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Equity Investments

Consorzio Akhea200 200
Ingenia Srl63 63
Calor Pił Italia Scrl67-1
Consorzio Energia Servizi550
Consorzio Frullo440
Acantho Spa 6,658-6,658
Agea reti Srl 7,665-7,665
Aimag Spa35,030 35,030
Feronia Srl883927-44
Dyna Green Srl1471407
FlamEnergy Trading Gmbh1,9851,786199
Modena Network Spa1,177694483
Refri Srl2,4402,518-78
Set Spa31,04830,0181,030
Sgr Servizi Spa11,72010,1471,573
Satcom Spa 1,992-1,992
Sei Spa7027020
So.Sel Spa4144086
Tamarete Energia Srl4,1504,330-180
Other minor associates374494-120
Other companies   
Ambiente Mare Spa 300-300
Calenia Energia Spa9,0739,0730
Energia Italiana Spa13,23313,2330
Galsi Spa8,0226,9811,041
Other minor companies567442125
Total equity investments121,24398,52422,719

Equity investments in non-consolidated subsidiaries
The most significant changes that have occurred since last year are noted below.

On 19 October 2009, the subsidiaries Herambiente Srl and Akron Spa, 51% and 49%, respectively, formed the Consorzio Akhea, having its object the decontamination of sites. As at 31 December 2009, the consortium is still not operating.

On 18 December 2009, the Shareholders' Equity of Ingenia Srl resolved on the voluntary winding-up of the company, which was entirely consolidated, up to 31 December 2008. Now this company is valued at cost, taking account of the irrelevance of values.

Equity investments in associated companies
The main changes with respect to 31 December 2008 are due to:

Acantho Spa and Satcom Spa
The companies are consolidated on a line by line basis, while they were measured at equity until 31 December 2008.
It is worth noting that Infracomm Spa, shareholder of Acantho Spa with 47.478%, during the first half of 2009, expressed its willingness to exercise the put option (at market price) set forth by Art. 8 of the shareholders' agreements subscribed by the shareholders of the same Achanto Spa.
The agreement, signed on 14 October 2009, set out the sale of 30% share capital of Acantho Spa, 15% each in favour of Hera Spa and Conami Srl. Following this intention of Infracomm Spa, according to which Infracomm waived its rights to exercise its powers on the investee's activity, Hera Spa achieved the actual control of Acantho Spa on 1 January 2009 already, by purchasing a further 15% equity investment. Hera increased its investment in Acantho Spa to 62.44 % (equal to Euro 3,025 thousand).
The same proceeding was followed also for the company Satcom Spa, of which Infracomm Spa holds 47.5%. In this case, as well, the exercise of the put option on 30% share capital in equal portions in favour of Hera Spa and Conami Spa, alongside the waive of Infracomm Spa to exercise its powers on the investee's activities, allowed exercising an actual control on the company, preliminary to the line-by-line consolidation, already on 1 January 2009. With an agreement signed on 14 October 2009, Hera purchased a further 15% (for Euro 825 thousand), thus increasing its equity investment to 62.5%.

Agea Reti Srl
On 1 December 2009, the share capital increase was concluded. Through this increase, the Municipality of Ferrara and the Holding Ferrara Servizi Srl, transferred 60.28% of Agea Reti Srl. This company, measured at equity in previous years, is now consolidated on a line-by-line basis.

Aimag Spa
On 10 November 2009, Hera Spa purchased 16,894,420 ordinary shares of the company, corresponding to 25% of the share capital of the same company, represented by ordinary shares. These shares were held by the Municipalities shareholders of Aimag Spa, multi utility operating in the territories of Modena and Mantova. Following this transaction, the company is measured at equity.

Equity investments in other companies
The increase in this item is mainly due to the equity investment held by the company Galsi Spa after the share capital increase resolved by the Extraordinary Shareholders' Meeting on 27 April 2009.

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