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

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Half-yearly financial report at June 30, 2013Significant events during the periodThe project for the non-proportional demerger of Edipower S.p.A. isapprovedOn February 6, 2013 the Iren Group announced its intention to exercise its put option on itsshareholding in Edipower S.p.A., receiving a series of generation assets in compensation.On June 28, 2013, in execution of the agreements reached between A2A S.p.A. and Iren S.p.A.on the purchase of Edipower S.p.A. completed in May 2012, and as a consequence of theexercising of the rights envisaged therein by Iren S.p.A., which occurred in February 2013, theextraordinary shareholders’ meetings of Edipower S.p.A. and Iren Energia S.p.A. approved theproject for the non-proportional demerger of Edipower S.p.A..Under this operation a group of net assets is assigned to Iren Energia S.p.A. consisting of theTurbigo thermoelectric plant and the Tusciano hydroelectric complex, the staff working inthose plants, the assets and liabilities attributable to the plants and the debt of 44.8 millioneuro. After the demerger the Iren Group will no longer be a shareholder of Edipower S.p.A..After the time limits laid down by law are met and once the formalities required for signing thedemerger deed are completed, the operation will become effective in the fourth quarter of2013; an adjustment mechanism will come into operation based on the balance sheet at theeffect date of the demerger.27Following the completion of the demerger the share capital of Edipower S.p.A. will be made upas follows: A2A S.p.A. 71%, Dolomiti Energia S.p.A. 8.5%, SEL S.p.A. 8.5%, Mediobanca 5.1%,Fondazione CRT 4.3%, BPM 2.6%.As the result of this operation A2A S.p.A. will be able to fully dispatch the installed capacity ofthe plants of Edipower S.p.A., thereby optimizing the way in which the Group’s portfoliogeneration is managed. At the same time it will be possible for the initiatives aiming to increaseoperational efficiency to become practical by means of a more comprehensive integrationbetween A2A S.p.A. and Edipower S.p.A..
Half-yearly financial report at June 30, 2013Significant events for the Groupafter June 30, 2013Establishment of A2A Ambiente S.r.l.A2A Ambiente S.r.l. was established on July 1, 2013 as announced in the Business Planpresented in November 2012; the new entity is the biggest Italian company in the environmentsector by turnover and has a prominent positioning compared to the large European groupsworking in the same industry.28A2A Ambiente S.r.l. was established in two stages:• the first, regarding plant reorganization, was completed on July 1, 2013, and saw thetransfer of the waste treatment and disposal plants from Amsa S.p.A. and Aprica S.p.A.to Ecodeco S.r.l. by means of a spin-off. Ecodeco S.r.l. subsequently changed its nameto A2A Ambiente S.r.l.;post spin-off Amsa S.p.A. and Aprica S.p.A. will continue to operate in their local areas andwith their trade names, carrying out their core business of urban hygiene and maintainingunchanged their relationship with their municipality customers (around 160, includingthose also served by the associate G.Eco S.r.l.) and the high level of services provided toresidents, who will therefore continue to interface with these companies in the same wayas present.Amsa S.p.A. and Aprica S.p.A. will accordingly deliver waste to A2A Ambiente S.r.l. whichwill be responsible for its treatment and energy enhancement, thereby obtaining morethan 1,400 GWh of electricity and over 1,000 GWh of thermal energy to be utilized indistrict heating for urban use;• the second phase will involve the simplification of the A2A Group’s corporate structure,and this is expected to be completed by the end of 2013. The shareholdings in Amsa S.p.A.,Aprica S.p.A. and Partenope Ambiente S.p.A. (which manages the Acerra waste to energyplant and the waste shredding, sifting and packaging plant at Caivano), wholly owned bythe parent A2A S.p.A., will be contributed to A2A Ambiente S.r.l..The aim of setting up the new company is to combine in one single entity an array of plants thatis unique in the Italian market and to lay the foundations for a significant rationalization and
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IndipendentAuditor’s report
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Half-yearly financial Report at June 30, 2013 - A2A

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