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CONSOLIDATED FINANCIAL REPORT | EXPLANATORY NOTES

151

Audit firm engagement

On 16 April 2015, the Shareholders' Meeting approved the engagement of Reconta Ernst & Young S.p.A. to

perform the statutory audit of the accounts for financial years included in the nine-year period from 2016 to

2024.

Group employee share purchase plan (YES Plan)

Based on the applications received in February 2015, company shares were purchased on the Milan Stock

Exchange during July 2015 for those employees who had signed up to the plan's second cycle.

On 25 August 2015, an additional purchase window was opened for plan participants in the "Manager"

category who had already bought shares in the July 2015 purchase window and who were so entitled under

the plan's regulations.

In November 2015, employees were informed that the plan's third cycle scheduled for 2016 was open for

application. Employees had until the end of December 2015 to apply for this third cycle and to communicate

how much they intended to invest. The total amount collected will be used to make purchases of the

Company's shares on the Milan Stock Exchange in July 2016.

The consolidated financial statements contained herein were approved by the Board of Directors on 24

February 2016.

In application of art. 264b HGB of the German Commercial Code ("Handelsgesetzbuch"), the present

financial statements exempt Draka Comteq Berlin GMBH & Co.KG and Draka Comteq Germany GMBH &

Co.KG. from the requirement to present statutory financial statements.

Note: all amounts shown in the tables in the following Notes are expressed in millions of Euro, unless otherwise stated.

B. ACCOUNTING POLICIES AND STANDARDS

The main accounting policies and standards used to prepare the consolidated financial statements and

Group financial information are set out below.

B.1 BASIS OF PREPARATION

The present financial statements have been prepared on a going concern basis, with the directors having

assessed that there are no financial, operating or other kind of indicators that might provide evidence of the

Group's inability to meet its obligations in the foreseeable future and particularly in the next 12 months.

In particular, the Group’s estimates and projections have been prepared taking into account possible

developments in the investigations by the European Commission and other jurisdictions into alleged anti-

competitive practices in the high voltage underground and submarine cables market, as well as the risk