Consolidated financial statement

Accounting standards, amendments and interpretations
applied starting on 1 january 2013

The following accounting standards, amendments and interpretations were applied for the first time by the Group starting on 1 January 2013:

  • IFRS 13 – Fair Value Measurement: the standard illustrates how to determine fair value for financial reporting purposes and applies to all standards requiring or allowing fair value measurement or disclosure based on fair value.
  • On 16 December 2011 the IASB issued certain amendments to IFRS 7 – Financial Instruments: Disclosures. The amendment requires disclosures on the effects or potential effects of agreements offsetting financial assets and liabilities on the statement of financial position.
  • On 16 June 2011, the IASB issued an amendment to IAS 1 – Presentation of Financial Statements which requires entities to indicate separately "Other Comprehensive Income" which subsequently can be reclassified in the Income Statement. The amendment has been applicable from the financial years starting on or after 1 July 2012.
  • On 16 June 2011, the IASB issued an amendment to IAS 19 – Employee Benefits which eliminates the option to defer recognition of actuarial gains and losses with the "corridor approach", requiring presentation of the deficit or surplus of the fund in the statement of financial position, the recognition of cost components linked to employment and the net financial costs in the Income Statement, and the recognition of actuarial gains and losses deriving from re-measurement of liabilities and assets among "Other comprehensive income/(loss)". Moreover, the assets' yield included among net financial costs shall be calculated on the basis of the liabilities discount rate and not on the expected return of the assets, as before. Lastly, the amendment introduces new additional disclosures to be provided in the notes to the financial statements. The amendment has been applicable from the financial year starting on or after 1 January 2013.

ERG S.p.A. - Genova

Paolo Merli

Head of Corporate Finance & Investor Relations

0039 010 2401376

ERG S.p.A. - Genova

Matteo Bagnara

Investor Relations

0039 010 2401423

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