2i Rete Gas - Debt Investor Presentation

Debt Investor Presentation
July 2014

2
Disclaimer
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3
Table of Contents
1. INTRODUCTION
2. CREDIT HIGHLIGHTS
3. FINAL REMARKS
4. APPENDIX

5
Today’s Speakers
[Foto]
Antonio Pettini
Chief Financial Officer
In 2iRG since 2009
12 years of experience in the sector
Previous experience
CFO of Italcogim Energie GdF
Suez group
British Gas
Marconi Communications
[Foto]
Gianclaudio Neri
Chief Executive Officer
In 2iRG since 2009
Previous experience
CEO and COO of Rodriquez
Cantieri Navali – Intermarine
S.p.A
COO of Piaggio
CEO and COO of COS- Gruppo
ALMAVIVA
Operating Director of Telecom
Italia Mobile and Managing
Director of a Business Unit
(“Private Clients Telecom”)
Gianni Rossetto
Head of Regulatory Affairs
In 2iRG since 2003
Previous experience
“Head of Tender Offers and
Concessions” division and
responsible for the regulatory
relationships management with
AEEGSI
Enel Distribuzione Gas
So.Ge.Gas S.p.A.
Camuzzi Gazometri

6
2iRG at a Glance
2iRG is the #2 player in the Italian gas distribution market
2iRG is an independent gas distribution operator in Italy,
with a widespread and geographically diversified network of
concessions over the whole Italian territory
In 2013, 2iRG generated €846m revenues (including €116m for
IFRIC 12 effect) and €383m EBITDA
2IRG is controlled by infrastructure funds managed or advised
by:
F2i, an institutional long term investor
ARDIAN, a premium independent private investment company
Both F2i and ARDIAN are long term financial investors with a
strong industrial approach to foster business development and
qualify clearly as “strategic investors”
Current Group Structure
F2i I Finavias
75.0% 25.0%
FRI
85.104%(2)
F2i II Axa I. H.(1)
55.0% 45.0%
FRI 2
14.802%(2)
Main Operating Data(4)
Regional presence (#) 18
ATEM presence (#) 137(5)
Re-delivery points (“rdp) (m) 3.8
Distributed volumes (bcm) 5.9
Municipalities under management (#) 1,961
Employees (#) 2,042
Net Invested Capital (€ bn) 2.5
Grid extension ('000 km) 57
Gross capex (€ m) 136
The Group(3)
2iRG Corporate History
2000
Enel Rete
Gas (today
2iRG)
entered the
gas
distribution
business
2009 2011 2013
80% of 2iRG
acquired from
Enel
In December,
Enel minority in
2iRG bought
out through
FRI2
Acquisition
E.On Italia
distribution
gas and G6
Rete Gas
~2.2m
~1.6m
Clients growth
~3.8m
Source: Company data. Note: (1) AXA Infrastructure Holding; (2) 0.094% Minorities and treasury shares; (3) The Group including subsidiaries GP Gas S.r.l., Italcogim Velino S.r.l. (in liquidation) and Italcogim Trasporto S.r.l.; (4) 2013 data; (5) Out of 177
“multi-municipality areas” (Ambiti Territoriali Minimi or “ATEMs”),indicated by the Ministry of Economic Development (“MED”)

8
Credit Highlights
2# largest gas distribution operator in Italy and well positioned
to drive further market consolidation
1
Stable and supportive regulatory framework with no volume exposure
2
Predictable financial performance and strong liquidity
3
Experienced management team with a strong track record of business
integration
4

9
1
2
3
integration
4

10
Overview of Italian Gas Market
Liberalized market with an independent regulatory Authority
1
Upstream Midstream Downstream
Storage
Transport (national
and regional)
Distribution
Retail sales and
small/medium
industries
Import
62.0 Capacity: 15.6 70.1 34.4
Production
Industrial users Power stations
Data in bcm
(2013)
Regulatory
Authority
Players
Market
structure
•Eni, Edison, Enel and
others
•Snam (Stogit), Edison •Snam (Snam Rete
Gas), SGI
•Snam (Italgas), 2iRG,
Hera, A2A and others
•ENI, Enel ,Edison and
others
Concentrated market with opportunistic competition Fragmented market
with accelerated
consolidation
Market dominated by
few players
Value chain
• Authority for Electricity, Gas and Water (“AEEGSI”)
•Tariffs; Access conditions and Quality of service and safety
7.7 14.5 21.2
Source: MED and Company Data
34.4

Gas Consumption in EU (Data in Bcm, 2013) – Top Six Countries
11
Italy is the 3rd Largest Gas Market in Europe…
One of the largest gas markets with low infrastructure costs
With a total natural gas consumption of 70.1 bcm, Italy is the third
largest European market after Germany and UK
The relative weight of infrastructure costs, as part of the Italian gas
price composition, is the lowest across the main European
countries (15%)
In particular, the impact of the distribution infrastructure on the
end users’ price is very limited (12% in total, including system
charges)
1
88.5
79.2
70.1
46.1
40.3
30.9
Germany UK Italy France The
Netherlands
Spain
Natural Gas Price Analysis – European Comparison
Data in € cents/cm
91.84 83.94 75.22 69.63 67.97 58.14
1.56
0.84 3.01
30.93 13.43
14.01
19.31
0.70
14.29 10.44
15.80 18.80
2.45
6.39
16.31 2.91
12.51 12.21
45.34 50.36 42.12 39.69 36.70 36.63
Italy Spain Belgium France Germany UK
Breakdown of Natural Gas Price in Italy
1.2%
10.4%
Storage
3.9%
Raw material and commercial Infrastructure Tax System charges Raw material Infrastructure Tax System charges Commercial-
Retail
Commercial-
Wholesale
3.7%
Infrastructure
Distribution
Transport
15.3%
41.5%
3.9%
33.7%
1.7%
Source: Company data and Elaboration of AEEGSI Annual report 2013

12
…With a Still Fragmented Gas Distribution
Market…
Main players within the Italian markets are: (i) large Italian energy
and utility players, (ii) local utilities; (iii) small operators controlled
by local municipalities and (iv) private companies
Over the last few years, the market has experienced a
consolidation wave that reduced the number of distributors (from
780 in 2000 to 229 in 2013)
Although the number of players remains sizeable, the market is
increasingly concentrated: the 35 “very large” and “large” players
control 83% of the market in terms of volumes distributed
Legislative framework in place to achieve further consolidation with
the creation of 177 ATEMs
Italgas 50%
2iRG50%
Hera50%
IREN50%
A2A50%
Ascopiave50%
Toscana Energia50%
1st distributor 50%
Other distributors 50%
No gas area
Size Pdr (#) Distributors (#)
Volumes
Distributed
Very large 500 k 8 (5 groups) 57%
Large 500k ; 100k 27 26%
Medium 100k ; 50k 19 6%
Small 50k ; 5k 112 10%
Very small 5k 63 1%
Source: AEEGSI, MED and Snam Rete Gas data
Note: (1) Based on 177 ATEMs
A consolidation process is under way where size is a key factor
Geographical Split and Distributors’ Clusters(1)
Evolution of # Distributors (2000-2013)
1
-71%
?
780
716 693
560
480
430
360 338
295
259 246 239 236 229
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2019

13
2iRG is well positioned to grow in the Italian market thanks to the upcoming tender process
Market Shares by Rdp(1) (2013)
0.5
0.4
1.4
1.2
9
8
7
6
5
4
3
2
Market Shares by Network Length(1) (2013)
Presence in 137
ATEMs
Market share
25-50%
2iRG is the 2nd largest gas distribution operator in Italy
Distribution network consisting of approx. 57,000km
Distributing approx 5.9bcm of gas in 2013
3.8m customers across 1,961 municipalities
Mkt share%
23%
22%
6%
3%
3%
3%
2%
2%
35%
In ‘000 km
Others
Mkt share%
17%
6%
5%
4%
2%
2%
1%
35%
In m
Others
8.2
7.5
6.6
6.2
57.1
9
8
7
6
5
4
3
2
Source: Company data and AEEGSI
Note: (1) Italgas data includes 100% Napoletana Gas, 49% AES, and 48% Toscana Energia; Hera includes 100% Acegas-APS; IREN includes 100% IREN Emilia and Genova Reti Gas and 51% AES; (2) Including GP Gas network
28%
…Where 2iRG Plays a Leading Role
2iRG Presence
(2)
89.6
5.8
16.0
56.6
1
7.9
0.3
0.9
3.8
6.5
1
Low concentration risk
Perugia concession: 2%
Top 3 concessions: 5%
Top 10 concessions:11%
50%
25%
1

14
Key Take-Aways
1
Key Factors Impacts
2nd Italian player in the gas distribution market with a
market share of ~17% in terms of rdp
Widespread distribution network throughout the
country
Economies of scale, high barriers to entry and high
efficiency
Automatically extended existing concessions so far as
all the related tenders are not executed and closed
(“prorogatio”)
Positioned as a long-term winner in the industry
consolidation resulting from the ATEM reorganisation
process
Benefits from profitability improvements linked to the
rationalisation of current concession areas
1

15
1
2
3
integration
4

16
Remuneration Regime: a Transparent and
Established Methodology
Local Net Invested
capital or “Local
RAB” (Historical
revaluated cost )
WACC
Distribution:
6.9%
WACC Metering:
7.2%
The depreciation is calculated based on
depreciation schedules provided by the
Regulator and differentiated for each asset
category
Regulator applies a € amount per redelivery point
Distribution
activities
Metering
activities Commercial
activities
(addressed to
gas sales
Metering companies)
reading
activities
Centralised Net Invested capital or
“Centralised RAB” (i.e. IT, headquarters etc,
calculated by a parametric approach)
% weight on
revenues
Allowed Revenues or VRT (“Vincolo Ricavi”)
Return on RAB Depreciation Operating Costs
RAB WACC Technical Life of the Assets Distrib.on Metering Comm.al
35%
30%
~35% ~35% ~30%
Regulation protects from volume risk
RAB and Depreciation yearly updated by gross investment deflator
Operating costs updated yearly by CPI and X-factor
2

17
Stable and Supportive Regulatory Framework
Continuity of methodology ensures high predictability and preserves the attractiveness of the business
2
IV Regulatory Period (2014–2019)
Revalued historical cost method confirmed
Parametric methodology confirmed
Subsidies and contributions are subtracted from the RAB at 80%
(t-1) capex recognised in RAB
Payment for acquisition of new concessions by tender integrally included in
RAB
RAB
Distribution: 6.9%
Metering: 7.2%
Calculation of WACC revised every two years (update of risk free rate i.e. Italian
10 year Italian BTP)
Return on
RAB (WACC)
Opex calculated on the basis of size of operator and client density confirmed
Efficiency factors:
Distribution: 1.7% (up to 2016)
Metering and Commercialization: 0.0% (up to 2016)
Revision every three years
Opex
and
Efficiency X-Factor
Protective termination
compensation
mechanism
The out-going distributor is remunerated with the residual industrial value of the
assets (“VIR”)
Once VIR is paid, it represents the reference value for tariff calculation
(i.e. RAB)
Key Items
Timely recovery of operating
expenditures including
depreciation and a fair return on
investments
Continuity in CAPM and risk free
parameters and clear review
process
Regulation framework designed to
support efficiency and economy of
scale
Robust compensation mechanism
mitigating the financial / capital
structure aspects of concession
termination risk

18
Clear Legislative Framework for ATEM Tender
Process
From a fragmented to a
more concentrated and
efficient distribution of
concessions
Starting from the end of 2011, the Italian market has been divided into 177 ATEMs (from current 6,989
municipalities). For each ATEM, a 12-year concession will be assigned through public tenders
Most of existing “old regime“ concessions expired in 2012 but were automatically extended until tenders are
executed (“prorogatio”)
A tender process timetable for these ATEMs was set by Law (DM 266/11)
The likely timetable for the completion of the ATEM tenders is around 4-5 years
Assets owned by operators transferred to the new operator upon payment of a redemption value (as
envisaged by Law)
New tender process favours the largest players enabling an optimisation of the concessions portfolio, an increase of returns and a
reduction of concession renewal risk
Criteria for assessing
the ATEM tenders
The larger Incumbent operators in the new
ATEM concession areas will have a competitive
advantage
Not the key determinants of ATEM concession
awards
Qualitative and Operational factors
Economic factors
2

19
Key Take-Aways
2
Key Factors Impacts
Regulatory period from 4 yrs (2009-2012) to 6 yrs
(2014-2019)
AEEGSI: Independent regulatory Authority
Simple and transparent RAB-based system
Protective termination compensation mechanism
Sector consolidation through ATEMs
Regulation as incentive to optimise costs
Predictable financial and operative cash flow policy
Optimised capex planning due to RAB remuneration
and recovery value at termination
Growth opportunity for large players with credit
protection deriving from terminal value (VIR)
2

20
1
2
3
integration
4

60.0%
55.0%
50.0%
45.0%
40.0%
35.0%
30.0%
25.0%
40.0%
30.0%
20.0%
10.0%
0.0%
-10.0%
-20.0%
-30.0%
21
Predictable Financial Performance and Strong
Liquidity
Revenues and EBITDA (in € m)
Fully regulated revenues and EBITDA
Stable revenue trend historically, while increasing EBITDA thanks
to cost optimisation from 2012 to 2013. 2011 includes 3 months
consolidation of E.On Italia distribution gas and G6 Rete Gas
Stable level of invested capital and Adjusted Net Financial Debt
Increasing level of Funds From Operations sustained by improving
operating performances
The new regulatory period provides visibility for the next 6 years
notwithstanding an initial impact on revenues and EBITDA
1,200.0
1,000.0
800.0
600.0
400.0
200.0
54.7%(2)
33(3)
33(3)
Note: (1) Revenues net of IFRIC 12 revenues; (2) Excluding extraordinary items; (3) Extraordinary items
Funds From Operations and FFO/Adj Net Financial Net Invested Capital and Adjusted Net Financial Debt (in € m) Debt (in € m)
2,536 2,436 2,456
1,654 1,584 1,588
3,000.0
2,500.0
2,000.0
1,500.0
1,000.0
500.0
-
2011 2012 2013
Net Invested Capital Adj Net Financial Debt
Note: (4) Net Invested Capital including negative fair value of IRS hedging. Adjusted Net financial debt excluding derivative
liabilities and residual liability for IRS unwinding
470
715 730
272
367 383
3
67 79
57.8%
51.4% 52.4%
20.0%
-
2011 2012 2013
Revenues EBITDA Net Income margin%
96
234 248
5.8%
14.7% 15.6%
-40.0%
500.0
450.0
400.0
350.0
300.0
250.0
200.0
150.0
100.0
50.0
-
2011 2012 2013
FFO FFO/Adj. Net Debt%
Note: (5) Cash Flow from Operating activities excluding change in working capital and including cash net financial charges
3
(1)
(4) (4) (5)

22
Low Risk Payment and Settlement System
While regulation protects from volume risk…
Revenue Breakdown by Clients(1)
47%
16%
2%
4%
11%
20%
Others
“Access Code” Provisions Protect from Bad Debts
Source: Company data.
Note: (1) Ratings SP/Moody’s/Fitch; (2) 2013 distribution revenues
(BBB/Baa2/BBB+)
(A/A1/n.a.)
(BBB+/Baa3/n.a.)
(A/A3/A+)
(A-/A3/A-)
Tot.:
€591m(2)
…high quality clients limit counterparty risk
Regulation Protects from Volume Risk
VRT is defined every year
Monthly billing to gas sales companies based on
delivered volumes
Adjustment (equalisation) between VRT and
actual revenues (total billed yearly amount)
Billing on a monthly basis
According to the agreement with traders “Access
Code”:
Payments are settled in 60 days from gas
distribution service
Bank guarantees cover 25% of the yearly billed
amount related to each gas sales company
3

23
Prudent Financial Practices
Interest rate policy
BBB/negative (SP)(1), Baa2/stable (Moody’s)
2iRG required to keep a solid investment grade credit profile by its shareholders
The shareholders aim to maintain a low risk investments profile in line with other assets owned by them and
other infrastructure funds in the market
The Group targets a capital structure with a minimum level of 65% of fixed rate debt
The remaining floating rate exposure will not be hedged as the Company considers its WACC-related
revenues as a natural hedge
Leverage and rating
Management strongly committed to financial discipline
Dividend policy
2iRG is planning to give regular and predictable cash returns to its shareholders in the form of cash dividends
according to the overall leverage and rating policy
Capex policy
Significant discretion over the scheduling of capex programme
Flexibility over the ATEM investment plan
Optimised capex planning due to RAB remuneration and recovery value at termination
3
The Group is cash positive and the working capital facility has never been drawn over the last 3 years
Liquidity is managed through banking facilities raised in the ordinary course of business and cash on the
balance sheet
Additionally, the refinancing package envisages a €400m combined capex and working capital facility
Liquidity
management
Note: (1) Preliminary rating

24
Key Rating Highlights
“Our business risk profile assessment reflects our view of 2i Rete Gas' low-risk regulated
operations in the gas distribution sector and our assessment of Italy's regulatory framework as
solid and transparent, insulating Italian regulated gas distribution utilities from the country's weak
economic fundamentals. In our view, the business risk profile is constrained by some uncertainty over
the outcome of the gas concessions retendering process in Italy over 2014-2016, in relation to which the
issuer intends to concentrate its presence on a smaller number of service areas (so-called ATEMs) where
it would fully manage the concession and improve the potential for cost synergies with a positive impact on
the profitability of operations. These risks are mitigated by our view that the concession retendering
process will result in a substantial consolidation of the currently highly fragmented gas
distribution market in Italy where we would expect 2i Rete Gas to remain a preeminent player.”
“The negative outlook reflects that on Italy. We believe that 2i Rete Gas' capacity and willingness to meet
its debt obligations is currently not superior to the sovereign's, owing to the refinancing risk linked
to the group's bridge-to-bond facility, which it intends to refinance in the market in 2015.”
“The Baa2 issuer rating reflects the company's fairly low risk business profile. The rating
incorporates (1) company's focus on regulated gas distribution activities, backed by a credible and
supportive regulatory framework, which ensures a high degree of cost recovery and a fair remuneration of
investments and capital base and has been consistently applied for more than 10 years by AEEGSI, the
Italian independent regulatory body for energy and water sectors; (2) no volume risk as distribution
networks tariffs are entirely based on capacity, and limited affordability concerns, as gas distribution
charges account for 14% of householders' bills; (3) a high degree of operating efficiency, as the
company consistently received technical rewards allocations and was able to outperform its regulatory
operating expenses allowance in recent years; (4) limited investment burden, as 2iRG expects to run a
capital expenses programme of EUR1.6 billion between 2014-19, ie., 8% to 10% of the existing fixed
assets base on an annual basis, on a number of small-scale interventions of modest technical complexity.”
Standard Poor’s
BBB / Negative
Outlook(1)
Moody’s
Baa2 / Stable
Outlook
3
Note: (1) Preliminary rating

25
Supporting Growth and Preserving Sounding
Capital Structure
Refinancing Main Goals
Well positioned within investment grade credit rating (SP(1):
BBB; Moody’s: Baa2)
EMTN programme established
Group of 6 major banks committed to subscribe €1.75bn credit
lines (of which €0.4bn Capex/RCF line). Facility Agreement
expected to be signed shortly
Seek a maturity coherent with business profile
Establish access to Capital Markets
Financial Flexibility
Current Debt Structure(2) Post Refinancing Debt Structure(2)
Bond: size and tenor to be determined
Bridge: 12 + 6 + 6 months tenor up to €600m
Term loan: €750m with 5 year tenor
Capex/RCF: respectively €300m and €100m committed facilities
(5 year tenor)
89%
9%2%
Bank facilities - 2iRG
Bank facilities - FRI
Bank facilities - FRI2
Bank facilities
Bond + Bridge
Term loan 2iRG: €1,750m with 5 year tenor (expiry 2018)
Term loan Holdcos: €210m with 5 year tenor (expiry 2018)
Capex/RCF: respectively €300m and €40m committed facilities (5
year tenor, expiry 2018)
Note: (1) Preliminary rating; (2) Including financial debt at FRI and FRI2 level
Capital Market to become a
stable/long-term source of
funding
~60%
~40%
3

26
Corporate Reorganisation
Merger at HoldCos level Merger between 1 2 HoldCo and 2iRG
100.0%
• Merger by incorporation of FRI2 to FRI
• The process is expected to be completed in a few weeks time
• Merger by incorporation of 2iRG in FRI (renamed 2iRG)
• The process is expected to be completed by the end of December
2014 since all the usual merger formalities are required
Streamlining corporate structure
Process expected to be completed by the end of 2014
F2i I Finavias
FRI
99.906%(1)
F2i II
Axa I.
Fund III
Step 1
F2i I Finavias
99.906(1)%
F2i II
Axa I.
Fund III
Step 2
Note: (1) 0.094% Minorities and treasury shares
3

27
Key Take-Aways
3
Key Factors Impacts
Excellent track record of financial and economic
performances
Strong liquidity profile
Low cash flow volatility
Solid balance sheet
Strong focus on cost optimisation
Debt structure consistent with cash generation profile
3

28
1
2
3
integration
4

29
Experienced Management Team
Headquarter
Local operations
Solid and lean organization strengthening local control and efficiency
CEO
HR
Procurement
Legal Audit
COO
6 regional departments
29 local units
Regional
Local units offices
Integration
CFO Business
Development
Following the acquisitions of E.On
Rete and G6 Rete Gas, the 2iRG
management has implemented a
new successful organization:
Deliver financial targets
Deliver operational
efficiencies
Harmonize organizational
processes
Management and organizational
structure already designed to
approach the next round of
concessions’ tenders in a successful
way
4
Regulatory
Affairs

30
Successful Track Record of Business
Integrations and Synergies
€ m
20
15
10
5
0
2011 2012 2013 2014 2015E 2016E 2017E 2018E 2019E
Main acquisitions completed:
Acquisitions And Integrations Completed
Clients, in ‘000
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Gruppo Camuzzi (2002): approx. 1,000k clients
E.On Rete (2011): approx. 600k clients
G6 Rete Gas (2011): approx. 1,000k clients
Significant efforts to integrate all acquired companies in terms of organisational structure, approach with local municipalities, ICT, accounting and administrative
systems
Jan. 2000 By 2002
~3,800
Source: Company data
F2i and ARDIAN
4
Significant experience in delivery integration targets
2013
Synergies
Internalization of staff functions
One integrated Headquarter and full internalization of previously out-sourced
services
Rationalize and industrialize field operations
Rationalize organizational structure on the Field and introduction of IT tools
to manage local workplace remotely
By 2009
E.On Rete
G6 Rete
Gas
40 companies
acquired by 2002
70 companies acquired
through E.On Rete and G6 Rete Gas
9 companies
acquired by 2009
~120 companies acquired
First
acquisition

31
Disciplined Investment Policy for Sustainable
Growth
2iRG plans to grow while protecting a solid credit profile
1
Growth through ATEM
tenders in Italy
Supportive regulatory framework
addressing concessions’ renewal,
market concentration and asset
value protection
Dominant position in north-western
and south-eastern Italy, where the
2iRG will strengthen its presence
and leverage any potential economy
of scale
Optimisation of concession portfolio
2
Investments to
increase profitability in
a mature business
Capex driven by new redelivery
points as well as maintenance of the
existing network
Pioneer in adoption and deployment
of smart metering
3
More competitive
cost structure
Continuous focus on operating and
technical excellence
Reaping the benefits from significant
in-sourcing after ownership changes
and synergies from integration
Economies of scale arising from
ATEM tenders
Savings from investments in
electronic meters and ICT
infrastructure
4
~ €1.6bn of investment plan up to 2019

32
Key Take-Aways
integration
4
Key Factors Impacts
Steady and cohesive management team
A proven track record in terms of business integration
and operating efficiencies
Management expertise based on large/top tier energy
players in previous experience
Continuous optimisation of cost structure and tight
financial control
Integration and in-sourcing completed
Ability to manage the upcoming intense ATEM tenders
period
4

34
Credit Highlights
1
2
3
integration
4

36
Key Financials
PL
€m 2012 2013
Distribution and other 591.6 590.9
Connection fees 24.0 22.4
Other sales and services 19.7 23.2
IFRIC 12 133.0 116.4
Other revenues 79.6 93.3
Total Revenues 848.0 846.3
Labour cost (110.2) (111.3)
Raw material cost (31.4) (32.0)
Service cost (256.3) (226.4)
Other costs (64.4) (76.3)
Provisions (20.1) (18.5)
Incr. in fixed assets not subject to IFRIC 12 1.7 0.9
Total costs (480.7) (463.6)
EBITDA 367.2 382.6
EBITDA % (ex IFRIC 12 impact) 51.4% 52.4%
EBIT 216.4 238.5
EBIT % (ex IFRIC 12 impact) 30.3% 32.7%
Net Income 67.3 79.2
Balance Sheet
€m 2012 2013
Net fixed assets 2,381.5 2,388.5
Net working capital 62.1 97.9
Total provisions (7.4) (30.2)
Net invested capital 2,436.2 2,456.2
IRS unwinding 36.2 30.2
Net Financial Position 1,584.1 1,587.8
Shareholders' equitiy 816.0 838.2
Total Sources 2,436.2 2,456.2

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