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 S.p.A.          
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 collegate:
ERG S.p.A.            
I-Faber S.p.A. Milan 23,00% 23,00% 5.652 14.169 3.321
            3.321
             
Società in joint venture:
ERG S.p.A.            
Ionio Gas S.r.l. in liquidazione  Siracusa 50,00% 50,00% 200 1.675 839
TotalErg S.p.A.(2)  Rome 51,00% 51,00% 47.665 378.697 200.000
             
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 - -
            6.911
ERG Power S.r.l.            
Priolo Servizi S.c.p.A.(5) Siracusa 20,85% 20,85% 25.600 46.115 9.615
            217.365
             
TOTAL           220.685

 

(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
Subsidiaries
ERG S.p.A.            
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
            565
Associated (Consortiums) (4)
ERG S.p.A.            
Consorzio Delta Ti Research Milan 50,00% 50,00% 50 50 50
             
ERG Renew S.p.A.            
Consorzio Dyepower Rome 24,95% 24,95% 1.072 1.651 931
            931
Other company
ERG 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
R.U.P.E. S.p.A. Genoa 4,86% 4,86% 3.058 3.117 155
             
ISAB Energy S.r.l.            
I.A.S. - Industria Acqua Siracusana S.p.A. Siracusa 5,00% 2,55% 102 108 5
            496
             
TOTAL           2.402

(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 .

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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