Consolidated financial statement
List of group Company
The following tables show the companies consolidated on a line-by-line basis, those measured under the equity method of accounting, and those measured at cost.
List of companies consolidated on a line-by-line basis:
Company (Eur thousand)
|Registered office||Direct share||Group share||Share Capital (1)||Shareholder's equity(1)|
|ERG Nuove Centrali S.p.A.||Siracusa||100,00%||100,00%||5.000||11.401|
|ERG Oil Sicilia S.r.l.||Rome||100,00%||100,00%||6.310||28.664|
|ERG Renew S.p.A.||Genoa||100,00%||100,00%||100.000||562.084|
|ISAB Energy S.r.l||Siracusa||51,00%||51,00%||5.165||528.337|
|ISAB Energy Services S.r.l.||Siracusa||51,00%||51,00%||700||8.574|
|ERG Nuove Centrali S.p.A.|
|ERG Power S.r.l.||Siracusa||100,00%||100,00%||5.000||93.025|
|ERG Renew S.p.A.|
|ERG Eolica Adriatica S.r.l.||Genoa||100,00%||100,00%||10||53.089|
|ERG Eolica Amaroni S.r.l.||Catanzaro||100,00%||100,00%||10||1.362|
|ERG Eolica Basilicata S.r.l.||Genoa||100,00%||100,00%||38||269|
|ERG Eolica Calabria S.r.l.||Catanzaro||100,00%||100,00%||10||180|
|ERG Eolica Campania S.p.A.||Genoa||100,00%||100,00%||120||30.501|
|ERG Eolica Faeto S.r.l.||Genoa||100,00%||100,00%||10||6.181|
|ERG Eolica Fossa del Lupo S.r.l.||Catanzaro||100,00%||100,00%||50||21.917|
|ERG Eolica Ginestra S.r.l.||Genoa||100,00%||100,00%||10||930|
|ERG Eolica S. Cireo S.r.l.||Genoa||100,00%||100,00%||3.500||21.078|
|ERG Eolica S. Vincenzo S.r.l.||Genoa||100,00%||100,00%||3.500||15.682|
|ERG Eolica Tirreno S.r.l.||Palermo||100,00%||100,00%||10||19|
|ERG Eolienne France S.a.s.||Paris||100,00%||100,00%||50||(11.373)|
|ERG Renew Operations & Maintenance S.r.l.||Genoa||100,00%||100,00%||10||1.029|
|ERG Wind Investement LTD(2)||Gibilterra||80,00%||80,00%||0||143.477|
|Green Vicari S.r.l.||Palermo||100,00%||100,00%||119||14.962|
|ERG Eolienne France S.a.s.|
|Eoliennes du Vent Solaire S.a.s.||Paris (F)||100,00%||100,00%||37||(2.350)|
|Parc Eolien de Lihus S.a.s.||Paris (F)||100,00%||100,00%||1.114||(601)|
|Parc Eolien de Hetomesnil S.a.s.||Paris (F)||100,00%||100,00%||1.114||(547)|
|Parc Eolien de la Bruyère S.a.s.||Paris (F)||100,00%||100,00%||1.060||(270)|
|Parc Eolien du Carreau S.a.s.||Paris (F)||100,00%||100,00%||861||1.333|
|Parc Eolien les Mardeaux S.a.s.||Paris (F)||100,00%||100,00%||1.097||(1.268)|
(1) data referring to the latest approved financial statements
(2) company acquired on 13 February 2013 – please refer to the paragraph entitled Acquisition of IP Maestrale (now called ERG Wind). Within the scope of the agreements with the seller, a put and call option is provided on the remaining 20% of the capital, whereby the acquisition of the shares attributable to the minority shareholder is assumed as certain, with the consequent inclusion of the related minority interest in the Group's equity
Company (Eur thousand)
|Registered office||Direct share||Group share||Share capital (1)||Shareholder's equity (1)|
|ERG Wind Investment LTD|
|ERG Wind Holdings (Italy) S.r.l.||Rome||100,00%||80,00%||212||864.194|
|ERG Wind MEI 2-14-1 LTD||London||100,00%||80,00%||0||2.155|
|ERG Wind MEI 2-14-1 LTD||London||100,00%||80,00%||0||1.028|
|ERG Wind Holdings (Italy) S.r.l.|
|ERG Wind Sardegna S.r.l.||Rome||100,00%||80,00%||77||35.736|
|ERG Wind Sicilia 6 S.r.l.||Rome||100,00%||80,00%||77||34.320|
|ERG Wind 4 S.r.l.||Rome||100,00%||80,00%||6.633||36.176|
|ERG Wind Energy S.r.l.||Rome||80,00%||80,00%||1.000||139.024|
|ERG Wind Leasing 4 S.r.l.||Rome||100,00%||80,00%||10||272|
|ERG Wind Sardegna S.r.l.|
|ERG Wind Sicilia 2 S.r.l..||Rome||100,00%||80,00%||77||41.850|
|ERG Wind Sicilia 4 S.r.l.||Rome||100,00%||80,00%||77||14.689|
|ERG Wind Sicilia 5 S.r.l.||Rome||100,00%||80,00%||77||20.423|
|ERG Wind 2000 S.r.l.||Rome||100,00%||80,00%||77||27.438|
|ERG Wind Sicilia 6 S.r.l.|
|ERG Wind Sicilia 6 S.r.l.||Rome||100,00%||80,00%||77||46.596|
|ERG Wind Sicilia 3 S.r.l.||Rome||100,00%||80,00%||77||31.178|
|ERG Wind MEI 2-14-1 LTD|
|ERG Wind MEG 1LPP(1)||London||80,00%||80,00%||33.168||24.643|
|ERG Wind MEG 2LPP(1)||London||80,00%||80,00%||28.010||20.181|
|ERG Wind MEG 3LPP(1)||London||80,00%||80,00%||33.586||20.171|
|ERG Wind MEG 4LPP(1)||London||80,00%||80,00%||29.721||17.370|
(1) the remaining 20% is held by the company ERG Wind MEI 2-14-2
Company (Eur thousand)
|Registered office||Direct Share||Group Share||Share Capital(1)||Shareholder's equity(1)||Book value as at 31.12.2013|
|Società in joint venture:|
|Ionio Gas S.r.l. in liquidazione||Siracusa||50,00%||50,00%||200||1.675||839|
|ERG Renew S.p.A.|
|LukErg Renew Gmbh (3)||Vienna||50,00%||50,00%||20.508||13.823||6.911|
|ISAB Energy Solare S.r.l. (4)||Siracusa||51,00%||51,00%||100||-||-|
|ERG Power S.r.l.|
|Priolo Servizi S.c.p.A.(5)||Siracusa||20,85%||20,85%||25.600||46.115||9.615|
(1) 2013 data for subsidiaries and joint ventures; latest financial statements approved on the date of the Board of Directors meeting for associates and other companies.
(2) joint venture with Total Holding Europe S.a.s., which on 1 July sold its equity investment in TotalErg S.p.a. to Total Raffinage Marketing, another company of the Total Group
(3) joint venture with LUKOIL-Ecoenergo
(4) joint venture with Princemark Limited (IPM group)
(5) the consortium is subject to joint control with ISAB S.r.l. (38.4%) and with the other shareholders of the Versalis S.p.A. Group (36.5%) and Syndial (4.25%)
List of equity investments measured at cost:
|Company (Eur thousand)||Registered office||Direct share||Group share||Share capital||Shareholders' equity (1)||Book value as at 31.12.2013|
|ERG Services S.p.A.(2)||Genoa||100,00%||100,00%||120||116||120|
|ERG Supply & Trading S.p.A.(2)||Genoa||100,00%||100,00%||120||112||120|
|ERG Petroleos S.A.||Madrid (E)||100,00%||100,00%||3.050||(4.652)||-|
|ERG Renew S.p.A.|
|ERG Eolica Lucana (3)||Genoa||100,00%||100,00%||10||46||300|
|Eolico Troina S.r.l.||Palermo||99,00%||99,00%||20||10||25|
|Associated (Consortiums) (4)|
|Consorzio Delta Ti Research||Milan||50,00%||50,00%||50||50||50|
|ERG Renew S.p.A.|
|CAF Interreg. Dipendenti S.r.l.||Vicenza||0,04%||0,06%||276||1.008||0|
|Emittenti titoli S.p.A.||Milan||0,51%||0,51%||4.264||6.867||26|
|Meroli S.p.A.||Barcellona (E)||0,87%||0,87%||19.077||41.808||310|
|ISAB Energy S.r.l.|
|I.A.S. - Industria Acqua Siracusana S.p.A.||Siracusa||5,00%||2,55%||102||108||5|
(1) 2013 data for subsidiaries; latest financial statements approved on the date of the Board of Directors meeting for associates and other companies.
(2) companies incorporated on 3 December 2013
(3) company incorporated on 16 May 2013
(4) companies measured at cost as they are not yet operational
In view of the net equity of ERG Petroleos, a provision for risks on equity investments of approximately EUR 5 million has been allocated. The main transactions that were carried out involving Group equity investments are summarised as follows.
On 13 February 2013, ERG closed the agreement with International Power Consolidated Holding Ltd (100% GDF SUEZ) for the acquisition, through the subsidiary ERG Renew, of 80% of the capital of IP Maestrale Investments Ltd, a primary operator in Italy in the segment of renewable energy from wind power [see the following paragraph, Acquisition of IP Maestrale (now called ERG Wind )].
On 28 March 2013, in accordance with the agreements between the shareholders, ERG Power S.r.l. purchased 386,560 shares, representing 1.51% of the equity investment it held in Priolo Servizi S.C.p.A.
On 16 May 2013, the company ERG Eolica Lucana S.r.l. was incorporated; as at 31 December 2013, the company was not yet operational.
On 13 September 2012 the Board of Directors of ERG Renew approved the sale of the 51% equity investment held in Eolo to the minority shareholder, as the company is not deemed strategic in terms of geographic positioning and technical configuration. The aforesaid sale took place on 7 August 2013, whereupon ERG Renew collected EUR 1.7 million and a capital gain of EUR 0.4 million was recognised in the Consolidated Income Statement.
On 31 October 2013 ERG Renew closed the acquisition of 100% of the capital of ERG Renew Operations & Maintenance S.r.l., a company dedicated to the operation and maintenance of the Italian wind farms of ERG Wind (see the following paragraph, Acquisition of ERG Renew Operations & Maintenance S.r.l. ).
On 5 November 2013 , the process that led to the dissolution and extinction of sixteen nonoperating companies which were part of the ERG Wind group was completed.
On 26 November 2013 the companies ERG Wind Finance Ltd., ERG Wind MEI 1-14-1 and ERG Wind MEI 1-14-2 were subjected to cross-border absorption by ERG Wind Holdings (Italy) S.r.l.
On 3 December 2013 the company ERG Services S.p.A., with its registered office in Genoa, Via De Marini 1, was incorporated. The share capital of ERG Services S.p.A. of EUR 120,000 was fully subscribed and paid in by ERG S.p.A. On 20 December 2013 the Extraordinary Shareholders' Meeting of ERG Services S.p.A. voted to increase the share capital from EUR 120,000 to EUR 1,200,000, fully subscribed through the transfer of a business unit, effective 1 January 2014 and to be carried out with accounting continuity and tax neutrality. The transferred business unit consists mainly of some of the service activities carried out by ERG S.p.A. also in favour of the companies of the ERG Group, of the personnel and of the assets used in the performance of the aforesaid activities. From 1 January 2014 onwards, these activities will be carried out by ERG Services S.p.A.
On 3 December 2013 he company ERG Supply & Trading S.p.A., with its registered office in Genoa, Via De Marini 1, was incorporated. The share capital of ERG Supply & Trading S.p.A. of EUR 120,000 was fully subscribed and paid in by ERG S.p.A. On 20 December 2013 the Extraordinary Shareholders' Meeting of ERG Supply & Trading S.p.A. voted to increase the share capital from EUR 120,000 to EUR 1,200,000, fully subscribed through the transfer of a business unit, effective 1 January 2014 and to be carried out with accounting continuity and tax neutrality. The transferred business unit consists mainly of some of the activities of the existing Oil Business Unit of ERG S.p.A., of the personnel and of the assets used in the performance of the aforesaid activities.
On 30 December 2013, the transaction relating to the put option for the final 20% of the capital of ISAB S.r.l. , approved on 9 October 2013 by the Board of Directors of ERG S.p.A., was closed. The transaction entailed the provisional collection of EUR 426 million, which takes into account the value of inventories and the definition of certain environmental issues relating to the refinery. As a result of the transaction, LUKOIL holds 100% of the share capital of ISAB S.r.l. (see the following paragraph, Put option on equity investment in ISAB S.r.l.
With regard to the existence of restrictions and guarantees on the equity investments held by the group, please refer to Note 26 – Covenants and negative pledges .