Half-yearly financial Report at June 30, 2013 - A2A

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Half-yearly financial report at June 30, 2013Other informationTo complete the requested analysis, the types of financial instrument included in each item ofthe financial statements are set out in the following, together with the measurement criteriaused and, in the case of financial instruments measured at fair value, where changes in fairvalue are recognized (income statement or shareholders’ equity).The last column provides the fair value at June 30, 2013 of the financial instrument whereapplicable.Millions of euroCriteria used to measure financial instruments in the financial statementsNote Financial instruments Financial Unlisted Amount Fair value atmeasured at fair instruments share/ as stated 06 30 2013value with changes measured holdings in the (*)recognized in: at securities consoliamortizedconvertible datedIncome Shareholders’ cost into unlisted balancestatement equity share- sheet atholdings 06 30 2013measuredat cost(1) (2) (3) (4) (5)ASSETSOther non-current financial assets:Shareholdings / securities convertible intoshareholdings available for sale of which:-unlisted 9 9 n.a.-listed – –Financial assets held to maturity – –Other non-current financial assets 45 45 45Total other non-current financial assets 3 54Other non-current assets 5 59 20 79 79Trade receivables 7 1,849 1,849 1,849Other current assets 8 95 6 372 473 473Current financial assets 9 81 81 81Cash and cash equivalents 11 710 710 710Assets held for sale 12 346 346 n.a.LIABILITIESFinancial liabilitiesNon-current and current bonds 18 and 23 1,646 1,365 3,011 3,011Other non-current and current financial liabilities 18 and 23 1,947 1,947 1,947Other non-current liabilities 21 16 23 368 407 407Trade payables 22 1,158 1,158 1,158Other current liabilities 22 53 24 655 732 732(*) Fair value has not been calculated for assets and liabilities relating to derivatives and loans as the corresponding carrying amountis a close approximation to this.(1) Financial assets and liabilities measured at fair value with differences in fair value recognized in profit and loss.(2) Cash flow hedges.(3) Available-for-sale financial assets measured at fair value with gains/losses recognized in equity.(4) Loans and receivables and financial liabilities measured at amortized cost.(5) Available-for-sale financial assets consisting of unlisted shareholdings for which fair value cannot be reliably measured are measuredat cost less any impairment losses.107
Half-yearly financial report at June 30, 2013Other information4) Update of the main legal and fiscal disputes pendingAdequate provisions are provided where necessary for the disputes and litigation describedbelow.EU infringement procedureOn June 5, 2002, the European Commission published Decision no. 2003/193/EC stating that thethree-year exemption from income tax (under article 3.70 of Law no. 549/95 and article 66.14 ofDecree Law no. 331/1993, converted into Law no. 427/93) and the advantages deriving from loansgranted pursuant to article 9-bis of Decree no. 318/1986, converted into Law no. 488/96, to publicmajority-owned companies formed under Law no. 142/90 were incompatible with EC law, sincethey are deemed to represent State aid which is prohibited under article 87.1 of the EC Treaty. TheCommission did not however consider the tax exemption on contributions of businesses underarticle 3.69 of Law no. 549/95 to be State aid.108This decision was notified on June 7, 2002 to the Italian State, which appealed against this tothe Court of Justice. Subsequently, by order of the Court of Justice dated June 8, 2004, thecase was transferred to the Court of First Instance with reference number T-222/04, followingthe expansion of that court’s functions by the Treaty of Nice.In July 2002, the Commission communicated the decision to the companies concerned, whichappealed against this to the Court of First Instance of the European Community on September30, 2002, pursuant to article 230.4 of the EC Treaty. Further appeals against this decision havealso been filed by other public sector commercial companies and by Confservizi.The Italian State did not ask the Court of Justice to suspend execution of the Commission’sJune 2002 decision so as not to prejudice the resolution of merit in the event of a refusal. Infact, it is rare for the Court to concede a stay of execution, above all in matters regardingState aid.The decision is therefore fully effective and binding on the Italian State, which is obliged torecover the aid granted.On the invitation of the Commission and while continuing to pursue action to overturn thedecision, the Italian State therefore activated a recovery procedure. This process involved thepreparation of a survey questionnaire to identify the public sector commercial companiesthat have benefited from the above tax exemption and from loans granted by the stateinvestment bank Cassa Depositi e Prestiti in the years under consideration.The Italian State’s recovery initiatives continued with the predisposition of an amendment toEC law, which was approved by the Senate on April 13, 2005 (article 27, Law no. 62 of April 18,
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Certification of thecondensed half-
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IndipendentAuditor’s report
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Half-yearly financial Report at June 30, 2013 - A2A

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