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

Half-yearly financial report at June 30, 2013Consolidation policies and proceduresThe signing of the framework agreement and the rights consequently granted to the financialshareholders (Mediobanca, Fondazione CRT and BPM) have been deemed to be put optionson non-controlling interests and have been recognized in accordance with paragraph 23 of IAS32. This standard states that a contract that contains an obligation for an entity to purchaseshares for cash or for another financial asset gives rise to a financial liability for the presentvalue of the exercise price of the option.The A2A Group therefore considers the shares involved in the put options to have alreadybeen purchased, even though the other shareholders maintain the risks and benefitsconnected with ownership of the shares and they continue to be exposed to the related equityrisk, and has recognized the liability resulting from this obligation. Any subsequent changes inthe liability that are not related to the mere unwinding of the present value of the exerciseprice will be recognized in equity.b) Exchange agreement between A2A S.p.A. and Dolomiti Energia S.p.A.62On March 15, 2012, A2A S.p.A. and Dolomiti Energia S.p.A. signed an agreement whichestablishes swap rights in favour of Dolomiti Energia S.p.A.. Specifically, this exchangeagreement states that Dolomiti Energia S.p.A. shall have the right to exchange its shares inEdipower S.p.A. with the shares held by A2A S.p.A. in Dolomiti Energia S.p.A. and with certainassets of A2A S.p.A. which are yet to be determined. Should the fair value of the assets involvedin the exchange be less than 16 million euro, there is to be a cash payment for the difference.Dolomiti Energia S.p.A. may exercise this swap right at any time during the 180-day periodbeginning from the end of the 24th month subsequent to the date on which the exchangeagreement was signed, unless this exercise date is moved forward in the event that A2A S.p.A.should exercise the right to acquire the shares in Edipower S.p.A. in accordance withshareholder agreements or the bylaws.The signing of the exchange agreement and the consequent granting of rights to DolomitiEnergia S.p.A. have been considered to be a put option on a non-controlling interest and havebeen recognized for accounting purposes as described above.c) Option agreement between A2A S.p.A. and Società Elettrica Altoatesina S.p.A.(SEL)On May 24, 2012, A2A S.p.A. signed an option agreement with Società Elettrica Altoatesina (SEL)S.p.A. concerning a portion of the shares held in Edipower S.p.A. following the merger of the twocompanies; this merger became effective on January 1, 2013 based on the deed signed onDecember 18, 2012.