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Relations with shareholders and investors

As a basis A2A uses the following financial communication tools in investor relations: institutional documents (financial statements, interim reports and corporate presentations), ad hoc documents (the Investor Annual Review, the Group Profile), press releases and face to face meetings with analysts and investors.
For analysts and institutional investors regular meetings are held which can be carried out in a variety of ways depending on the complexity of the information which the company has to communicate and the financial community’s specific interests: road shows in Italy and on the leading foreign financial markets, one-to-one meetings, group meetings, conference calls and presentations when particularly important events for the company occur (business plans, extraordinary transactions, etc.). Analyst coverage amounted in total to 16 by the end of the year.
In addition, A2A also arranges specific initiatives with the aim of enabling financial stakeholders to get to know the Group’s most strictly operational aspects in a practical way. These initiatives include visits to the Group’s largest sites by single business area, often accompanied by qualified technical staff.
Internet communication is of considerable importance (through the Group’s website and by email), as this enables the Group to provide complete and timely financial information which is in compliance with legal requirements and Consob guidelines. The Investor Relations section of the website contains information concerning the Group that is of importance to shareholders, in order that they may obtain detailed knowledge about the Group and exercise their rights in an informed manner. In 2011 the Investor Relations section was extended and updated. The website also contains a historical archive of corporate documents and price sensitive press releases regarding the three years previous to the merger, relating not only to A2A but also to AEM and ASM. In addition a press alert service has also been set up which through registration enables readers to receive the latest price sensitive press releases at the same time as they are posted on the website.
Answers to frequently asked questions (FAQ) are also posted on the website as a means of satisfying the main requests of retail investors in a rapid and exhaustive manner. Useful links are available in the subsection of that name to the internet pages of Borsa Italiana, Consob and Assogestioni dedicated to financial education, in order to make the retail shareholder more aware about this important subject. In addition, Investor Relations guidelines may be found in the contracts subsection.
Working in close contact with top management, the Investor Relations function deals with providing fully accurate and exhaustive replies to the requests made by financial stakeholders. Since 2010 the team also includes a specific person dedicated to small (retail) investors. In 2011 the Group replied to 94 questions arriving from retail investors (the first year in which this was monitored).
In conclusion, A2A regularly commissions a perception study (every 2/3 years or following important strategic or managerial developments) in order to monitor the opinions of analysts and institutional investors on the Group and on the most important issues connected with the Group. The latest perception study, carried out in 2010, was based on the replies collected through 18 interviews led by a questionnaire. The panel of interviewees consisted of 11 institutional investors (of whom 6 non-Italian and 5 Italian), all characterised by their detailed knowledge of A2A, and 7 equity analysts, selected from those in coverage who turned out to be preferred by operators. The panel was selected in order to have a representative sample of market views. The results of the perception study were presented to top management.

Investor Relations Guidelines

The main objective of the Investor Relations (IR) unit consists in encouraging and promoting a proper understanding and assessment of the value of the Group and A2A’s share by the financial community, by means of proactive, transparent, timely, constant, proper and non-discriminatory communications. To this end the IR unit supports top management, meaning the Chairman of the Management Board and the two General Managers, in constantly monitoring the financial markets’ expectations about the Group’s performance. During the two weeks prior to the approval of the periodic economic and financial data no representative of the Group may take part in meetings with analysts or institutional investors (one-to-one or group meetings) relating to financial performance (the “black-out period”). The contents of the Investor Relations section are constantly monitored, enhanced and updated. Retail investors can contact the IR unit by email, fax or letter by following the instructions to be found on the website. The IR unit is responsible for providing an answer to all questions in the shortest time possible. These answers may only be provided for subjects connected with IR activities and, as far as the A2A share is concerned, the IR unit can only refer to public information available on the Group’s website. The IR unit’s responsibilities do not include the release of comments or interpretations concerning the performance of the share or financial consultancy on investments in the share.


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