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

Half-yearly financial report at June 30, 2013Consolidation policies and proceduresS.p.A. held by Iren S.p.A. and Iren Energia S.p.A.. For this reason no liability has been recognizedin the Half-yearly report at June 30, 2013 for the exchange of the options that have beengranted.Given the above matters, as discussed in the section “Significant events during the period” onFebruary 6, 2013, in conjunction with the presentation of the 2013-2015 business plan, the IrenGroup announced its intention to exercise the put option that envisages the relinquishing ofits interest in Edipower S.p.A. in exchange for the assignment of the group of thermal andhydroelectric power generation assets.64As a result of the above the A2A Group has reclassified these assets to non-current assets heldfor sale in accordance with IFRS 5.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 a loan of 44.8 million euro.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.e) Option granted to the Municipality of Varese for the sale of 9.8% of Aspem S.p.A.A2A S.p.A. holds 90% of the shares of Aspem S.p.A., a company that provides local publicservices in the city of Varese and in other towns in the province of Varese.Under the shareholders’ agreement of January 15, 2009 between A2A S.p.A. and theMunicipality of Varese, at the end of a three-year period of non-transferability of the shares ofAspem S.p.A., starting from the date of the shareholders’ agreement, the Municipality ofVarese had the right, but not the obligation, to sell (put option) 9.8% of the share capital ofAspem S.p.A. to A2A S.p.A..In accordance with paragraph 23 of IAS 32, the Group has recognized the present value of theestimated outlay which it will not be able to avoid if the option is exercised as a liability, with acounter-entry to equity.