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18 Equity investments

Non-consolidated subsidiaries   
Calor Più Italia Scrl66                                               -
Consorzio Frullo44                                               -
Hera Servizi Comiteriali Srl020(20)
Solhar Alfonsine Srl55                                               -
Solhar Bentivoglio Srl in liquidation 05(5)
Solhar Faenza Srl in liquidation 05(5)
Solhar Ferrara Srl in liquidation 05(5)
Solhar Modena Srl in liquidation 05(5)
Solhar Piangipane Srl55                                               -
Solhar Ravenna Srl55                                               -
Solhar Rimini Srl55                                               -
Sviluppo Ambiente Toscana Srl100                                             10
Associated companies   
Aimag Spa39,47639,910(434)
Dyna Green Srl037(37)
Feronia Srl0705(705)
FlamEnergy Trading Gmbh1,68601,686
Ghirlandina Solare Srl4765(18)
Modena Network Spa1,2031,2012
Refri Srl2,3132,413(100)
Set Spa36,08735,860227
Sgr Servizi Spa17,03617,111(75)
Sei Spa702702-
So.Sel Spa63260032
Tamarete Energia Srl3,3053,498(193)
Other minor companies 35288(253)
Other companies   
Calenia Energia Spa9,0739,073-
Energia Italiana Spa13,23313,233-
Galsi Spa10,52410,524-
Other minor companies 422575(153)
Total                                       33,252                             33,405(153)
Total Equity Investments                                     135,814                           135,865(51)

Equity investments in non-consolidated subsidiaries

Illustrated below are the main changes with respect to 31 December 2011.

  • Hera Servizi Cimiteriali Srl became operative after the disposal, on 1 May 2012, by Hera Spa of the business branch related to the business handling burials and cremations. The company is consolidated on a line-by-line basis.
  • Solhar Bentivoglio Srl in liquidation, Solhar Faenza Srl in liquidation, Solhar Ferrara Srl in liquidation and Solhar Modena Srl in liquidation, on 7 February 2012 Herambiente Spa acquired 49% of the company's share capital from Energetica Spa, thus becoming its sole shareholder. Following this transaction, on 27 June 2012, the companies were placed under liquidation and erased from the Company's Register.
  • Following the awarding of works regarding the tender launched by Quadrifoglio Spa for the building of a waste disposal plant in Florence, Hera Spa and Herambiente Spa created the company Sviluppo Ambiente Toscana Srl, having as a corporate object the development, design and building of interventions and investments connected with environmental services. As at 30 June 2012, this company was not operating yet; Hera Spa and Herambiente Spa hold 95% and 5% of the company's share capital, respectively. Within the same transaction, on 16 May 2012, Sviluppo Ambiente Toscana Srl and Quadrifoglio Spa then founded Q.Thermo Srl, a company having as corporate object the design, building and management of the Energy plant in Sesto Fiorentino. They hold 40% and 60% of the new company's share capital, respectively.

Equity investments in associated companies

Compared to 31 December 2011, changes of quotas owned in Aimag Spa, Set Spa, Sgr Servizi Spa e Tamarete Energia Srl reflect the updating of pro-quota profit/losses reported from the respective companies.

As regards FlamEnergy Trading Gmbh, on 1 January 2012, the company was consolidated with the equity method following a remarkable reduction in the activities carried out, which determined the limited significance of the contribution of this company to the scope of consolidation. Until 31 December 2011, the company was valued using the proportional method.

As at 31 January 2012, the Group acquired from Sorgea Srl a further 30% of Feronia Srl's share capital, a company operating in the environmental sector, thus holding now 70% of the share capital. The company is now consolidated on a line-by -line basis while as at 31 December 2011 it was measured by using the equity method.

On 13 March 2012, the Group sold the entire shareholding held in Dyna Green Srl, a company operating in the R&D sector of hydrocarbon purchase sources, thus causing the exit of the company from the scope of consolidation.

The change in item "Other" is due to the impairment of the equity investment in Oikothen Scarl. On 29 June 2012, the Shareholders' General Meeting resolved a share capital reduction to cover losses accrued and simultaneously the winding up of the company. The related equity investment was therefore netted through the partial use of the provision created on 31 December 2011.

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