Approval of Group Consolidated and of Saras SpA draft Financial
Statements1 for the year ended 31st December 2013 and change of the
date for the Shareholders' Meeting
Milan, 19th March 2014: The Board of Directors of Saras SpA met
today and approved the Group Consolidated Financial Statements and
the draft of Saras SpA Financial Statements for the year ended 31st
December 2013. The comments for each business segment are the same
as those made for the FY/13 preliminary results. Therefore, please
st refer to the press release dated 21 February 2014. 2013
Financial Statements have been submitted to the Board of Statutory
Auditors and to the external auditors and, together with all other
documents required by the article 154-ter of the Legislative Decree
58/1998 (the "Consolidated Finance Act" T.U.F.), they shall be
made available to the general public at the company's Registered
Office, and they will also be published on Saras website
(www.saras.it) in due course, as prescribed by the current
regulations. Herewith enclosed are the 2013 Statement of Financial
Position, Income Statement and Statement of Comprehensive Income,
Statement of Changes in Shareholders' Equity, and Cash Flow
Statement for both the Saras Group and for the parent company Saras
SpA. This press release has been prepared pursuant to the
Regulation implementing Legislative Decree no. 58 of 24 February
1998, adopted by CONSOB under resolution number 11971 of 14th May
1999, as amended and supplemented. It is available to the public at
the offices of Borsa Italiana SpA and from the Company's website,
under "Investor Relations/Financial News/Press Releases".
th
Comments to Full Year 2013 Group results
Group Revenues in FY/13 were EUR 11,230 ml, down 6% vs. FY/12. This
change is primarily due to the decrease in revenues generated by
the Refining and Marketing segments, as a consequence of the lower
prices for the refined oil products. In particular, in FY/13 the
average price for gasoline stood at 982 $/ton versus 1,021 $/ton in
FY/12, while diesel traded at an average price of 930 $/ton versus
969 $/ton in FY/12. Moreover, also the Power Generation segment
achieved lower revenues, due to the new calculation methodology
applied to the CIP6/92 tariff, which regulates the sale of
electricity from the Sarlux subsidiary to the National Grid
Operator (Gestore dei Servizi Energetici SpA), as required by
Legislative Decree 69/2013. Group reported EBITDA in FY/13 was EUR
71.7 ml, down vs. EUR 176.0 ml in FY/12. The main difference
between the two years under comparison is due to the steep
deterioration of the refining margins in 2013 (approx. EUR 60 ml),
which penalised the results of the Refining segment. The rest of
the difference is almost entirely related to the Power Generation
segment, which achieved lower results vis a vis FY/12, due to the
previously mentioned change in the CIP6/92 tariff. Group reported
Net Result stood at EUR -271.1 ml, down versus EUR -88.6 ml in
FY/12, because of the same reasons discussed at EBITDA level, and
also because of the devaluation of the CIP6/92 contract and its
effects on the deferred tax assets. Indeed, as established by an
independent appraisal, the revision of the CIP6/92 tariff according
to the new calculation methodology required by the Legislative
Decree 69/2013, determined a devaluation of approx. EUR 232 ml (pre
tax) to the above mentioned contract, which was entirely accounted
for into Q2/13 results. Further details on this process were given
in the previous Financial Statements. Moving to the analysis of the
"Financial Charges and Income", which include also the net FOREX
result and the result of the derivative instruments used for
hedging purposes, in FY/13 the Net Financial Charges were equal to
EUR 29.4 ml, while in FY/12 the charges stood at EUR 51.9 ml. Such
change in Net Financial Charges is due mainly to positive results
on FOREX and derivatives.
1 Pursuant to the provisions of article 154 bis, paragraph 2, of
the Consolidated Finance Act, Mr. Corrado Costanzo, the Executive
Director responsible for the preparation of the company's financial
reporting, states that the financial information set out in this
press release corresponds to the company's documents, books and
accounting records.
In order to give a better representation of the Group's operating
performance, and in line with the standard practice in the oil
industry, the operating results (EBITDA and EBIT) and the Net
Result are provided also with an evaluation of oil inventories
based on the LIFO methodology (instead of the FIFO methodology
adopted in the Financial Statements prepared according to IFRS
accounting principles), and deducting the change in "fair value" of
the derivative instruments, as well as the non-recurring items. The
results calculated in the above manner are called "comparable" and
"adjusted", and they are not subject to audit. Group comparable
EBITDA amounted to EUR 115.5 ml in FY/13, down from EUR 219.7 ml
achieved in FY/12. As per previous comments, the main difference
comes from the Refining segment, which operated within extremely
penalising market conditions. Moreover, also the Power Generation
segment achieved lower results compared to FY/12, due to the
previously discussed changes in the calculation methodology for the
CIP6/92 tariff. Furthermore, it should be mentioned that, for the
Power Generation segment, the comparable EBITDA is coincident with
the reported EBITDA. Finally, the Group adjusted Net Result stood
at EUR -84.1 ml, down versus the Group adjusted Net Result in FY/12
(equal to EUR -33.7 ml), mainly because of the weaker EBITDA
results, which were partially compensated by lower Net Financial
Charges in FY/13, as shown above, and also by lower depreciation of
tangible and intangible assets. CAPEX in FY/13 was EUR 109.6 ml, in
line with the investment programme for 2013. These CAPEX were
primarily dedicated to the Refining segment (EUR 87.1 ml), and also
to the Power Generation segment (EUR 16.9 ml).
st Group Net Financial Position on the 31 of December 2013 stood at
EUR -8 ml, meaningfully improved versus the position at the
beginning of the year (EUR -218 ml), and also versus the position
at 30th September (EUR -171 ml). The main contribution comes from
the optimisations achieved on the working capital. Moreover, the
self-financing stemming from the provisions for amortisations more
than offset the CAPEX for the period. Finally, it should be noted
that some payments for crude oil are still outstanding, due to the
oil embargo declared by the European Union against Iran, as of July
2012.
Comments to Full Year 2013 Saras SpA results
Saras SpA is the Group parent company and it also operates in the
oil markets both at national and international level, through the
sale and purchase of oil products deriving from the refining
activities. Within the corporate reorganisation st project approved
by the Board of Directors of Saras SpA in January 2013, and
effective as of the 1 of July 2013, all the refining activities
held by Saras SpA have been transferred to the subsidiary Sarlux
Srl, in order to concentrate in a single company all the industrial
activities carried out at the Sarroch site, with the aim to achieve
higher organisational and operational efficiency. Saras SpA
Revenues in FY/13 were EUR 10,166 ml, down by 6% vs. FY/12. This
change is mainly related to the lower prices for the refined oil
products. EBITDA was EUR -70 ml in FY/13, improved versus the
result of the previous year, and Saras SpA Net Result stood at EUR
-124 ml, vs. EUR -153 ml in FY/12. CAPEX in FY/13 was EUR 51 ml
(EUR 97 ml in FY/12). This change, as previously discussed, is
mainly related to the transfer of the refining activities to the
subsidiary Sarlux Srl. Consequently, Saras SpA financial accounts
in FY/13 include only the CAPEX made in the first half of the year.
As such, it is not possible to make a homogenous comparison between
the two years. The Net Financial Position of Saras SpA on 31st Dec
2013 was EUR -118 ml, significantly improved versus the position st
of EUR -471 ml on the 31 Dec 2012. The main contributions come from
the partial extinction of the financial debts towards the
subsidiary Sarlux Srl, stemming from the contribution of the
refining assets, and also from the reduction in working
capital.
Change of date for the Shareholders' Meeting
With regards to the Financial Calendar already published on the
17th January 2014, we hereby notify that there has been th a change
of date for the Shareholders' Meeting. The Meeting, originally
planned for the 24 April, is now scheduled for th the 28 April
2014. Further details regarding the time and venue shall be
communicated in due course, as prescribed by the current
regulations.
2
Procedures for Transactions with Related Parties
The Board of Directors resolved to modify the "Procedures for
Transactions with Related Parties" with regards to the composition
of the "Committee" described in Article 5, which shall be now made
of at least two independent Directors of the Board, rather than
three.
Dividend
Coherently with the negative adjusted Net Result posted by the
Group in FY/13, and in line with the company's dividend policy, the
Board of Directors will propose to the AGM no dividend distribution
for the FY 2013.
Main events after the end of the end of FY/13
th th Respectively on the 4 February 2014 and 5 February 2014, the
Board of Directors of Saras SpA and the Shareholders Meeting of
Arcola Petrolifera Srl, by resolution filed with the Companies
Register of Cagliari on the 12th February 2014, th approved the
Merger by incorporation of Arcola Petrolifera Srl in Saras SpA,
following the notices given on 14 th November 2013 and 11 December
2013. The Merger aims to rationalise the Saras Group's structure,
placing the business carried out by the subsidiary in the Italian
market, within Saras SpA as a division of the latter.
On the 7th March 2014 the Court of Appeals of Cagliari, in relation
to the accident on 26th May 2009, which caused the death of three
workers of the contracting company CO.ME.SA., confirmed the full
acquittal for Saras SpA from any administrative responsibility
under Decree 231/2001. Moreover, the Court of Appeals confirmed
also the acquittal for the manager of the production area, and for
the director of Industrial Operations, currently no longer employed
with Saras, and the conviction with a suspended sentence of 24
months for the former legal representative of the company
CO.ME.SA.. Finally, the Court of Appeals condemned the General
Manager of the Saras Group and the former Plant Manager (currently
no longer employed with Saras), with a suspended sentence of 20
months (versus the previous sentence of 24 months), in addition to
granting an award of damages to the plaintiffs. Saras awaits the
grounds of the decision for further evaluation.
For further information, please contact: Massimo Vacca Saras Head
of Investor Relations & Financial Communications Tel +39 02
7737376 Alessandra Gelmini Saras IR Officer Tel +39 02
7737642
THE SARAS GROUP
The Saras Group, whose operations were started by Angelo Moratti in
1962, has approximately 1,800 employees and total revenues of st
about 11.2 billion Euros as of 31 December 2013. The Group is
active in the energy sector, and is a leading Italian and European
crude oil refiner. It sells and distributes petroleum products in
the domestic and international markets, directly and through its
subsidiaries. The Group also operates in the electric power
production and sale, through the subsidiaries Sarlux Srl and
Sardeolica Srl. In addition, the Group provides industrial
engineering and scientific research services to the oil, energy and
environment sectors through the subsidiary Sartec SpA. Finally, the
Group operates also in the field of exploration for gaseous
hydrocarbons.
3
CONSOLIDATED FINANCIAL STATEMENTS
Statement of consolidated Financial Position: as of 31st December
2013 and 31st December 2012
EUR thousand 31/12/2013 31/12/2012 (1) 2,287,407 506,827 34,645
670,818 108 926,063 48,950 100,104 1,526,124 1,217,425 97,083 505
205,560 5,551 3,813,531 2,209,352 302,950 42,326 820,215 109
920,891 45,699 77,271 1,730,570 1,288,758 348,767 526 86,430 6,089
3,939,922
ASSETS
Current assets Cash and cash equivalents Other financial assets
held for trading Trade receivables of which with related parties:
Inventories Current tax assets Other assets Non-current assets
Property, plant and equipment Intangible assets Other equity
interests Deferred tax assets Other financial assets Total
assets
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities Short-term financial liabilities Trade and
other payables of which with related parties: Current tax
liabilities Other liabilities Non-current liabilities Long-term
financial liabilities Provisions for risks and charges Provisions
for employee benefits Deferred tax liabilities Other liabilities
Total liabilities 2,014,985 180,970 1,605,867 251 168,472 59,676
877,344 385,780 42,978 19,906 3,641 425,039 2,892,329 1,817,254
166,997 1,394,342 348 161,125 94,790 925,970 424,891 52,391 22,825
3,163 422,700 2,743,224
EQUITY
Share capital Legal reserve Other reserves Profit/(loss) for the
year Total equity attributable to owners of the company Minority
interest Total equity Total liabilities and equity 54,630 10,926
1,126,726 (271,080) 921,202 0 921,202 3,813,531 54,630 10,926
1,219,718 (88,576) 1,196,698 0 1,196,698 3,939,922
(1) 2012 values reflect the application of IAS 19 revised
4
Consolidated Income Statements: 1st Jan 31st Dec 2012 and
2013
Consolidated Income Statement for the periods: 1st January - 31st
December 2013 and 2012
(2) EUR thousand 1st January 31st December 2013 11,106,282 123,682
116 11,229,964 (10,484,447) (542,693) (1,102) (131,243) (425,742)
(11,584,125) (354,161) (232,455) (232,455) (208,882) 23,573 23,573
of which non recurring (1) 1st January 31st December 2012
11,810,717 78,532 109 11,889,249 (10,975,704) (601,498) (1,549)
(136,001) (244,186) (11,957,389) (68,140) (36,008) (36,008)
(36,008) 0 of which non recurring
Revenues from ordinary operations Other income of which with
related parties: Total revenues Purchases of raw materials, spare
parts and consumables Cost of services and sundry costs of which
with related parties: Personnel costs Depreciation, amortisation
and write-downs Total costs Operating results Net income/(charges)
from equity interests Financial income Financial charges Profit
before taxes Income tax for the year Net profit/(loss) for the year
Net profit/(loss) for the year attributable to: Equity holders of
the company Minority interest
209,285 (238,724) (383,600) 112,520 (271,080) (208,882) 60,575
(148,307)
248,233 (300,117) (120,024) 31,448 (88,576) (36,008) 10,727
(25,281)
(271,080) 0
(88,576) 0
Earnings per share - basic (EUR cent) Earnings per share - diluted
(EUR cent)
(29.29) (29.29)
(9.54) (9.54)
##########
##########
Statement of Comprehensive Income for the periods: 1st January -
31st December 2013 and 2012
1st January 31st December 2013 (271,080) 1st January 31st December
2012 (88,576)
EUR thousand
Net result for the year (A) Items included in comprehensive income
which will be reclassified subsequently to profit or loss (when
specific conditions are met) Effect of translation of f/s in
foreign currency Items included in comprehensive income which will
not be reclassified subsequently to profit or loss (when specific
conditions are met) IAS 19 actuarial effect on end-of-service
payments Income / (loss), net of fiscal effect (B) Consolidated
Comprehensive Result for the year (A + B) Net consolidated
Comprehensive Result for the year attributable to : Parent Company
shareholding Minority Interest (1) 2012 values reflect the
application of IAS 19 revised (2) The column "of which non
recurring" includes:
(54)
(14)
(171) (225) (271,305)
(1,525) (1,539) (90,115)
(271,305) 0
(90,115) 0
- Other income amounting to 23,573 EUR thousand due to grants
related to previous years - Depreciations and amortizations
amounting to 232,455 EUR thousand due to write-off of Sarlux S.r.l.
/ G.S.E. contract - Income tax: - tax effect on grants and
write-off above mentioned amounting to 80,705 EUR thousand -
reversal of deferred tax asset (4% Robin tax) amounting to 20,130
EUR thousand
5
Statement of Changes in Consolidated Shareholders' Equity: from
31st December 2011 to 31st December 2013
Total equity attributable to owners of the company 1,283,034
EUR thousand
Share capital 54,630
Legal reserve 10,926
Other reserve 1,158,676
Profit (Loss) 58,802
Minority interest 0
Total equity
Balance as of 31/12/2011 Period 1/1/2012 - 31/12/2012 Appropriation
of previous year profit Reserve for employee share plan Effect of
translation of f/s in foreign currency IAS 19 actuarial effect Net
profit (loss) for the year
Total comprehensive profit (loss) for the year
1,283,034
58,802 3,779 (14) (1,525)
(58,802)
0 3,779 (14) (1,525)
0 3,779 (14) (1,525) (88,576)
(90,115)
(88,576)
(1,539) (88,576)
(88,576)
(90,115)
Balance as of 31/12/2012 Period 1/1/2013 - 31/12/2013 Appropriation
of previous year profit Purchase on own shares Reserve for employee
share plan Effect of translation of f/s in foreign currency
Reversal of deferred tax asset (4% Robin tax) on 2012 actuarial
effect of IAS 19 IAS 19 actuarial effect Net profit (loss) for the
year
Total comprehensive profit (loss) for the year
54,630
10,926
1,219,718
(88,576)
1,196,698
0
1,196,698
(88,576) (5,943) 1,654 (54) 98 (171)
88,576
0 (5,943) 1,654 (54) 98 (171)
0 (5,943) 1,654 (54) 98 (171) (271,080)
(271,305)
(271,080)
(225) (271,080)
(271,080)
(271,305)
Balance as of 31/12/2013
54,630
10,926
1,126,726
(271,080)
921,202
0
921,202
6
Consolidated Cash Flow Statements as of: 31st December 2013 and
31st December 2012
(1) EUR thousand A - Cash and cash equivalents at the beginning of
year B - Cash generated from/(used in) operating activities Net
Profit / (Loss) for the year Unrealised exchange losses/(gain) on
bank accounts Amortisation, depreciation and write-downs of fixed
assets Grants booked to income statements Net change in provisions
for risks and charges Net change in employee benefits Net change in
deferred tax liabilities and deferred tax assets Net interest gains
(losses) Accrued Income tax Change in fair value of derivatives,
greeen certificates Other non cash items (Increase)/Decrease in
trade receivables of which with related parties:
(Increase)/Decrease in inventory Increase/(Decrease) in trade and
other payables of which with related parties: Change in other
current assets Change in other current liabilities Interest
received Interest paid Tax paid Change in other non-current
liabilities Total (B) C - Cash flow from (to) investing activities
(Investments) in tangible and intangible assets - of which interest
paid capitalized (Investments)/disinvestments in other holdings
Change in financial assets Total (C) D - Cash generated from/(used
in) financing activities Increase/(Decrease) in medium/long term
borrowings Increase/(Decrease) in short term borrowings (Decrease)
in short term financial debts due to reimbursements Dividends and
buy-back of own shares Total (D) E - Cashflow for the year (B+C+D)
F - Net Cash from disposal of Akhela/Artemide Unrealised exchange
losses/(gain) on bank accounts G - Cash and cash equivalents at the
end of year (1) 2012 values reflect the application of IAS 19
revised 0 (13,402) (35,170) (5,943) (54,515) 205,709 0 (1,832)
506,827 (317,415) 165,923 (366) (1,950) 302,950 171,954 (291,325)
(198,044) (106,690) (5,528) 21 43,133 (63,536) (105,452) (9,634) 0
52,510 (52,942) (271,080) 1,832 425,742 (23,573) (9,413) (2,919)
(118,652) 33,633 6,132 (26,990) 1,581 149,397 (1) (5,172) 211,525
(97) (9,485) 11,005 731 (32,705) (20,168) 2,339 323,760 (88,576)
1,950 244,186 0 (24,866) 810 (55,571) 30,815 23,189 (5,431) 3,572
41,758 45 233,459 204,342 340 18,961 26,597 882 (36,306) (22,965)
(60,526) 536,280 1/1/2013 31/12/2013 302,950 1/1/2012 31/12/2012
139,343
7
SARAS SPA FINANCIAL STATEMENTS
Saras SpA Statement of Financial Position: as of 31st December 2013
and 31st December 2012
(EUR Thousand) 31/12/2013 31/12/2012 (1) 1,551,494 247,296 13,629
462,196 237,606 732,811 37,874 57,688 34,711 932,374 8,535 19,191
729,449 495 99,382 75,322 70,000 2,483,868 1,776,770 209,660 31,493
637,818 303,105 777,054 40,882 79,863 52,382 1,195,553 715,305
18,538 302,421 495 83,057 75,737 70,000 2,972,323
ASSETS
Current assets Cash and cash equivalents Other financial assets
held for trading Trade receivables of which with related parties:
Inventories Current tax assets Other assets of which with related
parties: Non-current assets Property, plant and equipment
Intangible assets Equity interests at cost Other equity interests
Deferred tax assets Other financial assets of which with related
parties: Total assets
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities Short-term financial liabilities of which with
related parties: Trade and other payables of which with related
parties: Current tax liabilities Other liabilities Non-current
liabilities Long-term financial liabilities Provisions for risks
and charges Provisions for employee benefits Other liabilities of
which with related parties: Total liabilities 1,611,621 138,942
69,422 1,376,337 53,145 71,677 24,665 391,413 361,302 3,838 9,963
16,310 16,268 2,003,034 1,877,119 468,868 377,450 1,279,553 36,660
63,300 65,398 485,956 391,750 42,854 21,180 30,172 30,092
2,363,075
EQUITY
Share capital Legal reserve Other reserves Profit/(loss) for the
year Total equity Total liabilities and equity (1) 2012 values
reflect the application of IAS 19 revised 54,630 10,926 539,315
(124,037) 480,834 2,483,868 54,630 10,926 696,383 (152,691) 609,248
2,972,323
8
Saras SpA Income Statements: 1st Jan 31st Dec 2013 and 2012
Saras SpA - Income Statement for the periods: 1st January - 31st
December 2013 and 2012
(2) (EUR Thousand) 1st January 31st December 2013 10,044,833
2,230,345 121,059 57,131 10,165,892 (9,785,475) (94,245) (387,431)
(132,179) (62,957) (52,414) (10,288,277) (122,385) (2,361) 217,570
9,691 (238,921) (8,640) (146,097) 22,060 (124,037) 23,633 11,769
35,402 60 0 23,573 23,573 23,573 of which non recurring (1) 1st
January 31st December 2012 10,679,997 2,524,399 111,975 76,984
10,791,972 (10,301,834) (51,526) (470,244) (84,974) (110,991)
(105,817) (10,988,886) (196,914) 1,042 251,443 3,742 (299,343)
(9,453) (243,772) 91,081 (152,691) (2,999) (2,999) (2,060) 0 0
(939) 0 of which non recurring
Revenues from ordinary operations of which with related parties:
Other income of which with related parties: Total revenues
Purchases of raw materials, spare parts and consumables of which
with related parties: Cost of services and sundry costs of which
with related parties: Personnel costs Depreciation, amortisation
and write-downs Total costs Operating results Net income/(charges)
from equity interests Other financial income of which with related
parties: Other financial charges of which with related parties:
Profit before taxes Income tax for the year Net profit/(loss) for
the year
Saras SpA Statement of Comprehensive Income for the periods 1st
January - 31st December 2013 and 2012
1st January 31st December 2013 (124,037) 1st January 31st December
2012 (152,691)
(EUR Thousand)
Result for the year (A) Items included in comprehensive income
which will be reclassified subsequently to profit or loss (when
specific conditions are met)
0 Items included in comprehensive income which will not be
reclassified subsequently to profit or loss (when specific
conditions are met) IAS 19 actuarial effect on end-of-service
payments Income / (loss), net of fiscal effect (B) Comprehensive
Result for the year (A + B) Net consolidated Comprehensive Result
for the year attributable to : Parent Company shareholding Minority
Interest (1) 2012 values reflect the application of IAS 19 revised
(2) The column "of which non recurring" includes: - Other income
amounting to 23,573 EUR thousand due to grants related to previous
years - Income tax: - tax effect on grants and write-off above
mentioned amounting to 8,015 EUR thousand - reversal of deferred
tax asset (4% Robin tax) amounting to 19,784 EUR thousand (124,210)
0
0
(173) (173) (124,210)
(1,318) (1,318) (154,009)
(154,009) 0
9
Saras SpA Statement of Changes in Shareholders' Equity: from 31st
December 2011 to 31st December 2013
(EUR Thousand) Balance as of 31/12/2011 Period 1/1/2012 -
31/12/2012 Appropriation of previous year profit Reserve for
employee share plan IAS 19 actuarial effect Profit/(loss) for the
year
Total comprehensive profit (loss) for the year
Share capital 54,630
Legal reserve 10,926
Other reserve 739,468
Profit (loss) (45,547)
Total equity 759,477
(45,547) 3,780 (1,318)
45,547
0 3,780 (1,318)
(152,691)
(1,318) (152,691)
(152,691)
(154,009)
Balance as of 31/12/2012 Period 1/1/2013 - 31/12/2013 Appropriation
of previous year profit Purchase on own shares Reserve for employee
share plan Reversal of deferred tax asset (4% Robin tax) on 2012
actuarial effect of IAS 19 IAS 19 actuarial effect Profit/(loss)
for the year
Total comprehensive profit (loss) for the year
54,630
10,926
696,383
(152,691)
609,248
(152,691) (5,943) 1,654 85 (173)
152,691
0 (5,943) 1,654 85 (173)
(124,037)
(173) (124,037)
(124,037)
(124,210)
Balance as of 31/12/2013
54,630
10,926
539,315
(124,037)
480,834
10
Saras SpA Cash Flow Statements as of: 31 December 2012 and 31st
December 2011
st
(1) (EUR Thousand) A - Cash and cash equivalents at the beginning
of year B - Cash generated from/(used in) operating activities
Profit/ (Loss) for the year Unrealised exchange losses/(gain) on
bank accounts Amortisation, depreciation and write-downs of fixed
assets Grants booked to income statements Net (income)/charges from
equity interests of which with related parties: Net change in
provisions for risks and charges Net change in employee benefits
Net change in tax liabilities and tax assets Net interest gains
(losses) Accrued Income tax Change in Fair Value of financial
assets held for trading, and of financial liabilities Other non
cash items (Increase) / Decrease in trade receivables of which with
related parties: (Increase) / Decrease in inventory Increase /
(Decrease) in trade and other payables of which with related
parties: Change in other current assets of which with related
parties: Change in other current liabilities Interest received of
which with related parties: Interest paid of which with related
parties: Income tax paid Change in other non-current liabilities of
which with related parties: Total (B) C - Cash flow from / (to)
investing activities Investments in tangible and intangible assets
- dof which interest paid capitalized Changes in equity interests
Change in financial assets Other cash items Total (C) D - Cash
generated from / (used in) financing activities Increase /
(Decrease) in medium/long term borrowings Increase / (Decrease) in
short term borrowings of which with related parties: (Decrease) in
short term financial debts due to reimbursements Dividends and
buy-back of own shares Total (D) E - Cashflow for the year (B+C+D)
Cash and cash equivalents tranferred to Sarlux S.r.l. Unrealised
exchange losses/(gain) on bank accounts F - Cash and cash
equivalents at the end of the year (1) 2012 values reflect the
application of IAS 19 revised 0 (143,483) (308,028) (26,000)
(5,943) (175,426) 39,472 (4) (1,832) 247,296 (144,712) 114,325 0
(1,950) 209,660 167,579 (122,291) 151,982 (190,000) (124,037) 1,832
52,414 (23,573) 2,361 2,361 (24,414) (2,582) (12,609) 29,706
(9,451) 6,372 1,566 174,838 65,499 (28,538) 195,693 313,461 26,280
17,671 2,480 3,832 3,198 (32,894) (6,507) 0 (1,214) (13,824)
238,062 (152,691) 1,950 105,817 0 (1,042) 1,042 (23,039) 461
(45,790) 19,208 (46,099) 3,172 6,065 34,653 44,175 182,778 209,027
(5,129) 35,982 (9,335) 19,658 3,515 3,742 (36,918) (7,393) (544)
(5,252) (4,971) 310,911 01/01/2013 31/12/2013 209,660 01/01/2012
31/12/2012 97,285
(52,491) (5,528) 0 29,327 0 (23,164)
(87,209) (9,634) 700 34,635 0 (51,874)
11
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