Transelectrica reported 1H07 consolidated figures yesterday, after the trading session. Transelectrica reported Romanian Accounting Standards results on August 14, 2007. IFRS consolidated net income came in at RON 96.6m, down 37.5% and 34.6% lower than our estimates. EBIT came in at RON 62.4m, down 62.7% y/y and 55.7% below our estimates. We believe that the market has already reacted to the RAS very poor results and we believe the reaction now will be neutral.