report and financial statements at 31december 2011

Report and financial statements at 31/12/2011

Report and financial statements at 31 December 2011

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


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 Mr. Simone Salata


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 626.498 1.058

2) Research, development and advertising costs 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 60.000 60.000

7) Others 270.934 46.689

1.391.758 917.510

II. Tangible 1) Land and buildings 2) Plants and machinery 3) Industrial and commercial equipment 4) Other goods 215.345 90.045

5) Assets under construction and payments on account

215.345 90.045

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


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) Other securities 3.160.000 760.000

4) Own shares (overall nominal value )

- 22.634.704 19.856.296

Total Capital assets 24.241.807 20.863.851

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 29.964.840 26.434.624

- after 12 months 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


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

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 1.527.840 2.058.845

2) Cheques 3) Cash and equivalents 11.909 781

1.539.749 2.059.626

Total Current assets 40.433.579 30.423.742

D) Accruals and deferrals - discount on loans

- various 2.947.800 1.161.632

2.947.800 1.161.632

Total assets 67.623.186 52.449.225


Balance sheet liabilities 31/12/2011 31/12/2010 A) Net assets I. Capital

5.500.000 5.500.000

II. Share premium account

III. Restatement gain

IV. Legal reserve

137.322 84.310

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 1

Suspended tax reserves provisions 4.950.000 4.950.000

6.877.141 6.544.861

VIII. Earnings (losses) carried forward

IX. Operating profit 698.331 1.060.248

IX. Operating loss () ()

Advance dividends () ()

Partial operating loss cover Total Net assets 13.212.794 13.189.419 B) Provisions for liabilities and charges 1) Provisions for retirement benefits and similar obligations 54.922 47.282

2) Tax provisions, deferred also 3) Other Total Provisions for liabilities and charges 54.922 47.282 C) Employee severance indemnity 138.152 94.972 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


4) Payable to banks

- within 12 months 21.546.362 7.757.704

- after 12 months 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 319.770 109.564

- after 12 months 1.313.201 514.212

1.632.971 623.776

Total debts 54.139.774 39.038.135


E) Accruals and deferrals - loan commissions

- various 77.544 79.417

77.544 79.417

Total liabilities 67.623.186 52.449.225


Memorandum accounts 31/12/2011

31/12/2010

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

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

Total memorandum accounts 14.787.000 1.714.554


Income statement 31/12/2011 31/12/2010 A) Production value 1) Revenues from sales and services

147.807.605 111.096.791

2) Changes in inventory of work in process, semi-finished and finished goods

3) Changes in work in progress to order

4) Increases of non-current assets from in-house production

5) Other revenues and income: - various 72.544 67.255

- grants for current expenses - capital grants (operating units)

72.544 67.255

Total Production value 147.880.149 111.164.046 B) Production costs 6) For raw/auxiliary materials, consumables and goods

137.234.627 99.057.159

7) For services

4.166.509 2.624.274

8) For leased assets and rental assets

299.676 1.246.343

9) For personnel a) Wages and salaries 1.226.035 775.953 b) Social security charges 327.684 219.876 c) Post employment benefit 76.503 48.328 d) Retirement benefits and similar obligations 4.031 8.776 e) Other costs 13.609 161 1.647.862 1.053.094 10) Amortisations and write-downs a) Amortisation of intangible assets

276.950 194.056

b) Amortisation of tangible assets

35.321 36.198

c) Other capital asset write-downs d) Write down of receivables included under assets forming part of working capital and of liquid funds

312.271 230.254

11) Changes in inventory of raw/auxiliary materials, consumables and goods

1.513.393 4.635.778

12) Risk allowance

13) Other allowances

14) Sundry operating expenses 93.288 168.215


Total Production costs 145.267.626 109.015.117

Difference between production value and costs (A-B) 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 43.670

- from associated companies 14.140 - from parent companies 4.314 - others 51.182 b) from non-current securities 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

1.395.561 911.905

17-bis) Earnings and Losses on exchange 3.786

Total Financial income and charges (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


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

- various 65.256 62.186

- Difference by rounding to unit of Euro 1

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 62.909 28.491

Total extraordinary entries 2.347 33.696

Before tax result (A -B±C±D±E) 1.558.291 1.813.527 22) Income tax for the financial year, current, deferred and advanced

a) Current taxes 863.398 753.279 b) Deferred taxes c) Advanced taxes (3.438) d) income (charges) from participation in tax

consolidation/special tax exemption

859.960 753.279 23) Operating profit earnings (loss) 698.331 1.060.248 Chairman of the Board of Directors Valentino Barbierato


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 31/12/201 1 (in accordance with art. 2428 c.c.) (Amounts expressed in Euro)


Main financial-economic data

Conto economico

(in Euro /000) 2008 % 2009 % 2010 % 2011 %

Fatturato 71.628 100% 96.468 100% 111.164 100% 147.880 100%

Affitti e leasing (202) -0,3% (252) -0,3% (1.246) -1,1% (300) -0,2%

EBITDA 1.429 2,0% 3.131 3,2% 2.379 2,1% 2.925 2,0%

Ammortamenti e accant. (187) -0,3% (316) -0,3% (230) -0,2% (312) -0,2%

EBIT 1.242 1,7% 2.815 2,9% 2.149 1,9% 2.613 1,8%

Utile ante imposte 1.011 1,4% 2.108 2,2% 1.814 1,6% 1.558 1,1%

Imposte (400) -0,6% (1.017) -1,1% (753) -0,7% (863) -0,6%

Utile netto 611 0,9% 1.091 1,1% 1.060 1,0% 698 0,5%

Stato patrimoniale

Attività 2008 % 2009 % 2010 % 2011 %

Attivo fisso 1.274 3,8% 4.619 9,4% 20.864 39,8% 24.242 35,8%

Rimanenze 7.918 23,3% 6.187 12,6% 1.864 3,6% 1.137 1,7%

Clienti 21.367 62,9% 35.412 72,2% 26.469 50,5% 30.484 45,1%

Altri crediti 876 3,2% 5.536 11,3% 1.192 2,3% 10.222 15,1%

Disponibilità 2.331 6,9% (2.694) -5,5% 2.060 3,9% 1.538 2,3%

Totale attivo 33.766 100,0% 49.060 100,0% 52.449 100,0% 67.623 100,0%

Passività 2008 % 2009 % 2010 % 2011 %

Equity 3.392 10,6% 4.679 9,5% 13.189 25,1% 13.213 19,5%

Banche 8.739 25,7% 14.681 29,9% 13.512 25,8% 27.351 40,4%

Fornitori 20.765 61,1% 23.714 48,3% 21.895 41,7% 24.669 36,5%

Altri debiti 870 2,6% 5.986 12,2% 3.853 7,3% 2.390 3,5%

Totale passivo 33.766 100,0% 49.060 100,0% 52.449 100,0% 67.623 100,0%


0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

30,0%

2009 2010 2011

Indice di capitalizzazione

0,0%

50,0%

100,0%

150,0%

200,0%

250,0%

300,0%

350,0%

400,0%

2009 2010 2011

Rapporto Ind.banc.netto/MP


0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

30,0%

35,0%

40,0%

2009 2010 2011

Indice Indebit. bancario netto/Tot.passivo

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.


Data is schematised below:

2009 2010 2011

Fatturato 96.468 111.164 147.880

EBIT 2.815 2.149 2.613

Utile netto 1.091 1.060 698 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).

-

20.000

40.000

60.000

80.000

100.000

120.000

140.000

160.000

2005 2006 2007 2008 2009 2010 2011

Andamento Fatturato 2005-2011

Fatturato

The past year was a turning point for Gascom as many strategic-industrial important phases were performed: a) Continuation of own customer portfolio restructuring plan; b) Continuation of company re-organisation plan, also following new strategic set-

up; c) 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.


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 energy-consuming 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 re-organisation 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


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.


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.


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.

Società partecipazione attività svolta

Casa Tua S.r.l. 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


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

Società partecipazione controllo attività svolta

2G Power S.r.l. 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 Brindisi 1 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:

Socio partecipazione soggetto controllante Ruolo in Ga scom

Fiuminvest S.r.l. 70% Valentino Barbierato Presidente del C.d.A.Francesco Marangon 30% Francesco Marangon 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).


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

Fonte: Elaborazioni AEEG su dichiarazioni degli operatori. 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.


VENDITE PER TIPOLOGIA DI MERCATO M(m³)

Anno 2010

Settore di consumo

Classe di consumoVolumi venduti a prezzi di mercato

Volumi venduti a prezzi tutelati

Totale

< 5.000 m3 1.084 16.070 17.154

5.000 - 200.000 m3 326 794 1.120

200.000 - 2.000.000 m3 48 3 51

2.000.000 - 20.000.000 m3 15 3 18

> 20.000.000 m3- - -

< 5.000 m3 44 290 334

5.000 - 200.000 m3 1.001 2.076 3.077

200.000 - 2.000.000 m3 109 45 154

2.000.000 - 20.000.000 m3 30 - 30

> 20.000.000 m3- - -

< 5.000 m3 501 577 1.079

5.000 - 200.000 m3 2.211 1.222 3.432

200.000 - 2.000.000 m3 1.122 30 1.152

2.000.000 - 20.000.000 m3 516 - 516

> 20.000.000 m340 - 40

< 5.000 m3 104 167 271

5.000 - 200.000 m3 1.400 636 2.035

200.000 - 2.000.000 m3 4.214 18 4.232

2.000.000 - 20.000.000 m3 7.405 5 7.409

> 20.000.000 m37.792 - 7.792

< 5.000 m3 0 0 0

5.000 - 200.000 m3 9 3 12

200.000 - 2.000.000 m3 163 5 167

2.000.000 - 20.000.000 m3 1.104 3 1.106

> 20.000.000 m3 20.776 - 20.776

Totale 50.014 21.945 71.959

Fonte: Elaborazioni AEEG su dichiarazioni degli operatori.

Domestico

Condominio uso domestico

Commercio e servizi

Industria

Generazione elettrica

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.

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


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(m ³)

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


Consumi di energia elettrica (TWh)

Anni 1999-2010

Fonte: Autori tà per l 'energia elettrica ed i l gas : *Dal 2008 comprende i l servizio di s alvaguardia .

Nel 2010 i dati s i intendono provvisori .

and industrialists), in its policy of standardising supplies with consumer markets in a bi-fuel logic.

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.


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.

Prezzo dell'energia elettrica e prezzo del petrolio (Brent dated)

Numeri indice 1° bimestre 2000 =100

I I trim 2012: dato provvis orio per i l prezzo del Brent.

Fonte: elaborazione Autorità per l 'energia elettri ca e i l gas su dati interni e s u dati Pla tts - apri l e 2011


Variazione dei prezzi del gas nei principali paesi europei

Variazioni percentuali sull'anno precedente (agg.to aprile 2012)

*media gennai o - febbraio

Variazione del prezzo dell'elettricità per le famiglie italiane

Variazioni percentuali sull'anno precedente

Fonte: Elaborazione Autorità per l'energia elettrica e il gas su dati Istat

Numeri indice per l'intera collettività - indici nazionali - dic 2011

* Media gennaio-ottobre.

- RENEWABLES AREA


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.


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


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.


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 – without severe problems – 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):


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 – about 50% – 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 31/12/2010

ROE Netto (Utile netto / Mezzi propri) 5,29% 8,04%

ROE Lordo (Utile lordo / Mezzi propri) 11,79% 13,75%

ROI (Risultato operativo/Totale attivo) 3,76% 3,97%

ROS (Risultato operativo/Vendite) 1,72% 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.

31/12/2011 31/12/2010 31/12/2009 Var 2010-2011

Ricavi delle Vendite (Rv) 147.807.605 111.096.791 96.468.831 36.710.814

Produzione interna (Pi) 0 0 0 0

Valore della produzione operativa 147.807.605 111.096.791 96.468.831 36.710.814

Costi esterni operativi 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 312.271 230.254 315.687 82.017

Risultato operativo 2.539.979 2.081.675 2.786.274 458.304

Risultato dell'area accesoria 72.544 67.255 29.195 5.289

Riultato dell'area f inanziaria (al netto degli oneri f inanziari) 338.982 542.807 111.104 (203.825)

EBIT normalizzato 2.951.506 2.691.737 2.926.573 259.769

Risultato dell'area straordinaria 2.347 33.695 27.587 (31.348)

EBIT integrale 2.953.853 2.725.432 2.954.160 228.421

Oneri f inanziari (Of) 1.395.561 911.905 846.374 483.656

Risultato lordo 1.558.292 1.813.527 2.107.786 (255.235)

Imposte sul reddito 859.960 753.279 1.017.000 106.681

Risultato netto 698.332 1.060.248 1.090.786 (361.916)


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


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.

31/12/2011 31/12/2010 Variazione

Immobilizzazioni immateriali nette 1.391.758 917.510 474.248

Immobilizzazioni materiali nette 215.345 90.045 125.300

Partecipazioni ed altre immobilizzazioni finanziarie 19.403.712 15.707.221 3.696.491

Capitale immobilizzato 21.010.815 16.714.776 4.296.039

Rimanenze di magazzino 1.137.860 1.864.223 (726.363)

Crediti verso Clienti 29.964.840 26.434.624 3.530.216

Altri crediti 11.022.122 4.214.344 6.807.778

Ratei e risconti attivi 2.947.800 1.161.632 1.786.168

Attività d’esercizio a breve termine 45.072.621 33.674.823 11.397.798

Debiti verso fornitori 24.669.212 21.895.112 2.774.100

Acconti 843 133.333 (132.490)

Debiti tributari e previdenziali 84.992 2.873.498 (2.788.506)

Altri debiti 720.435 109.564 610.871

Ratei e risconti passivi 77.544 79.417 (1.873)

Passività d’esercizio a breve termine 25.553.026 25.090.924 462.102

Capitale d’esercizio netto 19.519.595 8.583.899 10.935.696

Trattamento di fine rapporto di lavoro subordinato 138.152 94.972 43.180

Debiti tributari e previdenziali (oltre 12 mesi) 54.922 54.922

Altre passività a medio e lungo termine 1.313.201 561.494 751.707

Passività a medio lungo termine 1.506.275 656.466 849.809

Capitale investito 39.024.136 24.642.209 14.381.927

Patrimonio netto (13.212.794) (13.189.419) (23.375)

Posizione finanziaria netta a medio lungo termine (5.804.729) (5.754.712) (50.017)

Posizione finanziaria netta a breve termine (20.006.613) (5.698.078) (14.308.535)

Mezzi propri e indebitamento finanziario netto (39.024.136) (24.642.209) (14.381.927)


31/12/2011 31/12/2010 31/12/2009

Margine primario di struttura (7.798.021) (3.525.357) (640.074)

Quoziente primario di struttura 0,63 0,79 0,88

Margine secondario di struttura (487.017) 2.885.821 6.230.884

Quoziente secondario di struttura 0,98 1,17 2,17 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 medium-long 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):

The 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

31/12/2011 31/12/2010 31/12/2009 Variazioni

Depositi bancari 1.527.840 2.058.845 (2.731.078) (531.005)

Denaro e altri valori in cassa 11.909 781 37.552 11.128

Azioni proprie 0 0 0

Disponibilità liquide ed azioni proprie 1.539.749 2.0 59.626 (2.693.526) (519.877)

Attività finanziarie che non costituiscono immobili zzazioni 0 0 0 0

Obbligazioni e obbligazioni non convertibili (entro 12 mesi)

Debiti verso soci per f inanziamento (entro 12 mesi)

Debiti verso banche (entro 12 mesi) 21.546.362 7.757.703 8.361.139 13.788.659

Debiti verso altri f inanziatori (entro 12 mesi)

Anticipazioni per pagamenti esteri

Debiti finanziari a breve term ine 21.546.362 7.757.703 8.361.139 13.788.659

Posizione finanziaria netta a breve term ine (20.006. 613) (5.698.077) (11.054.665) (14.308.536)

Obbligazioni e obbligazioni non convertibili (oltre 12 mesi)

Debiti verso soci per f inanziamento (oltre 12 mesi) 400.000

Debiti verso banche (oltre 12 mesi) 5.804.729 5.754.712 6.319.693 50.017

Debiti verso altri f inanziatori (oltre 12 mesi)

Anticipazioni per pagamenti esteri

Quota a lungo termine di f inanziamenti (1.577.262)

Crediti f inanziari

Posizione finanziaria netta a medio/lungo termine (5 .804.729) (5.754.712) (5.142.431) (50.017)

Posizione finanziaria netta (25.811.342) (11.452.789) (16.197.096) (14.358.553)


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

Liquidità primaria 0,97 1,03 1,00

Liquidità 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).


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:

2011 2010 2009

EE 39,35% 31,40% 26,40%

GAS 60,65% 68,60% 73,60%

100,00% 100,00% 100,00%

Costs flow

The main operative management costs are split as follows: (in Euro /000) 2008 % 2009 % 2010 % 2011 %

Fatturato 71.628 96.468 111.164 147.880

(in Euro /000) 2008 % su fatt 2009 % su fatt 2010 % su fatt 2011 % su fatt

Acquisti 74.250 103,7% 87.489 90,7% 99.057 89,1% 137.235 92,8%

Servizi 907 1,3% 2.709 2,8% 2.624 2,4% 4.166 2,8%

Affitti e leasing 202 0,3% 253 0,3% 1.246 1,1% 300 0,2%

Personale 423 0,6% 993 1,0% 1.053 0,9% 1.648 1,1%

Ammortamenti 81 0,1% 187 0,2% 230 0,2% 312 0,2%

Accantonamenti (sval.crediti) 106 0,1% 129 0,1% 0,0% 0,0%

Variazione magazzino (5.380) -7,5% 1.731 1,8% 4.636 4,2% 1.513 1,0%

Oneri di gestione 48 0,1% 192 0,2% 168 0,2% 93 0,1%

Totale costi di produzione 70.637 98,6% 93.683 97,1% 109.014 98,1% 145.267 98,2%

0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

30,0%

35,0%

40,0%

2009 2010 2011

Indice di crescita del fatturato


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%).

Financial management

Balance between financial income and charges – including realised differences and not on exchange – went from 0,37 million to about 1,1 million Euro. Specifically: (in Euro /000) 2008 % 2009 % 2010 % 2011 %

Fatturato 71.628 100% 96.468 100% 111.164 100% 147.880 100%

Gestione finanziaria (224) -0,3% (735) -0,8% (369) -0,3% (1.057) -0,7%

Proventi finanziari 86 0,1% 112 0,1% 543 0,5% 335 0,2%

Oneri finanziari (310) -0,4% (846) -0,9% (912) -0,8% (1.396) -0,9%

Saldo (224) -0,3% (734) -0,8% (369) -0,3% (1.061) -0,7%

Differenza cambi 0 0,0% (1) 0,0% 0 0,0% 4 0,0%

(in Euro /000) 2008 % 2009 % 2010 % 2011 %

Fatturato 71.628 100% 96.468 100% 111.164 100% 147.880 100%

Costo del personale 423 0,6% 993 1,0% 1.053 0,9% 1.648 1,1%

Variazione costo 570 134,8% 60 6,0% 595 56,5%

Costo medio dipendente 42 50 0,1% 42 0,0% 45 0,0%

N. dipendenti 10 20 25 37

Variazione n. dipendenti 10 100,0% 5 25,0% 12 48,0%


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 “hardware” infrastructures.

Operative points

The activity is carried out in the Net Center in Padua – 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.


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 “Environmental and employee-related information” 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


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)


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.


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.


DescrizioneUltimo bilancio disponibile al

31/12/2010

Penultimo bilancio disponibile

al 31/12/2009

STATO PATRIMONIALE

ATTIVO

A) Credi ti v/soci per versamenti ancora dovuti

B) Immobi l i zzazioni 26.193.822 25.137.800

C) Attivo ci rcola nte 3.422.732 1.785.446

D) Ratei e ris conti 567 558

Totale Attivo 29.617.121 26.923.804

PASSIVO:

A) Patrimonio Netto:

Capi ta le socia le 100.000 100.000

Ri s erve 11.867.964 11.309.178

Uti le (perdi te) del l 'es ercizio 681.929 558.786

B) Fondi per ri s chi e oneri

C) Trattamento di fine rapporto di lav. Sub.

D) Debi ti 16.963.896 14.952.612

E) Ratei e ri sconti 3.332 3.308

Totale passivo 29.617.121 26.923.884

CONTO ECONOMICO

A) Va lore del la produzione 1.008.723

B) Costi del la produzione (49.564) (27.212)

C) Proventi e oneri finanziari (54.688) 589.771

D) Retti fi che di va lore di att. Finanziarie

E) Proventi e oneri s tra ordinari 393

Imposte sul reddi to del l 'esercizio (222.542) (4.166)

Utile (perdita) dell'esercizio 681.929 558.786 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


"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


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 write-downs 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 write-downs 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.


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


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


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 2010

Directors 1 2

Employees 30 23

Labourers 0 0

Other 6 0

37 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

2011 2010 Var.

Tota le del le immobi l i zzazioni immateria l i 1.391.758 917.510 474.248 It consists of:


Descrizione 31/12/2011 31/12/2010 Var.

1) costi di impianto e di ampl iamento 626.498 1.058 625.440

2) costi di ri cerca , di svi luppo e di pubbl icita ' 386.477 520.874 (134.397)

3) di ritti di brevetto industria le e di ri tti di uti l i zzazi one del le opere del l ’ingegno 0 257.831 (257.831)

4) concess ioni , l i cenze, marchi e di ri tti s imi l i 47.849 31.057 16.792

6) immobi l i zzazioni in corso e acconti 60.000 60.000 0

7) a l tre 270.934 46.690 224.244

TOTALE 1.391.758 917.510 474.248 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

2011 2010 Var.

Totale del le immobi l i zzazioni materia l i 215.345 90.045 125.300

The balance consists of:

Descrizione 31/12/2011 31/12/2010 Var.

1) Terreni e fabbricati

2) Impianti e ma cchinario

3) Attrezzature industria l i e commercia l i

4) Al tri beni 215.345 90.045 125.300

5) Immobi l i zza zioni in corso e acconti

TOTALE 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.


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 2010 Var.

Tota le del le immobi l i zzazioni finanziarie 22.634.104 19.856.296 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) imprese control late 14.912.500 780.796 15.693.296

b) imprese col legate 0

c) imprese control lanti 0

d) a l tre impres e 31.270 31.270

14.912.500 812.066 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


DenominazioneCittà o Stato

Estero

Capitale

socialePatrimonio Netto Utile/Perdita % Poss.

Valore

bilancio

Riserve di

utili/capit sogg a

restit o vincoli o in

sosp. d'imp

GASCOM RENEW SPA MILANO 16.500.000 17.554.966 881.648 90% 14.850.000

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 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


2) Crediti

a) vers o imprese control late 3.918.503 (2.636.612) 1.281.891

b) vers o imprese col legate 0 632.200 632.200

c) verso control lanti 26 (26) 0

d) vers o a l tri 265.267 1.570.780 1.836.047

4.183.796 2.202.980 (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 € are attributable to Security Deposits paid to Regions as guarantee on additional taxes payment.

Other securities The entry is composed as follows:



3) Altri titoli

Ti tol i a cauzione

Ti tol i in garanzia

Al tri 760.000 2.400.000 3.160.000

(F.do s valutazione

ti tol i immob.ti )

Arrotondamento

760.000 2.400.000 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 saldo al 31/12/2010 Variazioni

Rimanenze 0,00 1.513.393,00 (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 mesi Oltre 12 mesi Oltre 5 anni Totale

1) verso clienti; 29.964.840 519.146 30.483.985

2) verso imprese controllate; 5.210.442 5.210.442

3) verso imprese collegate; 101.270 101.270

4) verso controllanti; -

4bis) crediti tributari; 1.687.663 1.687.663

4ter) imposte anticipate; 3.438 3.438

5) verso altri. 269.172 269.172

Totale 37.236.824 519.146 - 37.755.970


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:

DescrizioneF.do svalutazione ex art. 2426F.do

svalutazione ex art. 2426 Codice civile

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 Variazio ni

1.539.749 2.059.626 (519.878) The entry consists of:


Saldo al 31/12/2011 Saldo al 31/12/2010 Variazio ni

1) depositi bancari e postali 1.527.840 2.058.845 (531.005)

2) Assegni 0

3) Danaro e valori in cassa 11.909 781 11.128

Totale disponibilità liquide 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 Importo

Ratei attivi 341.496

Ris conti a ttivi divers 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).


Liabilities

A) Net assets


PATRIMONIO NETTO 13.212.795 13.189.420 23.375 It consists of:


I - Capitale 5.500.000 5.500.000 0

IV - Riserva legale 137.322 84.310 53.012

Riserva straordinaria 1.927.141 1.601.905 325.236

Riserva avanzo di fusione (7.045) 7.045

Arrotondamento 1 (1)

Riserve in sospensione di imposta 4.950.000 4.950.000 0

IX - IV - Utile (perdita) d'esercizio 698.331 1.060.248 (361.917)

A) PATRIMONIO NETTO 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 Importo Possibilità utilizzo (*)

Quota disponibile

Utilizzazioni eff. nei 3 es. prec.

per copert. perdite

Utilizzazioni eff. nei 3 es.

prec. per altre ragioni

Capitale 5.500.000 B

Riserva da sovrapprezzo delle azioni A, B, C

Riserve di rivalutazione A, B

Riserva legale 137.322

Riserve statutarieA, B

Riserva per azioni proprie in portafoglio

Altre riserve 6.877.141 A, B, C 6.877.141

Utili (perdite) portati a nuovo A, B, C

Totale 6.877.141

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.


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:

data importo fonte15/02/2005 120.000 Costituzione della società

30/05/2005 650.000 Aumento capitale sociale mediante versamento

31/12/2005 (132.053) Utilizzo capitale per perdita esercizio 2005

28/09/2006 362.053 Aumento capitale sociale mediante versamento

17/03/2008 1.000.000 Aumento capitale sociale mediante versamento



5.500.000 Totale capitale sociale al 31/12/2010

FORMAZIONE CAPITALE SOCIALE

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 5.500.000 5.500.000

Utile 698.332 1.060.248

Utile per azione 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


valore al 31/12/2011 valore al 31/12/2010 Variaz ioni

TOTALE FONDI PER RISCHI ED ONERI 54.922 47.281 7.641 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


TRATTAMENTO DI FINE RAPPORTO DI LAVORO SUBORDINATO 138.152 94.972 43.180

Esso è così composto:


TRATTAMENTO DI FINE RAPPORTO DI LAVORO SUBORDINATO

F.do TFR impiegati 138152 94.972 43.180

F.do TFR operai

F.do TFR dirigenti

138.152 94.972 43.180 The change consists of:

valore al 31/12/2010 incrementi decrementi valore al 31/12/2011

Fondo TFR 94.972 85.623 42.443 138.152 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.


D) Debts


DEBITI 54.139.774 39.038.135 15.101.639 The entry consists of:


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 f inanziatori

6) Acconti 843 133.333 (132.490)

7) Debiti verso fornitori 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 84.992 50.536

14) Altri debiti 1.632.971 623.971

54.139.774 39.038.005 16.881.275 Debts are valued at their nominal value and their deadline is divided as follows:

Entro 12 mesi Oltre 12 mesi Oltre 5 anni Totale

Obbligazioni

Obbligazioni convertibili

Debiti verso soci per f inanziamenti

Debiti verso banche 21.546.362 5.804.729 27.351.091

Debiti verso altri f inanziatori

Acconti 843 843

Debiti verso fornitori 24.669.212 24.669.212

Debiti costituiti da titoli di credito

Debiti verso imprese controllate 394.279 394.279

Debiti verso imprese collegate 6.386 6.386

Debiti verso controllanti

Debiti tributari

Debiti verso istituti di previdenza 84.992 84.992

Altri debiti 319.770 1.313.201 1.632.971

47.021.844 7.117.930 54.139.774


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

14.371

Other debts 222.122

Wages and salaries 83.277

Energy security deposits 607.503

Gas security deposits 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

31/12/2011 31/12/2010 Changes E) ACCRUALS AND

DEFERRALS 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



Garanzie prestate 5.522.000 1.526.000 3.996.000

Garanzie reali 9.265.000 9.265.000

Altri rischi 188.554 (188.554)

TOTALE CONTI D'ORDINE 14.787.000 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 Tipo Numero Data inizio Scadenza Euro

Antonveneta per obbligazioni specifiche 39563228 n.a. n.a. 102.000

Cassa di Risparmio del Veneto fidejussione 800000509358 27/05/2011 n.a. 1.170.000

Popolare di Vicenza fid. gen.limitata pro quota 939103 11/01/2010 a revoca 1.050.000

Popolare di Vicenza fidejussione generale limitata 1066424 28/03/2011 a revoca 700.000

Popolare di Vicenza fidejussione specifica limitata 1336335 30/06/2011 31/03/2013 500.000

Popolare di Vicenza fidejussione specifica limitata 1375522 01/12/2011 28/06/2012 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.


Banca Padovana Credito Cooperativo Pegno Obbl. Banca n.a. n.a. 19/01/2012 160.000

BNL Mod. 1731 0000/7553653 13/07/2011 21/09/2021 4.000.000

BNL Pegno c/c vincolato 0000/7553679 17/11/2011 30/11/2110 4.000.000

Cassa di Risparmio del Veneto Lettera impegno gene 806000019327 03/04/2009 n.a. 705.000

Popolare di Milano autor. Tratt. Somme n.a. n.a. n.a. imprecisato

Unicredit 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


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:



Antonveneta Fidejussione 7004901 n.a. 08/08/2012 26.067





Antonveneta Fidejussione 7008801 n.a. 31/05/2013 1.100.000

Popolare di Ravenna Fidejussione 344373 27/06/2011 30/04/2012 300.000

Popolare di Ravenna Fidejussione 104789 11/05/2011 30/04/2012 695.000

Popolare di Verona Fidejussione n.a. n.a. 31/12/2012 450.000

Banca Sella Fidejussione n.a. n.a. n.a. 29.584

Banco Tre Venezie Fidejussione n.a. 30/10/2009 a revoca 6.000

Banco Tre Venezie Fidejussione n.a. 30/10/2009 a revoca 18.000

Banca Padovana Credito Cooperativo C.D.F. Comm. Scadenza MLT 9007804 n.a. 21/11/2016 15.000






BNL Fid.Gar.Pagam.Dilaz.Merci 033642 12/08/2010 n.a. 200.000

BNL Fidejussione 035433 19/09/2011 28/02/2012 230.000

BNL Fidejussione 035471 28/09/2011 n.a. 1.000.000

BNL Fidejussione 035486 29/09/2011 31/08/2013 500.000

BNL Fid.Gar.Pagam.Dilaz.Merci 035726 17/11/2011 31/12/2012 2.200.000

BNL Fid.Gar.Pagam.Dilaz.Merci 035727 17/11/2011 31/12/2012 800.000

Cassa di Risparmio del Veneto Fidejussione 04178-820001066292 19/07/2010 n.a. 500.000

Cassa di Risparmio del Veneto Fidejussione 04178-820001066836 21/09/2010 31/01/2012 1.400.000

Cassa di Risparmio del Veneto Fidejussione 04178-820001069619 08/06/2011 10/06/2012 1.000.000

Cassa di Risparmio del Veneto Fidejussione 04178-820001071110 17/11/2011 15/01/2013 500.000

Credito Emiliano Fidejussione 0250031/121 17/01/2011 30/03/2013 240.000

Sparkasse Fidejussione 120639/1 n.a. 31/01/2013 1.400.000

Sparkasse Fidejussione 120639/2 n.a. 31/10/2013 100.000



Veneto Banca Fidejussione 20289 21/01/2009 indeterm. 19.940








Popolare di Milano Fidejussione n.a. n.a. indeterm. 790.000

Unicredit Fidejussione n.a. n.a. 30/12/2012 360.000







Unicredit Fidejussione n.a. n.a. indeterm. 98.094

Popolare di Vicenza Fid. Buona esecuzione lavori 57996 11/01/2010 31/05/2013 1.600.000

Popolare di Vicenza Fid. Buona esecuzione lavori 60984 16/09/2010 indeterm. 2.800.000


Popolare di Vicenza Fid. Altre di natura comm.le 65683 01/01/2012 30/06/2013 98.280


Popolare di Vicenza De.Av/Fi.Cl.Res.Eur 5345842 09/06/2011 28/05/2012 500.000

25.242.899 Third party guarantees to the company.



Antonveneta pro-quota 39570228 n.a. n.a. 1.110.000

Antonveneta pro-quota 39570229 n.a. n.a. 2.590.000

Banca Padovana Credito Cooperativo fid.omnibus lim du terzi n.a. n.a. n.a. 495.000



Sparkasse fidejussione n.a. 24/08/2010 31/12/2069 2.000.000

Veneto Banca fid. Omn. Lim. Terzi - pro quota 559507 29/12/2009 a revoca 3.500.000

Veneto Banca fid. Specifica lim. Pro quota 571444 27/04/2010 31/05/2015 2.500.000

Unicredit fid. Specifica lim. Pro quota n.a. n.a. n.a. 5.400.000

Popolare di Vicenza fidejussione specifica limitata 1338897 27/09/2011 a revoca 10.000.000


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 Banca IRS 3782388 07/05/2010 29/05/2015 Eur 2.500.000 889

Cassa di

Ri sparmio del

Veneto

IRS 1007290224 19/07/2010 29/07/2015 Eur 2.000.000 (21.531)

Totale 14.500.000 (183.652) Income statement

A) Production value


31/12/2011 31/12/2010 Changes

147.880.149

111.164.046

36.716.103 The entry consists of:

Description 31/12/2011 31/12/2010 Changes

Sales and services revenues

147.807.605

111.096.791

36.710.814

Products inventory changes

Work in progress to order changes

Increases of non-current assets from in-house

production

Other revenues and income 72.544 67.255 5.289

PRODUCTION VALUE 147.880.149 111.164.046 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:

2011 2010

EE 39,35% 31,40%

GAS 60,65% 68,60%

B) Production costs


COSTI DELLA PRODUZIONE 145.267.626 109.015.117 36.252.509 They are detailed as follows:

valore al 31/12/2011 % su fatt valore al 31/12/2 010 % su fatt valore al 31/12/2009 % su fatt va lore al 31/12/2008 % su fatt

Variazioni 2010/2011

COSTI DELLA PRODUZIONE

Per materie prime, sussidiarie, di consumo e di merci 137.234.627 92,8% 99.057.159 89,1% 87.489.580 90,7% 74.250.385,00 103,3% 38.177.468

Per servizi 4.166.509 2,8% 2.624.274 2,4% 2.709.099 2,8% 907.319,00 1,3% 1.542.235

Per godimento di beni di terzi 299.676 0,2% 1.246.343 1,1% 252.615 0,3% 201.809,00 0,3% (946.667)

Per il personale 1.647.862 1,1% 1.053.094 0,9% 992.690 1,0% 422.665,00 0,6% 594.768

Ammortamenti e svalutazioni 312.271 0,2% 230.254 0,2% 315.687 0,3% 187.162,00 0,3% 82.017

Variazioni delle rimanenze 1.513.393 1,0% 4.635.778 4,2% 1.731.139 1,8% (5.379.696,00) -7,5% (3.122.385)

Oneri diversi di gestione 93.288 0,1% 168.215 0,2% 191.747 0,2% 47.702,00 0,1% (74.927)

145.267.626 98,2% 109.015.117 98,1% 93.682.557 97,1% 70.637.346 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


(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


PROVENTI E ONERI FINANZIARI (1.056.579) (369.098) (687.481)


Specifically:


Proventi da partecipazioni

Da crediti iscritti nelle immobilizzazioni 143.748 43.670 100.078

Da titoli iscritti nelle immobilizzazioni 2.202 2.202

Proventi diversi dai precedenti 189.246 499.137 (309.891)

Interessi e altri oneri f inanziari (1.395.561) (911.905) (483.656)

Utili (perdite) su cambi 3.786 3.786

Totale (1.056.579) (369.098) (687.481)

Other financial income

Descrizione Controllanti Controllate Collegate Altre Totale

Interessi su f inanziamenti 4.314 74.112 14.140 51.182 143.748

Altri proventi 191.448 191.448

4.314 74.112 14.140 242.630 335.196

Interests and other financial charges

Descrizione Controllanti Controllate Collegate Altre Totale

Interessi su obbligazioni 0

Interessi bancari 1.171.465 1.171.465

Interessi su f inanziamenti 13.080 13.080

Interessi fornitori 210.600 210.600

Interessi tributari 415 415

0 13.080 0 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


PROVENTI E ONERI STRAORDINARI 2.347 33.696 (31.349)


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

Imposte 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 0

Imposte anticipate IRES (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:


Riconciliazione tra onere fiscale da bilancio e onere fiscale teorico (IRES)

Descrizione Valore Imposte

Risultato prima delle imposte 1.558.291

Onere f iscale teorico (%) 38 592.151

Differenze temporanee tassabili in esercizi success ivi:

Differenze temporanee deducibili in esercizi successivi:

Accantonamento TFM (atto senza data precisa) 12.500

Rigiro delle dif ferenze temporanee da esercizi precedenti:

Spese di manutenzioni deducibili da es. prec. (10.132)

Differenze che non si riverseranno negli esercizi s uccessivi:

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 f iscale 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 dell’imponibile IRAP

Descrizione Valore

Differenza tra valore e costi della produzione 4.260.385

Costi non rilevati ai f ini IRAP 16.717

Compensi occasionali e ad amministratori 276.629

Oneri f inanziari riclassif icati in B.7 - spese per servizi 277.162

Deduzioni IRAP personale dipendente (579.674)

Ricavi non rilevanti ai f ini IRAP

Onere fiscale teorico (%) 3,9

Imponibile IRAP 4.251.219

IRAP corrente per l'esercizio 165.798


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

Ammontare diff temp

Effetto fiscale Ammontare

diff temp Effetto fiscale

Imposte anticipate

TFM non deducibile f ino a corr. 12.500 3.438

Differenze temporanee per ragioni di competenza

Svalutazioni dell'attivo circolante

Adeguamento aliquote

Totali imposte anticipate 3.438

Imposte differite

Differenze temporanee per ragioni di competenza

Adeguamento aliquote

Proventi non imponibili

Totale imposte differite

Imposte differite (anticipate) nette (3.438)

valore al 31/12/2011 valore al 31/12/2010

Leasing transactions


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 Attività Dati

Ente erogatore LEASINT SPA

Contratto di leasing n. 00960273/001

Data contratto 01/04/2011

Bene utilizzato AUTO AUDI A7-EH720FB

Data versamento Maxicanone 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

Costo sostenuto dal concedente (netto Iva) 60.723,97

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 corsoBeni in leasing finanziario alla fine dell'esercizio precedente, al netto degli ammortamenti complessivi pari a Euro 0,00 alla fine dell’esercizio precedente

0,00

+ Beni acquisiti in leasing finanziario nel corso dell'esercizio 68.011,00

- Beni in leasing finanziario riscattati nel corso dell'esercizio 0,00

- Quote di ammortamento di competenza dell'esercizio 17.003,00

+ / - Rettifiche/riprese di valore su beni in leasing finanziario 0,00

Beni in leasing finanziario al termine dell’esercizio, al netto degli ammortamenti complessivi pari a Euro 17.003,00 51.008,00

b) Beni riscattatiMaggior valore complessivo dei beni riscattati, determinato secondo la metodologia finanziaria, rispetto al loro valore netto contabile alla fine dell’esercizio

0,00

Storno dei risconti attivi su operazioni di leasing finanziario 1.369,00

c) PassivitàDebiti 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

+ Debiti impliciti sorti nell'esercizio 66.325,00

- Riduzioni per rimborso delle quote capitale 10.677,00

- Riduzioni per riscatti nel corso dell’esercizio 0,00

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)

55.648,00

Storno dei ratei su canoni di leasing finanziario 0,00

d) Effetto complessivo lordo alla fine dell’eserciz io -6.009,00

e) Effetto netto fiscale -268,00

f) Effetto sul Patrimonio Netto alla fine dell’eser cizio -5.741,00

L'effetto sul Conto Economico può essere così rappresentato

Storno di canoni su operazioni di leasing finanziario 13.543,00

Rilevazione degli oneri finanziari su operazioni di leasing finanziario 1.299,00

Rilevazione di

- quote di ammortamento

- su contratti in essere 17.003,00

- su beni riscattati 0,00

- rettifiche/riprese di valore su beni in leasing finanziario 0,00

Effetto sul risultato prima delle imposte -4.758,00

Rilevazione dell’effetto fiscale -212,00

Effetto sul risultato d'esercizio delle rilevazioni delle operazioni di leasing con il metodo finanziario -4.546,00

Leasing no. 2


Attività Dati

Ente erogatore ING LEASE ITALIA SPA

Contratto di leasing n. 150643/1


Bene utilizzatoAUTOVETTURA

VOLKSWAGEN PASSAT - EG067AM


Importo maxicanone 527,57





Importo rata (netto Iva) 527,57




Importo richiesto per il riscatto 224,66



Aliquota IVA 20,00





Moratoria

Numero di rate sospese in moratoria (0 per nessuna moratoria) 0,00


Importo


0,00







0,00

Storno dei risconti attivi su operazioni di leasing finanziario 459,00


0,00





19.914,00








Rilevazione di







Effetto sul risultato d'esercizio delle rilevazioni delle operazioni di leasing con il metodo finanziario -862,00 Leasing no. 3


Attività Dati

Ente erogatoreVOLKSWAGEN BANK GMBH

Contratto di leasing n. 2120518


Bene utilizzatoAUTOVETTURA AUDI A8 - EG218SD


Importo maxicanone 7.458,33





Importo rata (netto Iva) 1.417,08




Importo richiesto per il riscatto 7.458,33



Aliquota IVA 20,00





Moratoria

Numero di rate sospese in moratoria (0 per nessuna moratoria) 0,00


Importo


0,00







0,00

Storno dei risconti attivi su operazioni di leasing finanziario 7.301,00


0,00





67.062,00








Rilevazione di







Effetto sul risultato d'esercizio delle rilevazioni delle operazioni di leasing con il metodo finanziario -11.478,00

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


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 corsoBeni 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


c) PassivitàDebiti 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 166.077

- Riduzioni per rimborso delle quote capitale 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’eserciz io (a+b-c) -19.223

e) Effetto netto fiscale -99

f) Effetto sul Patrimonio Netto alla fine dell’eser cizio (d-e) -18.230


Storno di canoni su operazioni di leasing finanziario 30.391

Rilevazione degli oneri finanziari su operazioni di leasing finanziario 3.955

Rilevazione di


- su contratti in essere 44.177

- su beni riscattati

- rettifiche/riprese di valore su beni in leasing finanziario

Effetto sul risultato prima delle imposte -17.740

Rilevazione dell’effetto fiscale -853

Effetto sul risultato d'esercizio delle rilevazioni delle operazioni di leasing con il metodo finanzia rio -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


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 Compensation Directors 150.000,00

Auditor 24.375,00

Board of statutory auditors 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


ANNEXES


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

Saldo Iniziale Destinazione utile

Distribuzione

dividendi

Versamento

capitale Riclassifiche Utile d'esercizio Saldo

TOTALE PATRIMONIO NETTO 31/12/2006 637.949 230.000 (190.871) 677.078

Capital e soci al e 1.000.000 1.000.000

Ris erva l egal e 0

Ris erva s traordinari a 0

Altre riserve 2 (1) 1

Uti l i portati a nuovo 0

Perdi te portate a nuovo (322.924) (322.924)

Uti l e d'eserci zi o 306.894 306.894

Perdi ta d'es ercizio 0 0

TOTALE PATRIMONIO NETTO 31/12/2007 677.078 (1) 0 0 0 306.894 983.971

Capital e soci al e 1.000.000 2.000.000 3.000.000

Ris erva l egal e 0 0

Ris erva s traordinari a 0 0

Altre riserve 1 1

Uti l i portati a nuovo 0 306.894 306.894

Perdi te portate a nuovo (322.924) (322.924)

Uti l e d'eserci zi o 306.894 (306.894) 611.459 611.459


TOTALE PATRIMONIO NETTO 31/12/2008 983.971 0 0 2.000.000 0 611.459 3.595.430


Ris erva l egal e 0 29.771 29.771

Ris erva s traordinari a 0 565.659 565.659

Altre riserve 1 (7.046) (7.045)

Uti l i portati a nuovo 306.894 (306.894) 0

Perdi te portate a nuovo (322.924) 322.924 0

Uti l e d'eserci zi o 611.459 (611.459) 1.090.786 1.090.786


TOTALE PATRIMONIO NETTO 31/12/2009 3.595.430 0 0 0 (7.046) 1.090.786 4.679.171

Capital e soci al e 3.000.000 2.500.000 5.500.000

Ris erva l egal e 29.771 54.539 84.310

Ris erva s traordinari a 565.659 1.036.247 1.601.906

Ris erva da conferi mento 4.950.000 4.950.000

Altre riserve (7.045) (7.045)

Uti l i portati a nuovo 0 0

Perdi te portate a nuovo 0 0

Uti l e d'eserci zi o 1.090.786 (1.090.786) 1.060.248 1.060.248


TOTALE PATRIMONIO NETTO 31/12/2010 4.679.171 0 0 2.500.000 4.950.000 1.060.248 13.189.419


Ris erva l egal e 84.310 53.012 137.322

Ris erva s traordinari a 1.601.906 1.007.236 (682.000) 1.927.142

Ris erva da conferi mento 4.950.000 4.950.000

Altre riserve (7.045) 7.045 0

Uti l i portati a nuovo 0 0

Perdi te portate a nuovo 0 0

Uti l e d'eserci zi o 1.060.248 (1.060.248) 698.331 698.331


TOTALE PATRIMONIO NETTO 31/12/2011 13.189.419 0 (682.000) 0 7.045 698.331 13.212.794


PR

OS

PETTO

DELLE V

AR

IAZIO

NI N

EI CO

NTI D

ELLE IMM

OB

ILIZZA

ZION

I IMM

ATER

IALI A

L 31 DIC

EMB

RE 2011 (in Euro)

Descrizione

costo am

mort.

Accum

ulati valore al 31/12/10

incrementi

decrementi

riclassifiche sul cespite

amm

ort. Esercizio

riclassifiche sul fondo

costo am

mort.

Accum


1) costi di impianto e di am

pliamento;

9.8408.782

1.058655.699

30.259665.539

39.040626.498

2) costi di ricerca, di sviluppo e di pubblicita’;745.525

224.652520.873

134.396745.525

359.048386.477

3) diritti di brevetto industriale e diritti di utilizzazione delle opere dell’ingegno;449.621

191.789257.832

(448.302)(190.470)

1.3191.319

(0)

4) concessioni, licenze, marchi e diritti sim

ili;39.020

7.96431.057

25.3788.586

64.39916.550

47.849

6) avviamento;

00

00

00

6) imm

obilizzazioni in corso e acconti;60.000

060.000

60.0000

60.000

7) altre.106.757

60.06846.689

71.9221.800

448.302103.709

190.470625.181

354.247270.934

TOTA

LE1.410.762

493.254917.508

752.9991.800

0276.949

02.161.962

770.2041.391.758

Situazione iniziale

Movim

enti dell'esercizioS

ituazione finale


PR

OS

PETTO

DELLE V

AR

IAZIO

NI N

EI CO

NTI D

ELLE IMM

OB

ILIZZA

ZION

I MA

TERIA

LI AL 31 D

ICEM

BR

E 2011 (in Euro)

Descrizione

costo am

mort.

Accum


incrementi

decrementi

riclassifiche sul cespite

amm

ort. Esercizio

riclassifiche sul fondo

costo am

mort.

Accum


1) fabbricati e terreni;

2) Impianti e m

acchinari

3) Attrezzatura industriale e com

m.

4) altri beni;197.678

107.63390.045

161.579957

35.322358.300

142.955215.345

5) Imm

obilizzazioni in corso e acconti

TOTA

LE197.678

107.63390.045

161.579957

035.322

0358.300

142.955215.345

Situazione iniziale

Movim

enti dell'esercizioS

ituazione finale


P

RO

SP

ETTO D

ELLE VA

RIA

ZION

I NEI C

ON

TI DELLE IM

MO

BILI

ZZAZIO

NI FIN

AN

ZIAR

IE AL 31 D

ICEM

BR

E 2011

(in Euro)

Situazione

inizialeS

ituazione fina

le

Descrizione

valore al 31/12/10 increm

entidecrem

entiriclassifiche

valore al 31/12/11

1) Partecipazioni in:14.912.500

812.0660

015.724.566

a) imprese controllate;

14.912.500780.796

00

15.693.296

b) imprese collegate;

00

00

0

c) imprese controllanti;

00

00

0

d) altre imprese;

031.270

00

31.270

2) crediti:4.183.796

2.202.980(2.636.638)

03.750.138

a) verso imprese controllate;

3.918.5030

(2.6

36

.61

2)

01.281.891

b) verso imprese collegate;

06

32

.20

00

0632.200

c) verso imprese controllanti;

260

(26

)0

0

d) verso altri;265.267

1.5

70

.78

00

01.836.047

3) altri titoli;760.000

2.400.0000

03.160.000

4) azioni proprie;0

00

00

TOTA

LE19.856.296

5.415.046(2.636.638)

022.634.704

Movim

enti de

ll'esercizio


Rendiconto finanziario di CCN (OIC 12)

Risultato netto 698.332

Ammortamenti (+) 312.271

Accantonamenti netti ai fondi (+) 0

TFR variazione netta (+) 43.180

Svalutazioni (+) 0

Rivalutazioni (-) 0

Capitalizzazioni di costo (-) 0

Flusso di CCN generato dalla gestione reddituale 1.053.782

Smobilizzo di investimenti tecnici 957

Smobilizzo di investimenti finanziari 0

Smobilizzo di investimenti immateriali 1.800

Assunzioni di nuovi debiti a medio-lungo termine 899.826

Aumento reali di capitale proprio 0

Saldo altre variazioni (1.332.627)

Flusso di CCN generato dalla gestione non reddituale (430.044)

TOTALE FONTI DI CCN 623.739

Nuovi investimenti tecnici, finanziari e immateriali 3.314.577

Pagamenti debiti a medio-lungo termine 0

Riduzioni reali di capitale proprio 0

Pagamento di dividendi 682.000

Trasferimento quote a breve di debiti a m/l termine 0

TOTALE IMPIEGHI 3.996.577

VARIAZIONE DI CCN (3.372.838)

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 10.877.921

Variazioni nelle passività a breve termine

Passività finanziarie 13.788.658

Passività non finanziarie 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

Fo

nti

di

CC

NIm

pie

gh

i d

i C

CN

Ca

use

di

va

ria

zio

ne

Op

era

zio

ni

se

nza

eff

ett

i


Rendiconto finanziario di liquidità (OIC 12)

Risultato netto 698.332

Ammortamenti (+) 312.271

Accantonamenti netti ai fondi (+) 0

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 (1.873)

Variazione debiti verso fornitori 2.774.100

Totale liquidità generata dalla gestione reddituale (764.011)

Smobilizzo di investimenti tecnici 957

Smobilizzo di investimenti finanziari 2.636.638

Smobilizzo di investimenti immateriali 1.800

Assunzioni di nuovi debiti finanziari 15.152.458

Aumenti di capitale proprio con liberazione in denaro 0

Saldo altre variazioni (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)

Imp

ieg

hi

di

liq

uid

ità

Fo

nti

di

liq

uid

ità

report and financial statements at 31december 2011

Documents