March 19, 2014
Po Valley Energy (ASX:PVE) has today announced its financial results for the year ended 31 December 2013.
- 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
€1 = AUD1.376 - 2013 average
(*) €1 = AUD1.551 - as at 31 Dec 2013
Po Valley Energy
+39 06 42016275
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