Edison Spa
Balance Sheet at December 31, 2005
ASSETS (in euros)     12/31/05 12/31/04
A) Receivables from shareholders       - -
                 
B) Fixed assets, with leased assets shown separately          
  I. Intangibles:          
    1) Start-up and expansion costs       - 6,032,105
    2) Research, development and advertising expenses       - 3,395,861
    4) Concessions, licenses, trademarks and similar rights     246,349,890   245,466,714
    5) Goodwill     2,569,443,341   2,724,793,808
    6) Work in progress and advances     1,330,093   8,184,334
    7) Other intangibles     19,370,221   29,272,931
  Total       2,836,493,545 3,017,145,753
                 
  II. Property, plant and equipment:          
    1) Land and buildings     270,528,785   278,078,444
    2) Plant and machinery     2,087,369,457   2,050,221,778
    3) Manufacturing and distribution equipment     5,180,774   7,266,146
    4) Other assets     3,799,733   3,780,447
    5) Construction in progress and advances     762,796,765   592,595,481
  Total       3,129,675,514 2,931,942,296
  III. Financial fixed assets:          
    1) Equity investments in:          
      subsidiaries     1,722,500,719   1,715,456,884
      affiliated companies     887,728,518   931,564,460
      other companies     38,863,862   160,864,553
  Total equity investments     2,649,093,099 2,807,885,897
                 
        Amounts due within one year      
    2) Long-term loans to: 12/31/05 12/31/04      
      a) subsidiaries 6,854,007 6,854,007 30,207,234   24,907,686
      b) affiliated companies - - 3,876   3,854
      c) other companies - - 46,615,961   52,294,466
  Total long-term loans 6,854,007 6,854,007 76,827,071 77,206,006
  3) Other securities     1,923,239   1,923,239
  4) Treasury stock     12   12
  Total       2,727,843,421 2,887,015,154
                 
Total fixed assets (B)     8,694,012,480 8,836,103,203
Edison Spa
Balance Sheet at December 31, 2005 (continued)
ASSETS (in euros)     12/31/05   12/31/04
C) Current assets          
  I. Inventories:          
    1) Raw materials, auxiliaries and supplies     37,320,603   31,155,131
    3) Contract work in process     590,101   7,947,599
    4) Finished goods and merchandise     172,926,235   172,996,388
    5) Advances     220,961   211,609
  Total       211,057,900   212,310,727
                 
        Amounts due after one year      
  II. Accounts receivable 12/31/05 12/31/04      
    1) Trade accounts receivable - - 712,122,306   444,160,520
    2) Accounts receivable from subsidiaries - - 298,293,147   153,236,792
    3) Accounts receivable from affiliates - - 61,201,785   55,168,825
    4) Accounts receivable from controlling companies - - 32,000   30,602
    4-bis) Due from the tax authorities 247,927,499 367,902,201 330,443,780   516,164,501
    4-ter) Deferred-tax assets - - 90,000,000   24,000,000
    5) Accounts receivable from outsiders - - 136,913,522   86,448,462
  Total accounts receivable     1,629,006,540   1,279,209,702
                 
  III. Financial assets not held as fixed assets:          
    2) Equity investments in affiliated companies - - 400   400
    4) Other equity investments - - 79,008,415   29,359,096
    6) Other securities - - 200   -
    7) Loans to:       - -
      a) subsidiaries 19,859,761 45,279,937 431,272,344   238,378,744
      b) affiliated companies - - 18,629,301   21,213,452
    Total loans receivable 19,859,761 45,279,937 449,901,645   259,592,196
  Total financial assets 19,859,761 45,279,937 528,910,660   288,951,692
                 
  IV. Liquid assets:          
    1) Bank and postal accounts     15,829,250   9,225,637
    3) Cash on hand     34,455   19,286
  Total liquid assets     15,863,705   9,244,923
Total current assets (C)     2,384,838,806   1,789,717,043
                 
D) Accrued income and prepaid expenses          
  - Accrued income and prepaid expenses     50,535,614   51,770,255
  - Bond issue discount     2,890,733   3,603,732
Total accrued income and prepaid expenses (D)     53,426,347   55,373,987
                 
Total assets     11,132,277,633   10,681,194,234