Consolidated financial statements

Consolidated financial statements Annexes List of consolidated companies Reconciliation of shareholders’ equity and net profit for the year ended 31 ...
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Consolidated financial statements Annexes

List of consolidated companies Reconciliation of shareholders’ equity and net profit for the year ended 31 December 2009 in the consolidated and separate financial statements Remuneration of Directors, Statutory Auditors and Key Managers Information provided pursuant to CONSOB Ruling 6064293 List of significant investments at 31 December 2009 - art. 120, paragraph 4, Legislative Decree 58/98

Consolidated Income Statement

Consolidated balance sheet - Assets

Consolidated Balance Sheet - LIABILITIES

Cash Flow Statement

Statement of changes in shareholders’ equity

Notes to the financial statements

Annexes

List of consolidated companies Name Registered office Share % capital interest

Consolidation method

Acea Distribuzione

p.le Ostiense 2 - Rome

345,000,000

100,00%

100,00% Line-by-line

Acea Ato 2

p.le Ostiense 2 - Rome

362,834,320

96,46%

100,00% Line-by-line

Acea Reti e Servizi Energetici

p.le Ostiense 2 - Rome

300,120,000

100,00%

100,00% Line-by-line

Acque Blu Arno Basso

p.le Ostiense 2 - Rome

8,000,000

69,00%

100,00% Line-by-line

Acque Blu Fiorentine

p.le Ostiense 2 - Rome

15,153,400

69,00%

100,00% Line-by-line

Ombrone

p.le Ostiense 2 - Rome

6,500,000

84,57%

100,00% Line-by-line

LaboratoRI

via Vitorchiano – Rome

2,444,000

100,00%

100,00% Line-by-line

Acea Ato 5

viale Roma snc -Frosinone

10,330,000

93,58%

100,00% Line-by-line

Sarnese Vesuviano

p.le Ostiense 2 - Rome

6,735,053

95,79%

100,00% Line-by-line

CREA SpA

p.le Ostiense 2 - Rome

2,678,958

100,00%

100,00% Line-by-line

Crea Gestioni srl

p.le Ostiense 2 - Rome

100,000

100,00%

100,00% Line-by-line

Crea Partecipazioni srl

p.le Ostiense 2 - Rome

100,000

100,00%

100,00% Line-by-line

Gesesa Z.I. Pezzapiana - Benevento

520,632

59,67%

100,00% Line-by-line

Lunigiana

via Nazionale 173/A – Aulla (MS)

750,000

95,79%

100,00% Line-by-line

p.le Ostiense 2 - Rome

100,000

100,00%

100,00% Line-by-line

Aguaazul Bogotà S Esp Bogotà - Colombia

1,516,174

51,00%

100,00% Line-by-line

Acea Dominicana Santo Domingo

644,937

100,00%

100,00% Line-by-line

AceaRieti (ex Omnia)

ARIA

via Giordano Bruno 7 - Terni

2,224,992

100,00%

100,00% Line-by-line

EALL

via Giordano Bruno 7 - Terni

5,164,000

100,00%

100,00% Line-by-line

Terni EN.A.

via Giordano Bruno 7 - Terni

6,546,492

100,00%

100,00% Line-by-line

piazza del Commercio 21 - Orvieto

7,524,400

100,00%

100,00% Line-by-line

via Casilina Km 57,200 Località Castellaccio - Paliano (FR)

100,000

100,00%

100,00% Line-by-line

via Giordano Bruno 7 - Terni

50,000

100,00%

100,00% Line-by-line

SAO Enercombustibili Ergo En.A.

Ecoenergie Via San Francesco d’Assisi 15 C - Paliano (FR)

10,000

90.00%

100.00% Line-by-line

AQUASER Via dei Sarti, 15 – Volterra (PI)

3,050,000

74.21%

100.00% Line-by-line

Kyklos Srl Via Ferriere – Nettuno n. km 15 Aprilia (LT)

500,000

51.00%

100.00% Line-by-line

Solemme SpA Località Carboni in Monterotondo Marittimo (GR)

761,400

100.00%

100.00% Line-by-line

Acea8cento SpA

P.le Ostiense, 2 - Rome

120,000

100.00%

100.00% Line-by-line

Acea Ricerca e Perdite Scarl

P.le Ostiense, 2 - Rome

10,000

67.00%

100.00% Line-by-line

Acea Ato 5 Servizi Scarl

P.le Ostiense, 2 - Rome

10,000

60.00%

100.00% Line-by-line

Acea Gori Servizi Scarl Via Ex Aeroporto snc- Pomiglino d’’Arco (NA)

1,000,000

69.82%

100.00% Line-by-line

Acque Blu Via U.Bassi, 34 - Montecatini Terme

10,000

55.00%

100.00% Line-by-line

Argo

P.le Ostiense, 2 - Rome

10,000

68.39%

100.00% Line-by-line

Acque

via Bellatalla 1- Pisa

9,953,116

45,00%

45,00%

Proportionate

Acque Ingegneria

via Bellatalla 1- Pisa

50,000

100%

45,00%1

Proportionate

Acque Industriali

via Bellatalla 1- Pisa

100,000

100%

45,00%1

Proportionate

Acque Servizi

via Bellatalla 1- Pisa

400,000

100%

45,00%1

Proportionate

Consorcio Agua Azul Los Pinos 399 – 27 Lima - Perù

17,380,827

25,50%

25,50%

Proportionate

153,500,000

59,41%

59,41%

Proportionate

AceaElectrabel

4 10

Group’s consolidated interest

Consolidated financial statements

p.le Ostiense 2 - Rome

Name Registered office Share % capital interest AceaElectrabel Elettricità

Group’s consolidated interest

Consolidation method

p.le Ostiense 2 - Rome

45,000,000

100%

59,41%

Proportionate

AceaElectrabel Trading

via Flaminia 133/137 - Rome

4,000,000

84,17%2

50,00%

Proportionate

AceaElectrabel Produzione

via dell’Aeronautica 7 – Rome

102,100,000

50,00%2

29,71%

Proportionate

Umbria Energy

via B. Capponi, 100- Terni

1,000,000

50,00%3

29,71%

Proportionate

largo Toscanini 5 – Voghera (PV)

250,000

50,00%3

29,71%

Proportionate

via Panziera 16 – Prato

250,000

49,00%3

29,11%

Proportionate

Elga Sud

via Montegrappa 6 – Trani

250,000

49,00%3

29,11%

Proportionate

Ecogena

p.le Ostiense 2 - Rome

1,000,000

51,00%

51,00%

Proportionate

Ecomed

p.le Ostiense 2 - Rome

50,094

50,00%

50,00%

Proportionate

via Pozzoni 2 - Voghera

46,700,000

80,00%

29,71%

Proportionate

via Orazio 31 – Rome

4,465,000

99,50%4

29,71%

Proportionate

Voghera Energia Vendita Estra Elettricità (ex Elettria)

Voghera Energia Roselectra Longano Eolica

via Mazzola 66 – Rome

2,100,000

51,00%4

15,15%

Proportionate

Publiacqua SpA

via Villamagna 90/c - Florence

150,280,000

40,00%

40,00%

Proportionate

Publiacqua Ingegneria Srl

via Villamagna 90/c - Florence

50,000

100%

40,00%

Proportionate

Publiutenti Srl

via Villamagna 90/c - Florence

100,000

100%

40,00%

Proportionate

Gori SpA

via Dante 1 – Torre Annunziata

44,999,971

37,05%

37,05%

Proportionate

via Orazio 31 – Rome

44,460,000

30,00%

30,00%

Proportionate

Tirreno Power SpA

via Barberini 47 - Rome

91,130,000

50,00%

15,00%

Proportionate

Umbra Acque SpA

via G. Benucci 162 (PG)

15,549,889

40,00%

40,00%

Proportionate

EblAcea SpA

APICE

p.le Ostiense 2 - Rome

200,000

50,00%

50,00%

Proportionate

via F. Petrarca 22A - Milan

18,112,000

35,00%

35,00%

Proportionate

Nuove Acque SpA Loc. Cuculo - Arezzo

34,450,389

46,16%

16,16%

Proportionate

Intesa Aretina Scarl

The following companies are consolidated using the equity method: Name Registered office Share capital (in Euro)

% interest

SI(E)NERGIA (ex Cesap) SpA

str. S.ta Lucia 1/ter – Perugia

132,000

42.08%

Cesap Vendita Gas SpA

str. S.ta Lucia 1/ter – Perugia

80,000

42.08%

piazza Repubblica – Pontremoli (Massa Carrara)

217,500

49.00%

via Mameli 10 Grosseto

1,730,520

40.00%

viale Leporini 1348 - Lucca

1,450,000

28.80%

via Mercatanti 8 - Rieti

260,000

49.00%

Aguas de San Pedro Sa Las Palmas 3 - San Pedro (Honduras)

6,162,657

31.00%

Umbriadue Servizi Idrici Scarl Strada Sabbione zona ind. A72 - Terni

100,000

34.00%

viale Bianca Maria 24 - Milan

30,000

33.00%

p.le Ostiense 2 - Rome

10,000

33.50%

Amea SpA

via San Francesco d’Assisi 15 C - Frosinone

2,635,000

33.00%

Arkesia

via San Francesco d’Assisi 17 C - Frosinone

170,827

33.00%

Azga Nord SpA Acquedotto del Fiora SpA Geal SpA Sogea SpA

Dyna Green Coema



Consolidated financial statements

411

Consolidated Income Statement

Consolidated balance sheet - Assets

Consolidated Balance Sheet - LIABILITIES

Cash Flow Statement

Statement of changes in shareholders’ equity

Annexes

Notes to the financial statements

Reconciliation of shareholders’ equity and net profit for the year ended 31 December 2009 in the consolidated and separate financial statements Net profit Shareholders’ equity

31.12.2009

31.12.2008

31.12.2009

31.12.2008

Balances in ACEA’s statutory financial statements

(53,622)

48,321

1,324,407

1,518,402

Goodwill deriving from comparison of fair value of shareholders’ equity and net profit with carrying amounts

140,963

264,187

154,161

143,135

Higher depreciation and amortisation in consolidated financial statements

(1,975)

(1,380)

(10,763)

(8,788)

Elimination of effects of business combination of entities under common control

(2,104)

2,376

(2,104)

2,376

Elimination of tax effects, including those from previous years

(6,710)

15,602

53,943

60,652

Investments accounted for using the equity method

2,125

97

41,275

39,151

Elimination of dividends

(163,589)

(175,774)

0

0

Goodwill

32,565

32,583

(345,451)

(378,016)

Elimination of extraordinary items

(145)

273

(145)

273

Balances in consolidated financial statements Amounts are shown in thousands of Euros

4 12

Consolidated financial statements

(52,492)

186,285

1,215,323

1,377,184

Remuneration of Directors, Statutory Auditors and Key Managers Board of Directors Name Office Effective Termination Expiry Remuneration Non-monetary Bonuses and and Surname of office of position benefits other held incentives (2)

Redundancy/ Other retirement remuneration supplement

Giancarlo Cremonesi Chairman 29/10/2008



(1)

36

0

20

0

270

Marco Staderini

CEO

27/03/2009



(1)

28

0

0

0

241

Paolo Giorgio Bassi

Director

29/10/2008



(1)

36

0

0

0

37

Marco Maria Bianconi Director

11/05/2007



(1)

36

0

0

0

37

Massimo Caputi

Director

11/05/2007



(1)

36

0

0

0

26

Jean Louis Chaussade Director

11/05/2007



(1)

36

0

0

0

24

Pierre Clavel

Director

14/05/2009



(1)

23

0

0

0

5

Luigi Pelaggi

Director

08/05/2009



(1)

23

0

0

0

3

Andrea Peruzy

Director

08/05/2009



(1)

23

0

0

0

10

Andrea Mangoni

CEO

11/05/2007 27/03/2009



9

3

0

2,934

154

Geminello Alvi

Director

29/10/2008 14/04/2009



9

0

0

0

7

Dino Piero Giarda

Director

11/05/2007 02/04/2009



9

0

0

0

6

Jacques Hugè

Director

11/05/2007 13/05/2009



13

0

0

0

8

Amounts are shown in thousands of Euros (1) Until approval of the financial statements for the year ended 31 December 2009 (2) Amounts paid in 2009

The non-monetary benefits granted to the CEO include unlimited use of a company car, supplementary pension provision and health insurance. Key Managers Remuneration paid to the heads of the various areas of business and ACEA SpA’s corporate functions were as follows: • salaries and bonuses 2,011 thousand euros; • benefits 80 thousand euros; • redundancy/retirement supplement 3,745 thousand euros. Remuneration paid to key managers is established by the Remuneration Committee based on average levels of pay in the labour market. Board of Statutory Auditors (elected 11 May 2007) Name

Position

Name and surname Office held Term of office

Maurizio Lauri

Remuneration (E 000) Remuneration Non-monetary Bonuses and Other of position held benefits other incentives remuneration

Chairman

3 years

62

0

0

13

Roberto Pertile Statutory auditor

3 years

41

0

0

0

Francesco Lopomo Statutory auditor

3 years

41

0

0

0

Total Board of Statutory Auditors

144

0

0

13



Consolidated financial statements

413

Consolidated Income Statement

Consolidated balance sheet - Assets

Consolidated Balance Sheet - LIABILITIES

Cash Flow Statement

Statement of changes in shareholders’ equity

Notes to the financial statements

Annexes

Information provided pursuant to CONSOB Ruling 6064293 Related party transactions pursuant to CONSOB Resolution 15519 of 27 July 2006 31.12.2009 Consolidated net revenue Consolidated net revenue

208,650

7.07%

3,155,261

24,410

0.77%

2,949,716

208,650

7.07%

3,155,261

24,410

0.77%











Total cost of materials and overheads

2,385,772

457,681

19.18%

2,531,807

94,440

3.73%

2,385,772

457,681

19.18%

2,531,807

94,440

3.73%











Gross operating profit

563,944

(249,030)

-44.16%

623,454

(70,030)

-11.23%

378,088



0.00%

238,415



0.00%











185,856

(249,030)

-133.99%

385,039

(70,030)











Amortisation, depreciation, provisions and impairment charges Operating profit/(loss)

-18.19%

Total finance (costs)/income

(85,806)

906

-1.06%

(89,345)

(2,968)

3.32%

Total profit/(loss) on investments

819



0.00%

(88)



0.00%

100,869

(248,125)

-245.99%

295,606

(72,998)

-24.69%

Profit/(loss) before tax

Amounts are shown in thousands of Euros

4 14

of which Impact related party transactions

2,949,716

Total cost of materials and overheads

of which Impact 31.12.2008 related party transactions

Consolidated financial statements

Related party transactions pursuant to CONSOB Resolution 15519 of 27 July 2006 Notes Assets 31.12.2009 Ref. 11

Property, plant and equipment

of which Impact 31.12.2008 related party transactions

of which Impact related party transactions

3,192,647



0.00%

2,907,710

0

0.00%

3,347



0.00%

3,487

0

0.00%

84,312



0.00%

77,186

0

0.00%

273,410



0.00%

289,957

0

0.00%

15 Other intangible assets

81,897



0.00%

56,377

0

0.00%

16 Investments in subsidiaries and associates

28,250



0.00%

25,556

0

0.00%

6,149



0.00%

6,155

0

0.00%

237,086



0.00%

214,835

0

0.00%

19 Financial assets

20,244

4,775

23.59%

30,294

4,286

14.15%

20 Other assets

11,993



0.00%

13,808

0

0.00%

3,939,336

4,775

0.12%

3,625,365

4,286

0.12%

0



0.00%

0

0

0.00%

66,437



0.00%

76,572

0

0.00%

1,234,173

88,604

7.18%

1,261,764

120,081

9.52%

Other current assets

128,231



0.00%

111,601



0.00%



Cash and cash equivalents

102,258



0.00%

212,060



0.00%



Current financial assets

342,779

127,544

37.21%

213,736

85,793

40.14%



Current tax assets

101,996



0.00%

72,826

0

0.00%



Deferred tax assets





0.00%

0

0

100.00%

22

Current assets

1,975,874

216,148

10.94%

1,948,559

205,874

10.57%

21

Current assets held for sale





















5,915,210

220,923

3.73%

5,573,924

210,160

12 Investment property 13 Goodwill and goodwill arising from consolidation 14

Concessions

17 Other investments 18

Deferred tax assets

Non-current assets 21 Non-current assets held for sale Inventories Trade receivables

Total assets

3.77%

Amounts are shown in thousands of Euros



Consolidated financial statements

415

Consolidated Income Statement

Consolidated balance sheet - Assets

Consolidated Balance Sheet - LIABILITIES

Cash Flow Statement

Statement of changes in shareholders’ equity

Notes to the financial statements

Annexes

Related party transactions pursuant to CONSOB Resolution 15519 of 27 July 2006

Notes Liabilities 31.12.2009 Ref. Shareholders’ equity







of which Impact related party transactions







share capital

1,098,899



0.00%

1,098,899

0

0.00%



legal reserve

107,096



0.00%

98,762

0

0.00%



other reserves

(242,224)



0.00%

(179,104)

0

0.00%



retained earnings (accumulated losses)

304,043



0.00%

172,342

(0)

0.00%



net profit/(loss) for the period

(52,492)



0.00%

186,285

0

0.00%

Total shareholders’ equity attributable to the Group

1,215,323



0.00%

1,377,184

0

0.00%

71,581



0.00%

67,279

0

0.00%

1,286,903



0.00%

1,444,463

0

0.00%

24 Staff termination benefits and other defined benefit obligations

123,297



0.00%

127,588

0

0.00%

25

211,232



0.00%

161,503

0

0.00%

1,839,586



0.00%

1,708,037

0

0.00%

203,051



0.00%

187,522

0

0.00%

89,431



0.00%

86,198

0

0.00%

2,466,598

0

0.00%

2,270,848

0

0.00%

0



0.00%

0

0

0.00%



Shareholders’ equity attributable to minority interests



23 Total shareholders’ equity

Provisions for liabilities and charges

26 Borrowings and financial liabilities 27 Other liabilities 28

Provisions for deferred tax liabilities

Non-current liabilities 21 Non-current liabilities held for sale Trade payables

1,028,661

95,570

9.29%

1,055,798

69,027

6.54%

Other current liabilities

260,796



0.00%

356,817



0.00%

Borrowings

802,696

102,993

12.83%

381,344

116,629

30.58%

Tax liabilities

69,556



0.00%

64,653

0

0.00%

2,161,709

198,562

9.19%

1,858,612

185,656

9.99%

29

Current liabilities

21

Current liabilities held for sale

























Total liabilities and shareholders’ equity



Amounts are shown in thousands of Euros

4 16

of which Impact 31.12.2008 related party transactions

Consolidated financial statements

5,915,210

198,562

3.36%

5,573,924

185,656

3.33%

Related party transactions pursuant to CONSOB Resolution 15519 of 27 July 2006

Non-current financial assets/(liabilities) Intercompany non-current financial assets/(liabilities) Non-current payables and financial liabilities Net medium/long-term debt

31.12.2009 Related parties

31.12.2008

15,469

26,009

4,775

4,775

4,286

(1,839,586)

(1,708,037)

(1,819,342)

4,775

Related parties

4,286

(1,677,743)

4,286

Cash and cash equivalents and securities Short-term bank borrowings Current financial assets/(liabilities)

102,343

212,176

(651,202)

(199,675)

77,743

(102,993)

(42,920)

(116,629)

Intercompany current financial assets/(liabilities)

127,544

127,544

85,793

85,793

Financial assets/(liabilities) deriving from measurement of derivative instruments

(14,086)

(10,921)

Net short-term debt

(357,658)

24,551

44,453

(30,836)

Total net debt

(2,177,000)

29,326

(1,633,290)

(26,551)

Amounts are shown in thousands of Euros



Consolidated financial statements

417

Consolidated Income Statement

Consolidated balance sheet - Assets

Consolidated Balance Sheet - LIABILITIES

Cash Flow Statement

Statement of changes in shareholders’ equity

Notes to the financial statements

Annexes

Related party transactions pursuant to CONSOB Resolution 15519 of 27 July 2006

31.12.2009

Cash and cash equivalents at beginning of period

Related parties Impact 31.12.2008 Related parties Impact

212,060

93,201

Cash flows from operating activities Profit before tax and net finance costs

186,675

386,145

Amortisation

230,551

208,963

Revaluations/Impairment charges

38,011

22,347

Movement in provisions for liabilities

49,231

4,247

Net movement in staff termination benefits

(4,613)

(18,907)

714

6,520

Income taxes paid

(160,670)

(55,332)

Cash generated by operations before movements in working capital

339,898

Realised gains

0

553,984

Increase in current receivables Increase /(Decrease) in current liabilities

(9,249) (29,696)

(31,478) 340.34% (26,543)

89.38%

4,298 86,963

(51,683) (1202.45%) 121,436

Increase/(Decrease) in inventories

10,214

(3,847)

Movement in working capital

(28,731)

87,415

Movement in other operating assets/liabilities in the year

(91,387)

(120,533)

139.64%

Total cash flow from operating activities

219,780

0

520,866

Cash flows from investing activities Purchase/Sale of property, plant and equipment

(471,289)

(358,937)

Purchase/Sale of intangible assets

(40,079)

(42,198)

Investments

(13,338)

(3,434)

0

0

Purchase/Sale of investments in subsidiaries Proceeds/Payments deriving from other investments Dividends received Interest received Total

(113,659)

42,240 (37.16%)

0

92,055

(85,149)

(92.50%)

366

12,879

28,194

(625,486)

(283,954)

Cash flows from financing activities 0

(4,903)

Decrease in medium/long-term borrowings

Minority interests in capital increases by subsidiaries

(75,771)

(50,646)

Increase in other medium/long-term borrowings

191,952

Decrease/Increase in other short-term borrowings

418,542

13,636

3.26%

(279,949)

(10,779)

3.85%

(97,530)

761

(0.78%)

(115,871)

2,968

(2.56%)

Interest paid Dividends paid

(141,289)

(133,457)

Total

295,904

(118,052)

(0)

(0)

Changes in shareholders’ equity after net profit Cash flow in the period Cash and cash equivalents at end of period Amounts are shown in thousands of Euros 4 18

466,774

Consolidated financial statements

(109,802)

118,860

102,258

212,061

Non-recurring material transactions pursuant to CONSOB Resolution 15519 of 27 July 2006 It should be noted that there were no significant non-recurring transactions carried out in the period.



Consolidated financial statements

419

Consolidated Income Statement

Consolidated balance sheet - Assets

Consolidated Balance Sheet - LIABILITIES

Cash Flow Statement

Statement of changes in shareholders’ equity

Notes to the financial statements

Annexes

Positions or transactions deriving from unusual and/or exceptional transactions Pursuant to the CONSOB Ruling of 28 July 2006, we hereby declare that during the period the Group did not enter into any exceptional and/or unusual transactions as defined by the above Ruling.

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Consolidated financial statements