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.
On 30 July 2012, the Board of Directors of ERG S.p.A. decided to exit the project for the construction of a Liquefied Natural Gas (LNG) regasification terminal in the Municipality of Melilli, in the Siracusa province, with a capacity of 8 billion cubic metres per year.
The decision not to continue with the project was based on the significant changes in both energy and economic-financial scenarios, which took place as a result of the crisis that started in 2008, and the current configuration of the Group's activities.
The Shareholders' Meeting of Ionio Gas of 29 October 2012 unanimously voted in favour of the dissolution and consequent placement in liquidation of Ionio Gas.
On 27 November 2012, the placement in liquidation deed was filed and the liquidator was appointed.
At the end of the year, at 31 December 2013, the company had substantially broken even.
The Company, a joint venture of ERG Renew S.p.A. (51%) and Princemark Limited (49%), is active in the renewable energy segment, and specifically in the generation of electricity from solar power. The company owns a photovoltaic plant at the industrial site of ISAB Energy S.r.l. in Priolo Gargallo (SR) for the generation of electricity with an installed power of 968 kW, which started commercial operations in 2011.
At the end of the year, at 31 December 2013, the company had broken even.
With regard to the TotalErg and LUKERG Renew joint ventures and to ISAB S.r.l., please refer to the comments in the previous chapters.
(11) Data produced on the basis of national accounting standards.
In relation to the obligations per Article 2.6.2, Paragraph 8, of the Regulations of the Markets organised and managed by Borsa Italiana S.p.A. and taking into account the provisions of Article 36 of the Markets Regulations adopted by CONSOBwith its Resolution No. 16191 of 29 October 2007 as amended,, it is hereby certified that: (i) ERG S.p.A. acquired from ERG Wind Investments Ltd – an indirectly controlled foreign company not belonging to the European Union, which has significant relevance according to the provisions of Title VI, Paragraph II of the Issuers' Regulations – the articles of incorporation, the composition and powers of the related corporate bodies; (ii) ERG Wind Investments Ltd provides the Group's auditors with the information necessary to audit the annual and infra-annual accounting statements and reports of ERG S.p.A. and has a suitable administrative-accounting system, capable of regularly delivering to the Group's Head Office and auditors the economic and financial data required for the preparation of the Consolidated Financial Statements.
The accounting situation of ERG Wind Investments Ltd, prepared for the purposes of the preparation of the Consolidated Financial Statements as at 31 December 2013, is provided below.
|Reclassified income statement (Eur million)||2013|
|Revenues from ordinary operations||-|
|Other revenues and income||-|
|Cost for purchases||-|
|Changes in inventory||-|
|Cost for services and other operation costs||(2,6)|
|Amortisation, depreciation and write-downs of fixed assets||(0,1)|
|Net financial income (expenses)||(44,0)|
|Met income (expenses) form equity investments||-|
|Profit (loss) from ordinary operations||(47,7)|
|Net non-recurring income (expenses)||-|
|Profit before taxes||(47,7)|
|Reclassified statement of financial position (Eur million)||31/12/2013|
|Intangible fixed assets||-|
|Tangible fixed assets||-|
|Equity investments and other financial fixed assets||1.140,7|
|Excise duties payable to tax authorities||-|
|Net working capital||(0,4)|
|Employees' severance indemnities||(0,2)|
|Net invested capital||1.184,2|
|Group shareholder's equity||77,6|
|Medium-long-term financial indebtedness||827,6|
|Net short-term financial indebtedness||279,0|
|Shareholder's equity and financial debt||1.184,2|
ERG S.p.A. - Genova
Head of Corporate Finance & Investor Relations
0039 010 2401376
ERG S.p.A. - Genova
0039 010 2401423