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
S.p.A.
31/12/2013

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)

 

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

ir@erg.it


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