| INDEX | 4 |
| INDEPENDENT AUDITORS’ REPORT ON CONSOLIDATED FINANCIAL STATEMENTS | 6 |
| CONSOLIDATED MANAGEMENT REPORT | 8 |
| ANNUAL CORPORATE GOVERNANCE REPORT | 16 |
| CONSOLIDATED BALANCE SHEETS | 62 |
| CONSOLIDATED COMPREHENSIVE PROFIT AND LOSS STATEMENTS | 64 |
| CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY | 65 |
| CONSOLIDATED CASH FLOW STATEMENTS | 66 |
| REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS | 67 |
| 1. ACTIVITY AND COMPOSITION OF THE PARENT COMPANY | 67 |
| 2. BASIS OF PRESENTATION OF THE CONSOLIDATED FINANCIAL STATEMENTS AND CONSOLIDATION PRINCIPLES | 67 |
| 3. DISTRIBUTION OF PROFITS | 73 |
| 4. VALUATION STANDARDS | 73 |
| 5. EARNINGS PER SHARE | 79 |
| 6. GOODWILL | 79 |
| 7. INTANGIBLE ASSETS | 81 |
| 8. PROPERTY, PLANT & EQUIPMENT | 82 |
| 9. . INVESTMENTS VALUED USING THE EQUITY METHOD | 83 |
| 10. NON-CURRENT FINANCIAL INVESTMENTS | 84 |
| 11. NON-CURRENT ASSETS HELD FOR SALE, LIABILITIES LINKED TO NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS | 85 |
| 12. TRADE RECEIVABLES | 88 |
| 13. CASH AND CASH EQUIVALENTS | 88 |
| 14. EQUITY | 89 |
| 15. DEBT IN RESPECT OF BOND ISSUES AND BANK BORROWINGS | 90 |
| 16. OTHER NON-CURRENT LIABILITIES | 95 |
| 17. PROVISIONS FOR RISKS AND CHARGES | 95 |
| 18. TAX NOTE | 97 |
| 19. COMMERCIAL CREDITORS AND OTHER ACCOUNTS PAYABLE | 102 |
| 20. INFORMATION ON DEFERRED PAYMENTS TO SUPPLIERS. THIRD ADDITIONAL PROVISION. “DUTY TO REPORT” OF ACT 11/2013 OF 26 JULY | 102 |
| 21. OTHER CURRENT LIABILITIES | 103 |
| 22. THIRD-PARTY GUARANTEES AND CONTINGENT ASSETS AND LIABILITIES | 103 |
| 23. LONG-TERM INCENTIVE PLAN | 104 |
| 24. INCOME AND EXPENSES | 105 |
| 25. RELATED PARTY TRANSACTIONS | 108 |
| 26. INFORMATION BY SEGMENTS | 110 |
| 27. REMUNERATION AND OTHER STATEMENTS MADE BY THE BOARD OF DIRECTORS AND SENIOR MANAGEMENT | 111 |
| 28. EVENTS AFTER THE REPORTING PERIOD | 112 |
| 29. INFORMATION ON ENVIRONMENTAL POLICY | 112 |
| 30. EXPOSURE TO RISK | 112 |
| APPENDIX I: SUBSIDIARIES | 114 |
| APPENDIX II: ASSOCIATES | 119 | l
| EVOLUTION OF BUSINESS AND GROUP’S SITUATION | 120 |