Consolidated financial statement
Acquisition of ERG Renew Operations & Maintenance S.r.l.
On 31 October 2013 ERG Renew completed the acquisition of the entire share capital of the company dedicated to the operation and maintenance of the Italian wind farms of ERG Wind.
On the same date, the company took on the name of ERG Renew Operations & Maintenance, with its principal place of business in Genoa. The price in terms of Enterprise Value is approximately EUR 10 million. As a result of the transaction, 136 persons joined the ERG Group: they are mostly technical personnel, highly specialised in the maintenance and operation of wind farms.
The difference between the total acquisition price and the net value of the acquired assets and liabilities – amounting to EUR 9.5 million - was recognised as goodwill.
Based on the provisions of IFRS 3, the measurement of the assets and liabilities may be subject to changes in the twelve months following the acquisition date.
The impact of the aforesaid acquisition on the 2013 income statement was not significant.