Ascopiave S p A : INTERIM REPORT AS OF 31ST MARCH 2023

INTERIM REPORT ON OPERATIONS AS AT 31 MARCH

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

Index
GENERAL INFORMATION	5
Corporate bodies and related information	5
MANAGEMENT REPORT	8
Foreword	8
The Ascopiave Group Structure	10
Ascopiave S.p.A. share price performance on the Stock Exchange	11
Controlling the company	12
Corporate Governance and Code of Ethics	13
Other important facts	18
Efficiency and energy saving	18
Stipulation of a proposed agreement with the municipalities for the adoption of a
shared procedure aimed at the agreed quantification of the 'Industrial Residual
Value' of the networks	18
Litigation	20
Relations with the Income Tax Department	25
Territorial areas	25
Dividend distribution	28
Own shares	28
Foreseeable development of operations	28
Group objectives and policies and description of risks	29
Other information	34
Seasonality of the activity	34
Comments on the economic and financial results for the first quarter of the
financial year 2023	35
Performance Indicators	35
Operating Performance - Key Operational Indicators	35
Operating Performance - The Group's Results of Operations	36
Operating Performance - The Financial Situation	38
Operating Performance - Investments	40
Interim Management Statements	41
Consolidated Statement of Financial Position	42
Consolidated Income Statement and Consolidated Statement of Comprehensive
Income	43
Statements of Changes in Consolidated Shareholders' Equity	44
Consolidated Cash Flow Statement	45
EXPLANATORY NOTES	46
Corporate information	46
General preparation criteria and expression of compliance with IFRS	46
Budget Schedules	47
Evaluation Criteria	47
Business Combinations	47
Scope and Criteria for Consolidation	48
Summaries of companies consolidated on a line-by-line basis	50
NOTES TO ITEMS IN THE CONSOLIDATED BALANCE SHEET	51
Non-current Assets	51
Current Assets	58
Consolidated net assets	63
Non-current liabilities	64
Current liabilities	68

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NOTES TO THE MAIN ITEMS IN THE CONSOLIDATED INCOME STATEMENT	73
Revenues	73
Financial income and expenses	78
Taxes	79
Net result from assets held for sale	79
Non-recurring components	80
Transactions Resulting from Atypical and/or Unusual Transactions	80
Economic, equity and financial performance of companies held for sale	81
The economic results of companies held for sale	81
Business Combinations	82
Commitments and risks	83
Risk factors and uncertainty	83
Capital Management	85
Representation of Financial Assets and Liabilities by Category	86
Transactions with related parties	87
Financial statements presented in accordance with Consob Resolution 15519/2006
......................................................................................................	90
Consolidated Statement of Financial Position	90
Consolidated Statement of Comprehensive Income	91
Consolidated Cash Flow Statement	92
Consolidated net financial debt	93
Significant events after the end of the first quarter of the financial year 2023....	94
Group Objectives and Policies	95

Attachments:

- Declaration of the Manager in Charge - Attestation to the Consolidated Financial Statements pursuant to Article 81- ter of Consob Regulation No. 11971

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GENERAL INFORMATION

Corporate bodies and related information

Board of Directors and Board of Auditors

Name	Office	Duration of office	From	To
Cecconato Nicola	Chairman of the Board of	2020-2022	29/05/2020	18/04/2023
Pietrobon Greta	Indipendet Director	2020-2022	29/05/2020	18/04/2023
Quarello Enrico	Directors	2020-2022	29/05/2020	18/04/2023
Bet Roberto	Directors	2020-2022	29/05/2020	18/04/2023
Geronazzo Marachiara	Indipendet Director	2020-2022	29/05/2020	18/04/2023
Vecchiato Luisa	Indipendet Director	2020-2022	29/05/2020	18/04/2023
Novello Cristian	Indipendet Director	2020-2022	29/05/2020	18/04/2023
Cecconato Nicola	Chairman of the Board of	2023-2025	18/04/2023	Approval of budget 2025
Pietrobon Greta	Directors	2023-2025	18/04/2023	Approval of budget 2025
Quarello Enrico	Directors	2023-2025	18/04/2023	Approval of budget 2025
Novello Cristian	Directors	2023-2025	18/04/2023	Approval of budget 2025
M onti Federica	Indipendet Director	2023-2025	18/04/2023	Approval of budget 2025
Vecchiato Luisa	Indipendet Director	2023-2025	18/04/2023	Approval of budget 2025
Zoppas Giovanni	Indipendet Director	2023-2025	18/04/2023	Approval of budget 2025

On 18 April 2023, the Ordinary Shareholders' Meeting appointed the new Board of Directors.

Name	Office	Duration of office	From	To
Salvaggio Giovanni	President of the Board of Auditors	2020-2022	29/05/2020	18/04/2023
M oro Barbara	Statutory Auditor	2020-2022	29/05/2020	18/04/2023
Biancolin Luca	Statutory Auditor	2020-2022	29/05/2020	18/04/2023
Salvaggio Giovanni	President of the Board of Auditors	2023-2025	18/04/2023	Approval of budget 2025
M oro Barbara	Statutory Auditor	2023-2025	18/04/2023	Approval of budget 2025
Biancolin Luca	Statutory Auditor	2023-2025	18/04/2023	Approval of budget 2025

On 18 April 2023, the Ordinary Shareholders' Meeting appointed the new Board of Statutory Auditors.

Internal committees

In-Company Control Committee	From	To
Novello Cristian	08/06/2020	Approval of budget 2022
Bet Roberto	08/06/2020	Approval of budget 2022
Geronazzo M arachiara	08/06/2020	Approval of budget 2022
Novello Cristian	11/05/2023	Approval of budget 2025
Bet Roberto	11/05/2023	Approval of budget 2025
Vecchiato Luisa	11/05/2023	Approval of budget 2025

In-Company	From	To
Control Committee
Pietrobon Greta	08/06/2020	Approval of budget 2022
Quarello Enrico	08/06/2020	Approval of budget 2022
Vecchiato Luisa	08/06/2020	Approval of budget 2022
Vecchiato Luisa	11/05/2023	Approval of budget 2025
Novello Cristian	11/05/2023	Approval of budget 2025
Pietrobon Greta	11/05/2023	Approval of budget 2025

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