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

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Half-yearly financial report at June 30, 2013Notes to the balance sheet15) ReservesMillions of euro Balance at Changes Balance at12 31 2012 in the period 06 30 2013Reserves 1,018 171 1,189of whichChanges in the fair value of cash flow hedge derivatives (23) (17) (40)Tax effect 7 6 13Cash flow hedge reserve (16) (11) (27)“Reserves”, which amounted to 1,189 million euro (1,018 million euro at December 31, 2012),consist of the legal reserve, extraordinary reserves and reserves arising on consolidation andthe retained earnings of subsidiaries.This item also includes the negative cash flow hedge reserve of 27 million euro which derivesfrom the measurement at period end of derivatives qualifying for hedge accounting.The balance also includes an amount of 20 million euro arising from the early adoption of IAS19 Revised “Employee Benefits” which requires actuarial profits and losses to be recognizeddirectly in an equity reserve.81“Other reserves” also include the effect of applying paragraph 23 of IAS 32 to the put optionsagreed between A2A S.p.A. and Società Elettrica Altoatesina S.p.A. (SEL) and the effectsarising from the “Framework Agreement” and “Exchange Agreement” entered into by theparent A2A S.p.A. and the financial shareholders of Edipower S.p.A. (Mediobanca, FondazioneCRT and Banca Popolare di Milano) and Dolomiti Energia S.p.A., based on the shares ofEdipower S.p.A.. As discussed in the section “Consolidation policies and procedures”, thedifference between the current exercise price for these put options and the carrying amountof the minority interests is deducted from Group equity (if positive) or added to Group equity(if negative). At June 30, 2013 the effects of the put options on Edipower S.p.A. shares led to areduction of equity of 3 million euro, being the difference between the carrying amount of theput options and minority interests.16) Net profit for the periodThis item consists of a profit of 133 million euro, representing the result for the period.
Half-yearly financial report at June 30, 2013Notes to the balance sheet17) Minority interestsMillions of euro Balance at Changes Balance at12 31 2012 in the period 06 30 2013Minority interests 851 11 862“Minority interests” amounted to 862 million euro (851 million euro at December 31, 2012) andrepresent the portion of capital, reserves and net profit pertaining to minority shareholders.The increase for the period of 11 million euro mainly relates to the allocation to minorities oftheir share of the result for the period of the EPCG Group.LIABILITIESNon-current liabilities18) Non-current financial liabilities82Millions of euro Balance at Changes in Balance at of which included in the NFP12 31 2012 the period 06 30 201312 31 2012 06 30 2013Non-convertible bonds 2,462 (740) 1,722 2,462 1,722Due to banks 1,704 (124) 1,580 1,704 1,580Due to other providers of finance 202 (1) 201 202 201Finance lease payables 3 - 3 3 3Total non-current financialliabilities 4,371 (865) 3,506 4,371 3,506“Non-current financial liabilities”, which amounted to 3,506 million euro (4,371 million euro atDecember 31, 2012), decreased by 865 million euro.More specifically, “Non-convertible bonds” regard three bonds issued by the Group asfollows:• a thirty-year bond in yen issued on August 10, 2006 bearing interest at a fixed rate of5.405% and having a carrying amount, measured at amortized cost, of 98 million euro;• a seven-year bond with a nominal value of 1,000 million euro issued on November 2, 2009bearing interest at a nominal fixed rate of 4.50%, which qualifies for fair value hedgeaccounting. As a result, this bond is measured at amortized cost adjusted by changes in thefair value of the underlying risk. Its value at June 30, 2013 was 829 million euro following thereclassification to “Current financial liabilities” of the portion of the debt bought back earlyand cancelled on July 11, 2013;• a seven-year bond having a nominal value of 750 million euro issued on November 28, 2012bearing interest at a fixed rate of 4.50% and having a carrying amount, measured atamortized cost, of 744 million euro at June 30, 2013.
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Analysis of mainsectors of activity
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Certification of thecondensed half-
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IndipendentAuditor’s report
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Half-yearly financial Report at June 30, 2013 - A2A

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