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

Half-yearly financial report at June 30, 2013Summary of results, assets and liabilities and financial positionThe gross operating income of the Networks Sector of 121 million euro shows a decrease of 13million euro over the first half of 2012. This fall was essentially due to the provisions made forthe redundancy schemes in connection with the business restructuring plan. Excluding thateffect, the sector's gross operating income was essentially in line with that of the same periodof the previous year.The Other Services and Corporate Sector closed the half year with a gross operating loss of 16million euro (a loss of 1 million euro in the first half of 2012). The result of the first half year wasaffected by charges for provisions for non-recurring items (costs of redundancy scheme andthose connected with settling disputes) and the fact that it is being compared with a result forthe first half of 2012 which in turn benefited by non-recurring income arising from thefavorable outcome of past disputes.“Depreciation, amortization and write-downs” amounted in total to 280 million euro(204 million euro for the six months ended June 30, 2012). The increase of 76 million euro ismainly due to the additional depreciation, amortization and write-downs arising from theconsolidation of Edipower S.p.A..As a result of these changes “Net operating income” amounted to 330 million euro (280million euro in the six months ended June 30, 2012).19“Net financial expense” amounted to 88 million euro (84 million euro in the first half of 2012).Compared with the first half of 2012, debt service charges in the period in question rose by 22million euro and there was a positive change of 47 million euro arising from the measurement ofderivatives at fair value (a gain of 7 million euro in the six months ended June 30, 2013, while therewas a loss of 40 million euro in the first half of 2012). The result of the first half of 2012 includedthe positive effect of recognizing badwill of 18 million euro arising on the first-time consolidationof Edipower S.p.A..The “Share of results of companies at equity” provided income of 7 million euro, while thecorresponding figure for the six months ended June 30, 2012 was income of 12 million euro,mainly relating to the results of the investee Edipower S.p.A. in the period before control wasacquired.“Other non-operating income/expense”, a net expense of 3 million euro (nil in the sixmonths ended June 30, 2012) regards costs incurred by the subsidiary EPCG.“Income taxes” for the period totaled 94 million euro, in line with the corresponding periodin 2012.