ERG SpA2014年年度报告.pdf

1、2TABLE OF CONTENTSLetter to the Shareholders5Corporate Bodies8ERG history10Report on Operations at 31 December 2014Introduction16Business description19Strategy21ERGs stock market performance22Performance highlights24Performance highlights by segment25Sales26Comments on the years performance27Signifi

2、cant events during the year30Regulatory framework33Business segments41Renewable Energy Sources41Power 51Integrated Downstream55Capital expenditures61Risks and uncertainties62Health,safety and environment68Human resources70Cultural and social activities73Treasury shares75Branch offices75Related parti

3、es75Financial Statements76Scope of consolidation and business segments76Financial statements77Income Statement77Alternative performance indicators83ERG S.p.A.Financial Statements89Notes on the results of the main non-consolidated subsidiary,associated companies and joint ventures94ERG S.p.A.s manage

4、ment and coordination of subsidiares 96Privacy-Security Policy Document97Significant events after the reporting period97Business outlook97Report on Corporate Governance and OwnershipEvolution of approach102Information about the ownership structure as of 31 december 2014 pursuant to article 123-bis o

5、f legislative decree no.58 of 24 february 1998(italian Consolidated Finance act or“cfa”)103Corporate Governance104Statutory Bodies104Board Committees114Internal Committees121Corporate Governance documents1223Management and coordination127The Internal Control and Risk Management system of the ERG Gro

6、up127The Internal Control and Risk Management system of the ERG GROUP:general principles128Persons and bodies involved in the Internal Control and Risk Management system128Other relevant players with specific internal Control and Risk Management duties131Implementation of the Internal Control and Ri