Ascopiave S p A : Interim Financial Statements as of 30th June 2022

INTERIM FINANCIAL STATEMENTS

2022

A s c o p i a v e G r o u p

TABLE OF CONTENTS
GENERAL INFORMATION .................................................................................................................	5
Directors, Officers and Company information ..............................................	5
Main economic and financial data of the Ascopiave Group...............................	6
REPORT ON OPERATIONS ...............................................................................................................	7
Foreword ...........................................................................................	7
The structure of the Ascopiave Group .......................................................	9
Gas distribution ..................................................................................	10
The regulatory framework.....................................................................	11
Ascopiave S.p.A. share trend on the Stock Exchange ....................................	13
Control of the Company ........................................................................	14
Corporate Governance and Code of Ethics .................................................	15
Transactions with related and affiliate parties ............................................	15
Significant events during the first half of 2022............................................	17
Significant events subsequent to the end of the first half of 2022 ....................	20
Additional significant events ..................................................................	20
Energy efficiency and saving obligations ........................................................	21
Energy efficiency and saving ......................................................................	22
Subscription, with the Municipalities involved, of a convention for the adoption of a
shared procedure aimed at the agreed quantification of the "Residual Industrial Value"
of the networks ......................................................................................	23
Litigations .............................................................................................	24
Relationships with Agenzia delle Entrate (Italian Tax Authority)...........................	30
Territorial areas......................................................................................	31
Distribution of dividends .......................................................................	34
Treasury shares ..................................................................................	34
Outlook for 2022.................................................................................	34
Evolution of the COVID-19 emergency ......................................................	35
Goals and policies of the group and risk description .....................................	37
Research and development....................................................................	40
Human resources ................................................................................	41
Additional information .........................................................................	41
Seasonal nature of the activity....................................................................	41
List of company offices .........................................................................	42
Comments on the economic and financial results of the first half of 2022 ..........	43
Performance indicators.............................................................................	43
General operational performance and indicators .............................................	44
General operational performance - The Group's economic results ........................	45
General operational performance - Financial situation ......................................	47
General operational performance - Investments ..............................................	49
Schedules of the interim financial report ...............................................................................	50
Consolidated assets and liabilities statement ..............................................	51
Income statement and Comprehensive consolidated income statement .............	52
Statement of changes in consolidated shareholders' equity............................	53
Consolidated statement of cash flows .......................................................	54
EXPLANATORY NOTES ...................................................................................................................	55
Company information ...........................................................................	55
General drafting criteria and compliance with IFRS ......................................	55
Financial statements representation ........................................................	56
Basis for measurement .........................................................................	56

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Business combinations..........................................................................	57
Consolidation area and principles ............................................................	58
Synthesis data of companies consolidated on a line-by-line basis .....................	60
COMMENTS ON THE MAIN CONSOLIDATED BALANCE SHEET ITEMS ....................................	61
Non-current assets ..............................................................................	61
Current assets ....................................................................................	68
Consolidated shareholders' equity ...........................................................	73
Non-current liabilities ..........................................................................	73
Current liabilities ................................................................................	78
COMMENTS ON THE MAIN CONSOLIDATED PROFIT AND LOSS ACCOUNT ITEMS ..............	83
Revenues ..........................................................................................	83
Financial income and charges.................................................................	88
Taxes...............................................................................................	89
Net result of assets held for sale .............................................................	90
Non-recurrent components....................................................................	90
Transactions deriving from unusual and/or atypical operations .......................	90
Operating results and balance sheet of assets held for sale ..............................................	91
Operating results of assets held for sale ....................................................	91
Balance sheet of assets held for sale ........................................................	92
Business combinations..........................................................................	92
Commitments and risks.........................................................................	97
Risk and uncertainty factors ..................................................................	97
Management of Capital .........................................................................	99
Representation of financial assets and liabilities by category ........................	100
Transactions with related parties ..........................................................	101
Financial statements representation pursuant to Consob resolution 15519/2006104
Consolidated assets and liabilities statement ................................................	104
Comprehensive consolidated income statement.............................................	105
Consolidated statement of cash flows .........................................................	106
Consolidated net debt ............................................................................	107
Significant events subsequent to the end of the first half of 2022 ..................	108
Goals and policies of the Group.............................................................	108

Annexes:

• Declaration by the Manager - Certification of the Interim Financial Statements in accordance with art. 81-ter of Consob regulation no. 11971;
• Independent Auditors' Report limited to the auditing of the interim financial statements as of 30th June 2022.

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GENERAL INFORMATION

Directors, Officers and Company information

Board of Directors and Board of Auditors

Name	Office	Duration	From	To
of office
Cecconato Nicola	Chairman of the Board of Directiors	2020-2022	29/05/2020	Approval of budget 2022
	and CEO
Pietrobon Greta	Indipendet Director*	2020-2022	29/05/2020	Approval of budget 2022
Quarello Enrico	Director**	2020-2022	29/05/2020	Approval of budget 2022
Bet Roberto	Director	2020-2022	29/05/2020	Approval of budget 2022
Geronazzo Mariachiara	Indipendet Director	2020-2022	29/05/2020	Approval of budget 2022
Vecchiato Luisa	Indipendet Director***	2020-2022	29/05/2020	Approval of budget 2022
Novello Cristian	Indipendet Director	2020-2022	29/05/2020	Approval of budget 2022

The Board of Directors was appointed by the Ordinary Shareholders' Meeting held on 29th May 2020 and has been in office since 4th June 2020.

(*) Pietrobon Greta was appointed as the Lead Independent Director by the Board of Directors on 28th January 2021;

1. Quarello Enrico was an independent director until 28th January 2021 and, subsequently, a non-independent director; (***) Vecchiato Luisa was a non-independent director until 28th January 2021 and, subsequently, an independent director.

Name	Office	Duration	From	To
of office
Salvaggio Giovanni	President of the Board of Auditors	2020-2022	29/05/2020	Approval of budget 2022
Moro Barbara	Statutory Auditor	2020-2022	29/05/2020	Approval of budget 2022
Biancolin Luca	Statutory Auditor	2020-2022	29/05/2020	Approval of budget 2022

Internal committees

In-Company Control	From	To
Committee
Novello Cristian	08/06/2020	Approval of budget 2022
Bet Roberto	08/06/2020	Approval of budget 2022
Geronazzo Mariachiara	08/06/2020	Approval of budget 2022

In-Company
Control	From	To
Committee
Pietrobon Greta	08/06/2020	Approval of budget 2022
Quarello Enrico	08/06/2020	Approval of budget 2022
Vecchiato Luisa	08/06/2020	Approval of budget 2022

Independent Auditors

PriceWaterhouseCoopers S.p.A.

Registered office and company data Ascopiave S.p.A.

Via Verizzo, 1030

I-31053 Pieve di Soligo - TV Italy Tel: [phone]

Fax: [phone]

Share Capital: Euro 234,411,575 fully paid up VAT ID 03916270261

Investor relations Tel. [phone] Fax [phone]

e-mail: [e-mail]

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