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2010 of Terna
Directors' Report
Electricity System
Financial Statements
Consolidated financial statements
22. Loans and financial liabilities

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Income statement
Financial position
Cash flows

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Annual report 2010
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Result Sustainable development
Electricity System About Terna
Regulatory framework Environment

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2010 of Terna

Chairman’s message
Letter to Shareholders
Corporate bodies
Terna’s management
The Terna Group
Operational efficiency and sustainability
Terna and the financial markets
- Performance of Terna share
- Shareholders

Directors' Report

Highlights
Significant events
Terna SpA
Terna Group
Risks and uncertainties
Security
CSR
Additional activities

Electricity System

National Transmission Grid
Energy overview
- Energy demand in Italy
- Power generation
Dispatching and trade
Terna and the photovoltaic energy
Italy’s regulatory framework
- Summary of AEEG Resolutions

Financial Statements

Income Statement
Statement of financial position - Assets
Statement of financial position - Liabilities
Statement of changes in equity
Statement of cash flows
Explanatory notes
Certification of the Financial Statement
Report by the Board of Statutory auditors
Report of the independent auditors

Consolidated financial statements

Income Statement
Consolidated statement of financial position - Assets
Consolidated statement of financial position - Liabilities and equity
Statement of changes in consolidated equity
Consolidated statement of cash flows
Explanatory notes
Certification of the consolidated financial
Report of the independent auditors

22. Loans and financial liabilities