News & ASX Releases

Po Valley Energy 2010 Financial Report

March 16, 2011

Po Valley Energy (ASX:PVE) is pleased to announce the lodgment of its Financial Report for the year ended 31 December 2010.

These results reflect the solid progress of the Company, which achieved its first full production and operating cash flow year.

Highlights
  • The Company’s 2010 full year production was 26.8 million cubic metres of gas (0.95 billion cubic feet).
  • Sillaro commenced production on 18 May 2010 and produced 18.5 million cubic meters at 31 December 2010.
  • Castello, which started on 17 December 2009, produced 8.3 million cubic metres during the full year.
  • In 2010, with the production from the Castello and Sillaro gas fields, the Company generated €7,157,331 in revenues.
  • Earnings before interest, tax, depreciations and amortisation amounted to €2,218,895 for the full year 2010.
  • During the period, repayments of borrowings totalled €4,279,269 effectively reducing the Company’s drawings on the Bank of Scotland facility from €10,279,269 to €6,000,000 at 31 December 2010.
  • The consolidated loss after income tax amounted to €2,323,598 (2009: €7,202,805).
  • Cash at bank at the end of the year was €0.97m (AUD 1.3million).
The full 2010 financial statements were released to the market yesterday.

MEDIA CONTACTS:

Giovanni Catalano
Po Valley Energy
+39 06 42 01 26 675

Kevin Skinner
Field Public Relations
(08) 8234 9555 / 0414 822 631

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