Consolidated financial statement
Form and contents of the consolidated financial statements
ERG classifies its income statement using the "nature of expense" method, a form deemed more representative than a classification using the "function of expense" method. The form chosen is in fact consistent with internal and management reporting procedures.
With reference to the statement of financial position, the adopted classification makes a distinction between current and non-current assets and liabilities, as allowed by IAS 1. The structure of the statement of cash flows is based on the indirect method. Furthermore, as required by CONSOB resolution 15519 dated 27 July 2006, significant income and charges arising from non-recurring transactions or from events that do not occur frequently in the ordinary course of business have been indicated separately in the income statement. These items are commented upon in a dedicated note.
Also pursuant to the aforementioned Consob resolution, balances or transactions with related parties have been entered separately in the statement of financial position and in the income statement. These items are commented upon in a dedicated note.
Lastly, the income statement of the year 2013 and of the year 2012 are represented in accordance with IFRS 5, hence with the exclusion of the results of the Coastal Refining Business, indicated separately under "Net income from sold assets and liabilities", in consideration of the sale of the final portion of the equity investment in ISAB S.r.l., the company that owns the Refinery in Priolo. For more details, please refer to Note 40.