A2A S p A : Separate Financial Statements at 31 december 2021

2021

Separate Financial Statements

Separate financial

statements

2021

these Financial Statements are available at the website

Contents

Overview of performance, financial conditions and net debt

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1	Financial statements
1.1	Balance sheet	12
1.2	Income statement	14
1.3	Statement of comprehensive income	15
1.4	Cash-flow statement	16
1.5	Statement of changes in equity	17
2	Financial statements pursuant to Consob Resolution
no. 17221 of March 12, 2010
2.1	Balance sheet pursuant to Consob Resolution no. 17221 of March 12, 2010	20
2.2	Income statement pursuant to Consob Resolution no. 17221 of March 12, 2010	22
3	Notes
3.1	General information on A2A S.p.A.	24
3.2	Financial statements	25
3.3	Basis of preparation	26
3.4	Changes in international accounting standards	27
3.5	Accounting standards and policies	29
3.6	Notes to the balance sheet	41
3.7	Net debt	61
3.8	Notes to the income statement	63
3.9	Note on related party transactions	79
3.10	Consob Communication no. DEM/6064293 of July 28, 2006	82
3.11	Guarantees and commitments with third parties	85
3.12	Other information	86
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A2A Separate financial statements 2021

4	Attachments
4.1	1. Statement of changes in tangible assets
4.2	2. Statement of changes in intangible assets
4.3	3/a. Statement of changes in investments in subsidiaries
4.4	3/b. Statement of changes in investments in affiliates
4.5	3/c. Statement of changes in investments in other companies	119
4.6	4/a. List of investments in subsidiaries	120
4.7	4/b. List of investments in affiliates	122
4.8	Key data of the financial statements of the main subsidiaries and affiliates
prepared according to IAS/IFRS (pursuant to art. 2429.4 of the Italian Civil Code)	124
4.9	Key data of the financial statements of the main subsidiaries and affiliates
prepared according to ITALIAN GAAP (pursuant to art. 2429.4 of the Italian Civil Code)	126
4.10	Certification of the financial statements pursuant
to article 154-bis, paragraph 5 of Legislative Decree no. 58/98	128
5	Independent Auditors' Report	129
6	Report of the Board of Auditors	135

110 112 114 116

This is a translation of the Italian original "Bilancio separato 2021" and has been prepared solely for the convenience of international readers. In the event of any ambiguity the Italian text will prevail. The Italian original is available at the website.

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Overview of performance, financial conditions and net debt

Overview of performance, financial conditions and net debt

A2A S.p.A.

The Parent Company is responsible for strategic vision, planning, control, financial management and coordination of the A2A Group activities. It also provides services to support the business and operating activities of Group companies (administrative, legal, supply, and personnel management services, information technology and communications) in order to optimize the resources available and use existing expertise in the most efficient manner. These services are governed by intercompany service agreements. Finally, A2A S.p.A. provides its subsidiaries with office space and operating areas, as well as related services.

A2A S.p.A. owns some hydroelectric plants in Valtellina, the hydroelectric unit in Calabria and the unit in Mese, as well as the hydroelectric plants of the unit in Udine.

The Balance Sheet of A2A S.p.A. includes, with respect to the situation at December 31, 2020, the effect of the following non-recurring transactions:

• • the merger by incorporation of the subsidiary Linea Group Holding S.p.A., with effect from January 1, 2021, following the acquisition by A2A S.p.A. of 49% of the share capital of that company by means of the assignment of treasury shares amounting to 2.75% of the share capital of A2A S.p.A., as described in greater detail in the section "Significant events during the year" in the Report on operations. The values of the merged company's assets and liabilities are the same as those shown in the Group's consolidated financial statements;

• • the merger by incorporation of the subsidiary Suncity Energy S.r.l., with effect from January 1, 2021;

• • the merger by incorporation of the subsidiary A2A Telecommunications S.r.l., with effect from February 1, 2021.

Results

millions of euro

01 01 2021 12 31 2021

01 01 2020 12 31 2020

Change

Restated

Revenues

Revenues from the sale of goods and services

Other operating income

Total revenues

Operating expenses

Labour costs

Gross operating margin

Depreciation, amortization and write-downs

Provisions

Net operating income

Financial balance

Result before taxes

Income taxes

Result after taxes from operating activities

Net result from discontinued operations

Net result of the year

3,943.3

4,252.7

45.4

14.6

3,988.7

4,267.3

(3,736.1)

(4,167.6)

(150.9) (9.1)

101.7 90.6

(98.8) (12.1)

(8.3) (4.0)

(5.4) 74.5

499.6 (123.8)

494.2 (49.3)

55.4 (14.5)

549.6 (63.8)

(3.9) 3.6

545.7 (60.2)

In the year in question A2A S.p.A. shows revenues for a total of 8,256 million euro (3,988.7 million euro in the previous year). Sales revenues (7,952 million euro) mainly refer to electricity sales to wholesalers, institutional operators, even on IPEX markets (Italian Power Exchange) and subsidiaries, sales of gas and fuels to third parties and subsidiaries, as well as the sale of materials and plants and the sale of environmental certificates. Revenues from services (244 thousand euro) mainly relate to provisions to subsidiaries of administrative, fiscal, legal, managerial and technical services, and revenues from the

Municipality of Milan for the video surveillance service.

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