Scope of consolidation

At the 2011 year end, the Group consolidation area includes the following companies:

Company Registered office Business Currency Share/quota capital % held Consolidation method
COMPANIES CONTROLLED DIRECTLY BY TERNA S.P.A. 
Terna Rete Italia S.r.l. Rome Design, construction, management, development, operation and maintenance of high-voltage power lines. 243,577,554 100% Line-by-line
Terna Crna Gora d.o.o. Podgorica Authorisation, construction and management of transmission infrastructures comprising the Italy-Montenegro electrical interconnection in Montenegro. 2,000,000 100% Line-by-line
SunTergrid S.p.A. Rome Construction and maintenance of electricity transmission grids and plants for the generation of electricity, including renewables generation, for own use and sale in Italy and abroad. 120,000 100% Line-by-line
Terna Plus S.r.l. Rome

Design, construction, management, development, operation and maintenance

of plants, equipment and infrastructures including grids and systems, including diffused energy storage, pumping and/or storage.

50,000 100% Line-by-line
CONTROLLED THROUGH SUNTERGRID S.P.A.
Rete Solare S.r.l. Rome Construction and maintenance of electricity transmission grids and plants for the generation of electricity, including renewables generation, for own use and sale in Italy and abroad. 10,000 100% Line-by-line

Changes in the scope of consolidation since 31 December 2010 relate to:

Continuing operations:

  • the incorporation on 22 June 2011 by Terna of the company Terna Crna Gora d.o.o., a limited liability company incorporated under the laws of Montenegro, which will construct and subsequently run the local transmission infrastructures comprising the Italy-Montenegro electrical interconnection;
  • Terna’s establishing, on 15 December 2011, the company named Terna Plus S.r.l. (hereinafter “Terna Plus”), with share capital of €50,000; the company object of Terna Plus is the design, construction, development, operation and maintenance of plants, equipment and infrastructures also on the grid and systems, including the diffused accumulation of energy and pumping and/or storage systems.

It is also specified that on 21 December 2011, the shareholders’ meeting of Terna Linee Alta Tensione S.r.l. (“TELAT S.r.l.”), resolved to change the company name to “Terna Rete Italia S.r.l.”.
With reference to associates, according to the development of said interconnection linking Italy to Montenegro, on 25 January Terna purchased a 22.09% equity interest in the transmission operator of Montenegro CrnoGorski Elektroprenosni Sistem AD (“CGES”).
Additionally, following the purchase of further shares in the company CESI S.p.A., on 23 May 2011 and 11 November 2011, Terna now holds 42.406% (from the previous 39.906%).

Discontinued operations and assets held for sale:

  • to the sale of the company Rete Rinnovabile S.r.l. (hereinafter “RTR S.r.l.”), completed on 31 March 2011 and already extensively described in the paragraph entitled “Significant events”, to which we would refer you.

Additionally, during the financial year, on 8 March 2011, the subsidiary SunTergrid S.p.A. incorporated the company Nuova Rete Solare S.r.l. (hereinafter “NRTS S.r.l.”), which, with a view to developing the investment programme in renewable energies (“New photovoltaic project”), had also acquired the entire shares in three companies, operating in the non-conventional energy sector: on 18 May 2011, Reno Solar 2 S.r.l.; on 1 June 2011, Lira PV S.r.l.; on 7 June 2011, Solar Margherita S.r.l.. In September, the three companies were merged into NRTS. On 24 October 2011, the company was sold to the company RTR Holding III S.r.l. - an indirect subsidiary of Terra Firma Capital Partners III, L.P. (“Terra Firma”) through RTR Capital S.r.l..