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12 Portion of profits (losses) pertaining to associated companies

 1st half 20121st half 2011Changes

The "Portion of profits (losses) pertaining to associated companies" include the effects generated from measurement using the equity method.

In particular, as regards the "Portion of profits", compared to the first half of 2011, the following changes are to be highlighted:

  • Aimag Spa, EUR 1,070 thousand as at 30 June 2012 (EUR 2,668 thousand as at 30 June 2011);
  • Sgr Spa, EUR 1,810 thousand as at 30 June 2012 (EUR 1,554 thousand as at 30 June 2011);
  • Set Spa, EUR 144 thousand as at 30 June 2012 (EUR 653 thousand as at 30 June 2011);


The decrease in the portion of profit related to Aimag Spa is not connected with the fluctuation of the profit/loss for the company, but rather with the availability of financial statements transmitted to the Parent Company. It is acknowledged that, in measuring the associated company based on the equity method as at 30 June 2011, the values inferable from the financial statements of the company as at 31 December 2010 were used. These financial statements were made available only after the approval of the Hera Group's financial statements; conversely, starting from the financial statements as at 31 December 2011 already, the associated company prepared and transmitted to the Group a statement of financial position at the balance sheet date. The above allowed for the realignment of the measurement of the associated company; a decrease was therefore reported with respect to the corresponding period of the previous year.

The "portion of losses" relates to the companies Refri Srl and Tamarete Energie Srl, for EUR 99 thousand and EUR 193 thousand, respectively.

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