Ascopiave S p A : Interim Report as of 31st March 2020

INTERIM REPORT AS OF 31ST MARCH

2020

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

Table of Contents
Other significant events........................................................................	19
Energy efficiency and saving ...................................................................................	19
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 ............................................................................................................	19
Litigations ..........................................................................................................	20
Relationships with Agenzia delle Entrate (Italian Tax Authority)......................................	25
Territorial areas...................................................................................................	26
Distribution of dividends .......................................................................	29
Own shares........................................................................................	29
Outlook for the Year ............................................................................	29
Evolution of the COVID 19 emergency.......................................................	30
Goals and policies of the group and risk description .....................................	31
Additional information .........................................................................	33
Seasonal nature of the activity ................................................................................	33
Comments on the economic-financial results of first quarter of 2020................	34
Performance Indicators..........................................................................................	34
General operational performance and indicators .........................................................	35
General operational performance - Financial situation ..................................................	38
General operational performance - Investments ..........................................................	40
Schedules of the interim financial report .....................................................	41
Consolidated assets and liabilities statement ..............................................	42
Income statement and Comprehensive consolidated income statement .............	43
Statement of changes in consolidated shareholders' equity............................	44
Consolidated statement of cash flows .......................................................	45
EXPLANATORY NOTES.............................................................................	46
Company information ...........................................................................	46
General drafting criteria and main accounting standards adopted ....................	46
Measurement criteria ...........................................................................	48
Consolidation area and principles ............................................................	49
Synthesis data of fully consolidated companies ...........................................	50
COMMENTS ON THE MAIN CONSOLIDATED BALANCE SHEET ITEMS ........................	51
Non-current assets ..............................................................................	51
Current assets ....................................................................................	56
Consolidated Shareholders' Equity...........................................................	60
Non-current liabilities ..........................................................................	60
Current liabilities ................................................................................	63
COMMENTS ON THE MAIN CONSOLIDATED PROFIT AND LOSS ACCOUNT ITEMS .........	67
Revenues ..........................................................................................	67
Financial income and expense ................................................................	71
Taxes...............................................................................................	72
Net result of divested companies ............................................................	72
Non-recurrent component .....................................................................	72
Transactions deriving from unusual and/or atypical operations .......................	72
OTHER COMMENTS ON THE INTERIM FINANCIAL REPORT AS OF 31st MARCH 2020 .....	73
Commitments and risks.........................................................................	73
Risk and uncertainty factors ..................................................................	74
Management of Capital .........................................................................	76
Representation of financial assets and liabilities by categories ........................	77
Business segment reporting ...................................................................	78

Transactions with related parties ............................................................	79
Financial statements representation pursuant to Consob resolution 15519/2006 .82
Consolidated assets and liabilities statement ..............................................................	82
Income statement and Comprehensive consolidated income statement ............................	83
Consolidated statement of cash flows........................................................................	84
Consolidated net debt ...........................................................................................	85
Significant events subsequent to the end of the first quarter of 2020 ...............	86
Goals and policies of the Group...............................................................	87