News & ASX Releases

Po Valley Energy 2012 Financial Results

March 18, 2013

Po Valley Energy (ASX:PVE) has today announced its financial results for the year ended 31 December 2012.

  • Net cash flow from operating activities was €4.34 million (AUD 5.39 million) up 33% (2011: €3.26 million)
  • Revenue was €8.20 million or AUD 10.18 million (2011: €9.11 million)
  • Earnings Before Interest, Tax, Depreciation and Amortisation was €4.51 million or AUD 5.60 million up 2% (2011: €4.41 million)
  • Profit before income tax was €201,570 compared with a loss before income tax of €4.89 million in 2011
  • Profit after tax was €2.37 million or AUD 2.94 million (2011 result was a loss of €5.07 million) after recognizing a deferred tax asset of €2.23 million for the first time
  • Cash at bank at 31 December 2012 was €1.22 million (AUD1.55 million)*
  • Paid-down €2.0 million on the Lloyds Commercial Loan Facility reducing borrowings to €4.0 million
  • Private share placement of AUD 1.35 million, funds used to upgrade the Sillaro gas plant and for general working capital purposes
  • Full year gas production was 24.7 million cubic metres (0.85 billion cubic feet), a decrease of 15% from last year (2011: 28.9 million cubic metres)

Commenting on the 2012 year-end financial results, Mr. Giovanni Catalano, Po Valley’s CEO said “In 2012 the company was pleased to make a maiden net profit before tax of €201,570. In addition we have managed to offset the impact of the decrease in production resulting from the temporary suspension of Sillaro’s main producing level through strong gas prices and improved operating efficiencies. The construction of the new condensate separator is almost complete and the field is expected to return to the previous daily production rates of 80,000 standard cubic metres in early April 2013”.

€1 = AUD1.242 - 2012 average
(*) €1 = AUD1.274 - as at 31 Dec 2012


Mr Giovanni Catalano
Po Valley Energy
+39 06 42016275

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