ERG to hold fourth quarter and full year 2013 results
The conference call is scheduled for 15.00 Italian time (14.00 UK time) on Wednesday, March 12, 2014.
Separate financial statements
Financial statements of the main subsidiaries and joint ventures
Statement of financial position (IAS format)
(Eur thousand) | ERG Renew S.p.A. 31/12/2013 | Group ERG Renew 31/12/2013 |
|---|---|---|
| Tangible fixed assets | 1.675 | 1.128.492 |
| Intangible fixed assets | 1.806 | 466.190 |
| Equity investments in subsidiaries and associates | 279.720 | 8.165 |
| Financial receivables from subsidiaries | 74.782 | - |
| Other equity investments | - | - |
| Financial assets | 7.186 | 108.289 |
| Receivables for derivative financial instruments | - | 322 |
| Other receivables | 3.373 | 27.170 |
| Tax assets | 1.256 | 28.906 |
| Deferred tax assets | 6.202 | 100.382 |
| Non-current assets | 376.001 | 1.867.916 |
| Inventories | - | 8.003 |
| Trade receivables from third parties | 8.215 | 220.611 |
| Trade receivables from parent companies, subsidiaries and associates | 13.372 | - |
| Financial receivables from subsidiaries | 244.975 | - |
| Other financial receivables | - | - |
| Other receivables | 14.139 | 53.579 |
| Tax assets | 387 | 8.654 |
| Equity investments available for sale | - | - |
| Cash and cash equivalents | 3.046 | 74.125 |
| Current assets | 284.134 | 364.972 |
| TOTAL ASSETS | 660.135 | 2.232.888 |
| Group shareholders' equity | - | 588.743 |
| Minority interests | - | - |
| Shareholders' equity | 562.084 | - |
| 562.084 | 588.743 | |
| Employees' severance indemnities | 380 | 2.048 |
| Provisions for liabilities and charges | 9.558 | 28.814 |
| No-current portion of financial payables | - | 1.062.610 |
| Non-current portion of financial payables to parent companies | - | - |
| Payables for derivative financial instruments | - | 131.280 |
| Other payables | 397 | 38.776 |
| Deferred tax liabilities | - | 164.085 |
| Non-current liabilities | 10.335 | 1.427.613 |
| Current portion of financial payables | 76.690 | 170.889 |
| Payables for derivative financial instruments | 1.844 | 1.844 |
| Trade payables | 3.988 | 18.168 |
| Other payables | 5.074 | 18.127 |
| Tax liabilities | 120 | 7.504 |
| Current liabilities | 87.716 | 216.532 |
| TOTAL LIABILITIES AND EQUITY | 660.135 | 2.232.888 |
Income statement (ias format)
(Eur thousand) | ERG Renew S.p.A. 31/12/2013 | Group ERG Renew 31/12/2013 |
|---|---|---|
| Revenues from sales and services | 13.313 | 327.335 |
| Other revenues and income | 699 | 4.998 |
| Value of production | 14.011 | 332.333 |
| Purchases of raw materials, consumables and goods | (7.741) | (3.270) |
| Change in inventories | - | (793) |
| Service costs | (9.945) | (72.350) |
| Personnel costs | (4.392) | (10. |
| Other operating expenses | (3.691) | (17.379) |
| Amortisation and depreciation | (763) | (114.629) |
| Write-downs and provisions | - | (4.345) |
| Cost of production | (26.531) | (223.372) |
| EBIT | (12.520) | (108.961) |
| Net financial income and expenses | (59) | (59.641) |
| Financial income (expenses) from subsidiaries and parent companies | 6.589 | - |
| Income (expenses) from equity investments | 47.615 | (971) |
| Profit before taxes | 41.626 | 48.349 |
| Current, deferred and prepaid income taxes | 3.614 | (28.740) |
| Profit (loss) from continuing operations | 45.240 | 19.609 |
| Net profit (loss) from discontinued operations | - | 11 |
| Net profit (loss) for the period | 45.240 | 19.620 |
| Minority interests | - | - |
| Group profit (loss) | 45.240 | 19.620 |
Statement of financial position
| (Eur thousand) | ISAB Energy S.r.l. 31/12/2013 | ISAB Energy Services S.r.l. 31/12/2013 | ERG Oil Sicilia S.r.l. 31/12/2013 | |
|---|---|---|---|---|
| Assets | ||||
| A) | Receivables from shareholders | - | - | - |
| B) | Fixed assets | |||
| Intangible | 8.694 | - | 1.462 | |
| Tangible | 454.131 | - | 20.047 | |
| Financial | 5 | - | - | |
| 462.831 | - | 21.509 | ||
| C) | Current assets | |||
| Inventories | 13.667 | - | 1.474 | |
| Receivables | 203.769 | 32.862 | 35.436 | |
| Financial assets | - | - | - | |
| Cash and cash equivalents | 86.835 | 4 | 9.415 | |
| 304.271 | 32.866 | 46.325 | ||
| D) | Accrued income and prepaid expenses | 4.412 | 17 | 451 |
| TOTAL ASSETS | 771.514 | 32.882 | 68.286 | |
| Liabilities and equity | ||||
| A) | Shareholder's equity | |||
| Share capital | 5.165 | 700 | 6.310 | |
| Paid-in-capital in excess of par | - | - | - | |
| Revalutation reserve | - | 37 | 18.000 | |
| Legal reserve | 1.033 | 140 | 1.262 | |
| Consolidation reserve | - | - | - | |
| Other reserves | 28.709 | 2 | 6.164 | |
| Retained earnings / (accumulated losses) | 435.059 | - | - | |
| Net profit (loss) for the year | 58.371 | 7.695 | (3.072) | |
| 528.337 | 8.574 | 28.664 | ||
| Minority interests | ||||
| Share capital | - | - | - | |
| Net profit (loss) for the year | - | - | - | |
| - | - | - | ||
| B) | Provisions for liabilities and charges | |||
| Taxes | 32.128 | - | 1.690 | |
| Others | 12.741 | - | 475 | |
| 44.869 | - | 2.165 | ||
| C) | Employees' severance indemnities | - | 1.937 | 142 |
| D) | Payables | |||
| Payables due to shareholders for loans | 56.250 | - | - | |
| Banks / other lenders | - | 370 | - | |
| Advances | - | - | - | |
| Suppliers | 56.984 | 3.108 | 32.141 | |
| Subsudiaries/associates/parent companies/affiliates | 82.330 | 10.045 | 3.501 | |
| Tax payables | 2.524 | 482 | 29 | |
| Social security payables | - | 1.694 | 52 | |
| Other payables | 156 | 6.674 | 1.333 | |
| 198.244 | 22.371 | 37.055 | ||
| E) | Accrued liabilities and deferred income | 64 | - | 259 |
| TOTAL LIABILITIES AND EQUITY | 771.514 | 32.882 | 68.286 | |
Income statement
| (Eur thousand) | ISAB Energy S.r.l. 31/12/2013 | ISAB Energy Services S.r.l. 31/12/2013 | ERG Oil Sicilia S.r.l. 31/12/2013 | |
|---|---|---|---|---|
| A) | Value of production | |||
| Revenues from sales and services | 549.073 | 43.452 | 368.284 | |
| Inventory changes | 151 | - | (1) | |
| Own work capitalised | 693 | - | - | |
| Other revenues and income | 20.583 | 3.743 | 309 | |
| 570.500 | 47.195 | 368.593 | ||
| B) | Production cost | |||
| Purchases | (313.702) | (197) | (349.551) | |
| Services | (66.971) | (11.248) | (12.316) | |
| Leases and rentals | (529) | (826) | (4.407) | |
| Personnel | - | (22.845) | (1.099) | |
| Amortisation, depreciation and write-downs | (52.461) | - | (4.417) | |
| Inventory changes | (1.391) | - | - | |
| Provisions | (3.106) | - | - | |
| Other operating expenses | (26.494) | (157) | (1.219) | |
| (461.873) | (35.273) | (373.007) | ||
| Difference between production value and costs | 108.629 | 11.922 | (4.414) | |
| C) | Financial income and expenses | |||
| Income from equity investments | - | - | - | |
| Other financial income | 42 | 350 | ||
| Interest and other financial expenses | (3.036) | (3) | (168) | |
| Foreign exchange gains and losses | (45) | 2 | - | |
| (3.039) | - | 183 | ||
| D) | Value adjustments to financial assetes | |||
| Revalutations | - | - | - | |
| Write-downs | - | - | - | |
| - | - | - | ||
| E) | Extraordinary income and expenses | |||
| Extraordinary income | - | - | (645) | |
| Extraordinary expenses | (10) | 241 | - | |
| 10 | 241 | (645) | ||
| Profit before taxes | 105.600 | 12.163 | (4.876) | |
| Income taxes for the year | (47.229) | (4.467) | (1.804) | |
| Profit (loss) before minirity interest | (47.229) | (4.467) | (3.072) | |
| Minority interest | - | - | - | |
| Net profit (loss) for the year | 58.371 | 7.695 | (3.072) | |
Statement of financial position
(Eur thousand) | TotalErg Group 31/12/2013 | TotalErg | |
|---|---|---|---|
| Assets | |||
| A) | Receivables from shareholders | - | - |
| B) | Fixed assets | ||
| Intangible | 44.202 | 33.675 | |
| Tangible | 516.951 | 429.950 | |
| Financial | 89.102 | 103.916 | |
| 650.255 | 567.541 | ||
| C) | Current assets | ||
| Inventories | 392.392 | 362.851 | |
| Receivables | 821.652 | 786.301 | |
| Financial assets | - | - | |
| Cash and cash equivalents | 98.2664 | 74.627 | |
| D) | Accrued income and prepayments | 39.171 | 36.286 |
| TOTAL ASSETES | 2.001.734 | 1.827.606 | |
| Liabilities and equity | |||
| A) | Shareholder's equity | ||
| Share capital | 47.665 | 47.665 | |
| Paid-in-capital in excess of par | - | - | |
| Revalutations reserve | 133.726 | 133.726 | |
| legal reserve | 9.533 | 9.533 | |
| Consolidation reserve | 58.661 | - | |
| Other reserves | 172.469 | 172.467 | |
| Retained earnings / (accumulated losses) | 5.273 | 35.199 | |
| Net profit (loss) for the year | (48.630) | (69.593) | |
| 378.697 | 328.996 | ||
| Minority interests | - | ||
| Share capital | 9.582 | - | |
| Net profit (loss) for the year | 1.287 | - | |
| 389.566 | - | ||
| B) | Provisions for liabilitis and charges | ||
| Taxes | 42.545 | 40.565 | |
| Other | 122.748 | 101.744 | |
| 165.293 | 142.310 | ||
| C) | Employees' severance indemnities | 10.667 | 7.213 |
| D) | Payables | ||
| Payables to shareholders for loans | - | - | |
| Banks / other lenders | 362.234 | 338.891 | |
| Advances | 1.390 | 194 | |
| Suppliers | 694.355 | 616.455 | |
| Subsidiaries /associates /parents companies/ affiliates | 80.181 | 108.835 | |
| Tax payables | 219.355 | 215.657 | |
| Social security payables | 3.651 | 1.810 | |
| Other payables | 59.879 | 57.141 | |
| 1.421.045 | 1.338.983 | ||
| E) | Accrued liabilities and deferred income | 15.163 | 10.104 |
| TOTAL LIABILITES AND DEFERRED INCOME |
Income statament
| (Eur thousand) | TotalErg Group 31/12/2013 | TotalErg S.p.A. 31/12/2013 | |
|---|---|---|---|
| A) | Production value | ||
| Revenues from sales and services | 10.338.834 | 10.017.231 | |
| Inventory changes | 21.109 | 23.978 | |
| Own work capitalised | 2.846 | - | |
| Other revenues and income | 59.758 | 47.562 | |
| 10.422.547 | 10.088.771 | ||
| B) | Production cost | ||
| Purchaes | (9.685.942) | (9.447.215) | |
| Services | (363.107) | (338.838) | |
| Leases and rentals | (123.617) | (121.977) | |
| Personnel | (81.478) | (53.200) | |
| Amortisation, depreciation and write-downs | (105.114) | (79.902) | |
| Inventory changes | (44.196) | (50.973) | |
| Provisions | (27.122) | (27.002) | |
| Other operatings expenses | (17.978) | (14.056) | |
| (10.448.554) | (10.133.163) | ||
| Difference between production value and costs | (26.007) | (44.392) | |
| C) | Financial icome and expenses | ||
| Income from equity investments | 154 | 1.750 | |
| Other financial income | 753 | 3.210 | |
| Interest and other financial expenses | (22.957) | (22.737) | |
| Foreign exchange and losses | (1.015) | (1.012) | |
| (23.065) | (18.789) | ||
| D) | Value adjustments to financial assets | ||
| Revalutations | 3.259 | 478 | |
| Write-downs | (301) | - | |
| 2.958 | 478 | ||
| E) | Extraordinary income and expendes | ||
| Extraordinary income | 24.808 | 4.602 | |
| Extraordinay expenses | (46.950) | (45.081) | |
| (22.142) | (40.479) | ||
| Profit before taxes | (68.256) | (103.182) | |
| Income taxes for the year | 20.913 | 33.590 | |
| Profit (loss) before minority interests | (47.343) | (69.593) | |
| Minority interest | 1.287 | - | |
| Net profit (loss) for the year | (48.630) | (69.593) | |