The table below shows the composition of the net financial position as requested in Consob communication no. DEM/6064293 of 28th July 2006:
(Thousands of Euro)
31.12.2012 31.12.2011
A Cash 6 8
B Other liquid assets 9,338 2,244
C Negotiable shares
D Liquid assets (A) + (B) + (C) 9,344 2,252
E Current financial receivables 44,244 76,799
F Current bank debt (158,040) (163,740)
G Current portion of non-current debt (6,283) (6,285)
H Other current financial debt (12,113) (9,317)
I Current financial indebtedness (F) + (G) + (H) (176,436) (179,342)
J Net current financial indebtedness (I) - (E) - (D) (122,847) (100,291)
K Non-current bank debt (27,018) (33,243)
L Bond issued
M Other non-current debts (613)
N Non-current financial indebtedness (K) + (L) + (M) (27,631) (33,243)
O Net financial indebtedness (J) + (N) (150,479) (133,534)
Net financial indebtedness of Ascopiave S.p.A. records an increase of Euro 16,945 thousand compared to the previous year, amounting to 150,479 thousand.
It is to be pointed out that no covenants or negative pledges are provided for in the short-term bank loans, while with regard to the loan granted by Unicreditbanca S.p.A. covenants are provided for as established in paragraph 16 "Medium- and long-term loans" – to be verified based on the results of the consolidated financial statements.
____________________________________________________________________________________________ COMMENTS ON THE MAIN INCOME STATEMENT ITEMS
Revenues
25. Revenues
The following table shows the revenues in the periods considered:
(Thousands of Euro)
31.12.2012 31.12.2011
Revenues from gas transport 55,897 53,517
Revenues from connections 4,008 4,386
Revenues from heat supply 67 1,328
Revenues from distribution 4,189 4,301
Revenues from billing and tax services 529 546
Revenues from general services supplied to Groups' companies 4,523 4,348
Revenues from AEEG contributions 5,751 5,221
Other revenues 3,443 1,388
Total revenues 78,406 75,035
At the end of the period, the item amounted to Euro 78,406 thousand, with an increase of Euro 3,371 thousand compared to the previous year. The increase is mainly explained by the higher revenues from natural gas transportation (Euro 2,380 thousand) and from AEEG contributions (Euro 530 thousand). The increase is partially offset by the decrease in revenues from connections (-Euro 378 thousand) and by the decrease in revenues from heat supply services (-Euro 1,261 thousand). As concerns the latter, it is to be specified that the decrease in revenues is connected to the fact that the management of the plants was transferred during financial year 2012 to the company Bim Piave Nuove Energie.
At the end of the financial year, revenues from natural gas distribution amount to Euro 55,897 thousand, marking an increase of Euro 2,380 thousand as compared to the previous financial year, mainly explained by the increase in the restriction on total revenues. The restriction on the revenues from gas distribution is determined, year after year, on the basis of the number of delivery points the Company actually served during the reference period, as well as on the reference tariff, whose values are established and published by the Authority for Electricity and Gas by 15th December of the year before the one in which the tariff becomes effective.
The increase in the tariff applied to firms who sell natural gas through the distribution network of the Company entailed higher revenues for Euro 2,763 thousand. The positive effect due to the increase in the average unit tariff, from Eurocents 6.94 of 2011, to Eurocents 7.30 in 2012, is partially offset by the decrease in the volume of cubic meters of natural gas distributed. During the year, the activity of natural gas distribution involved the transportation of 765.5 million of cubic meters, with respect to 771 million in the previous year, marking a decrease of 5.5 million, determining a negative effect on revenues equal to Euro 383 thousand.
It is to be noted that the item "gas transportation revenues" include an equalisation amount equal to Euro 6,914 thousand.
Revenues from connections to the natural gas distribution network decrease from Euro 4,386 thousand of 2011 to Euro 4,008 thousand of 2012; The decrease, equal to Euro thousand, is mainly explained by the lower number of connections performed during the year because of the continuing crisis of the building industry in the North of Italy.
____________________________________________________________________________________________ thousand in 2012 (- Euro 112 thousand). The item includes the revenues from the activities performed on counting metres of the end customers on behalf of the sale companies.
At the end of 2012, the item "revenues from AEEG contributions" registers an increase equal to Euro 530 thousand, from Euro 5,221 thousand in 2011, to Euro 5,751 thousand in 2012.
The item includes the revenues from the use of the energy efficiency certificates (the so-called "white certificates") and from energy saving targets achieved. In fact, these contributions are recognized when the energy saving targets set by the AEEG and published through resolution 13/11 EEN dated 22nd December 2011 are achieved. The deliberation defines the specific primary energy saving obligations that the distributors are required to respect. The increase recorded is mainly explained by the upgrading of the specific target set by the Authority for Electricity and Gas and by the increase in the contribution recognized for each energy efficiency certificate that the company will return in order to comply with the obligation set by law.
At the end of the reference period, revenues from general services to companies of the group register an increase equal to Euro 175 thousand, from Euro 4,348 thousand of the previous financial year to Euro 4,523 thousand of the current financial year.
The item "Other revenues" increases from Euro 1,388 thousand of 2011 to Euro 3,443 thousand of the current financial year (+Euro 2,055 thousand).The increase is mainly explained by the entry of revenues obtained by supplying electric and thermal energy produced by cogeneration plants following the merger by acquisition of the subsidiary company Global Energy Srl dated 1st October 2012.