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

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Half-yearly financial report at June 30, 2013Other informationThese matters were first examined by the parties towards the end of 2008 and legal opinionswere obtained.The Board of Arbitration is made up of Prof. N. Irti, Prof. G. Sbisà and Prof. M. Cera. During thefirst meeting on March 4, 2010, convened to make the obligatory attempt at reconciliation,noting the absence of the parties the Board took note that the conditions did not exist for asettlement and scheduled the hearing to cross-examine the parties for April 26, 2010, to thisend inviting their legal representatives or informed persons with right of attorney to attend.The Board also established November 20, 2010 as the deadline to conclude the arbitrationproceedings.Following the aforementioned cross-examination hearing the board issued order no. 6309/20on June 3, 2010 requesting the Chamber of Arbitration to appoint an expert assessor to qualifythe difference between the projects mentioned in the January 31, 2007 InvestmentAgreement, in particular the San Biagio project, and those included in the “Baltic agreement”.In an order of the Board of Arbitrators of July 1, 2010, Deutsches Windenergie GmbH InstituteBranch DeEI Italia was appointed as expert assessor; subsequently, the Board scheduled ahearing for September 23, 2010 to confirm the arbitration question and determine the dateswhen the appraisal would commence (October 15, 2010) and when the final report would be due(January 10, 2011), and also to allow the parties involved to appoint their own expert advisors.121At this hearing, A2A S.p.A. appointed the firm D’Apollonia as its expert advisor and Ecovoltappointed Prof. Zaninelli.On September 28, 2010 the Chamber of Arbitration notified that the expert which it hadappointed with the above order had withdrawn from the case.In a letter dated October 13, 2010, the Chamber of Arbitration gave notice of order 1611/21issued on October 12, 2010 in which Prof. Villacci of the University of Sannio was appointed asthe new expert. On December 23, 2010, the expert made an application to the Arbitrators toobtain an extension of the deadline established for the filing of the expert’s report untilFebruary 25, 2011. The deadline was further extended to April 6, 2011.On receipt of the expert’s report, the Board set the term for the parties to submit theirrespective statements and the last statement was filed on June 24, 2011. The Board theninvited the parties to come to a settlement but the exchange of correspondence in this regarddid not alter the positions of the parties.The Board of Arbitrators requested an extension of the term to submit the award which wasset for May 20, 2012, and has established October 6, 2012 as the date for the hearing, in thepresence of the lawyers and the technical experts.
Half-yearly financial report at June 30, 2013Other informationThe Board of Arbitrators set December 14, 2011 as the date for the obligatory attempt atachieving a settlement, and a few days prior to this date Ecovolta filed a new opinion by anexternal third party with no relation to the arbitration procedure in an attempt to quantify thedamage caused by A2A S.p.A’s conduct.During the hearing the arbitrators listened to the parties and communicated that no newmeasures or orders would be passed until January 15, 2012. On December 19, 2011, Ecovolt’slawyers wrote to A2A S.p.A’s lawyers to remind them of the limited time available to assess anysettlement solutions.A2A S.p.A’s lawyers replied in writing that the company was willing to reach an agreement,with no recognition of responsibility whatsoever, to pay the all-inclusive and non-modifiablesum of 500,000 euro in exchange for Ecovolta’s agreement to withdraw all claims of any kind.122The Arbitration Board appointed Prof. Mario Massari as the new expert witness on February 2,2012, establishing multiple requisites to determine the value of the shareholding in OstrosEnergia S.r.l in liquidation held by Ecovolt at December 31, 2008. After lengthy discussion atthe subsequent hearing on February 14, 2012, Ecovolt appointed Prof. Brugger as the expertwitness and A2A S.p.A appointed Prof. Dallocchio; the deadline to submit the expert’s reporttaking these expert opinions into account was set for June 15, 2012.Following an application by the expert witness Prof. Massari, at the end of the pleading andmeetings of the consultants a hearing was held in which the Board provided further clarificationof the questions raised and the deadlines for the expert witness’s work was extended: June 15,2012 for the filing of the first expert witness’s report, June 29, 2012 for observations to beprovided to the parties’ expert witnesses and July 16, 2012 for the filing of the final report.On July 24, 2012, Ecovolt formulated additional preliminary petitions and on July 30, 2012,subsequent to the filing of Prof. Massari’s expert report, A2A revised the settlement offer ithad previously drawn up.On July 31, 2012, the Board issued an independent order to set the date of September 25 as thelast date for the parties to file their remarks to the expert’s report; the parties respected thisdeadline.On October 5, 2012, the Chamber of Arbitration set October 16, 2012 as the hearing date fordiscussions.At the October 16, 2012 hearing, the deadline for filing the decision was postponed further toMay 20, 2013; the deadlines for filing each parties’ briefs were set respectively at October 31,2012, December 1, 2012, January 31, 2013 and the final hearing was set as February 14, 2013.During the hearing, following the discussion by the parties’ attorneys, the Board reserved the
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Half-yearly financial Report at June 30, 2013 - A2A

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