01 Consol ENG Tabscoll

Ascopiave Group ________________________________________________________________________________________________ Annual Financial Report as of 31 st December 2014 ______________________________________________________________________________________________ Ascopiave Group – Annual Financial Report as at 31 st December 2014 1 Ascopiave Group ________________________________________________________________________________________________ ______________________________________________________________________________________________ Ascopiave Group – Annual Financial Report as at 31 st December 2014 2 Ascopiave Group ________________________________________________________________________________________________ Table of contents GENERAL INFORMATION .............................................................................................................. 6 Directors, Officers and Company information ........................................................................... 6 Main economic and financial data of the Ascopiave Group ...................................................... 7 REPORT ON OPERATION ............................................................................................................. 8 FOREWORD ................................................................................................................................... 8 The structure of the Ascopiave Group ....................................................................................... 11 The general economic context ..................................................................................................... 12 The gas market: the European scenario .................................................................................... 15 The gas market: the Italian scenario .......................................................................................... 16 Gas sale .......................................................................................................................................... 18 Gas distribution ............................................................................................................................ 18 Reference regulatory frameworks .............................................................................................. 21 Provisions of the AEEGSI ........................................................................................................... 21 Update of the economic conditions of supply ............................................................................ 22 Other provisions of the Natural Gas Sector .............................................................................. 27 Other provisions of the Electricity Sector .................................................................................. 31 Resolutions pertaining to energy efficiency ............................................................................... 36 Efficiency and energy saving obligations ................................................................................... 36 Ascopiave S.p.A. share trend on the Stock Exchange ............................................................... 38 Control of the Company .............................................................................................................. 40 Corporate Governance and Code of Ethics ............................................................................... 40 Transactions with related and affiliated parties ....................................................................... 41 Significant events during 2014 .................................................................................................... 42 Company operations that took place during the year 2014 ..................................................... 42 Other significant events ............................................................................................................... 43 Litigations ..................................................................................................................................... 58 Distribution of dividends ............................................................................................................. 65 Own shares .................................................................................................................................... 65 Outlook for the Year .................................................................................................................... 65 Goals and policies of the group and risk description ................................................................ 66 Quality ........................................................................................................................................... 69 Ascopiave Group's Quality Management System: ................................................................... 70 Research and development .......................................................................................................... 74 Additional information ................................................................................................................ 75 Compensation given to the managing and controlling organs, managing directors and directors with strategic responsibilities and stakes held .......................................................... 75 Safety of personal data ................................................................................................................ 75 List of company headquarters .................................................................................................... 76 Owned offices ................................................................................................................................ 76 Rented offices ................................................................................................................................ 76 Performance Indicators .................................................................................................................. 77 Comments on the economic-financial results of the year 2014 ................................................ 78 General operational performance and indicators ..................................................................... 78 General operational performance – Financial situation .......................................................... 83 General operational performance - Investments ...................................................................... 84 Schedule of reconciliation of the of individual net shareholders’ equity with the consolidated net Shareholders’ Equity ...................................................................................... 86 Consolidated statement of financial position as of 31 st December 2014 and as of 31 st December 2013 ............................................................................................................................. 88 Consolidated income statement .................................................................................................. 89 ______________________________________________________________________________________________ Ascopiave Group – Annual Financial Report as at 31 st December 2014 3 Ascopiave Group ________________________________________________________________________________________________ Consolidated statement of changes in shareholders’ equity as of 31 st December 2014 and as of 31 st December 2013 .................................................................................................................. 90 Consolidated financial statements of cash flow for the year 2014 and 2013 .......................... 91 EXPLANATORY NOTES .............................................................................................................. 92 Company information .................................................................................................................. 92 The activities of the Ascopiave Group ........................................................................................ 92 General drafting criteria and declaration of conformity with IFRS ....................................... 92 Financial statements representation ........................................................................................... 93 Accounting principles, amendments and interpretations applied from 1 st January 2014 .... 93 Accounting principles, amendments and interpretations not yet applicable and not adopted ahead of time by the Group ......................................................................................................... 97 Use of estimates ............................................................................................................................ 97 Consolidation principles .............................................................................................................. 98 Consolidation area as of 31 st December 2014 ............................................................................ 99 Assessment criteria .................................................................................................................... 101 COMMENTS ON THE MAIN CONSOLIDATED BALANCE SHEET ITEMS ......................... 109 Current assets ............................................................................................................................. 119 Non-current liabilities ...............................................................................................................

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