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Po Valley Energy 2013 Financial Results

March 19, 2014

Po Valley Energy (ASX:PVE) has today announced its financial results for the year ended 31 December 2013.

Highlights
  • Full year gas production was 23.9 million cubic metres or 0.8 billion cubic feet (2012: 24.6 Mscm)
  • Net cash flow from operating activities was € 3.3 million or AUD 4.5 million (2012: € 4.3 million)
  • The Company invested € 2.2 million or AUD 3.0 million in exploration activities and geoscience studies (2012: € 3.7 million)
  • Revenue was € 6.7 million or AUD 9.2 million (2012: € 8.2 million)
  • Earnings Before Interest, Tax, Depreciation and Amortisation was €2.2 million or AUD 3.0 million (2012: € 4.5 million). The lower EBITDA resulted primarily from a lower average gas price during the year of € 28 cents per cubic metre compared to the price of €33 cents per cubic metre achieved during 2012 which coincided with a significant spike in global oil prices.
  • Loss for the period was € 5.8 million or AUD 7.9 million including a non-cash write down of € 5,021,112 relating to the Company’s Vitalba (Castello) well and related production assets. Excluding the write down, the net loss would have been € 775,154 (2012: profit for the period was €2.4 million). The profit recorded in 2012 included the recognition of a deferred tax asset of € 2.23 million for the first time.
  • Cash at bank at 31 December 2013 was € 1.5 million (AUD 2.3 million)*
  • Paid-down € 1.5 million on the Nedbank Commercial Loan Facility reducing borrowings to € 3.5 million at 31 December 2013
Commenting on the 2013 year-end financial results, Sara Edmonson, Po Valley’s Acting CEO said:

“The Company achieved some important operational and strategic milestones which included the completion of a € 20 million Reserve Based Lending facility with The Nedbank Group, the review of our cost and organisational structure and the advancement of regulatory approvals for a number of the Company’s development and exploration properties. In this regard the Company has received the Environmental Impact Assessment Decree for Bezzecca in early January 2014 which should facilitate the award of the production concession and pipeline installation during the 2014 year.”

€1 = AUD1.376 - 2013 average
(*) €1 = AUD1.551 - as at 31 Dec 2013

MEDIA CONTACTS:

Sara Edmonson
Po Valley Energy
+39 06 42016275

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