Separate financial statements

New organisational model

The organisational rationalisation of the Group continued in 2013 through a project involving the top management which resulted in the definition of a new Group organisational model.
The project aimed at guaranteeing the alignment of business strategies with the corporate operational model, seeking to create the optimum environment where the people of ERG can best express their wealth of ideas and skills.

The new organisational-corporate model has been set up to meet these need through the interaction of three macro-roles:

  • the parent company ERG S.p.A., which will provide strategic direction, management control and oversight of human and financial capital and relationships as the fundamental assets for development;
  • the business units, i.e., special purpose companies focusing on their respective businesses, equipped with their own adequate structures capable of guaranteeing efficient operations, drive for development and quick responses to the volatility of their specific markets;
  • ERG Services S.p.A., a company charged with achieving operational excellence in the provision of shared services to the companies in the ERG Group.

The new organisation was launched in the last few weeks of the year. The concrete implementation, in terms of formal obligations and the alignment of all operational processes, is planned during the first half of 2014.

Accounting Treatment – IFRS 5

With regard to the above transaction, in the Separate Financial Statements of ERG S.p.A. the accounting results and assets and liabilities relating to the Oil and Power Businesses (discontinued operations) are indicated separately in application of IFRS 5.
In these Financial Statements, the single items of the statement of financial position 2013 thus include the values of assets and liabilities that are not held for sale. Assets and liabilities held for sale are included in two specific items in the statement of financial position.
The first item includes all the assets held for sale, which comprise fixed assets, receivables and financial assets.
The second item includes all liabilities, which comprise current and non-current liabilities. The individual items in the Income Statement include the values of revenues and costs of assets not held for sale. The revenues and costs of assets held for sale are included in a single row "Net profit (loss) from assets held for sale".
In relation to the Power Business Unit, for the purposes of IFRS 5 the best estimates of the statement of financial position and income statement items transferred were used, as the exact scope of the transfer has not been formalised. For more information, please refer to Note 23 – Assets and Liabilities Held for Sale.

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

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