Terna Group. Financial statements of non-eu subsidiaries pursuant to Article 36 of the Consob Market Rules

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1 Terna Group Financial statements of non-eu subsidiaries pursuant to Article 36 of the Consob Market Rules

2 Contents Introduction..3 Terna Participaçoes SA..4 T.S.N Transmissora Sudeste Nordeste SA..6 Novatrans Energia SA.8 ETEO Empresa de Transmissão de Energia do Oeste Ltda 10 2

3 Introduction In compliance with the provisions of Article 36, paragraph 1a of the Consob Market Rules (adopted with Resolution no of October 29, 2007 as amended), Terna SpA makes available to the public the financial statements of subsidiaries established and regulated under the laws of non-eu countries, which have been identified on the basis of the criteria set out in paragraph 2 of Article 36 of the Consob Market Rules. The balance sheets and income statements of such companies as prepared for the purpose of drafting the consolidated financial statements of the Terna Group at December 31, 2008 are provided below. 3

4 Terna Participaçoes SA Registered office: Rio de Janeiro, Brazil Share capital: 1,312,254,696 reais Functional currency: Brazilian real Reporting currency: euro Control: direct by Terna SpA Percentage holding: 66% Balance sheet BALANCE SHEET - ASSETS at Dec. 31, 2008 A) NON-CURRENT ASSETS 1 Equity-accounted investees Non-current financial assets Total non-current assets B) CURRENT ASSETS 1 Current financial assets Cash and cash equivalents Other current assets 3.3 Total current assets 45.3 TOTAL ASSETS BALANCE SHEET - LIABILITIES at Dec. 31, 2008 C) EQUITY 1 Share capital Reserves Retained earnings (loss carried forward) Interim dividend Profit (loss) for the year 53.6 Total equity D) NON-CURRENT LIABILITIES 0.0 4

5 E) CURRENT LIABILITIES 1 Short-term loans Trade payables 0.1 Total current liabilities TOTAL LIABILITIES AND EQUITY Income statement INCOME STATEMENT 2008 A REVENUES 0.0 B OPERATING EXPENSES 1 Services Other operating expenses 0.5 Total expenses 2.8 A - B OPERATING PROFIT (LOSS) -2.8 C Financial income/expense 1 Financial expense/income Share of profit/(loss) of equity-accounted investees 0.3 D PROFIT BEFORE TAXES 53.6 E Income taxes 0.0 F PROFIT (LOSS) FOR THE YEAR

6 T.S.N. Transmissora Sudeste Nordeste SA Registered office: Rio de Janeiro, Brazil Share capital: 273,310,121 reais Functional currency: Brazilian real Reporting currency: euro Control: indirect through Terna Participaçoes SA Percentage holding of Terna Participaçoes SA: 100% Balance sheet BALANCE SHEET - ASSETS at Dec. 31, 2008 A) NON-CURRENT ASSETS 1 Property, plant and equipment Intangible assets Goodwill Deferred tax assets Other non-current assets 0.6 Total non-current assets B) CURRENT ASSETS 1 Receivables Cash and cash equivalents Other current assets 2.2 Total current assets 29.9 TOTAL ASSETS BALANCE SHEET - LIABILITIES at Dec. 31, 2008 C) EQUITY 1 Share capital Reserves Retained earnings (loss carried forward) Profit (loss) for the year 23.4 Total equity 80.9 D) NON-CURRENT LIABILITIES 1 Long-term loans

7 2 Deferred tax liabilities Other non-current liabilities Total non-current liabilities E) CURRENT LIABILITIES 1 Short-term portion of long-term loans Trade payables Income tax liabilities Current financial liabilities Other current liabilities 4.4 Total current liabilities 26.4 TOTAL LIABILITIES AND EQUITY Income statement INCOME STATEMENT 2008 A REVENUES 1 Revenues from sales and services Other revenues and income 7.7 Total revenues 91.2 B OPERATING EXPENSES 1 Raw materials and consumables Services Personnel expenses Amortisation, depreciation and impairment losses Other operating expenses 7.6 Total expenses 31.6 A - B OPERATING PROFIT (LOSS) 59.6 C Financial income/expense D PROFIT BEFORE TAXES 30.5 E Income taxes 7.1 F PROFIT (LOSS) FOR THE YEAR

8 Novatrans Energia SA Registered office: Rio de Janeiro, Brazil Share capital: 373,135,465 reais Functional currency: Brazilian real Reporting currency: euro Control: indirect through Terna Participaçoes SA Percentage holding of Terna Participaçoes SA: 100% Balance sheet BALANCE SHEET - ASSETS at Dec. 31, 2008 A) NON-CURRENT ASSETS 1 Property, plant and equipment Deferred tax assets Other non-current assets 0.1 Total non-current assets B) CURRENT ASSETS 1 Receivables Cash and cash equivalents Other current assets 1.3 Total current assets 41.3 TOTAL ASSETS BALANCE SHEET - LIABILITIES at Dec. 31, 2008 C) EQUITY 1 Share capital Reserves Retained earnings (loss carried forward) Profit (loss) for the year 25.9 Total equity 95.4 D) NON-CURRENT LIABILITIES 1 Long-term loans Other non-current liabilities 97.6 Total non-current liabilities E) CURRENT LIABILITIES 8

9 1 Short-term portion of long-term loans Trade payables Income tax liabilities Current financial liabilities Other current liabilities 4.3 Total current liabilities 24.9 TOTAL LIABILITIES AND EQUITY Income statement INCOME STATEMENT 2008 A REVENUES 1 Revenues from sales and services Other revenues and income 7.3 Total revenues 87.6 B OPERATING EXPENSES 1 Raw materials and consumables Services Personnel expenses Amortisation, depreciation and impairment losses Other operating expenses 9.5 Total expenses 32.4 A - B OPERATING PROFIT (LOSS) 55.2 C Financial income/expense D PROFIT BEFORE TAXES 35.1 E Income taxes 9.2 F PROFIT (LOSS) FOR THE YEAR

10 ETEO Empresa de Transmissão de Energia do Oeste LTDA Registered office: Rio de Janeiro, Brazil Share capital: 125,688,086 reais Functional currency: Brazilian real Reporting currency: euro Control: indirect through Terna Participaçoes SA Percentage holding of Terna Participaçoes SA: 100% Balance sheet BALANCE SHEET - ASSETS at Dec. 31, 2008 A) NON-CURRENT ASSETS 1 Property, plant and equipment Intangible assets Goodwill Deferred tax assets Other non-current assets 0.1 Total non-current assets B) CURRENT ASSETS 1 Inventories Receivables Cash and cash equivalents Other current assets 0.3 Total current assets 6.7 TOTAL ASSETS BALANCE SHEET - LIABILITIES at Dec. 31, 2008 C) EQUITY 1 Share capital Reserves Retained earnings (loss carried forward) Profit (loss) for the year 4.5 Total equity

11 D) NON-CURRENT LIABILITIES 1 Deferred tax liabilities Other non-current liabilities 48.0 Total non-current liabilities 53.1 E) CURRENT LIABILITIES 1 Trade payables Other current liabilities 2.0 Total current liabilities 2.3 TOTAL LIABILITIES AND EQUITY Income statement INCOME STATEMENT 2008 A REVENUES 1 Revenues from sales and services 16.1 Total revenues 16.1 B OPERATING EXPENSES 1 Services Personnel expenses Amortisation, depreciation and impairment losses Other operating expenses 1.8 Total expenses 10.0 A - B OPERATING PROFIT (LOSS) 6.1 C Financial income/expense 0.5 D PROFIT BEFORE TAXES 6.6 E Income taxes 2.1 F PROFIT (LOSS) FOR THE YEAR

CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER ENDESA, S.A. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AT 31 DECEMBER AND 31 DECEMBER ASSETS 31 December 31 December