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19 Equity Investments

Subsidiary companies   
Calor Pi Italia Scrl660
Consorzio Akhea  200-200
Consorzio Energia Servizi BO550
Consorzio Frullo440
Hera Servizi Comiteriali Srl20  20
Ingenia Srl63630
Total 98278-180
Associated companies   
Aimag Spa35,99235,030962
Dyna Green Srl35147-112
Enomondo Srl5,5920 5,592
Feronia Srl826883-57
FlamEnergy Trading Gmbh  1,985 -1,985
Ghirlandina Solare Srl20020
Modena Network Spa1,2071,17730
Refri Srl2,4222,440-18
Set Spa34,97231,048 3,924
Sgr Servizi Spa15,23211,720 3,512
Sei Spa7027020
So.Sel Spa47541461
Tamarete Energia Srl3,8904,150-260
Other minor companies487374113
Other companies   
Calenia Energia Spa9,0739,0730
Energia Italiana Spa13,23313,2330
Galsi Spa10,5248,022 2,502
Other minor companies564567-3

Equity investments in non-consolidated subsidiary companies

The main change compared to 31 December 2010 regards Consorzio Akhea Fondo Consortile, which became operational in January 2010  and was fully consolidated.

Equity investments in associated companies

The main differences compared to 31 December 2009 relate to:

  • Enomondo Srl – with effect from 31 December 2010 the Group purchased 40% of the company’s share capital from Caviro Societ Cooperativa Agricola. The company is consolidated with the equity method
  • Set Spa, Aimag Spa, Sgr Spa and Oikothen Scarl – the changes reflect the receipt of the pertaining portion of final profit/loss of the respective companies,
  • FlamEnergy Trading Gmbh, jointly controlled by Hera Trading Srl (50%) and VNG-Erdgascommerz Gmbh (50%), that is consolidated using the proportional method, starting from this year.

Equity investments in other companies

The increase in this item is mainly due to the equity investment owned by the company Galsi Spa, after the share capital increase resolved by the Extraordinary Shareholders’ Meeting held on 15 October 2009 and to be implemented within 31 December 2010. With reference to this resolution, on 19 January 2010 and 15 September 2010, the payment of the first tranche and second tranches were made, with a share capital increase from Euro 34,838,000 to Euro 37,242,300. 

The increase in the equity investment reflects the pro-quota payment by the Group through the subsidiary Hera Trading Srl.

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