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Report and financial statements at 31 December 2011

Registered office: P.zza A. Moro, 12 - 35129 PADUA (PD) www.gascom.it

Report and financial statements at 31/12/2011

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Report and financial statements at 31/12/2011

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Corporate bodies

Chairman

Mr. Valentino Barbierato

Chief Executive Officer

Mr. Francesco Marangon

Director General

Mr. Pierpaolo Urbinati

Board of Statutory Auditors Chairman

Mr. Federico Roberto

Standing statutory auditors

Mr. Antonio Sbalchiero Mr. Giorgio Fasol

Consulting companies

Studio Ares Consulting S.r.l.

Modulo Marketing S.r.l.

Studio BCL

Sole Auditor

Report and financial statements at 31/12/2011

Mr. Simone Salata

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Report and financial statements at 31/12/2011

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Report and financial statements at 31/12/2011

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GASCOM SPA

Financial statements at 31/12/2011 Balance sheet assets

31/12/2011

31/12/2010

A) Subscribed capital, unpaid (already requested )

B) Capital assets I. Intangible 1) Start-up and expansions costs 2) Research, development and advertising costs

626.498

1.058

386.477

520.874

3) Industrial patent and intellectual property rights

257.832

4) Concessions, licences, trademarks and similar rights

47.849

31.057

5) Start-up 6) Assets under construction and payments on account 7) Others

60.000

60.000

270.934

46.689

1.391.758

917.510

215.345

90.045

215.345

90.045

II. Tangible 1) Land and buildings 2) Plants and machinery 3) Industrial and commercial equipment 4) Other goods 5) Assets under construction and payments on account III. Financial 1) Shares in: a) subsidiaries

15.693.296

14.912.500

b) associated companies c) parent companies d) other companies

31.270 15.724.566

14.912.500

2) Credits a) towards subsidiaries - within 12 months

1.281.891

3.918.503

- after 12 months 1.281.891

3.918.503

b) towards associated companies - within 12 months

632.200

- after 12 months

Report and financial statements at 31/12/2011

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632.200 c) towards parent companies - within 12 months

26

- after 12 months 26 d) towards others - within 12 months

1.836.047

265.267

- after 12 months 1.836.047

265.267

3.750.138

4.183.796

3.160.000

760.000

-

22.634.704

19.856.296

Total Capital assets

24.241.807

20.863.851

3) Other securities 4) Own shares (overall nominal value )

C) Current assets I. Inventory 1) Raw/auxiliary materials and consumables

1.513.393

2) Work in process and semi-finished goods 3) Work in progress to order 4) Finished products and goods 5) Advances

1.137.860

350.830

1.137.860

1.864.223

II. Credits 1) Towards clients - within 12 months - after 12 months

29.964.840

26.434.624

519.146

34.721 30.483.986

26.469.345

2) Towards subsidiaries - within 12 months

5.210.442

- after 12 months 5.210.442 3) Towards associated companies - within 12 months

101.270

- after 12 months 101.270 4) Towards parent companies - within 12 months - after 12 months 4-bis) For tax credits - within 12 months

1.687.662

- after 12 months 1.687.662 4-ter) For advanced taxes - within 12 months

3.438

- after 12 months

Report and financial statements at 31/12/2011

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3.438 5) Towards others - within 12 months

269.172

30.548

- after 12 months 269.172

30.548

37.755.970

26.499.893

1.527.840

2.058.845

11.909

781

1.539.749

2.059.626

40.433.579

30.423.742

III. Current financial assets 1) Shares in subsidiaries 2) Shares in associated companies 3) Shares in parent companies 4) Other shares 5) Own shares (overall nominal value ) 6) Other securities IV. Cash and cash equivalents 1) Bank and postal deposits 2) Cheques 3) Cash and equivalents

Total Current assets

D) Accruals and deferrals - discount on loans - various

Total assets

Report and financial statements at 31/12/2011

2.947.800

1.161.632 2.947.800

1.161.632

67.623.186

52.449.225

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Balance sheet liabilities

31/12/2011

31/12/2010

5.500.000

5.500.000

137.322

84.310

A) Net assets I.

Capital

II. Share premium account III. Restatement gain IV. Legal reserve V. Statutory reserves VI. Reserve for treasury shares (held in portfolio) VII. Other reserves Extraordinary or optional reserve

1.927.141

1.601.905

Merger reserve

(7.045)

Difference by rounding to unit of Euro Suspended tax reserves provisions

1 4.950.000

4.950.000 6.877.141

6.544.861

698.331

1.060.248

()

()

()

()

13.212.794

13.189.419

54.922

47.282

54.922

47.282

138.152

94.972

VIII. Earnings (losses) carried forward IX. Operating profit IX. Operating loss Advance dividends Partial operating loss cover Total Net assets

B) Provisions for liabilities and charges 1) Provisions for retirement benefits and similar obligations 2) Tax provisions, deferred also 3) Other Total Provisions for liabilities and charges

C) Employee severance indemnity D) Debts 1) Obligations - within 12 months - after 12 months 2) Convertible obligations - within 12 months - after 12 months 3) Payable to shareholders for financing - within 12 months - after 12 months

Report and financial statements at 31/12/2011

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4) Payable to banks - within 12 months - after 12 months

21.546.362

7.757.704

5.804.729

5.754.712 27.351.091

13.512.416

5) Payable to other investors - within 12 months - after 12 months 6) Advances - within 12 months

843

133.333

- after 12 months 843

133.333

7) Payable to suppliers - within 12 months

24.669.212

21.895.112

- after 12 months 24.669.212

21.895.112

8) Payable represented by credit securities - within 12 months - after 12 months 9) Payable towards subsidiaries - within 12 months

394.279

- after 12 months 394.279 10) Payable towards associated companies - within 12 months

6.386

- after 12 months 6.386 11) Payable to parent companies - within 12 months - after 12 months 12) Tax debts - within 12 months

2.822.962

- after 12 months 2.822.962 13) Payable to social security and welfare agencies - within 12 months

84.992

50.536

- after 12 months 84.992

50.536

14) Other debts - within 12 months - after 12 months

Total debts

Report and financial statements at 31/12/2011

319.770

109.564

1.313.201

514.212 1.632.971

623.776

54.139.774

39.038.135

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E) Accruals and deferrals - loan commissions - various

Total liabilities

Report and financial statements at 31/12/2011

77.544

79.417 77.544

79.417

67.623.186

52.449.225

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Memorandum accounts

31/12/2010

31/12/2011 1) Risks assumed by the company Bank guarantees

5.522.000

1.526.000

Endorsements Other personal guarantees Real guarantees

9.265.000

Other risks

188.554 1.813.300

1.714.554

14.787.000

1.714.554

2) Commitments entered into by the company 3) Third party assets held by the company 4) Other memorandum accounts

Total memorandum accounts

Report and financial statements at 31/12/2011

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Income statement

31/12/2011

31/12/2010

147.807.605

111.096.791

A) Production value 1) Revenues from sales and services 2) Changes in inventory of work in process, semi-finished and finished goods 3) Changes in work in progress to order 4) Increases production

of

non-current

assets

from

in-house

5) Other revenues and income: - various

72.544

67.255

- grants for current expenses - capital grants (operating units) Total Production value

72.544

67.255

147.880.149

111.164.046

137.234.627

99.057.159

4.166.509

2.624.274

299.676

1.246.343

B) Production costs 6) For raw/auxiliary materials, consumables and goods 7) For services 8) For leased assets and rental assets 9) For personnel a) Wages and salaries b) Social security charges c) Post employment benefit d) Retirement benefits and similar obligations e) Other costs

1.226.035

775.953

327.684

219.876

76.503

48.328

4.031

8.776

13.609

161 1.647.862

1.053.094

10) Amortisations and write-downs a) Amortisation of intangible assets b) Amortisation of tangible assets c) Other capital asset write-downs

276.950

194.056

35.321

36.198

d) Write down of receivables included under assets forming part of working capital and of liquid funds 11) Changes in inventory of raw/auxiliary materials, consumables and goods

312.271

230.254

1.513.393

4.635.778

93.288

168.215

12) Risk allowance 13) Other allowances 14) Sundry operating expenses

Report and financial statements at 31/12/2011

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Total Production costs

Difference between production value and costs (A-B)

145.267.626

109.015.117

2.612.523

2.148.929

C) Financial income and charges 15) Income from shares: - from subsidiaries - from associated companies - others 16) Other financial income: a) from non-current receivables - from subsidiaries

74.112

- from associated companies

14.140

- from parent companies - others b) from non-current securities

43.670

4.314 51.182 2.202

c) from securities held in current assets d) different income from previous: - from subsidiaries - from associated companies - from parent companies - others

189.246

-

499.137 335.196

542.807

335.196

542.807

17) Interests and other financial charges: - from subsidiaries

13.080

- from associated companies - from parent companies - others

1.382.481

911.905 1.395.561

17-bis) Earnings and Losses on exchange Total Financial income and charges

911.905

3.786 (1.056.579)

(369.098)

D) Value adjustments to financial assets 18) Write-ups: a) of shares b) of financial assets c) of securities held in current assets 19) Write-downs: a) of shares b) of financial assets c) of securities held in current assets

Total Valuation adjustments to financial assets

Report and financial statements at 31/12/2011

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E) Extraordinary income and charges 20) Income: - gains on disposals 65.256

- various

62.186 1

- Difference by rounding to unit of Euro 65.256

62.187

21) Charges: - losses on disposals - previous financial year taxes - various

62.909

28.491

- Difference by rounding to unit of Euro

Total extraordinary entries

Before tax result (A-B±C±D±E) 22) Income tax for the financial year, current, deferred and advanced a) Current taxes

62.909

28.491

2.347

33.696

1.558.291

1.813.527

863.398

753.279

b) Deferred taxes (3.438)

c) Advanced taxes d) income (charges) from participation consolidation/special tax exemption

23) Operating profit earnings (loss)

in

tax 859.960

753.279

698.331

1.060.248

Chairman of the Board of Directors Valentino Barbierato

Report and financial statements at 31/12/2011

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Reg. Comp. 08382071002 Eai 359840

GASCOM SPA Company subject to management and co-ordination of FIUMINVEST SRL Offices in PIAZZA ALDO MORO 12 - 35129 PADUA (PD) Share capital Euro 5,500,000.00 f.p.u.

Financial statements management report at 31/12/2011 (in accordance with art. 2428 c.c.)

(Amounts expressed in Euro)

Report and financial statements at 31/12/2011

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Main financial-economic data

Conto economico (in Euro /000) Fatturato Affitti e leasing EBITDA Ammortamenti e accant. EBIT Utile ante imposte Imposte Utile netto

2008 71.628 (202) 1.429 (187) 1.242 1.011 (400) 611

Stato patrimoniale AttivitĂ  Attivo fisso Rimanenze Clienti Altri crediti DisponibilitĂ  Totale attivo

2008 1.274 7.918 21.367 876 2.331 33.766

PassivitĂ  Equity Banche Fornitori Altri debiti Totale passivo

2008 3.392 8.739 20.765 870 33.766

Report and financial statements at 31/12/2011

% 100% -0,3% 2,0% -0,3% 1,7% 1,4% -0,6% 0,9%

% 3,8% 23,3% 62,9% 3,2% 6,9% 100,0% % 10,6% 25,7% 61,1% 2,6% 100,0%

2009 96.468 (252) 3.131 (316) 2.815 2.108 (1.017) 1.091

2009 4.619 6.187 35.412 5.536 (2.694) 49.060 2009 4.679 14.681 23.714 5.986 49.060

% 100% -0,3% 3,2% -0,3% 2,9% 2,2% -1,1% 1,1%

% 9,4% 12,6% 72,2% 11,3% -5,5% 100,0% % 9,5% 29,9% 48,3% 12,2% 100,0%

2010 111.164 (1.246) 2.379 (230) 2.149 1.814 (753) 1.060

2010 20.864 1.864 26.469 1.192 2.060 52.449 2010 13.189 13.512 21.895 3.853 52.449

% 100% -1,1% 2,1% -0,2% 1,9% 1,6% -0,7% 1,0%

% 39,8% 3,6% 50,5% 2,3% 3,9% 100,0% % 25,1% 25,8% 41,7% 7,3% 100,0%

2011 147.880 (300) 2.925 (312) 2.613 1.558 (863) 698

2011 24.242 1.137 30.484 10.222 1.538 67.623 2011 13.213 27.351 24.669 2.390 67.623

% 100% -0,2% 2,0% -0,2% 1,8% 1,1% -0,6% 0,5%

% 35,8% 1,7% 45,1% 15,1% 2,3% 100,0% % 19,5% 40,4% 36,5% 3,5% 100,0%

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Indice di capitalizzazione 30,0% 25,0% 20,0% 15,0% 10,0% 5,0% 0,0% 2009

2010

2011

Rapporto Ind.banc.netto/MP 400,0% 350,0% 300,0% 250,0% 200,0% 150,0% 100,0% 50,0% 0,0% 2009

Report and financial statements at 31/12/2011

2010

2011

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Indice Indebit. bancario netto/Tot.passivo 40,0% 35,0% 30,0% 25,0% 20,0% 15,0% 10,0% 5,0% 0,0% 2009

2010

2011

Management report Europe will remember the 2011 financial year as the most difficult in the Union's history as it was characterised by economic crisis involving some countries, which Greece, Ireland, Portugal, Spain and Italy enough to question maintaining the same European currency. This created strong market crisis of State securities and of the bank sector, large withholder of these securities. Although denied by the Authority, credits have been significantly blocked due to difficulty for banks in collecting on the interbank market because of wariness on counterparts' natural solvency. An increase in cost of money, not so much in terms of Euribor rate but spreads never seen before, applied by Institutes, have combined with scarce liquidity on the system. Many companies are in difficulty due to the bank crisis and so-called "real economy". This significantly affects part of the banks' assets with drop in their results where such difficulties have been highlighted in financial statements, or in effective solvency where not adequately set-out. The Gascom SpA's, and entire Group it manages, year closed positively, all the more in view of the above, with regard to net and financial profits and ramping of the industrial plan illustrated in the 2010 financial statements. The business model has also been extremely simplified replacing the shipping model with the so-called reselling one for the 2011-2012 thermal year. The financial year has recorded a sales turnover of 147,9 million Euro (111,2 million in 2010, 33% increase); the net operating margin was 2,6 million (2,1 million Euro in previous year, equal to +24%); finally, net profit was about 0,7 million Euro (about 1 million in 2010, equal to -30%). The tax pressure (equal to 55% of profit before taxes) weighed on the result as the company is subject to IRES (corporation tax), IRAP (regional tax on production) and Robin Tax that increased during the financial year compared to previous (the Robin Tax rate amounts to 10.5%, bringing IRES to a global tax charge of 38%), as well as financial charges increased due to higher cost of money and debt to support the group's companies investments.

Report and financial statements at 31/12/2011

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Data is schematised below: 2009 96.468 2.815 1.091

Fatturato EBIT Utile netto

2010 111.164 2.149 1.060

2011 147.880 2.613 698

As said, turnover also increased in 2011, reaching a further peak point. Below is the 2005-2011 turnover curve showing the dynamics (remember the company was established at the beginning of 2005).

Andamento Fatturato 2005-2011 160.000 140.000 120.000 100.000 80.000

Fatturato

60.000 40.000 20.000 2005

2006

2007

2008

2009

2010

2011

The past year was a turning point for Gascom as many strategic-industrial important phases were performed: a) b) c)

Continuation of own customer portfolio restructuring plan; Continuation of company re-organisation plan, also following new strategic setup; Particular attention to quality of service and correctness towards customers.

Specifically: a)

Continuation of own customer portfolio restructuring plan

Gascom S.p.A. had already decided back in Summer of 2010 to overcome the existing business model, going from a wholesaler to the Retail sector. If there are the conditions for it, it has been chosen to maintain customers characterised by large volumes (municipally-owned, large industries consumers of energy, sales companies) and aim towards RETAIL customers (families, condominiums, small economic activities, small-sized companies), therefore with significantly more humble unit volumes.

Report and financial statements at 31/12/2011

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The strategic choice is not to be undermined as this portfolio turn-around aims at splitting the commercial risk, at greater portfolio stability – partly typical of the Retail sector but also that loyalty changes are not always only due to price – and at greater profitability per unit of product. Also, in a long-term logic, the above will lead to greater company valorisation due to larger premium given by own customer portfolio stability compared to logic based on intermediate volumes. Therefore, the Company accelerated the industrial plan aimed at changing its portfolio from energy-consuming customers towards retail during 2011. The main share, in terms of volumes and turnover, still inevitably comes from the energyconsuming companies, even if only for income producing dynamic, but strategic focus has moved to retail customers. The aim of 4,000 new contracts/month was respected, continuously expanding sales network every month, recording an increased number of collected contracts since plan start-up phase was completed. This is on national scale, with extremely gratifying dynamics on some areas. We consider confirmed the target of 150,000 utilities by end 2013.

b) Continuation of company re-organisation plan, also following new strategic set-up In view of the new business model, the strategic plan foreseeing important investments in terms of highly qualified human resources and in terms of infrastructures, continued during the financial year. This in order to meet the challenge of the Retail market, important company strategic objective for the near future. In this regard, the working and managerial staff was expanded in 2011 with the introduction of highly qualified professional figures. In line with the different operating and commercial requirements, the new plan is significantly transforming the company organisation. The most affected areas are the commercial ones (two new area managers, one for South Central and one for North East, a new retail market manager) and customer care (employment of manager and adjustment of the operative structure). New entries took place in other departments (IT, management) and a marketing department was established. Gascom certainly went against national market trend with regard to employment. The employment level (employees + temporary) went from 23 to 36 units. Also, greater specialisation in the specific customer department is maturing following reorganisation of the commercial function, changed from a logic of geographic areas to market areas; the division manager is responsible for market managers (executive, SME and Retail), area heads have been introduced for the Nielsen areas in the Retail market. Expansion on national scale of sales network on specialised agencies with regard to energy mainly, without excluding different channels, was realised. In this regard, even if indirectly, Gascom S.p.A. uses a network of about 600 agents throughout the national territory, for the collection of electricity and gas supply contracts. The commercial growth has, and still does, lead to an important financial

Report and financial statements at 31/12/2011

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commitment, substantially proportional to the advanced number of collected contracts, compared to their produced income.

The commercial investments of top level team sponsorship with strong following in the territory, which Calcio Padova (the company is sponsor of the first team and main sponsor of all others from “Primavera” to minor divisions to “Primi Calci”), Asiago Hockey, winner of Premier League championship, a Padua boxing club organising national and international contests, must also be looked at to support the trademark's prestige and sales network.

c) Particular attention to quality of service and correctness towards customers. Quality and fairness in relationships with customers, existing an in acquisition, is an important chapter in the commercial activity. The agents selling Gascom contracts, including sub-agents used by said agencies, to date amount to about six-hundred, and is due to increase.

On par with other retail sectors (families, condominiums, commercial businesses, professional companies), this is characterised by a door-to-door commercial collection also, or which implies an approach with potential customers. In this regard, customer care has become increasingly important during 2011 in realising the company's objective of being not only a sales company of a good, but a supplier of service aimed at favouring energy saving, as well as time and efficiency.

Report and financial statements at 31/12/2011

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To understand the “customer service� department development, think that incoming customer calls have gone from an average of 110 per day to more than 350 per day (with peaks above 600 calls), however, always maintaining the telephone service level over 93%. The monthly average at end of December showed a 97% service level. In order to develop greater sensitivity and attention to users, training is continuous. Even for journalistic scoops, emphasising behaviours of fraudulent agents aimed at deceiving people, particularly the elderly or ingenuous, seems to be in fashion nowadays. Aware that this might be true, the company monitors inadequate or not very transparent behaviours in any way it can. In this regard, a mechanism has been implemented ("Welcome call") as well as to accept "cooling off period" after legal deadline, which filters cases of stipulated contracts without the due knowledge of the signatory. This mechanism started in September 2011 and consists in a thorough check of the received contracts by a third-party company. by calling the contract's underwriter to ascertain the real knowledge of having changed utility from one operator/supplier to another. Should the customer not have this intention (for whatever reason), these contracts will not be considered valid. Therefore, with this "cooling off" tool, some of the collected contracts are not followed-up. The percentage is in line with that unofficially declared by other sales companies. With regard to fairness, the company's high attention has, in some cases, in front of bad practices and higher reports of deceived customers, dismissed agents that have not worked in line with the company ethics. In some cases the company has even reported itself as being the aggrieved party and has filed suit against the agent.

Report and financial statements at 31/12/2011

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Relationships with subsidiaries, associated companies, parent companies and those subjected to their control, as well as third party

Gascom performs its activity in the sale of electricity and gas sector as sales company on the national transport networks and/or as reseller. Gascom S.p.A. also has a role as Investment Holding in the following areas: a) In the Gas & Power sector through commercial companies (Casa Tua Srl, Gascom Trade Srl);

b) In the energy producing sector from renewable sources through Gascom Renew, conceived in 2010 from a spin-off, that in turn controls other SPE.

c) In the real estate sector through Gascom Real Estate Srl where real estates belonging to the Group (mainly offices) have been transferred. Some are leased to the Group companies for performing their activities; other are leased to third parties and some are empty, awaiting future leasing.

From a juridical point of view, Gascom directly controls the following companies with additional and/or functional activities to the group's core business. SocietĂ 

partecipazione

attivitĂ  svolta

51%

Servizi commerciali gas ed energia

C.R.E.A. S.r.l.

100%

Ricerca&Sviluppo

Gascom Trade S.r.l.

100%

Servizi commerciali gas ed energia

Gascom Real Estate S.r.l.

85%

Gestioni immobiliari

Gascom Renew S.p.A.

90%

Subholding settore produzione di impianti da fonte rinnovabile

Casa Tua S.r.l.

Report and financial statements at 31/12/2011

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Whereas, the following companies are controlled through Gascom Renew S.p.A.:

partecipazione

controllo

attivitĂ  svolta

2G Power S.r.l.

SocietĂ 

100%

si

Sviluppo eolico

Liberi Vento S.r.l.

100%

si

Sviluppo eolico

Platania Vento s.r.l.

100%

si

Sviluppo eolico

Base vento 1 S.r.l.

100%

si

Sviluppo eolico

Base vento 2 S.r.l.

100%

si

Sviluppo eolico

Base vento 3 S.r.l.

100%

si

Sviluppo eolico

Base Brindisi 1 S.r.l.

100%

si

Sviluppo fotovoltaico

Base Brindisi 2 S.r.l.

100%

si

Sviluppo fotovoltaico

Base Brindisi 3 S.r.l.

100%

si

Sviluppo fotovoltaico

Base Brindisi 4 S.r.l.

100%

si

Sviluppo fotovoltaico

Gascom Real Estate s.r.l.

15%

si

gestione immobiliari

PV ITALY TWO Srl

100%

si

Sviluppo fotovoltaico

Agriwatt Srl

70%

si

Sviluppo biomassa

Following merger between Fiuminvest Srl (controlling 2B Power Srl) and 2B Power Srl (controlling Gascom SpA), the Gascom shareholding at 31/12/2011 has formally changed compared to 2010. Shareholding at 31/12/2011 appears as follows:

partecipazione

soggetto controllante

Ruolo in Gascom

Fiuminvest S.r.l.

Socio

70%

Valentino Barbierato

Francesco Marangon

30%

Francesco Marangon

Presidente del C.d.A. Amministratore Delegato

In view of the Fiuminvest 70% ownership of the share capital, Gascom SpA is subjected to its management and coordination.

Financial conditions falling within the normal sales/purchase terms practices with other operators of similar supplies, are applied to all group companies and related entities. Refer to other sections in the Explanatory Notes with regard to other related parties (e.g. Directors).

Report and financial statements at 31/12/2011

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Development of demand, competitiveness and flow of markets the company works in

-

GAS & POWER AREA The company started to implement strategic choices made during 2010, in the 2011 financial year. These foresaw a change in its own commercial policy. The following tables show the final gas consumptions on the national market. 2010 data is available to-date (2011 will be drawn-up during Summer 2012).

Consumi finali gas per settore M(m³)

Anni 2008 - 2010 Anno 2008

2008

2009

2010

Domestico

19.148

20.823

18.344

Condominio uso domestico

-

-

3.627

Commercio e servizi

6.136

5.907

6.319

Industria

20.951

19.127

21.797

Generazione elettrica

38.073

33.314

35.766

Totale Indagini

84.308

79.171

85.853

Totale MSE

83.389

76.689

81.766

Fo nte: Elabo razio ni A EEG su dichiarazio ni degli o perato ri.

The customer portfolio at 31/12/2011 (for supply and undergoing switch contracts) has grown by 203% compared to 31/12/2010. To better appreciate the strong growing trend, note that at 31/03/2012 the number of contracts increases by over 41% compared to 31/12/2011. The take-up points effectively supplied by the company showed an increase of about 180% at 31/12/2011 compared to those of end 2010, of which 57% for commodity gas and 43% for electricity. The company provides service to cover the entire Italian territory, specifically 24% of utilities in the north west Nielsen area, 55% in the north east area, 15% in the centre and 6% in the south. With regard to clustering of customers, 65% of pick-up points belong to “family” cluster, about 20% to “sme” cluster, about 11% from large industries, 4% from “condominiums” and 1% from “public administrations”. 391 million Kwh in volumes and about 271 million of standard cubic metres were supplied during the 2011 financial year.

Report and financial statements at 31/12/2011

Page 26


The 2011 total production value is affected by commodity gas by about 60% and the remaining 40% is attributed to Energy. The gas portfolio in previous year (31/12/2010) consisted in 35% of industrial utilities, 35% of large utilities and the remainder of so-called civil utilities (consumptions below 200.000 Smc/year, including domestic utilities, Retail and SME); the electric energy portfolio was more composite, but mainly consisted of SME utilities. These pages show some information on gas market entity as reported by the Electricity and gas authority ( 2008-2010 final consumptions, 2010 sales by type of market and list of main competitors in terms of sold volumes in 2010). Even if data does not refer to last financial year, they show important aspects characterising the gas market towards final consumers and their directing of the Gascom strategy. VENDITE PER TIPOLOGIA DI MERCATO M(m続) Anno 2010 Settore di consumo

Classe di consumo < 5.000 m 3

16.070

17.154

326

794

1.120

200.000 - 2.000.000 m 3

48

3

51

2.000.000 - 20.000.000 m 3

15

3

> 20.000.000 m 3

-

< 5.000 m 3 5.000 - 200.000 m 3 Condominio 200.000 - 2.000.000 m 3 uso domestico 2.000.000 - 20.000.000 m 3 > 20.000.000 m 3 5.000 - 200.000 m 3 200.000 - 2.000.000 m

3

2.000.000 - 20.000.000 m 3 > 20.000.000 m 3 < 5.000 m 3

Industria

18 -

44

290

334

1.001

2.076

3.077

45

154

109 30

-

30

-

-

501

577

1.079

2.211

1.222

3.432

30

1.152

1.122 516

-

40

-

516 40

104

167

271

5.000 - 200.000 m 3

1.400

636

2.035

200.000 - 2.000.000 m 3

4.214

18

4.232

2.000.000 - 20.000.000 m 3

7.405

5

7.409

> 20.000.000 m 3

7.792

< 5.000 m 3 Generazione elettrica

-

-

< 5.000 m 3 Commercio e servizi

Totale

1.084

5.000 - 200.000 m 3 Domestico

Volumi venduti a Volumi venduti a prezzi di mercato prezzi tutelati

5.000 - 200.000 m

3

200.000 - 2.000.000 m 3 2.000.000 - 20.000.000 m 3 > 20.000.000 m

3

Totale

-

7.792

0

0

0

9

3

12

163

5

167

1.104

3

1.106

20.776 50.014

-

20.776

21.945

71.959

Fo nte: Elabo razio ni AEEG su dichiarazioni degli o peratori.

It is clear how the domestic market weight, within the protected price context, remains fairly higher compared to the free market, outlining wide shares that can be

Report and financial statements at 31/12/2011

Page 27


potentially reached and supplied in a competitive logic. This is reversed in the industrial sector showing that, where the overall cost for energy is substantial, there is greater sensitivity in leaving the protected market and entering a logic of saving. The following table shows a summary of the main groups for sales to final market (data updated August 2011 refer to 2010 provided by the Electricity and gas authority): Gascom, with 271 ml cubic metres is immediately after the first 20 national and international operators. PRINCIPALI GRUPPI PER VENDITE AL MERCATO FINALE M(m³) Anno 2010

Eni

17.803

Enel

9.476

Edison

7.227

GDF Suez

4.462

E.On

3.662

A2A

3.198

Hera

2.336

Iren

2.463

Electrabel/Acea

1.569

Royal Dutch Shell

1.474

Sorgenia

1.153

Ascopiave

1.053

Estra Energie

819

Gas Plus

610

AMGA - Azienda Multiservizi

514

Linea Group Holding

505

Acegas-Aps

450

Unogas

445

Aimag

434

Agsm Verona

405

Altri

11.902

Totale

71.959

Fonte: Elaborazione AEEG su dichiarazioni degli operatori - ago 2011

The company maintains its outlook of “cash” for the Italian energy market of raw material (natural gas and electricity), in view of increase in ability to import natural gas, therefore continuing, without lacking aid of price-sensitive markets (wholesalers

Report and financial statements at 31/12/2011

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and industrialists), in its policy of standardising supplies with consumer markets in a bi-fuel logic. Consumi di energia elettrica (TWh) Anni 1999-2010

Fonte: Autori tĂ  per l 'energia el ettri ca ed i l ga s : *Da l 2008 comprende il s ervizi o di s al va gua rdi a . Nel 2010 i da ti s i i ntendono provvi s ori .

The chart highlights how most of the electric energy consumptions are attributed to more important customers that benefited from the free market. On a total of about 290 TWh of energy, 79.8 TWh belong to protected market and mainly involve domestic customers and small companies. 5 million domestic users and small have decided to change electric energy supplier compared to overall number of users in Italy of about 34 million; about 2 million on a total of 20 million, for gas. (Source: Edison 2010) This is a significant data to support market potential and expansion, supporting Gascom in its choice to accelerate penetration in the said market. It must be highlighted how the Retail market shows increased awareness of the offered opportunities by the free market, represented by the retail domestic utilities and commercial and residential activities.

The importance of this market segment is indirectly proven by the strong presence of operators like Edison, Eni, Enel and Sorgenia: after a recent past where commercial policy did not appear to be oriented to penetration and development of the consumer portfolio, almost all have started a significant multi-channel activity in this direction.

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Prezzo dell'energia elettrica e prezzo del petrolio (Brent dated) Numeri indice 1° bimestre 2000 =100

II tri m 2012: dato provvis ori o per i l prezzo del Brent. Fonte: el a borazi one AutoritĂ  per l 'energi a elettri ca e il gas su da ti i nterni e s u dati Pl a tts - a pri l e 2011

After a decrease during 2010 mainly thanks to the Electricity and gas authority interventions, the 2011 financial year sales prices have constantly grown; primary cause is the influence, even if contained by time delay in these changes effects, of the Brent petroleum shares that, after having reached minimum point in 2009, have recorded an increase up to the first months of 2012. These increases were also affected by a crisis determined by political-social aspects, particularly the riots in Tunisia and North African countries, and by political-financial occurred immediately after the first months of the year. The PUN price at 31 December 2011 incurred a 12.6% increase compared to 2010, mainly during off-peak hours, stabilising only in the fourth quarter of the year, compensated by decrease in demand. Electric energy demand increased by 0.7%. There was a significant increase in the gas sector for all main European countries: the CCI element has increased by 19.8% compared to 2010 due to Brent and raw materials increase with regard to other commodities.

Demand has recorded a drop of 6.4% mainly due to milder weather during the winter period compared to previous year and consequent decrease of civil use.

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Variazione del prezzo dell'elettricitĂ  per le famiglie italiane Variazioni percentuali sull'anno precedente

Fonte: Elaborazione AutoritĂ  per l'energia elettrica e il gas su dati Istat Numeri indice per l'intera collettivitĂ  - indici nazionali - dic 2011 * Media gennaio-ottobre.

Variazione dei prezzi del gas nei principali paesi europei Variazioni percentuali sull'anno precedente (agg.to aprile 2012)

*me dia genna i o - febbra io

- RENEWABLES AREA

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One of the most important elements intervened in the renewable sector was the exceeding of 3rd Feed-in Tariff (M.D. 6 August 2010) with 4th Feed-in Tariff (M.D. 5 May 2011). The measure introduced lower incentive tariffs, protecting European modules that benefited from a 10% increase, and extremely strong power and time limits, particularly for floor systems. This entailed a strong fall-back on Gascom Renew as it crippled the developing pipeline (40 Mwp) of floor systems. About 3.5 Mwp of these were built, the others could not be realised. Gascom Renew sold 3 photovoltaic systems in July 2011, each having nominal power of about 1 electric Mw and located in the municipality of Brindisi. They are called Brindisi 1, 2 and 3, to an Italian investment provision. Transfer occurred as going concern transfer.

Two photovoltaic plants were realised and connected between July and August in Latina, respectively of about 1 and 2.5 MWp. Gascom Renew had the role of EPC for the purchaser PV Italy Two S.r.l., controlled by Gascom Renew itself. PV Italy Two Srl is a SPE purchased at the beginning of 2011 and owned by the production authorisations. The plants were built on land which surface right for 21 years was purchased by PV Italy Two Srl. Two plants were realised in about 20 days and finalised at end of July; connection was made on 24 August. Said plants benefit from the August 2011 incentive tariff (0.262 Euro per plant of 0.998 MWp and 0.25 Euro for the 2.5 MWp one). The plants are to-date financed in full equity in view of future transfer of SPV.

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When there is uncertainty around the wind-energy sector projects, at regional politics and local administrative level, from time characterising the Italian wind-energy development, there is great caution in representing the status of presented projects in the pipe-line: the design processes have from time being completed with presentation at regions and competent bodies, of the definitive projects. Given the strong administrative uncertainty the operators have to work and invest in, relationships with Public Administrations remain difficult. In order to take advantage of the great opportunities the "green economy" sector will offer in the next few years, the company is firm and precise in its will in wanting to continue researching for investment opportunities in the renewable sector even abroad, also due to the above-said reasons. - REAL ESTATE AREA

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As known, the entire real estate of the Gascom Group was concentrated in Gascom Real Estate in order to achieve excellent management. Real estate as at 31/12 amounted to just more than 2.500 m². Some of this property, mainly offices, is leased at market price to Group companies, in line with lease prices of other offices in the NET Center. Property in Via Savelli was sold, subsequently redeemed by a bank institute. Even though not at high prices but interesting considering the moment the real estate market is going through, leasing policy continues. It is with a view, even if not immediate, to pick-up in the real estate market, that we have continued to lease rather than sell units. All real estate property is in leasing.

Information in accordance with art. 2428, comma 1, point 6-bis of Civil Code It is specified, in accordance with art. 2428 no. 1 of Civil Code, that the company is exposed to normal market and operating risks that can be deduced from the Explanatory Notes and herein, with specific reference to the following point.

Information in accordance with art. 2428, comma 2, point 6-bis of Civil Code In compliance with art. 2428, comma 1, point 6-bis c.c., below is some information aimed at giving a more precise assessment of the financial situation. The company works in the sale and purchase of natural gas and electric energy. The main classes of risk are consequently to be identified in the change in gas and energy prices, therefore petroleum flow and euro/dollar exchange. A further risk is given by the difference between volume price and sales price calculation, also given the different composition of the sales and purchase basket. Similar problems characterise the electric market. The following risk management general policies have been adopted by the company: use of suitable custom-made software for controlling net exposure to exchange risk and raw material risk (petroleum products quotation) based on sales portfolio, attributing responsibility of risk management to Directorate-General. Specifically: a) Financial risk: to protect target price on dollar, the Company monitors currency flow and, if necessary, implements risk cover tools. It has implemented protective operations against American dollar write-ups during the year. b) Interest rate risk: an increase in cost of money, not so much in terms of Euribor rate but spreads never seen before, applied by Institutes, have combined with scarce liquidity on the bank system. However, the company has monitored interest rates flow and implemented protective operations against excessive rates increase. There are interest rate risk cover operations especially in view of medium-long term financing transactions.

However, all existing financing is at floating rate.

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c) Credit risk: the Company has a very wide customer portfolio that does not necessarily exclude a low level concentration of the credit risk, to date. This has also lead to the new portfolio policy. However, even considering an effective risk towards own customers modest, it has also implemented without recourse credit lines towards most important customers, despite their known asset force. The quick credit turnaround also allows tighter monitoring of positions. There are no particularly critical credit positions to date, outside the physiological risk towards customers. d) Liquidity risk: the Company's financial statements are significantly orientated to current with extremely contained set business compared to overall assets; part of the debt is due to subsidiaries' financing (Gascom Renew in particular) but there are no particularly critical situations in obtaining the credit and liquidity in general. However, transfer and/or financing of already connected photovoltaic parks headed by Gascom Renew has, in the first months of 2011, returned most of the liquidity to the group leader. Part of the bank debt, ad abundantiam, consists of medium-term transactions. The liquidity generated by operative management should guarantee â&#x20AC;&#x201C; without severe problems â&#x20AC;&#x201C; the ability to face the current commitments. Finally, the Company has adequate overdrafts ensuring financial resources to face any further requirements.

Management flow

Income Statement and Statement of assets and liabilities entries are shown in the explanatory notes.

Below are specific re-classifications of the Income Statement and Statement of assets and liabilities, with regard to news introduced by Leg. D. 32/2007 and in applying the 14 January 2009 operative vademecum set-out by CNDCEC, in order to better understand the company's status under the income, property and financial profile.

The company's reclassified income statement compared with that of previous year is the following (in Euro):

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31/12/2011

31/12/2010

31/12/2009

Var 2010-2011

147.807.605

111.096.791

96.468.831

36.710.814

0

0

0

0

Valore della produzione operativa

147.807.605

111.096.791

96.468.831

36.710.814

Costi esterni operativi

Ricavi delle Vendite (Rv) Produzione interna (Pi)

143.307.493

107.731.768

92.374.180

35.575.725

Valore aggiunto

4.500.112

3.365.023

4.094.651

1.135.089

Costi del Personale

1.647.861

1.053.094

992.690

594.767

Margine operativo lordo

2.852.250

2.311.929

3.101.961

540.321

Ammortamenti e accantonamenti Risultato operativo Risultato dell'area accesoria

312.271

230.254

315.687

82.017

2.539.979

2.081.675

2.786.274

458.304

72.544

67.255

29.195

5.289

338.982

542.807

111.104

(203.825)

2.951.506

2.691.737

2.926.573

259.769

2.347

33.695

27.587

(31.348)

EBIT integrale

2.953.853

2.725.432

2.954.160

228.421

Oneri finanziari (Of)

1.395.561

911.905

846.374

483.656

Risultato lordo

1.558.292

1.813.527

2.107.786

(255.235)

Riultato dell'area finanziaria (al netto degli oneri finanziari) EBIT normalizzato Risultato dell'area straordinaria

Imposte sul reddito

859.960

753.279

1.017.000

106.681

Risultato netto

698.332

1.060.248

1.090.786

(361.916)

In commenting these results, specifically in regard to this product department disciplined by the Electricity and gas authority, always bear in mind that some revenue entries â&#x20AC;&#x201C; about 50% â&#x20AC;&#x201C; are "passing" for the company, meaning that under these entries (e.g. distribution) the company invoices the customer that charged to it by the supplier, without any margin, as provided by the Authority. In a more in-depth reading, this obviously means that company margin must not be read in percentage on turnover, but only on the amount of components giving a profit.

The following table shows some income ratio to better describe the company's income situation: 31/12/2011 ROE Netto (Utile netto / Mezzi propri) ROE Lordo (Utile lordo / Mezzi propri) ROI (Risultato operativo/Totale attivo) ROS (Risultato operativo/Vendite)

5,29% 11,79% 3,76% 1,72%

31/12/2010

8,04% 13,75% 3,97% 1,87%

ROE (net or gross from taxes) is the relation between profit (net or before taxes) and Net assets total (including operating profit); ROI is the relation between operating result and financial statements assets total; ROS is the relation between operating result and financial statements Net Revenues.

Report and financial statements at 31/12/2011

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Main property data The company's reclassified statement of assets and liabilities compared with that of previous year is the following (in Euro):

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Page 37


Immobilizzazioni immateriali nette Immobilizzazioni materiali nette Partecipazioni ed altre immobilizzazioni finanziarie Capitale immobilizzato Rimanenze di magazzino

31/12/2011 31/12/2010 Variazione 1.391.758 917.510 474.248 215.345 90.045 125.300 19.403.712 15.707.221 3.696.491 21.010.815 16.714.776 4.296.039 1.137.860 29.964.840 11.022.122 2.947.800 45.072.621

1.864.223 26.434.624 4.214.344 1.161.632 33.674.823

Passività d’esercizio a breve termine

24.669.212 843 84.992 720.435 77.544 25.553.026

21.895.112 2.774.100 133.333 (132.490) 2.873.498 (2.788.506) 109.564 610.871 79.417 (1.873) 25.090.924 462.102

Capitale d’esercizio netto

19.519.595

8.583.899

10.935.696

138.152 54.922 1.313.201 1.506.275

94.972 561.494 656.466

43.180 54.922 751.707 849.809

39.024.136

24.642.209

14.381.927

Crediti verso Clienti Altri crediti Ratei e risconti attivi Attività d’esercizio a breve termine Debiti verso fornitori Acconti Debiti tributari e previdenziali Altri debiti Ratei e risconti passivi

Trattamento di fine rapporto di lavoro subordinato Debiti tributari e previdenziali (oltre 12 mesi) Altre passività a medio e lungo termine Passività a medio lungo termine Capitale investito Patrimonio netto

(726.363) 3.530.216 6.807.778 1.786.168 11.397.798

Posizione finanziaria netta a breve termine

(13.212.794) (13.189.419) (23.375) (5.804.729) (5.754.712) (50.017) (20.006.613) (5.698.078) (14.308.535)

Mezzi propri e indebitamento finanziario netto

(39.024.136) (24.642.209) (14.381.927)

Posizione finanziaria netta a medio lungo termine

The company growth is shown in terms of turnover and made investments (+29%). There is a sensitive decrease in average collection times (-13% compared to previous year) and in average payment days of suppliers (-15%). To support optimising collection times, the company gradually continues strengthening the credit recovery service, in-house and in outsourcing. On the contrary, the payment of debts to suppliers in shorter times, gives way to benefits in economic (discounts on unit purchase prices) and financial (less bonds on bank guarantee requests) terms.

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31/12/2011 Margine primario di struttura

31/12/2009

(7.798.021)

(3.525.357)

(640.074)

0,63

0,79

0,88

(487.017)

2.885.821

6.230.884

0,98

1,17

2,17

Quoziente primario di struttura Margine secondario di struttura

31/12/2010

Quoziente secondario di struttura

As shown by the above table, the fixed asset to equity capital margin is defined as the difference between net assets and Invested capital and represents the net assets's ability to cover fixed capital; whereas, the fixed asset to equity capital and mediumlong term debt margin is defined as the difference between Net asset increased of Consolidated liabilities and the Invested capital; this defines the most correct fixed asset cover. It is very interesting ratio that shows an adequate financial stability. The values have dropped compared to previous year due to production work start-up of plants and the capital contribution transaction.

Main financial data The net financial position at 31/12/2011, was the following (in Euro):

Depositi bancari Denaro e altri valori in cassa Azioni proprie DisponibilitĂ  liquide ed azioni proprie

AttivitĂ  finanziarie che non costituiscono im m obilizzazioni

31/12/2011

31/12/2010

31/12/2009

Variazioni

1.527.840

2.058.845

(2.731.078)

(531.005)

11.909

781

37.552

11.128

0

0

0

1.539.749

2.059.626

(2.693.526)

(519.877)

0

0

0

0

21.546.362

7.757.703

8.361.139

13.788.659

21.546.362

7.757.703

8.361.139

13.788.659

(20.006.613)

(5.698.077)

(11.054.665)

(14.308.536)

5.804.729

5.754.712

6.319.693

Obbligazioni e obbligazioni non convertibili (entro 12 mesi) Debiti verso soci per finanziamento (entro 12 mesi) Debiti verso banche (entro 12 mesi) Debiti verso altri finanziatori (entro 12 mesi) Anticipazioni per pagamenti esteri Debiti finanziari a breve term ine

Posizione finanziaria netta a breve term ine

Obbligazioni e obbligazioni non convertibili (oltre 12 mesi)

400.000

Debiti verso soci per finanziamento (oltre 12 mesi) Debiti verso banche (oltre 12 mesi)

50.017

Debiti verso altri finanziatori (oltre 12 mesi) Anticipazioni per pagamenti esteri

(1.577.262)

Quota a lungo termine di finanziamenti Crediti finanziari Posizione finanziaria netta a m edio/lungo term ine

Posizione finanziaria netta

(5.804.729)

(5.754.712)

(5.142.431)

(50.017)

(25.811.342)

(11.452.789)

(16.197.096)

(14.358.553)

T he financial situation is negative for about 25,8 million Euro, increased by 14,3 million compared to 2010. This flow is mainly attributable to without recourse credit transfer operation for about 6 million Euro at the end of 2010 and not repeated in 2011; about Euro 2 million relating to position with the Exchequer, gone from net debt to net credit position; about 10 million Euro for subsidiaries' financing for the realisation of the Latina photovoltaic parks (ended and in production since the end of

Report and financial statements at 31/12/2011

Page 39


August 2011); finally, about 2 million for the commercial financing and development of subsidiary Gascom Trade Srl. The company is weighed down by about 10 million for investments on subsidiaries that should have been allocated under SPV specifications; however, the bank's delay in financing the transaction has meant the debt still being attributed to Gascom Spa at end of year. The following table shows some financial statements ratio to better describe the financial situation: 31/12/2011

31/12/2010

31/12/2009

LiquiditĂ  primaria

0,97

1,03

1,00

LiquiditĂ  secondaria

0,99

1,09

1,17

Indebitamento

4,12

2,98

9,48

Tasso di copertura degli immobilizzi

0,98

1,17

2,17

Quick ratio, defined as relation between current assets, net of inventory, and financial statements "Total debts" entry, is equal to 0,97. The company's financial situation is to be considered good. Current ratio, defined as relation between current assets and financial statements "Total debts" entry, is equal to 0,99. With regard to the amount of current debts, the working capital undertaken value is certainly satisfying. The debt ratio defined as relation between debts and own means, dropped to 2,97 compared to 9,48 of 2009 and partially increased to 4,12 in view of the above considerations. Considering the current financial-economic context, own means are to be considered congruous with regard to amount of existing debts. The amount of own means and consolidated debts is to be considered appropriate in relation to the amount of fixed assets, as shown from their cover, equal to 0,94.

Sales flow Sales have gone from 111,1 to 147,9 million, with a 33% growth. The new strategic and commercial set-up that contained growth rates in 2010 compared to past, to "only" 15,2%, was a surprise in terms of results, doubling said trend during 2011 (not in absolute value but in development rate).

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Indice di crescita del fatturato 40,0% 35,0% 30,0% 25,0% 20,0% 15,0% 10,0% 5,0% 0,0% 2009

2010

2011

It is a very important result in very difficult financial times in many product sectors; despite correct use also advertised and warmly supported by the same company in its commercial packs, the product remains a primary and irreplaceable good with evident opportunities; however, there is a general perception by the final user of gas and electricity supply remaining as tax to the state. The entire turnover is made in Italy. However, per type of product, the turnover share in the gas sector remains predominant over the electric one:

EE GAS

2011

2010

2009

39,35% 60,65% 100,00%

31,40% 68,60% 100,00%

26,40% 73,60% 100,00%

Costs flow The main operative management costs are split as follows: (in Euro /000) Fatturato (in Euro /000) Acquisti Servizi Affitti e leasing Personale Ammortamenti Accantonamenti (sval.crediti) Variazione magazzino Oneri di gestione Totale costi di produzione

Report and financial statements at 31/12/2011

2008 71.628 2008 74.250 907 202 423 81 106 (5.380) 48 70.637

% % su fatt 103,7% 1,3% 0,3% 0,6% 0,1% 0,1% -7,5% 0,1% 98,6%

2009 96.468 2009 87.489 2.709 253 993 187 129 1.731 192 93.683

% % su fatt 90,7% 2,8% 0,3% 1,0% 0,2%

2010 111.164 2010 99.057 2.624 1.246 1.053 230

0,1% 1,8% 0,2% 97,1%

% % su fatt 89,1% 2,4% 1,1% 0,9% 0,2%

2011 147.880 2011 137.235 4.166 300 1.648 312

0,0%

4.636 168 109.014

4,2% 0,2% 98,1%

% % su fatt 92,8% 2,8% 0,2% 1,1% 0,2% 0,0%

1.513 93 145.267

1,0% 0,1% 98,2%

Page 41


It is synthetically highlighted that: - that cost of raw material (purchased electric energy and gas), distribution and service costs related to storage and anything else related to gas and energy supply, are included within purchases: many of these costs are so-called "passing" as set out by the Electricity and gas authority, meaning that sustained by the company is invoiced to the customer without applying margin; it is clear how the entire income statement must be read considering this specific department feature; - the warehouse has been fully liquidated during the financial year to benefit the "full reselling" business formula that during previous financial years was represented by the gas stock with Stogit; the change is explained by the full sale of previous stock; - Service entry includes commercial charges related to commissions paid to sales network and relative share in sponsoring Calcio Padova; - rental and leasing entry has been significantly re-dimensions compared to previous financial year due to transfer of real estate pack to Gascom Real Estate. Personnel costs were affected by the company's sales dynamics, increasing staff to face the growing complexity. Personnel costs were on the whole 1.648 against 1.053 Euro of 2010 (+56%); on the contrary, incidence on turnover slightly increased in percentage terms (from 0,9% to 1,1%). (in Euro /000) Fatturato Costo del personale Variazione costo Costo medio dipendente N. dipendenti Variazione n. dipendenti

2008 71.628

100%

2009 96.468

0,6%

%

423

42 10

100%

2010 111.164

993

1,0%

570 50

134,8%

20 10

100%

2011 147.880

1.053

0,9%

1.648

1,1%

60 42

6,0% 0,0%

595 45

56,5%

0,1%

100,0%

25 5

25,0%

37 12

%

%

% 100%

0,0%

48,0%

Financial management Balance between financial income and charges â&#x20AC;&#x201C; including realised differences and not on exchange â&#x20AC;&#x201C; went from 0,37 million to about 1,1 million Euro.

Specifically: (in Euro /000) Fatturato

2008 71.628

Gestione finanziaria

(224)

Proventi finanziari Oneri finanziari Saldo Differenza cambi

86 (310) (224) 0

Report and financial statements at 31/12/2011

100%

2009 96.468

-0,3%

(735)

0,1%

112 (846) (734) (1)

%

-0,4% -0,3% 0,0%

100%

2010 111.164

-0,8%

(369)

0,1%

543 (912) (369) 0

%

-0,9% -0,8% 0,0%

100%

2011 147.880

-0,3%

(1.057)

0,5%

335 (1.396) (1.061) 4

%

-0,8% -0,3% 0,0%

% 100%

-0,7%

0,2% -0,9% -0,7% 0,0%

Page 42


The financial management balance flow was particularly affected by the cost of money flow and increase in bank debt to support the Group. The Explanatory Notes to financial statements detail the individual entries.

Research and development activity With regard to its own business in gas and energy supply, the company does not realise particular activity to be defined of research and development.

Investments Gross 2011 investments amount to over 6,3 million Euro; this amount does not include routine maintenance costs sustained during the financial year.

Net investments (investments less divestment) were about 3,7 million, and are almost fully attributable to financial/active investments. Whereas, there has been a net balance decrease for financial credits of about 0,4 million euro. Investments in intangible assets were about 0,75 million euro, mostly attributable to expansion costs (about 656.000 Euro). Finally, tangible assets investments were about 160.000 Euro, specifically justified by need to modernise and strengthen the company's â&#x20AC;&#x153;hardwareâ&#x20AC;? infrastructures.

Operative points The activity is carried out in the Net Center in Padua â&#x20AC;&#x201C; P.zza Aldo Moro, 12 in accordance with art. 2428. There are no sub-offices.

Own shares and parent companies shares The company does not posses own shares or parent company shares.

Significant events occurred after financial year closing There are no significant events from closing date of financial statements to approval data by Gascom spa: as said, the commercial and organisation machine proceeds to achieve the industrial plan related objectives.

Report and financial statements at 31/12/2011

Page 43


The reduction in the first months of 2011 of a credit boasted towards Argos Spa, to which supplies have been made in the past, that has led to collecting about 2,2 million among credit, interests and legal costs, must be highlighted. The utilities portfolio grew in the first 3 months by 41% compared to 31/12 utilities, confirming the collection trend.

Predictable management development An increase in absolute value of turnover is expected with regard to gas and energy core business, even if, as said in other parts of this document, not the same rates of previous years. It can be estimated that the bull dynamics of prices should favour turnover increase regardless of the volumes dynamics.

Policy document on safety In accordance with annex B, point 26, of Leg. Decree no. 196/2003 with Personal data protection code, the directors acknowledge that the Company has adapted to the personal data protection measures, in view of Leg. Decree no. 196/2003 dispositions, according to the terms and methods therein. In particular, the Policy Document on Safety filed with the registered office and available for consultation, was drawn-up on 30/03/2012, and firm data was affixed in the same date.

Additional information With regard to Annex III â&#x20AC;&#x153;Environmental and employee-related informationâ&#x20AC;? of the Italian Association of Chartered Accountants Circular dated 14 January 2009, concerning compulsory information in acknowledging LEG. DECREE 32/2007, we can certify that cases identified therein have not occurred.

Operating result destination Dear Shareholders, We invite you to approve the presented financial statements, proposing to assign the operating profit of 698.331 Euro as follows: utile d'esercizio al 31/12/2011

Euro

698.331

5% a riserva legale

Euro

34.917

A riserva straordinaria

Euro

663.414

Report and financial statements at 31/12/2011

Page 44


Padua, 30 March 2012 The Chief Executive Officer Mr. Francesco MARANGON

Comp. 08382071002 Eai 359840

GASCOM SPA Company subject to management and co-ordination of FIUMINVEST SRL Offices in PIAZZA ALDO MORO 12 - 35129 PADUA (PD) Share capital Euro 5,500,000.00 f.p.u.

Explanatory Notes to financial statements at 31/12/2011 (Amounts expressed in Euro)

Report and financial statements at 31/12/2011

Page 45


Dear Shareholders, these financial statements subjected for your review and approval, highlight an operating profit of Euro 698.331. Performed activities Your company works in the: Sales and supply of electric energy and methane gas to civil, industrial, commercial, crafts, agricultural and tertiary sector, in compliance with current standards.

Financial statements form and contents In accordance with art. 2423 and subsequent of the Civil Code, the financial statements subjected for your approval consist of Statement of assets and liabilities, Income Statement and Explanatory notes. It is drafted in compliance with article 2423 and subsequent of the Civil code; these explanatory notes drafted in accordance with articles 2427 and 2427 bis of the Civil code, in accordance and pursuant to article 2423, constitute integrating part of the financial year statements.

Report and financial statements at 31/12/2011

Page 46


The comment on the main financial statements' entries at 31 December 2011 provides further clarifications and integrations to its data and contains information requested by art. 2427 and 2427 bis of c.c. and by other legal standards, adequately integrated by the recommendations of the Italian Association of Chartered Accountants' accounting principles, modified by the Official Italian Accounting Board in addition to those issued by said board. To facilitate reading of the financial situation at 31 December 2011, where required, information has also been provided with regard to that set-out in the Civil Code. Statements on financial years closed at 31 December 2011 and 2010, have also been attached. They refer to: -

Statement of changes in the Net Assets Statement of changes in intangible assets Statement of changes in tangible assets Statement of changes in financial assets Financial statement

All transactions implemented by the Company during the financial year are in the accounting entries and are summarised in these financial statements. The financial statements and the Explanatory Notes are drafted in unit of Euro, without decimal digits, as provided by art. 2423, last comma, of the Civil Code. In consideration of the above, the amounts of the individual entries are rounded off according to general rules. Membership of a Group The company belongs to Gruppo Fiuminvest and is subject to Fiuminvest Srl management and control. The following statement gives essential data on the last FIUMINVEST Srl approved financial statements according to article 2497-bis, fourth comma, c.c. Please also note that the above-said company drafts the consolidated financial statements.

Report and financial statements at 31/12/2011

Page 47


Descrizione

Ultimo bilancio disponibile al 31/12/2010

STATO PATRIMONIALE ATTIVO A) Credi ti v/s oci per vers a menti a ncora dovuti B) Immobi l i zza zi oni C) Attivo ci rcola nte D) Ra tei e ris conti Totale Attivo PASSIVO: A) Pa tri moni o Netto: Ca pi ta l e s oci a l e Ri s erve Uti l e (perdi te) del l 'es erci zi o B) Fondi per ri s chi e oneri C) Tra tta mento di fi ne ra pporto di l a v. Sub. D) Debi ti E) Ra tei e ri s conti Totale passivo

Penultimo bilancio disponibile al 31/12/2009

26.193.822 3.422.732 567 29.617.121

25.137.800 1.785.446 558 26.923.804

100.000 11.867.964 681.929

100.000 11.309.178 558.786

16.963.896 3.332 29.617.121

14.952.612 3.308 26.923.884

1.008.723 (49.564) (54.688)

(27.212) 589.771

(222.542) 681.929

393 (4.166) 558.786

CONTO ECONOMICO A) Va lore del l a produzi one B) Cos ti del l a produzi one C) Proventi e oneri fi na nzi a ri D) Retti fi che di va l ore di a tt. Fi na nzi a ri e E) Proventi e oneri s tra ordi na ri Impos te s ul reddi to del l 'es e rci zi o Utile (perdita) dell'esercizio

The FIUMINVEST SRL last financial statements relate to business year closed at 31 December 2010. As the company drafts the consolidated financial statements, it uses the 180 day extension right granted to shareholders for approving the financial statements. This is why it is not possible to have any data on financial year closed at 31 December 2011 on date of drafting these financial statements. Significant events occurred during the financial year 2B Power Srl merged for incorporation in Fiuminvest Srl during the 2011 financial year. Therefore, management and control of Gascom SpA by 2B Power went to Fiuminvest Srl.

Drafting criteria

These financial statements are in compliance with article 2423 and subsequent of the Civil code as shown by these explanatory notes, drafted in accordance with article 2427 of the Civil code that, in accordance and pursuant to article 2423, constitute integrating part of the financial year statements. The financial statements values are represented in unit of Euro with rounding off of relative amounts. Any differences due to rounding off are indicated under

Report and financial statements at 31/12/2011

Page 48


"Reserve from rounding off in Euro" included in the Net Assets entries and "rounding off from Euro" under "Extraordinary income and charges" entry in the Income Statement. The explanatory notes are drafted in unit of Euro, in accordance with article 2423, fifth comma, C.C..

Assessment criteria

(Ref. art. 2427, first comma, no. 1, C.c.) The criteria used in drafting the financial statements closed at 31/12/2011 is not different to that used for previous financial year, particularly with regard to assessments and continuity of the same principles. The financial statements' entries have been assessed according to conservatism and matching principles, with a view to continuity of activities as well as considering the economic function of the considered asset and liability element. The application of principle of prudence has lead to individually assess the elements composing the individual assets and liabilities entries, to avoid compensation among losses that should have been recognised and profits not to be recognised as not realised. On accrual basis, the effect of transactions and other events was accountably detected and attributed to the financial year to which these refer and not to that during which cash flows (receipts and payments) occur. Continuity in applying assessment criteria in time, represents a necessary element for comparing the company's financial statements in the various financial years. Assessment considering the economic function of the considered asset or liability element expressing principle of prevalence of substance over form - compulsory where not expressly in contrast with other standards specified in financial statements - allows representing the operations according to economic reality beneath the formal aspects.

Extensions (Ref. art. 2423, fourth comma, C.c.) There have been no exceptional cases that have made use of extensions under art. 2423 comma 4 of Civil Code, necessary. (Ref. art. 2423, fourth comma, C.c.) Particularly, the assessment criteria adopted in forming the financial statements is the following. Capital assets

Report and financial statements at 31/12/2011

Page 49


The financial year amortisation shares on financial statements are calculated using the pro-die method that considers the date of coming into force of the good in the company activity and date of closing of financial year. Intangible Recorded at purchase cost and rectified by corresponding amortisation provisions. With Board of Statutory Auditors' consent, the plant and expansion costs, the research, development and advertising costs with long-term utility are recorded under assets and are amortised in a 5 financial year period. The industrial patent and intellectual property rights, the concessions, licences and trademarks are amortised with an annual rate of 20%. Improvements on third party goods are amortised with rates based on contract duration. If, regardless of already accounted amortisation, there is a long-lasting value loss, the capital assets are consequently depreciated. Lacking conditions for writedowns during subsequent financial years, the original value rectified of amortisations only, is restored. Tangible Recorded at purchase cost and rectified by corresponding amortisation provisions. The recorded value in financial statements considers the accessory charges and costs sustained for using the capital assets, significantly reducing the cost of commercial discounts and cash discounts. The income statement amortisation shares have been calculated awaiting use, destination and economic-technical duration of assets, based on residue possibility of use criteria that we have considered well represented by the following rates, not modified compared to previous financial year and reduced to half in the coming financial year in view of the good: - land: 0 % - furniture: 15 % - vehicles, motorcycles and similar: 25 % - computer: 20 % - other goods: 30 % If, regardless of already accounted amortisation, there is a long-lasting value loss, the capital assets are consequently depreciated. Lacking conditions for writedowns during subsequent financial years, the original value rectified of amortisations only, is restored. Leasing transactions The leasing transactions are represented in the financial statements according to equity method, accounting the paid fees according on accrual basis, to income statement. The legally foreseen additional information concerning representation of leasing contracts according to finance lease, are found in the explanatory notes under specific section.

Report and financial statements at 31/12/2011

Page 50


For leasing transactions deriving from a lease back transaction, the originated gains are found in the income statement on accrual basis, with recording of deferred income and gradual attribution among income statement revenues, based on duration of leasing contract. Credits Set-out at estimated realisable value. Adjustment of credits' nominal value to estimated realisable value is obtained via appropriate credits write-down provision, considering the general financial conditions of sector and country risk. The originally collectable credits within the year and subsequently transformed in long-term credits, have been highlighted among financial assets in the statement of assets and liabilities. Debts Registered at their nominal value, modified during returns or invoicing adjustments. Accruals and deferrals Determined according to effective financial year accrual basis. The conditions that determined the original recording of accruals and deferrals, adopting the opportune changes, have been verified for long-term accruals and deferrals.

Inventories The company terminated storage of natural gas with third party (STOGIT) during the 2011 financial year, undertaking the "full-reselling" business formula. There are no inventories to be valorised as at 31/12/2011. Securities The immobilised securities destined to stay in the company's portfolio until their natural deadline, are recorded at purchase cost. The directly attributable accessory charges have been included in the recording value. Securities have not been depreciated as they have not sustained any long-last value loss. Shares Shares in subsidiaries and associated companies recorded among financial assets, are assessed at purchase or underwriting cost or at contribution value pursuant to sworn survey. The recorded shares have not been depreciated as they have not sustained any

Report and financial statements at 31/12/2011

Page 51


long-last value loss.

Provisions for liabilities and charges Are allocated to cover existing or probable debts or losses which amount or date of contingency at closing of financial year could not be determined. Information available after close of financial year and until editing of these financial statements, has been considered in assessing risks and charges, which effective realisation is subjected to the verifying of future events. The conservatism and matching principles have, therefore, been respected and general risks provisions without financial justification have not been constituted. Post employment benefit/Directors' Severance Indemnity In compliance with laws and work contracts in force, it represents the effective debt matured towards employees, considering every form of continuous compensation. Provision corresponds to total of individual indemnities matured in favour of employees at date of closing of financial statements, net of supplied advances and equal to what should have been paid to employees in case of termination of their work contract at such date. In compliance with laws and work contracts in force, it represents the effective debt matured towards employees, considering every form of continuous compensation. Income taxes Taxes are allocated on accrual basis; they represent allowances for paid or to paid taxes during the financial year, determined according to rates and current standards. Debt for taxes is recorded under Tax debts net of paid advances, of incurred deductions and tax credits, in general. Current IRES is also recorded under same Tax debts entry, calculated according to estimate of positive and negative taxes. Revenue recognition The raw materials sales revenues are recognised at time of property transfer, that is normally identified with delivery or shipment of goods. Financial revenues and those from services are recognised on an accrual basis. Adjustment criteria Adjustment criteria has not been adopted Guarantees, commitments, third party goods and risks

Report and financial statements at 31/12/2011

Page 52


Risks related to granted, personal or real, guarantees for other debts, have been indicated in the memorandum accounts for an amount equal to the granted guarantee; the other debt amount guaranteed at date of financial statements reference, is indicated in these explanatory notes if less than the granted guarantee. Commitments have been indicated at nominal value in the memorandum accounts, taken from relative documentation. Employment data (Ref. art. 2427, first comma, no. 15, C.c.) Compared to previous financial year, company staff at financial year end, divided by category, has sustained the following changes. 2011 Directors Employees Labourers Other

2010 1 30 0 6 37

2 23 0 0 25

The applied national labour agreement is that of the water and gas industry sector. Assets

A) Subscribed capital, unpaid The entry does not exist

B) Capital assets Specific statements attached have been set-out for intangible and tangible assets, indicating historical costs, previous amortisations and write-ups and movements during the year for each entry.

I. Intangible assets

Tota l e del l e immobil i zza zi oni i mma teri a l i

2011 1.391.758

2010 917.510

Var. 474.248

It consists of:

Report and financial statements at 31/12/2011

Page 53


Descrizione 1) cos ti di impianto e di ampliamento 2) cos ti di ricerca, di s viluppo e di pubblicita' 3) diritti di brevetto indus triale e diritti di utilizzazi one delle opere dellâ&#x20AC;&#x2122;ingegno 4) conces s ioni, licenze, marchi e diritti s imili 6) immobilizzazioni in cors o e acconti 7) altre TOTALE

31/12/2011 31/12/2010 626.498 1.058 386.477 520.874 0 257.831 47.849 31.057 60.000 60.000 270.934 46.690 1.391.758 917.510

Var. 625.440 (134.397) (257.831) 16.792 0 224.244 474.248

Statement of changes in intangible assets is attached. The recorded costs reasonably relate to utility extended in more financial years and are systematically amortised in relation to their residue possibility of use. Investments made during the year amounted to 752.999 Euro.

Previous write-ups, amortisations and write-downs There have been no write-ups or write-downs.

II. Tangible assets

Total e dell e immobil izzazioni materi ali

2011 215.345

2010 90.045

Var. 125.300

The balance consists of: Descrizione 1) Terreni e fa bbri ca ti 2) Impi a nti e ma cchi na ri o 3) Attrezza ture i ndus tri a l i e commerci a l i 4) Al tri beni 5) Immobi l i zza zi oni i n cors o e a cconti TOTALE

31/12/2011 31/12/2010

Var.

215.345

90.045

125.300

215.345

90.045

125.300

Statement of changes in tangible assets is attached. Land and buildings Refer to attachment on changes in tangible assets.

Other goods Refer to attachment on changes in tangible assets. Investments for other goods were for Euro 161.578.

Report and financial statements at 31/12/2011

Page 54


Write-downs and restore of value made during the year Write-downs or restore of value have not been made during the year.

Total write-ups of tangible assets at financial year end Write-ups of tangible assets at financial year end have not been made.

III. Financial assets 2011 Tota l e del l e i mmobi l i zza zi oni fi nanzi a ri e

22.634.104

2010 19.856.296

Var. 2.777.808

Statement of in financial assets is attached. Financial assets are divided as follows: Shares

Descrizione

31/12/2010 Incremento Decremento 31/12/2011

1) Partecipazioni in: a ) impres e controll ate

14.912.500

780.796

15.693.296

b) impres e col lega te

0

c) i mpres e control lanti

0

d) al tre i mpres e 14.912.500

31.270

31.270

812.066

15.724.566

The following information is provided on directly or indirectly owned shares for subsidiaries, associated companies (article 2427, first comma, no. 5, C.c.). Increases mainly derive from Gascom Real Estate cover transaction through waiver by Gascom Spa, in proportion of possession percentage, of financial credits to reserves for future loss cover for euro 722.500. Finally, the constituting of two newco, “Casa Tua Srl”, with controlling interest of 51%, and “C.R.E.A. Srl”, with 100% of share capital, increases the share value in subsidiaries by euro 58.296. Whereas, with regard to shares in other companies, note the purchase of shares for euro 31.270 during the financial year, towards Banca Popolare di Vicenza.

Subsidiaries

Report and financial statements at 31/12/2011

Page 55


Denominazione

CittĂ  o Stato Estero

Capitale sociale

Patrimonio Netto

Utile/Perdita % Poss.

Valore bilancio

GASCOM RENEW SPA

MILANO

16.500.000

17.554.966

881.648

90%

GASCOM TRADE SRL

PADOVA

20.000

64.956

1.917

100%

20.000

GASCOM REAL ESTATE SRL

PADOVA

50.000

391.711

(508.289)

85%

765.000

C.R.E.A. SRL

PADOVA

10.000

27.446

(20.651)

100%

48.096

CASA TUA SRL

PADOVA

20.000

18.061

(1.939)

51%

10.200

Riserve di utili/capit sogg a restit o vincoli o in sosp. d'imp

14.850.000

Shares recorded under capital assets represent a long-term and strategic investment by the company. Shares in subsidiaries and in other companies are evaluated respecting the principle of continuity of assessment criteria, at purchase or underwriting cost. The shares recorded at purchase cost have not been depreciated for long-lasting value losses; "restore of value" cases have not occurred. No immobilised share has undergone change in destination. There are no restrictions to availability by the participating company or option rights or other privileges on any immobilised share. Credits

Descrizione

31/12/2010 Incremento Decremento 31/12/2011

2) Crediti a) vers o i mpres e control l ate

3.918.503 0

b) vers o i mpres e col l egate c) vers o control l anti d) vers o a l tri

(2.636.612)

26

(26)

265.267

1.570.780

4.183.796

2.202.980

1.281.891 632.200

632.200

0 1.836.047

(2.636.638)

3.750.138

Credits to others mainly refer to financial credits to companies which have been transferred to third party during the financial year. Whereas, about 230.000 â&#x201A;Ź are attributable to Security Deposits paid to Regions as guarantee on additional taxes payment.

Other securities The entry is composed as follows:

Report and financial statements at 31/12/2011

Page 56


Descrizione

31/12/2010 Incremento Decremento 31/12/2011

3) Altri titoli Ti tol i a ca uzi one Ti tol i i n ga ra nzi a Al tri

760.000

2.400.000

3.160.000

760.000

2.400.000

(F.do s val uta zi one ti tol i i mmob.ti ) Arrotonda mento 0

3.160.000

Other Securities includes amounts invested in investment funds specialised in the renewable sector. These securities represent a company long-lasting investment; they are recorded at purchase cost inclusive of directly attributable accessory charges and have not been depreciated for long-lasting value losses; "restore of value" cases have not occurred. No immobilised security has undergone change in destination. C) Current assets I. Inventory saldo al 31/12/2011 Rimanenze

0,00

saldo al 31/12/2010 1.513.393,00

Variazioni (1.513.393,00)

As previously described, the company terminated storage of natural gas with third party (STOGIT) during the 2011 financial year, undertaking the "full-reselling" business formula. There are no inventories to be valorised as at 31/12/2011. II. Credits Balance at 31/12/2011

Balance at 31/12/2010

Changes

37.755.970

26.499.893

11.256.077

Balance is divided according to deadlines as follows (article 2427, first comma, no. 6, C.c.).

Entro 12 m esi 1) verso clienti; 2) verso imprese controllate; 3) verso imprese collegate;

29.964.840

Oltre 12 m esi

Oltre 5 anni

Totale

519.146

30.483.985

5.210.442

5.210.442

101.270

101.270

1.687.663

1.687.663

4) verso controllanti; 4bis) crediti tributari; 4ter) imposte anticipate; 5) verso altri. Totale

Report and financial statements at 31/12/2011

-

3.438

3.438

269.172

269.172

37.236.824

519.146

-

37.755.970

Page 57


Adjustment of credits' nominal value to estimated realisable value was obtained via appropriate credits write-down provision that, during the financial year, sustained the following movements:

F.do svalutazione ex art. 2426F.do svalutazione ex art. 2426 Codice civile

Descrizione

Saldo al 31/12/2010

102.176

Utilizzo nell'esercizio

102.176

Accantonamento esercizio Saldo al 31/12/2011

-

The sharing of credits at 31.12.2011 according to geographical area, is almost fully traceable to companies having their offices on the Italian territory. There are no credits expressed in foreign currency.

"Tax credits" includes liabilities for sure and determined taxes, as liabilities for probable or unsure taxes in the amount or in date of contingency or for deferred taxes, are recorded under B.2 entry of liability (Taxes provision). Tax credits entry includes debts for IRES of Euro 697.600, net of advances paid during the financial year for Euro 481.858; debts for IRAP for Euro 165.798, net of advances paid during the financial year for Euro 129.295; debts from withholding tax for Euro 89.493, net of deductions incurred for Euro 1.869; and subsequent setoff tax credits: Euro 359.183 for VAT receivable. Finally, again recorded under "Tax credit", net of advances paid for Euro 9.481.237, are the debts for Gas excise duty, Energy excise duty, additional municipal Energy, additional provincial Energy, additional regional Gas for Euro 7.812.888. The balance between setoff tax credits and debs is a credit to the Exchequer for about Euro 1.687.662.

III. Current financial assets The entry does not exist at 2011 end.

IV. Cash and cash equivalents

Saldo al 31/12/2011

Saldo al 31/12/2010

1.539.749

2.059.626

Variazioni

(519.878)

The entry consists of:

Report and financial statements at 31/12/2011

Page 58


Saldo al 31/12/2011 1) depositi bancari e postali

Saldo al 31/12/2010

1.527.840

Variazioni

2.058.845

2) Assegni

(531.005) 0

3) Danaro e valori in cassa Totale disponibilitĂ  liquide

11.909

781

11.128

1.539.749

2.059.626

(519.878)

The balance represents cash and asset availability at financial year closing date.

D) Accruals and deferrals Saldo al 31/12/2011

Saldo al 31/12/2010

Variazioni

2.947.800

1.161.632

1.786.168

Measure income and charges which competence is advanced or delayed compared to the actual date of payment and/or document; they prescind from date of payment or collection of relative income and charges, common to two or more financial years and divisible over time. The criteria used for said entries in assessing and converting assets expressed in foreign currency, is given in the first part of these explanatory notes. There are no accruals and deferrals lasting for more than five years at 31/12/2011. Entry composition is detailed as follows: Descrizione Ra tei atti vi

Importo 341.496

Ri s conti a tti vi di vers i

2.606.304

Totale ratei attivi e risconti attivi

2.947.800

The "Accrued income" entry balance mainly includes interests on late payments towards some company customers, as at 31/12/2011. The "Different deferred charges" entry balance consists of deferred charges for commercial costs in order to align correlation between costs and revenues (for about 2.4 million Euro) and different deferred charges attributable to various cots (0.5 million Euro).

Report and financial statements at 31/12/2011

Page 59


Liabilities A) Net assets Saldo al 31/12/2011 PATRIMONIO NETTO

Saldo al 31/12/2010

13.212.795

Variazioni

13.189.420

23.375

It consists of: Saldo al 31/12/2011

IIV -

Capitale

5.500.000

0

137.322

84.310

53.012

1.927.141

1.601.905

325.236

(7.045)

7.045

1

(1)

Riserva avanzo di fusione Arrotondamento Riserve in sospensione di imposta

IX A)

4.950.000

4.950.000

0

698.331

1.060.248

(361.917)

IV - Utile (perdita) d'esercizio PATRIMONIO NETTO

Variazioni

5.500.000

Riserva legale Riserva straordinaria

Saldo al 31/12/2010

13.212.794

13.189.419

23.375

The share capital consists of: Azioni

Num

Val. nom

Ordinarie

5.500.000

1

Totale

5.500.000

1

The net asset entries are distinguished according to origin, possibility of use, distributability and occurred use in three previous financial years:

Natura / Descrizione

Capitale

Im porto

5.500.000

Quota disponibile

Utilizzazioni eff. nei 3 es. prec. per copert. perdite

Utilizzazioni eff. nei 3 es. prec. per altre ragioni

B A, B, C

Riserva da sovrapprezzo delle azioni

A, B

Riserve di rivalutazione Riserva legale

PossibilitĂ  utilizzo (*)

137.322

A, B

Riserve statutarie Riserva per azioni proprie in portafoglio Altre riserve

6.877.141

A, B, C

6.877.141

A, B, C

Utili (perdite) portati a nuovo

6.877.141

Totale Quota non distribuibile

-

Residua quota distribuibile

-

6.877.141

(*) A: per aumento di capitale; B: per copertura perdite; C:per distribuzione ai soci

Reserves for Euro 682.000 were distributed during the 2011 financial year.

Report and financial statements at 31/12/2011

Page 60


Reserves or other provisions that, in case of distribution, contribute in forming the company's taxable income, regardless of the forming period. Reserves

Value

Reserve from Gascom Renew contribution

4.950.000

Movement of Net Asset entries in the last 3 financial years - as requested by art. 2427 c.c. point 7 bis - and specified in A.P. no. 28 of the Official Italian Accounting Board - is also set-out in specific annex. The share capital at 31 December 2011 comes from the following movements in time: FORMAZIONE CAPITALE SOCIALE

data

importo

15/02/2005

fonte

120.000

Costituzione della societĂ 

30/05/2005

650.000

Aumento capitale sociale mediante versamento

31/12/2005

(132.053)

28/09/2006

362.053

Aumento capitale sociale mediante versamento

17/03/2008

1.000.000

Aumento capitale sociale mediante versamento

14/10/2008

1.000.000

Aumento capitale sociale mediante versamento

12/04/2010

2.500.000 5.500.000

Aumento capitale sociale mediante versamento

Utilizzo capitale per perdita esercizio 2005

Totale capitale sociale al 31/12/2010

The following additional information is provided in compliance with accounting principle no. 28 on Net Assets: a) Tax discipline of profit distribution and suspended tax reserves Following contribution transaction, note that a reserve called "Suspended tax reserves provisions" for Euro 4.950.000 at 31/12/2011 was constituted. This reserve originally amounted to Euro 5.500.000 and was used in 2010 following 10% transfer of shares in Gascom Renew S.p.A. for Euro 550.000.

b) Profit per share Operating profit due to the owner of a unit share of company capital is of 0,1270 Euro. 31/12/2011 31/12/2010 Azioni Utile Utile per azione

5.500.000

5.500.000

698.332

1.060.248

0,1270

0,1928

The used calculation method is based on relation between the achieved profit and number of ordinary shares issued and in circulation.

B) Provisions for liabilities and charges

Report and financial statements at 31/12/2011

Page 61


valore al 31/12/2011 TOTALE FONDI PER RISCHI ED ONERI

valore al 31/12/2010

Variazioni

54.922

47.281

7.641

valore al 31/12/2011

valore al 31/12/2010

Variazioni

It consists of:

FONDI PER RISCHI ED ONERI 1) Per trattamento di quiescinza e simili

54.922

47.281

7.641

Increases refer to financial year allowances. It is a Directors' Severance Indemnity and Employees Pension Funds.

C) Employee severance indemnity valore al 31/12/2011

valore al 31/12/2010

138.152

94.972

valore al 31/12/2011

valore al 31/12/2010

TRATTAMENTO DI FINE RAPPORTO DI LAVORO SUBORDINATO

Variazioni 43.180

Esso è cosÏ composto:

Variazioni

TRATTAMENTO DI FINE RAPPORTO DI LAVORO SUBORDINATO F.do TFR impiegati

138152

94.972

43.180

94.972

43.180

F.do TFR operai F.do TFR dirigenti 138.152

The change consists of: valore al 31/12/2010

increm enti

decrem enti

94.972

85.623

42.443

Fondo TFR

valore al 31/12/2011 138.152

The set aside provision represents effective company debt to employees, net of paid advances, in force at 31/12/2011. The set aside provision represents the effectively matured debt towards employees in compliance with laws and work contracts in force, it represents the effective debt matured towards employees, considering every form of continuous compensation. The provision does not include indemnities matured starting from 1 January 2007 intended for additional pension funds in accordance with Leg. Decree no. 252 dated 5 December 2005 (or transferred to INPS (National Institute for Social Security) Treasury). The TFR amount relating to terminated contracts, which payment expired before 31/12/2011 or will expire during subsequent financial year, was recorded among other debts under entry D.14 of the statement of assets and liabilities.

Report and financial statements at 31/12/2011

Page 62


D) Debts valore al 31/12/2011 DEBITI

valore al 31/12/2010

54.139.774

Variazioni

39.038.135

15.101.639

The entry consists of: valore al 31/12/2011

valore al 31/12/2010

Variazioni

DEBITI 1) Obbligazioni 2) Obbligazioni convertibili 3) Obbligazioni non convertibili 4) Debiti verso banche

27.351.091

13.512.091

13.839.000

5) Debiti verso altri finanziatori 6) Acconti 7) Debiti verso fornitori

843

133.333

(132.490)

24.669.212

21.895.112

2.774.100

8) Debiti rappresentati da titoli di credito 9) Debiti verso imprese controllate

394.279

394.279

10) Debiti verso imprese collegate

6.386

6.386

11) Debiti verso imprese collegate 12) Debiti tributari

2.822.962

13) Debiti verso Istituti di Previdenza e di sicurezza sociale 14) Altri debiti

84.992 1.632.971

54.139.774

50.536 623.971 39.038.005

16.881.275

Debts are valued at their nominal value and their deadline is divided as follows:

Entro 12 m esi

Oltre 12 m esi

21.546.362

5.804.729

Oltre 5 anni

Totale

Obbligazioni Obbligazioni convertibili Debiti verso soci per finanziamenti Debiti verso banche

27.351.091

Debiti verso altri finanziatori Acconti Debiti verso fornitori

843

843

24.669.212

24.669.212

394.279

394.279

6.386

6.386

Debiti costituiti da titoli di credito Debiti verso imprese controllate Debiti verso imprese collegate Debiti verso controllanti Debiti tributari Debiti verso istituti di previdenza Altri debiti

84.992 319.770 47.021.844

Report and financial statements at 31/12/2011

84.992 1.313.201 7.117.930

1.632.971 54.139.774

Page 63


Debt balance to banks at 31/12/2011 , for Euro 27.351.091, inclusive of loans payable, show effective debt per capital, accessory interests and charges matured and due. The "Advances" entry includes advances received from customers for not yet made supplies of goods and services; this entry includes advances as deposit or not, and amounts to Euro 843. "Payable to suppliers" are recorded net of commercial discounts; cash discounts are recorded at time of payment. The nominal value of said debts was amended upon returns or discounts (invoicing adjustments), of the sum corresponding to amount defined with counterpart.

"Other debts" for Euro 1.632.971, consists of: Description

31/12/2011

Energy and Gas indemnity/social bonus debts Other debts Wages and salaries Energy security deposits Gas security deposits

14.371 222.122 83.277 607.503 705.697

1.632.971

The sharing of Debts at 31.12.2011 according to geographical area is traceable to companies having their offices on the Italian territory and all in Euro.

E) Accruals and deferrals E) ACCRUALS AND DEFERRALS

31/12/2011

31/12/2010

Changes

77.544

79.417

(1.873)

Represent financial year adjusting entries calculated on an accrual basis. The criteria used in assessing and converting assets expressed in foreign currency for said entries, is given in the first part of these explanatory notes. There are no accruals and deferrals lasting for more than five years at 31/12/2011. The entry mainly includes interest payable on financing matured at 31/12/2011.

Memorandum accounts

Report and financial statements at 31/12/2011

Page 64


valore al 31/12/2011 Garanzie prestate

5.522.000

Garanzie reali

9.265.000

Altri rischi TOTALE CONTI D'ORDINE

14.787.000

valore al 31/12/2010

Variazioni

1.526.000

3.996.000 9.265.000

188.554

(188.554)

1.714.554

13.072.446

Listed below are the guarantees issued by the Company in favour of Bank institutes for third party companies. Istituto Antonveneta Cassa di Risparmio del Veneto Popolare di Vicenza Popolare di Vicenza Popolare di Vicenza Popolare di Vicenza Popolare di Vicenza

Tipo Numero Data inizio Scadenza per obbligazioni specifiche 39563228 n.a. n.a. fidejussione 800000509358 27/05/2011 n.a. fid. gen.limitata pro quota 939103 11/01/2010 a revoca fidejussione generale limitata 1066424 28/03/2011 a revoca fidejussione specifica limitata 1336335 30/06/2011 31/03/2013 fidejussione specifica limitata 1375522 01/12/2011 28/06/2012 fidejussione specifica limitata 1375531 01/12/2011 31/07/2014

Euro 102.000 1.170.000 1.050.000 700.000 500.000 1.000.000 1.000.000 5.522.000

Guarantees issued in favour of Bank institutes in the interest of Cecchinato Impianti Srl are still existing in view of said company leaving the group following agreement reached at time of closing; this agreement foresees that Gascom Spa and Gruppo Roma previous shareholders (direct and/or indirect) facilitate continuity of the transferred companies by maintaining the issued guarantees up to substantial reformulation of the same companies' credit lines, foreseen within 2013.

Bank institutes have perfected leasing transfer during 2011, from Gascom to subsidiary Gascom Real Estate, requesting maintaining the Gascom Spa guarantees. Therefore, the residue debts was transferred to subsidiary Gascom Real Estate but Gascom Spa has maintained the guarantees. The own guarantees issued by the company to bank are highlighted below. Istituto Banca Padovana Credito Cooperativo BNL BNL Cassa di Risparmio del Veneto Popolare di Milano Unicredit

Tipo Numero Data inizio Scadenza Euro Pegno Obbl. Banca n.a. n.a. 19/01/2012 160.000 Mod. 1731 0000/7553653 13/07/2011 21/09/2021 4.000.000 Pegno c/c vincolato 0000/7553679 17/11/2011 30/11/2110 4.000.000 Lettera impegno gene 806000019327 03/04/2009 n.a. 705.000 autor. Tratt. Somme n.a. n.a. n.a. imprecisato Cert. Di deposito nominat. n.a. n.a. 22/12/2013 400.000 9.265.000

Third party personal and real guarantees for company debts drafted by the financial statements in accordance with Accounting Principle no. 22 on Memorandum accounts (B.II h), must not be indicated in the Statement of assets

Report and financial statements at 31/12/2011

Page 65


and liabilities but in the explanatory note, as this report is useful for assessing the Company's financial situation. In this regard, note that Credit institutes have issued bank guarantees to some Company suppliers.

Guarantees granted by bank to Company:

Report and financial statements at 31/12/2011

Page 66


Istituto Antonveneta Antonveneta Antonveneta Antonveneta Antonveneta Antonveneta Popolare di Ravenna Popolare di Ravenna Popolare di Verona Banca Sella Banco Tre Venezie Banco Tre Venezie Banca Padovana Credito Cooperativo Banca Padovana Credito Cooperativo Banca Padovana Credito Cooperativo Banca Padovana Credito Cooperativo Banca Padovana Credito Cooperativo Banca Padovana Credito Cooperativo BNL BNL BNL BNL BNL BNL Cassa di Risparmio del Veneto Cassa di Risparmio del Veneto Cassa di Risparmio del Veneto Cassa di Risparmio del Veneto Credito Emiliano Sparkasse Sparkasse Sparkasse Sparkasse Veneto Banca Veneto Banca Veneto Banca Veneto Banca Veneto Banca Veneto Banca Veneto Banca Veneto Banca Popolare di Milano Unicredit Unicredit Unicredit Unicredit Unicredit Unicredit Unicredit Unicredit Popolare di Vicenza Popolare di Vicenza Popolare di Vicenza Popolare di Vicenza Popolare di Vicenza Popolare di Vicenza

Tipo Fidejussione Fidejussione Fidejussione Fidejussione Fidejussione Fidejussione Fidejussione Fidejussione Fidejussione Fidejussione Fidejussione Fidejussione C.D.F. Comm. Scadenza MLT C.D.F. Comm. Scadenza MLT C.D.F. Comm. Scadenza MLT C.D.F. Comm. Scadenza MLT C.D.F. Comm. Scadenza MLT C.D.F. Comm. Scadenza MLT Fid.Gar.Pagam.Dilaz.Merci Fidejussione Fidejussione Fidejussione Fid.Gar.Pagam.Dilaz.Merci Fid.Gar.Pagam.Dilaz.Merci Fidejussione Fidejussione Fidejussione Fidejussione Fidejussione Fidejussione Fidejussione Fidejussione Fidejussione Fidejussione Fidejussione Fidejussione Fidejussione Fidejussione Fidejussione Fidejussione Fidejussione Fidejussione Fidejussione Fidejussione Fidejussione Fidejussione Fidejussione Fidejussione Fidejussione Fidejussione Fid. Buona esecuzione lavori Fid. Buona esecuzione lavori Fid. Buona esecuzione lavori Fid. Altre di natura comm.le Fid. Buona esecuzione lavori De.Av/Fi.Cl.Res.Eur

Numero 7004901 7005201 7005401 7007401 7007601 7008801 344373 104789 n.a. n.a. n.a. n.a. 9007804 9007977 9008135 9008902 9009267 9009563 033642 035433 035471 035486 035726 035727 04178-820001066292 04178-820001066836 04178-820001069619 04178-820001071110 0250031/121 120639/1 120639/2 120639/3 120639/4 20289 23453 23688 23689 23694 23695 23697 1031067 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 57996 60984 61612 65683 66006 5345842

Data inizio n.a. n.a. n.a. n.a. n.a. n.a. 27/06/2011 11/05/2011 n.a. n.a. 30/10/2009 30/10/2009 n.a. n.a. n.a. n.a. n.a. n.a. 12/08/2010 19/09/2011 28/09/2011 29/09/2011 17/11/2011 17/11/2011 19/07/2010 21/09/2010 08/06/2011 17/11/2011 17/01/2011 n.a. n.a. n.a. n.a. 21/01/2009 21/06/2010 29/07/2010 29/07/2010 30/07/2010 30/07/2010 30/07/2010 07/10/2011 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 11/01/2010 16/09/2010 09/11/2010 01/01/2012 15/12/2011 09/06/2011

Scadenza 08/08/2012 30/11/2012 14/02/2012 30/05/2012 31/05/2012 31/05/2013 30/04/2012 30/04/2012 31/12/2012 n.a. a revoca a revoca 21/11/2016 26/03/2017 29/06/2017 31/05/2012 31/05/2012 10/11/2020 n.a. 28/02/2012 n.a. 31/08/2013 31/12/2012 31/12/2012 n.a. 31/01/2012 10/06/2012 15/01/2013 30/03/2013 31/01/2013 31/10/2013 31/10/2013 31/10/2013 indeterm. indeterm. indeterm. indeterm. indeterm. indeterm. indeterm. indeterm. indeterm. 30/12/2012 30/04/2012 04/07/2012 04/07/2012 15/04/2012 31/03/2012 31/03/2012 indeterm. 31/05/2013 indeterm. 31/10/2013 30/06/2013 30/11/2012 28/05/2012

Euro 26.067 2.811 1.520 543.000 250.000 1.100.000 300.000 695.000 450.000 29.584 6.000 18.000 15.000 35.150 45.000 162.344 49.000 50.450 200.000 230.000 1.000.000 500.000 2.200.000 800.000 500.000 1.400.000 1.000.000 500.000 240.000 1.400.000 100.000 250.000 50.000 19.940 230.000 43.000 24.000 1.200 3.600 3.000 132.059 790.000 360.000 110.000 140.000 351.800 300.000 100.000 55.000 98.094 1.600.000 2.800.000 1.134.000 98.280 2.200.000 500.000 25.242.899

Third party guarantees to the company.

Report and financial statements at 31/12/2011

Page 67


Istituto Antonveneta Antonveneta Banca Padovana Credito Cooperativo Cassa di Risparmio del Veneto Cassa di Risparmio del Veneto Sparkasse Veneto Banca Veneto Banca Unicredit Popolare di Vicenza Popolare di Vicenza

Tipo Numero Data inizio Scadenza pro-quota 39570228 n.a. n.a. pro-quota 39570229 n.a. n.a. fid.omnibus lim du terzi n.a. n.a. n.a. fidejussione 800000455540 23/10/2009 n.a. fidejussione 800000475944 29/07/2010 n.a. fidejussione n.a. 24/08/2010 31/12/2069 fid. Omn. Lim. Terzi - pro quota 559507 29/12/2009 a revoca fid. Specifica lim. Pro quota 571444 27/04/2010 31/05/2015 fid. Specifica lim. Pro quota n.a. n.a. n.a. fidejussione specifica limitata 1338897 27/09/2011 a revoca fidejussione specifica limitata 1338900 27/09/2011 30/06/2013

Euro 1.110.000 2.590.000 495.000 1.000.000 4.000.000 2.000.000 3.500.000 2.500.000 5.400.000 10.000.000 2.000.000 34.595.000

The fair value and information on entity and nature of each category of derived financial instruments set-up by the company are listed below, divided by class considering the characteristics of the same instruments and purpose of their use.

Summary of cover transactions (interest rates) at 31/12/2011 Istituto

Tipo operazione

N. contratto

Data contratto

Data scadenza Divisa Importo di riferimento

MTM

BNL

IRS

4896806

07/07/2010

30/09/2015

Eur

10.000.000

(163.010)

Veneto Ba nca Ca s s a di Ri s parmi o del Veneto

IRS

3782388

07/05/2010

29/05/2015

Eur

2.500.000

889

IRS

1007290224

19/07/2010

29/07/2015

Eur

2.000.000

(21.531)

14.500.000

(183.652)

Totale

Income statement A) Production value

Report and financial statements at 31/12/2011

Page 68


31/12/2011

31/12/2010

Changes

147.880.149

111.164.046

36.716.103

The entry consists of: Description Sales and services revenues Products inventory changes Work in progress to order changes Increases of non-current assets from in-house production Other revenues and income PRODUCTION VALUE

31/12/2011

31/12/2010

Changes

147.807.605

111.096.791

36.710.814

72.544 147.880.149

67.255 111.164.046

5.289 36.716.103

The change strictly relates to that set-out in the Management report. Revenues per business category The following division is given with regard to electric energy and gas supply activity:

EE GAS

2011

2010

39,35% 60,65%

31,40% 68,60%

B) Production costs valore al 31/12/2011

valore al 31/12/2010

145.267.626

109.015.117

COSTI DELLA PRODUZIONE

Variazioni 36.252.509

They are detailed as follows: valore al 31/12/2011

% su fatt

valore al 31/12/2010

% su fatt valore al 31/12/2009

% su fatt valore al 31/12/2008

% su fatt

Variazioni 2010/2011

COSTI DELLA PRODUZIONE Per materie prime, sussidiarie, di consumo e di merci Per servizi Per godimento di beni di terzi Per il personale Ammortamenti e svalutazioni Variazioni delle rimanenze Oneri diversi di gestione

137.234.627

92,8%

99.057.159

89,1%

87.489.580

90,7%

74.250.385,00

4.166.509

2,8%

2.624.274

2,4%

2.709.099

2,8%

907.319,00

1,3%

1.542.235

299.676

0,2%

1.246.343

1,1%

252.615

0,3%

201.809,00

0,3%

(946.667)

1.647.862

1,1%

1.053.094

0,9%

992.690

1,0%

422.665,00

0,6%

594.768

312.271

0,2%

230.254

0,2%

315.687

0,3%

187.162,00

0,3%

82.017

1.513.393

1,0%

4.635.778

4,2%

1.731.139

1,8%

(5.379.696,00)

93.288

0,1%

168.215

0,2%

191.747

0,2%

47.702,00

145.267.626

98,2%

109.015.117

98,1%

93.682.557

97,1%

70.637.346

103,3% 38.177.468

-7,5% (3.122.385) 0,1%

(74.927)

98,3% 36.252.509

Costs for raw/auxiliary materials, consumables and goods and Costs for services They strictly relate to that set-out in the Management and flow report of point A

Report and financial statements at 31/12/2011

Page 69


(Production value) of the Income statement. Refer to management report for comments on the entries. Personnel costs The entry includes full personnel costs including merit salary increases, promotions, automatic cost-of-living increase, cost of not taken holidays and legal allowances and collective contracts. Capital assets amortisation With regard to amortisations, note that the same were calculated based on the asset's useful duration and its use during production phase. Other capital asset write-downs There have been no capital assets write-downs during the year. Write down of receivables included in current assets and of cash availability There have not been write down of receivables included in current assets and of cash availability during the year. Risk allowance There have been no risk allowances during the year.

Sundry operating expenses The balance for Euro 93.288 mainly includes different types of indirect taxes as well as Operating expenses not recognisable elsewhere, but necessary for the company's ordinary operation.

C) Financial income and charges valore al 31/12/2011 valore al 31/12/2010 Variazioni PROVENTI E ONERI FINANZIARI

Report and financial statements at 31/12/2011

(1.056.579)

(369.098)

(687.481)

Page 70


Specifically: valore al 31/12/2011 valore al 31/12/2010 Variazioni Proventi da partecipazioni Da crediti iscritti nelle immobilizzazioni

143.748

Da titoli iscritti nelle immobilizzazioni

43.670

100.078

2.202

2.202

Proventi diversi dai precedenti

189.246

499.137

(309.891)

Interessi e altri oneri finanziari

(1.395.561)

(911.905)

(483.656)

Utili (perdite) su cambi

3.786

Totale

3.786

(1.056.579)

(369.098)

(687.481)

Other financial income

Descrizione

Controllanti

Interessi su finanziamenti

Controllate

4.314

Collegate

74.112

Altre

14.140

Altri proventi 4.314

74.112

14.140

Totale

51.182

143.748

191.448

191.448

242.630

335.196

Interests and other financial charges Descrizione

Controllanti

Controllate

Collegate

Altre

Totale

Interessi su obbligazioni

0

Interessi bancari Interessi su finanziamenti

1.171.465

1.171.465

210.600

210.600

13.080

13.080

Interessi fornitori Interessi tributari 0

13.080

0

415

415

1.382.480

1.395.560

D) Value adjustments to financial assets There are no adjustments to financial asset value.

E) Extraordinary income and charges valore al 31/12/2011 valore al 31/12/2010 Variazioni PROVENTI E ONERI STRAORDINARI

Report and financial statements at 31/12/2011

2.347

33.696

(31.349)

Page 71


Non-operating income for Euro 65.256 is indicated among extraordinary income, mainly referring to an accounting misalignment during tax detection during financial statements closing for 2010 financial year and a recovery concerning TFR provision. Contingency liabilities, fines and penalties for Euro 62.909 are recorded among the extraordinary charges.

Income tax for the financial year The financial statements show the following taxes set aside: 31/12/2011 31/12/2010

Variazioni

Im poste sul reddito dell'esercizio a) imposte correnti Acc. Imposte sul reddito IRES

697.600

605.833

91.767

Acc. Imposte sul reddito IRAP

165.798

147.446

18.352

b) imposte anticipate Imposte anticipate IRES

0 (3.438)

(3.438)

Imposte anticipate IRAP

0

Utilizzo imposte differite

0

Imposte differite

0 859.960

753.279

106.681

The financial year taxes have been recorded. Settlement between theoretical charge from financial statements and theoretical tax charge is set out below:

Report and financial statements at 31/12/2011

Page 72


Riconciliazione tra onere fiscale da bilancio e onere fiscale teorico (IRES) Descrizione Risultato prima delle imposte Onere fiscale teorico (%)

Valore

Im poste

1.558.291 38

592.151

Differenze temporanee tassabili in esercizi successivi:

Differenze temporanee deducibili in esercizi successivi: Accantonamento TFM (atto senza data precisa)

12.500

Rigiro delle differenze temporanee da esercizi precedenti: Spese di manutenzioni deducibili da es. prec.

(10.132)

Differenze che non si riverseranno negli esercizi successivi: Imposte indeducibili (ICI, imposte sostitutive, imposte anticipate)

4.500

Spese per mezzi di trasporto

96.084

Sopravvenienze passive

16.802

Spese di ristorazione e alberghiere

12.651

Spese telefoniche

14.162

Interessi di mora attivi incassati di es. prec.

177.137

Altre variazioni in aumento

151.857

10% IRAP versata deducibile

(12.930)

Interessi di mora attivi non incassati

(159.529)

Altre variazioni in diminuzione

(25.606)

Imponibile fiscale

1.835.787

Imposte correnti sul reddito dell'esercizio

697.600

The IRES tax rate to be applied is 27.5% with the addition of 10.5% increase for the energy sector (so-called Robin Tax), for a total of 38%. Determinazione dellâ&#x20AC;&#x2122;imponibile IRAP Descrizione Differenza tra valore e costi della produzione Costi non rilevati ai fini IRAP

Valore 4.260.385 16.717

Compensi occasionali e ad amministratori

276.629

Oneri finanziari riclassificati in B.7 - spese per servizi

277.162

Deduzioni IRAP personale dipendente

(579.674)

Ricavi non rilevanti ai fini IRAP

Onere fiscale teorico (%) Imponibile IRAP IRAP corrente per l'esercizio

Report and financial statements at 31/12/2011

3,9 4.251.219 165.798

Page 73


The information requested on deferred and advanced taxes in accordance with article 2427, first comma no. 14, C.c. is highlighted:

Advanced/deferred taxes

Deferred taxes are expressed by the allocation in the tax provision for Euro 3.438. Deferred taxes have been calculated according to the global allocation criteria, considering the cumulative amount of all temporary differences, based on anticipated average rates in force when said temporary differences will be paid back. There being the reasonable certainty, in the financial years when the deductible temporary differences will be paid back in view of which advanced taxes have been recorded, of a taxable income of not less than the amount of the differences to be cancelled. The main temporary differences that have lead to record deferred and advanced taxes are shown in the following table, together with relative effects. Rilevazione delle imposte differite e anticipate ed effetti conseguenti valore al 31/12/2011 Am m ontare diff tem p

valore al 31/12/2010

Effetto fiscale

Am m ontare diff tem p

Effetto fiscale

Imposte anticipate TFM non deducibile fino a corr.

12.500

3.438

Differenze temporanee per ragioni di competenza Svalutazioni dell'attivo circolante Adeguamento aliquote Totali im poste anticipate

3.438

Imposte differite Differenze temporanee per ragioni di competenza Adeguamento aliquote Proventi non imponibili Totale im poste differite

Im poste differite (anticipate) nette

(3.438)

Leasing transactions

Report and financial statements at 31/12/2011

Page 74


The company has no. 3 leasing contracts for which the following information, in accordance with article 2427, first comma, no. 22, C.c., is provided for the main ones: Leasing no. 1 Dati

Attività Ente erogatore Contratto di leasing n. Data contratto Bene utilizzato Data versamento Maxicanone

LEASINT SPA 00960273/001 01/04/2011 AUTO AUDI A7-EH720FB 01/04/2011

Importo maxicanone

1.504,82

N° rate complessive (escluso l'eventuale maxicanone)

47,00

Durata contratto in mesi

48,00

Periodicità del canone (Vale 1=mensile,2=bimest.,3,4,6,12)

1,00

Canoni Anticipati/posticipati 2)Ant./1)Post.

2,00

Importo rata (netto Iva)

1.336,65

Data di entrata in funzione del bene

01/04/2011

Scadenza primo canone ordinario

01/05/2011

Data riscatto del bene

01/04/2015

Importo richiesto per il riscatto

681,00 60.723,97

Costo sostenuto dal concedente (netto Iva) Spese contrattuali

150,00

Aliquota IVA

20,00

Percentuale detraibilità Iva

40,00

Percentuale detraibilità II.DD

40,00

Eventuale importo limite

18.076,00

Aliquota di ammortamento virtuale

25,00

Moratoria Numero di rate sospese in moratoria (0 per nessuna moratoria) Data inizio moratoria

Importo a) Contratti in corso Beni in leasing finanziario alla fine dell'esercizio precedente, al netto degli ammortamenti complessivi pari a Euro 0,00 alla fine dell’esercizio precedente + Beni acquisiti in leasing finanziario nel corso dell'esercizio - Beni in leasing finanziario riscattati nel corso dell'esercizio - Quote di ammortamento di competenza dell'esercizio + / - Rettifiche/riprese di valore su beni in leasing finanziario Beni in leasing finanziario al termine dell’esercizio, al netto degli ammortamenti complessivi pari a Euro 17.003,00 b) Beni riscattati Maggior valore complessivo dei beni riscattati, determinato secondo la metodologia finanziaria, rispetto al loro valore netto contabile alla fine dell’esercizio Storno dei risconti attivi su operazioni di leasing finanziario c) Passività Debiti impliciti per operazioni di leasing finanziario alla fine dell'esercizio precedente (di cui scadenti nell’esercizio successivo Euro 0,00 scadenti da 1 a 5 anni Euro 0,00 e Euro 0,00 scadenti oltre i 5 anni)

0,00 68.011,00 0,00 17.003,00 0,00 51.008,00

0,00 1.369,00

0,00

+ Debiti impliciti sorti nell'esercizio

66.325,00

- Riduzioni per rimborso delle quote capitale

10.677,00

- Riduzioni per riscatti nel corso dell’esercizio Debiti impliciti per operazioni di leasing finanziario al termine dell'esercizio (di cui scadenti nell’esercizio successivo Euro 16.200,00 scadenti da 1 a 5 anni Euro 39.448,00 e Euro 0,00 scadenti oltre i 5 anni) Storno dei ratei su canoni di leasing finanziario d) Effetto complessivo lordo alla fine dell’esercizio e) Effetto netto fiscale f) Effetto sul Patrimonio Netto alla fine dell’esercizio

0,00 55.648,00 0,00 -6.009,00 -268,00 -5.741,00

L'effetto sul Conto Economico può essere così rappresentato Storno di canoni su operazioni di leasing finanziario Rilevazione degli oneri finanziari su operazioni di leasing finanziario

13.543,00 1.299,00

Rilevazione di - quote di ammortamento -

su contratti in essere

-

su beni riscattati

- rettifiche/riprese di valore su beni in leasing finanziario Effetto sul risultato prima delle imposte Rilevazione dell’effetto fiscale Effetto sul risultato d'esercizio delle rilevazioni delle operazioni di leasing con il metodo finanziario

17.003,00 0,00 0,00 -4.758,00 -212,00 -4.546,00

Leasing no. 2

Report and financial statements at 31/12/2011

Page 75


Dati

Attività Ente erogatore Contratto di leasing n.

ING LEASE ITALIA SPA 150643/1

Data contratto

09/02/2011

Bene utilizzato

AUTOVETTURA VOLKSWAGEN PASSAT EG067AM

Data versamento Maxicanone

09/02/2011

Importo maxicanone

527,57

N° rate complessive (escluso l'eventuale maxicanone)

47,00

Durata contratto in mesi

48,00

Periodicità del canone (Vale 1=mensile,2=bimest.,3,4,6,12)

1,00

Canoni Anticipati/posticipati 2)Ant./1)Post.

1,00

Importo rata (netto Iva)

527,57

Data di entrata in funzione del bene

09/02/2011

Scadenza primo canone ordinario

09/03/2011

Data riscatto del bene

09/02/2015

Importo richiesto per il riscatto Costo sostenuto dal concedente (netto Iva)

224,66 22.466,44

Spese contrattuali

200,00

Aliquota IVA

20,00

Percentuale detraibilità Iva

40,00

Percentuale detraibilità II.DD Eventuale importo limite

90,00 18.076,00

Aliquota di ammortamento virtuale

25,00

Moratoria Numero di rate sospese in moratoria (0 per nessuna moratoria)

0,00

Data inizio moratoria

Importo a) Contratti in corso Beni in leasing finanziario alla fine dell'esercizio precedente, al netto degli ammortamenti complessivi pari a Euro 0,00 alla fine dell’esercizio precedente + Beni acquisiti in leasing finanziario nel corso dell'esercizio - Beni in leasing finanziario riscattati nel corso dell'esercizio - Quote di ammortamento di competenza dell'esercizio + / - Rettifiche/riprese di valore su beni in leasing finanziario Beni in leasing finanziario al termine dell’esercizio, al netto degli ammortamenti complessivi pari a Euro 6.291,00 b) Beni riscattati Maggior valore complessivo dei beni riscattati, determinato secondo la metodologia finanziaria, rispetto al loro valore netto contabile alla fine dell’esercizio Storno dei risconti attivi su operazioni di leasing finanziario c) Passività Debiti impliciti per operazioni di leasing finanziario alla fine dell'esercizio precedente (di cui scadenti nell’esercizio successivo Euro 0,00 scadenti da 1 a 5 anni Euro 0,00 e Euro 0,00 scadenti oltre i 5 anni) + Debiti impliciti sorti nell'esercizio - Riduzioni per rimborso delle quote capitale - Riduzioni per riscatti nel corso dell’esercizio Debiti impliciti per operazioni di leasing finanziario al termine dell'esercizio (di cui scadenti nell’esercizio successivo Euro 5.941,00 scadenti da 1 a 5 anni Euro 13.973,00 e Euro 0,00 scadenti oltre i 5 anni) Storno dei ratei su canoni di leasing finanziario d) Effetto complessivo lordo alla fine dell’esercizio e) Effetto netto fiscale f) Effetto sul Patrimonio Netto alla fine dell’esercizio

0,00 25.162,00 0,00 6.291,00 0,00 18.872,00

0,00 459,00

0,00 24.572,00 4.658,00 0,00 19.914,00 0,00 -1.502,00 -407,00 -1.095,00

L'effetto sul Conto Economico può essere così rappresentato Storno di canoni su operazioni di leasing finanziario

6.359,00

Rilevazione degli oneri finanziari su operazioni di leasing finanziario

1.251,00

Rilevazione di - quote di ammortamento -

su contratti in essere

-

su beni riscattati

- rettifiche/riprese di valore su beni in leasing finanziario Effetto sul risultato prima delle imposte

6.291,00 0,00 0,00 -1.183,00

Rilevazione dell’effetto fiscale

-320,00

Effetto sul risultato d'esercizio delle rilevazioni delle operazioni di leasing con il metodo finanziario

-862,00

Leasing no. 3

Report and financial statements at 31/12/2011

Page 76


Dati

Attività Ente erogatore Contratto di leasing n. Data contratto Bene utilizzato Data versamento Maxicanone Importo maxicanone

VOLKSWAGEN BANK GMBH 2120518 30/06/2011 AUTOVETTURA AUDI A8 EG218SD 30/06/2011 7.458,33

N° rate complessive (escluso l'eventuale maxicanone)

47,00

Durata contratto in mesi

48,00

Periodicità del canone (Vale 1=mensile,2=bimest.,3,4,6,12)

1,00

Canoni Anticipati/posticipati 2)Ant./1)Post. Importo rata (netto Iva)

2,00 1.417,08

Data di entrata in funzione del bene

30/06/2011

Scadenza primo canone ordinario

30/07/2011

Data riscatto del bene

30/06/2015

Importo richiesto per il riscatto Costo sostenuto dal concedente (netto Iva)

7.458,33 74.583,33

Spese contrattuali

300,00

Aliquota IVA

20,00

Percentuale detraibilità Iva

140,00

Percentuale detraibilità II.DD Eventuale importo limite

40,00 18.076,00

Aliquota di ammortamento virtuale

25,00

Moratoria Numero di rate sospese in moratoria (0 per nessuna moratoria)

0,00

Data inizio moratoria

Importo a) Contratti in corso Beni in leasing finanziario alla fine dell'esercizio precedente, al netto degli ammortamenti complessivi pari a Euro 0,00 alla fine dell’esercizio precedente + Beni acquisiti in leasing finanziario nel corso dell'esercizio - Beni in leasing finanziario riscattati nel corso dell'esercizio - Quote di ammortamento di competenza dell'esercizio + / - Rettifiche/riprese di valore su beni in leasing finanziario Beni in leasing finanziario al termine dell’esercizio, al netto degli ammortamenti complessivi pari a Euro 20.883,00 b) Beni riscattati Maggior valore complessivo dei beni riscattati, determinato secondo la metodologia finanziaria, rispetto al loro valore netto contabile alla fine dell’esercizio Storno dei risconti attivi su operazioni di leasing finanziario c) Passività Debiti impliciti per operazioni di leasing finanziario alla fine dell'esercizio precedente (di cui scadenti nell’esercizio successivo Euro 0,00 scadenti da 1 a 5 anni Euro 0,00 e Euro 0,00 scadenti oltre i 5 anni) + Debiti impliciti sorti nell'esercizio - Riduzioni per rimborso delle quote capitale - Riduzioni per riscatti nel corso dell’esercizio Debiti impliciti per operazioni di leasing finanziario al termine dell'esercizio (di cui scadenti nell’esercizio successivo Euro 16.210,00 scadenti da 1 a 5 anni Euro 50.852,00 e Euro 0,00 scadenti oltre i 5 anni) Storno dei ratei su canoni di leasing finanziario d) Effetto complessivo lordo alla fine dell’esercizio e) Effetto netto fiscale f) Effetto sul Patrimonio Netto alla fine dell’esercizio

0,00 83.533,00 0,00 20.883,00 0,00 62.650,00

0,00 7.301,00

0,00 75.180,00 8.118,00 0,00 67.062,00 0,00 -11.713,00 -318,00 -11.395,00

L'effetto sul Conto Economico può essere così rappresentato Storno di canoni su operazioni di leasing finanziario Rilevazione degli oneri finanziari su operazioni di leasing finanziario

10.489,00 1.405,00

Rilevazione di - quote di ammortamento -

su contratti in essere

-

su beni riscattati

- rettifiche/riprese di valore su beni in leasing finanziario Effetto sul risultato prima delle imposte Rilevazione dell’effetto fiscale Effetto sul risultato d'esercizio delle rilevazioni delle operazioni di leasing con il metodo finanziario

20.883,00 0,00 0,00 -11.799,00 -321,00 -11.478,00

In compliance with indications given in the OIC (Official Italian Accounting Board)

Report and financial statements at 31/12/2011

Page 77


document 1 - The main effects of the company law reform on editing of the financial year statements - the following table gives information on the effects that would have been had on the Net Assets and Income Statement by recording leasing transactions with finance lease compared to so called equity method of charge to Income Statement of the paid fees. Attività a) Contratti in corso Beni in leasing finanziario alla fine dell'esercizio precedente, al netto degli ammortamenti complessivi pari a Euro alla fine dell’esercizio precedente + Beni acquisiti in leasing finanziario nel corso dell'esercizio

176.706

- Beni in leasing finanziario riscattati nel corso dell'esercizio - Quote di ammortamento di competenza dell'esercizio

44.177

+ / - Rettifiche/riprese di valore su beni in leasing finanziario Beni in leasing finanziario al termine dell’esercizio, al netto degli ammortamenti complessivi pari a Euro 44.177

132.530

b) Beni riscattati Maggior valore complessivo dei beni riscattati, determinato secondo la metodologia finanziaria, rispetto al loro valore netto contabile alla fine dell’esercizio c) Passività Debiti impliciti per operazioni di leasing finanziario alla fine dell'esercizio precedente (di cui scadenti nell’esercizio successivo Euro scadenti da 1 a 5 anni Euro e Euro scadenti oltre i 5 anni) + Debiti impliciti sorti nell'esercizio - Riduzioni per rimborso delle quote capitale

166.077 23.453

- Riduzioni per riscatti nel corso dell’esercizio Debiti impliciti per operazioni di leasing finanziario al termine dell'esercizio (di cui scadenti nell’esercizio successivo Euro 38.351 scadenti da 1 a 5 anni Euro 104.273 e Euro scadenti oltre i 5 anni)

142.624

d) Effetto complessivo lordo alla fine dell’esercizio (a+b-c)

-19.223

e) Effetto netto fiscale f) Effetto sul Patrimonio Netto alla fine dell’esercizio (d-e)

-99 -18.230

L'effetto sul Conto Economico può essere così rappresentato Storno di canoni su operazioni di leasing finanziario Rilevazione degli oneri finanziari su operazioni di leasing finanziario

30.391 3.955

Rilevazione di - quote di ammortamento -

su contratti in essere

-

su beni riscattati

44.177

- rettifiche/riprese di valore su beni in leasing finanziario Effetto sul risultato prima delle imposte Rilevazione dell’effetto fiscale Effetto sul risultato d'esercizio delle rilevazioni delle operazioni di leasing con il metodo finanziario

-17.740 -853 -16.887

Repurchase transactions

The company has not implemented transactions in this regard.

Information concerning related party transactions

The company has made related party transactions that fall within normal operating and have been completed at normal market conditions.

Other information

Report and financial statements at 31/12/2011

Page 78


Overall compensation due to directors and members of the Board of statutory auditors (article 2427, first comma, no. 16, C.c.) and to auditor (Ref. art. 2427, first comma, no. 16-bis, C.c.) is highlighted in accordance with the law

Qualification Directors Auditor Board of statutory auditors

Compensation 150.000,00 24.375,00 85.984,66

These financial statements consisting of Statement of assets and liabilities, Income statement and Explanatory note, truthfully and correctly represents the financial situation and financial year net result and complies with the accounting records.

Chairman of the Board of directors VALENTINO BARBIERATO

Report and financial statements at 31/12/2011

Page 79


ANNEXES

Report and financial statements at 31/12/2011

Page 80


PROSPETTO DELLE VARIAZIONI NEI CONTI DEL PATRIMONIO NETTO AL 31 DICEMBRE 2011 (In Euro)

TOTALE PATRIMONIO NETTO 31/12/2006 Ca pital e s oci al e Ris erva l egal e Ris erva s traordina ri a Altre ris erve Util i portati a nuovo Perdi te porta te a nuovo Util e d'es erci zi o Perdi ta d'es ercizio TOTALE PATRIMONIO NETTO 31/12/2007 Ca pital e s oci al e Ris erva l egal e Ris erva s traordina ri a Altre ris erve Util i portati a nuovo Perdi te porta te a nuovo Util e d'es erci zi o Perdi ta d'es ercizio TOTALE PATRIMONIO NETTO 31/12/2008

Saldo Iniziale Destinazione utile 637.949

Versamento capitale 230.000

Riclassifiche

Utile d'esercizio (190.871)

1.000.000

2

(1)

(322.924) 306.894 0 677.078 1.000.000 0 0 1 0 (322.924) 306.894 0 983.971

(1)

0

0

0

306.894

2.000.000

306.894 (306.894)

0

Ca pital e s oci al e Ris erva l egal e Ris erva s traordina ri a Altre ris erve Util i portati a nuovo Perdi te porta te a nuovo Util e d'es erci zi o Perdi ta d'es ercizio

3.000.000 0 0 1 306.894 (322.924) 611.459 0

TOTALE PATRIMONIO NETTO 31/12/2009

3.595.430

0

Ca pital e s oci al e Ris erva l egal e Ris erva s traordina ri a Ris erva da conferi mento Altre ris erve Util i portati a nuovo Perdi te porta te a nuovo Util e d'es erci zi o Perdi ta d'es ercizio

3.000.000 29.771 565.659

54.539 1.036.247

611.459

0

2.000.000

0

611.459

29.771 565.659 (7.046) (306.894) 322.924 (611.459)

1.090.786

0

0

(7.046)

1.090.786

2.500.000

4.950.000 (7.045) 0 0 1.090.786 0

TOTALE PATRIMONIO NETTO 31/12/2010

4.679.171

Ca pital e s oci al e Ris erva l egal e Ris erva s traordina ri a Ris erva da conferi mento Altre ris erve Util i portati a nuovo Perdi te porta te a nuovo Util e d'es erci zi o Perdi ta d'es ercizio

5.500.000 84.310 1.601.906 4.950.000 (7.045) 0 0 1.060.248 0

TOTALE PATRIMONIO NETTO 31/12/2011

Distribuzione dividendi

13.189.419

Report and financial statements at 31/12/2011

(1.090.786)

0

53.012 1.007.236

1.060.248

0

2.500.000

4.950.000

1.060.248

(682.000) 7.045

(1.060.248)

0

698.331

(682.000)

0

7.045

698.331

Saldo 677.078 1.000.000 0 0 1 0 (322.924) 306.894 0 983.971 3.000.000 0 0 1 306.894 (322.924) 611.459 0 3.595.430 3.000.000 29.771 565.659 (7.045) 0 0 1.090.786 0 4.679.171 5.500.000 84.310 1.601.906 4.950.000 (7.045) 0 0 1.060.248 0 13.189.419 5.500.000 137.322 1.927.142 4.950.000 0 0 0 698.331 0 13.212.794

Page 81


Movimenti dell'esercizio

PROSPETTO DELLE VARIAZIONI NEI CONTI DELLE IMMOBILIZZAZIONI IMMATERIALI AL 31 DICEMBRE 2011 (in Euro) Situazione iniziale

riclassifiche ammort. riclassifich sul cespite Esercizio e sul fondo

costo

valore al 31/12/11

Situazione finale

ammort. Accumulati

626.498

decrementi

39.040

386.477

incrementi

665.539

359.048

(0)

ammort. valore al Accumulati 31/12/10

745.525

1.319

47.849

costo

1.319

16.550

0

Descrizione

30.259

64.399

0

60.000

3) diritti di brevetto industriale e diritti di utilizzazione 449.621 delle opere 191.789 dellâ&#x20AC;&#x2122;ingegno; 257.832 4) concessioni, licenze, marchi e diritti simili; 6) avviamento; 6) immobilizzazioni in corso e acconti;

655.699

0

0

270.934

1.058

60.000

354.247

1.391.758

8.782

625.181

770.204

9.840

134.396

190.470

2.161.962

1) costi di impianto e di ampliamento;

103.709

0

520.873

31.057

448.302

276.949

224.652

7.964

0

1.800

0

745.525

39.020

0

60.000 71.922

1.800

2) costi di ricerca, di sviluppo e di pubblicitaâ&#x20AC;&#x2122;;

0

0

46.689

752.999

(190.470)

60.000

60.068

917.508

(448.302)

106.757

493.254

8.586

7) altre.

1.410.762

25.378

TOTALE

Page 82

Report and financial statements at 31/12/2011


Situazione iniziale

90.045

161.579

161.579

incrementi

957

957

decrementi

0

riclassifiche sul cespite

35.322

35.322

ammort. Esercizio

Movimenti dell'esercizio

107.633

90.045

valore al 31/12/10

197.678

107.633

ammort. Accumulati

197.678

costo

PROSPETTO DELLE VARIAZIONI NEI CONTI DELLE IMMOBILIZZAZIONI MATERIALI AL 31 DICEMBRE 2011 (in Euro)

Descrizione

1) fabbricati e terreni; 2) Impianti e macchinari 3) Attrezzatura industriale e comm. 4) altri beni; 5) Immobilizzazioni in corso e acconti TOTALE

riclassifiche sul fondo

0

Situazione finale

215.345

valore al 31/12/11

142.955

215.345

ammort. Accumulati

358.300

142.955

costo

358.300

Page 83

Report and financial statements at 31/12/2011


Situazione iniziale

Movimenti dell'esercizio

Situazione finale

14.912.500 14.912.500 0 0 0

0 632.200 0 1.570.780

2.202.980

812.066 780.796 0 0 31.270

0

(2.636.612) 0 (26) 0

(2.636.638)

0 0 0 0 0

0

0

0 0 0 0

0

0 0 0 0 0

22.634.704

0

3.160.000

3.750.138 1.281.891 632.200 0 1.836.047

15.724.566 15.693.296 0 0 31.270

valore al 31/12/11

4.183.796 3.918.503 0 26 265.267

2.400.000

0

0

decrementi

760.000

0

(2.636.638)

incrementi

0

5.415.046

valore al 31/12/10

19.856.296

riclassifiche

PROSPETTO DELLE VARIAZIONI NEI CONTI DELLE IMMOBILIZZAZIONI FINANZIARIE AL 31 DICEMBRE 2011 (in Euro)

Descrizione

1) Partecipazioni in: a) imprese controllate; b) imprese collegate; c) imprese controllanti; d) altre imprese; 2) crediti: a) verso imprese controllate; b) verso imprese collegate; c) verso imprese controllanti; d) verso altri; 3) altri titoli; 4) azioni proprie; TOTALE

Page 84

Report and financial statements at 31/12/2011


Rendiconto finanziario di CCN (OIC 12) Risultato netto

698.332

Ammortamenti (+)

312.271

Accantonamenti netti ai fondi (+)

Fonti di CCN

TFR variazione netta (+) Svalutazioni (+)

0

Rivalutazioni (-)

0

Capitalizzazioni di costo (-) Flusso di CCN generato dalla gestione reddituale

Smobilizzo di investimenti tecnici Smobilizzo di investimenti finanziari Smobilizzo di investimenti immateriali Assunzioni di nuovi debiti a medio-lungo termine Aumento reali di capitale proprio

0 1.053.782

957 0 1.800 899.826 0

Saldo altre variazioni

(1.332.627)

Flusso di CCN generato dalla gestione non reddituale

(430.044)

TOTALE FONTI DI CCN

Impieghi di CCN

0 43.180

Nuovi investimenti tecnici, finanziari e immateriali Pagamenti debiti a medio-lungo termine Riduzioni reali di capitale proprio Pagamento di dividendi Trasferimento quote a breve di debiti a m/l termine TOTALE IMPIEGHI

VARIAZIONE DI CCN

623.739

3.314.577 0 0 682.000 0 3.996.577

(3.372.838)

Cause di variazione

Variazioni nelle attività a breve termine Liquidità immediate

(519.878)

Liquidità differite

9.514.420

Rimanenze

1.883.378

Totale variazioni attività a breve termine

Variazioni nelle passività a breve termine Passività finanziarie Passività non finanziarie

Operazioni senza effetti

10.877.921

13.788.658 462.101

Totale variazioni passività a breve termine

14.250.759

VARIAZIONE DI CCN

(3.372.838)

Conversione di obbligazioni in azioni

0

Rivalutazioni di immobilizzazioni

0

Conferimenti di capitale in natura

0

Altre operazioni

0

TOTALE OPERAZIONI SENZA EFFETTI SUL CCN

0

Report and financial statements at 31/12/2011

Page 85


Rendiconto finanziario di liquidità (OIC 12)

Risultato netto

698.332

Ammortamenti (+)

312.271

Accantonamenti netti ai fondi (+)

Fonti di liquidità

TFR variazione netto (+)

43.180

Svalutazioni (+)

0

Rivalutazioni (-)

0

Capitalizzazioni di costo (-)

0

Variazione delle rimanenze

726.363

Variazione crediti verso clienti

(3.530.216)

Variazione ratei e risconti attivi

(1.786.168)

Variazione ratei e risconti passivi Variazione debiti verso fornitori Totale liquidità generata dalla gestione reddituale

Smobilizzo di investimenti tecnici Smobilizzo di investimenti finanziari Smobilizzo di investimenti immateriali Assunzioni di nuovi debiti finanziari Aumenti di capitale proprio con liberazione in denaro Saldo altre variazioni

Impieghi di liquidità

0

(1.873) 2.774.100 (764.011)

957 2.636.638 1.800 15.152.458 0 (11.348.163)

Totale liquidità generata dalla gestione non reddituale

6.443.690

TOTALE FONTI DI LIQUIDITA'

5.679.680

Nuovi investimenti tecnici, finanziari e immateriali

5.517.557

Pagamenti debiti finanziari

0

Riduzioni di capitale proprio

0

Pagamento di dividendi

682.000

TOTALE IMPIEGHI DI LIQUIDITA'

6.199.557

VARIAZIONE DELLA LIQUIDITA'

(519.878)

Report and financial statements at 31/12/2011

Page 86


Report and financial statements at 31December 2011