of the Capacity Market is to achieve long-term security of supply Capex: Capital Expenditure Capital Allocation: A process of how businesses allocate their financial resources to different processes, people, projects and division CBA: Cost Benefit Analysis DER: Distributed Energy Resources DSO: Distribution System Operator E&C: Engineering & Construction EBIT: Earning Before Interest and Tax EBITDA: Earning Before Interest, Tax, Depreciation and Amortization EPS: Earnings Per Share Equity share: A share that gives the person who owns it the right to receive part of a company s profits and to vote at shareholder meetings Equivalent assets: Number of equivalent bays at Electric Stations + Length in equivalent km of Lines / 5.8 COP 21: XXI Conference of the Parties, referring United Nations Framework Convention on Climate Change D&A: Depreciation & Amortization 43

44 Glossary (2/2) EU: European Union Fixed rate: Interest rate that remains at a set level for a specified period of time Floating rate: Interest rate that is reset at specified periods of time based on a pre-determined parameter FY: Full Year Headcount: Total number of people employed in a specific organization ICT: Information and communication Technology IFRIC: International Financial Reporting Interpretations Committee IRS: Interest rate swap - a financial derivative instrument in which two parties agree to exchange interest rate cash flows, based on a specified notional amount from a fixed rate to a floating rate (or vice versa) or from one floating rate to another ISTAT: The National Institute for Statistics (Istat) is the main supplier of official statistical information in Italy RAB: Regulated Asset Base RHV Grid: Railways High Voltage Grid SEN: National Energy Strategy (Strategia Energetica Nazionale) Synchronous Compensator: electrical device used in power transmission systems for voltage control within rated values, used to increase system voltage control and security of supply SO: System Operator TLC: Telecommunication TSO: Transmission System Operator UN SDG: United Nations Sustainable Development Goals WACC: Weighted Average Cost of Capital WC: Working Capital WIP: Work in Progress YoY: Year on year Net Debt: cash and cash equivalents minus short term and long term financial liabilities Payout ratio: Dividends paid to shareholders relative to net income 44

45 Strategic Annexes Main Projects Italy-Austria Italy-France TO GE Colunga-Calenzano SACOI 3 MI Elba-mainland Capri- Sorrento Piave rationalization Cassano-Chiari RM Avellino Rumianca Quartu-Quartucciu NA Removal of Center-South/Center North restrictions Italy-Montenegro Gissi - Foggia Deliceto - Bisaccia Benevento 2 Benevento 3 Rinforzi Nord Calabria Reinforcement North Calabria Grid evolution + 1,250km of Lines Mainland-Sicilia- Sardegna PA Paternò-Pantano-Priolo Chiaramonte Gulfi-Ciminna Reinforcement of HV Grid Interconnections Rationalization of Metropolitan Areas 45

46 Strategic Annexes Financial KPIs Financial structure will remain solid within the plan Main Financial KPIs on a sustainable level, well below the main rating agency thresholds RCF/NET DEBT 9.9% 8.7% 8.0% Threshold 7% MATURITIES mn 1,964 1, ,868 1,128 RATING Rating M/L Term Outlook Terna Sovereign Terna Sovereign S&P BBB+ BBB Stable Stable Moody's Baa1 Baa2 Negative Negative Fitch BBB+ BBB Stable Stable

47 Strategic Annexes 2018 Total Grid Fee update* Transmission 1.8 bn Resolution 779/ Dispatching 0.11 bn Resolution 815/2016 = 1.91 bn Transmission 1.81 bn Resolution 883/ Dispatching 0.11 bn Resolution 909/2017 = 1.92 bn RAB for Tariff ~ 14.4 bn 34% 19% 47% RAB remuneration Allowed Opex Allowed D&A * ARERA Resolutions and Terna s preliminary estimates 47

48 Financial Annexes (1/6) FY 2017 results - Consolidated Income Statement 1 mn FY17 FY16 Δmn Δ% Total Revenue ,9% Regulated Activities ,6% Transmission ,0% Dispatching ,5% Other ,7% IFRIC ,5% Non Regulated Activities ,7% 3 International Activities ,0% Total Costs ,3% Regulated Activities ,0% Labour Costs ,8% External Costs ,7% Other ,9% IFRIC ,5% Non Regulated Activities ,5% International Activities ,0% EBITDA ,8% D&A ,5% EBIT ,0% Net Financial Charges ,6% Pre Tax Profit ,9% Taxes ,6% Tax Rate (%) 29,8% 32,7% -2,9% Total Net Income ,6% Minority Interest ,5% Group Net Income ,7% 1. Managerial Accounting 2. Including Quality of Service 3. Of which about 81 mln at revenues level and about 78 mln at costs level of IFRIC 12 48

49 Financial Annexes (2/6) FY 2017 results - P&L Quarterly Analysis mn 1Q16 1Q17 Δ 2Q16 2Q17 Δ 3Q16 3Q17 Δ 4Q16 4Q17 Δ Total Revenue Regulated Activities Transmission Dispatching Other IFRIC Non Regulated Act International Activities Total Costs Regulated Activities Labour Costs External Costs Other IFRIC Non Regulated Act International Activities EBITDA D&A EBIT Net Financial Charges Pre Tax Profit Taxes Tax Rate (%) 34,2% 29,3% -4,8% 29,7% 29,2% -0,4% 32,1% 30,2% -1,9% 35,0% 30,3% -4,6% Total Net Income Minority Interest Group Net Income Total Group Capex Net Debt (end of period) Including Quality of Service 49

50 Financial Annexes (3/6) FY 2017 results - Consolidated Balance Sheet mn Dec. 31,2016 Dec. 31,2017 Δmn PP&E 12,369 12, Intangible Asset Financial Inv. and Other Total Fixed Assets 12,991 13, Net WC -1,075-1, Funds Net Capital Invested 11,532 11, Financed by: Consolidated Net Debt 7,976 7, Total Shareholder's Equity 3,555 3, Total 11,532 11, D/E Ratio D/D+E Ratio Number of Shares ('000) 2,010 2, FY 2016 restated 50

51 Financial Annexes (4/6) FY 2017 results - Consolidated Cash Flow mn FY16 FY17 Δ mn Total Net Income D&A Net Change in Funds Operating Cash Flow 1,138 1, Δ Working Capital & Other Cash Flow from Operating Activities 1,299 1, Capital Expenditures , Free Cash Flow to Equity Dividends & Equity Change in Net Cash (Debt) Net of assets disposal 2. Including Other Fixed Assets Changes 3. Including Cash Flow Hedge accruals and other 4. FY 2016 restated 51

52 Financial Annexes (5/6) FY 2017 results - Capex mn Category ( mn) FY16 FY17 Δ 17 vs 16 Δ % Incentivized Investments % Other Regulated % Regulated Capex % Other % Total Group Capex 854 1, % 3 1. I-NPR1+O-NPR1 in line with AEEGSI Resolution n. 579/17 2. FY 2016 restated 3. Of which about 13 mn of Capitalized Financial Charges 52

53 Financial Annexes (6/6) Demand Evolution DEMAND AS REPORTED (TWh) FY17 FY Δ % 2.0% TWh Monthy energy demand Previous Year Demand 320 TWh FY Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YoY Change 5.8% -2.0% 0.3% -2.8% 0.7% 8.1% 1.5% 9.8% -1.9% 1.1% 1.5% 1.7% NOTE: 2016 final figures provisional figures 53

54 Disclaimer THIS DOCUMENT HAS BEEN PREPARED BY TERNA S.P.A. (THE COMPANY ) FOR THE SOLE PURPOSE DESCRIBED HEREIN. IN NO CASE MAY IT BE INTERPRETED AS AN OFFER OR INVITATION TO SELL OR PURCHASE ANY SECURITY ISSUED BY THE COMPANY OR ITS SUBSIDIARIES. THE CONTENT OF THIS DOCUMENT HAS A MERELY INFORMATIVE AND PROVISIONAL NATURE AND THE STATEMENTS CONTAINED HEREIN HAVE NOT BEEN INDEPENDENTLY VERIFIED. NEITHER THE COMPANY NOR ANY OF ITS REPRESENTATIVES SHALL ACCEPT ANY LIABILITY WHATSOEVER (WHETHER IN NEGLIGENCE OR OTHERWISE) ARISING IN ANY WAY FROM THE USE OF THIS DOCUMENT OR ITS CONTENTS OR OTHERWISE ARISING IN CONNECTION WITH THIS DOCUMENT OR ANY MATERIAL DISCUSSED DURING THE PRESENTATION. THIS DOCUMENT MAY NOT BE REPRODUCED OR REDISTRIBUTED, IN WHOLE OR IN PART, TO ANY OTHER PERSON. THE INFORMATION CONTAINED HEREIN AND OTHER MATERIAL DISCUSSED AT THE CONFERENCE CALL MAY INCLUDE FORWARD-LOOKING STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS ABOUT THE COMPANY S BELIEFS AND EXPECTATIONS. THESE STATEMENTS ARE BASED ON CURRENT PLANS, ESTIMATES, PROJECTIONS AND PROJECTS, AND CANNOT BE INTERPRETED AS A PROMISE OR GUARANTEE OF WHATSOEVER NATURE. HOWEVER, FORWARD-LOOKING STATEMENTS INVOLVE INHERENT RISKS AND UNCERTAINTIES AND ARE CURRENT ONLY AT THE DATE THEY ARE MADE. WE CAUTION YOU THAT A NUMBER OF FACTORS COULD CAUSE THE COMPANY S ACTUAL RESULTS AND PROVISIONS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN ANY FORWARD-LOOKING STATEMENT. SUCH FACTORS INCLUDE, BUT ARE NOT LIMITED TO: TRENDS IN COMPANY S BUSINESS, ITS ABILITY TO IMPLEMENT COST-CUTTING PLANS, CHANGES IN THE REGULATORY ENVIRONMENT, DIFFERENT INTERPRETATION OF THE LAW AND REGULATION, ITS ABILITY TO SUCCESSFULLY DIVERSIFY AND THE EXPECTED LEVEL OF FUTURE CAPITAL EXPENDITURES. THEREFORE, YOU SHOULD NOT PLACE UNDUE RELIANCE ON SUCH FORWARD-LOOKING STATEMENTS. TERNA DOES NOT UNDERTAKE ANY OBLIGATION TO UPDATE FORWARD-LOOKING STATEMENTS TO REFLECT ANY CHANGES IN TERNA S EXPECTATIONS WITH REGARD THERETO OR ANY CHANGES IN EVENTS. EXECUTIVE IN CHARGE OF THE PREPARATION OF ACCOUNTING DOCUMENTS AGOSTINO SCORNAJENCHI DECLARES, PURSUANT TO PARAGRAPH 2 OF ARTICLE 154- BIS OF THE CONSOLIDATED LAW ON FINANCE, THAT THE ACCOUNTING INFORMATION CONTAINED IN THIS PRESENTATION, FOR WHAT CONCERNS THE ACTUAL FIGURES, CORRESPONDS TO THE DOCUMENT RESULTS, BOOKS AND ACCOUNTING RECORDS. 54

55 Notes 55

56 I I 56