Ascopiave S p A : Interim Report as of 30th September 2020

INTERIM REPORT AS OF 30TH SEPTEMBER

2020

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
Ascopiave S.p.A. share trend on the Stock Exchange ....................................	10
Control of the Company ........................................................................	11
Corporate Governance and Code of Ethics .................................................	12
Significant events during the first nine months of 2020.................................	14
Other significant events........................................................................	18
Efficiency and energy saving ....................................................................................................................	18
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 ........................................................................................................................................................	18
Litigations......................................................................................................................................................	20
Relationships with Agenzia delle Entrate (Italian Tax Authority)....................................................	25
Territorial areas...........................................................................................................................................	26
Distribution of dividends .......................................................................	29
Treasury shares ..................................................................................	29
Outlook for the Year ............................................................................	29
Evolution of the COVID 19 emergency.......................................................	30
Goals and policies of the group and risk description .....................................	32
Additional information .........................................................................	35
Seasonal nature of the activity ................................................................................................................	35
Comments on the economic and financial results of the first nine months of 2020
......................................................................................................	35
Performance indicators..............................................................................................................................	35
General operational performance and indicators ...............................................................................	36
General operational performance - The Group's economic results................................................	37
General operational performance - Financial situation .....................................................................	39
General operational performance - Investments.................................................................................	42
Schedules of the interim financial report ..............................................................	43
Consolidated assets and liabilities statement ..............................................	44
Income statement and Comprehensive consolidated income statement .............	45
Statement of changes in consolidated shareholders' equity............................	46
Consolidated statement of cash flows .......................................................	47
EXPLANATORY NOTES .....................................................................................	48
Company information ...........................................................................	48
General drafting criteria and compliance with IFRS ......................................	48
Basis for measurement .........................................................................	49
Consolidation area and principles ............................................................	49
Synthesis data of fully consolidated companies ...........................................	51
COMMENTS ON THE MAIN CONSOLIDATED BALANCE SHEET ITEMS .................................	52
Non-current assets ..............................................................................	52
Current assets ....................................................................................	58
Non-current liabilities ..........................................................................	62
Current liabilities ................................................................................	66
COMMENTS ON THE MAIN CONSOLIDATED PROFIT AND LOSS ACCOUNT ITEMS .................	71
Revenues ..........................................................................................	71
Financial income and expense ................................................................	76

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Ascopiave Group - Interim Report as at 30th September 2020|3

Taxes...............................................................................................	77
Net result of divested companies ............................................................	78
Non-recurrent components....................................................................	78
Transactions deriving from unusual and/or atypical operations .......................	78
OTHER COMMENTS ON THE INTERIM FINANCIAL REPORT AS OF 30TH SEPTEMBER 2020 .......	79
Commitments and risks.........................................................................	79
Risk and uncertainty factors ..................................................................	79
Management of Capital .........................................................................	82
Representation of financial assets and liabilities by category ..........................	83
Business segment reporting ...................................................................	84
Transactions with related parties ............................................................	85
Consolidated assets and liabilities statement.......................................................................................	88
Comprehensive consolidated income statement .................................................................................	89
Consolidated statement of cash flows ....................................................................................................	90
Consolidated net debt ................................................................................................................................	91
Significant events subsequent to the end of the first nine months of 2020 .........	92
Goals and policies of the Group...............................................................	92

Annexes:

In-Company Control:

• Statement by the appointed Manager - Certification of the Interim Financial Statements as of 30th September 2020 in accordance with art. 81-ter of Consob regulation no. 11971

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