EEMS ITALIA SPA 
By
Cittaducale (RI), 31 January 2013 - In accordance with the Consob requirement of 13
September 2012 pursuant to article 114 of Legislative Decree no. 58/98, EEMS Italia S.p.A. ("EEMS Italia" or the "Company") hereby provides the following information relating to 31
December 2012.
At 31 December 2012 the Company had a net financial position of 38.0 million euros, in line with that at 30 November 2012.
At 31 December 2012 the Group had a net financial position of 47.5 million euros, compared to
48.1 million euros at 30 November 2012.
The net financial position of the Company and of the Group at 31 December 2012 includes an amount of 9.2 million euros corresponding to the repayment instalment of 8.4 million euros of the loan taken out with the syndicate of banks with agent bank UniCredit, due but not paid at 31
December 2012 (see the press release of 4 January 2013, which may be found on the website www.eems.com), plus interest of 0.8 million euros. The failure to pay that instalment permits the banks to call for early repayment of the underlying loan (of 46.2 million euros).
As stated in the condensed half-year consolidated financial statements at 30 June 2012, and more recently in the interim report on operations at 30 September 2012, the adverse events that
affected the results for the first nine months of 2012 led to a breach of the covenants included in the above loan agreement with the banking syndicate. As required by the Group's accounting principles, this has led to the classification of this debt as a current financial liability since 30
June 2012.
The Group had no overdue payable positions for amounts due to social security organisations or employees at 31 December 2012, nor any of a fiscal nature at that date.
As stated above, the Group had on overdue financial liability of 9.2 million euros at 31
December 2012 arising from the failure at that date to pay the instalment of 8.4 million euros of the loan taken out with the syndicate of banks with agent bank UniCredit together with interest of 0.8 million euros.
The Group had overdue trade payables of 18.5 million euros at 31 December 2012 (30
November 2012: 18.1 million euros). The following table provides an analysis of the ageing of trade payables at 31 December 2012 compared with the situation at 30 November 2012:
Thousands of euros | Total | Not yet due | Overdue | |||
Thousands of euros | Total | Not yet due | < 30 | from 30 to 60 days | from 60 to 90 days | > 90 days |
Trade payables | ||||||
31 December 2012 | 22,382 | 3,835 | 3,050 | 4,092 | 4,622 | 6,783 |
30 November 2012 | 23,784 | 5,719 | 4,982 | 5,186 | 3,100 | 4,797 |
The Group has received various payment reminders. No supplier has brought any action to recover the overdue debt (injunctions, suspension of supply, etc.) which might jeopardise normal market performance.
C) Disclosures on related parties and intragroup transactions
The Group does not carry out transactions with related parties other than with the jointly controlled entity Kopernico S.r.l.. These transactions are carried out under market terms and conditions.
Pursuant to Consob Communication no. DEM/6064293 of 28 July 2006 related party transactions and balances as a percentage of the total are presented in tabular form.
Set out below are related party transactions and balances as a percentage of the total in the financial statements as of and for the period ended 31 December 2012.
Trade receivables 16,716 39 0.2%
b) Transactions and balances with related parties as a percentage of income statement itemsRevenues 115,046 1,036 0.9%
c) Transactions and balances with related parties as a percentage of cash flowsCash flows from/(used in) operating activities 11,509 1,201 10.4%
In addition, there were trade receivables and revenues at 31 December 2012 arising from the sale of photovoltaic modules to ESPE S.r.l. (the parent of the Espe group which has an equal interest with Solsonica S.p.A. ("Solsonica") in the capital of Kopernico S.r.l.) which amounted to
39 thousand euros and 3.5 million euros respectively.
The following table sets out the transactions of EEMS Italia with Group companies for the period ended 31 December 2012, carried out under market terms and conditions, together with the balances at that date. EEMS Italia does not carry out transactions with related parties other than with its investees. Pursuant to Consob Communication no. DEM/6064293 of 28 July 2006 related party transactions and balances as a percentage of the total are presented in tabular form.
Trade receivables 2,999 2,927 97.6% Current and non-current financial receivables 8,032 8,032 100.0% Payable to subsidiaries 6,091 5,336 87.6% Other current liabilities 2,333 1,407 60.3%
b) Transactions and balances with related parties as a percentage of income statement itemsRevenues 4,573 4,125 90.2% Other income 1,719 380 22.1% Service costs 4,639 202 4.4% Financial income 1,068 1,066 99.8%
c) Transactions and balances with related parties as a percentage of cash flowsCash flows from/(used in) operating activities 1,590 4,515 N/A
Cash flows from/(used in) investing activities 3,987 2,300 57.7%
There follows a description of the main transactions carried out with related parties in the period ended 31 December 2012:
- the allocation of costs for corporate services and administrative services rendered by the
parent company EEMS Italia on behalf of Solsonica, Solsonica Energia S.r.l. and the Asian subsidiaries;
- leasing of part of the building at Cittaducale (RI) owned by EEMS Italia to Solsonica to enable
Solsonica to use the facility to produce photovoltaic cells and modules;
- the sale of machinery by EEMS Italia to the Asian companies.
Gianluca Fagiolo, the manager in charge of preparing the corporate accounting documents, declares pursuant to paragraph 2 of article 154-bis of the Consolidated Finance Law that the accounting disclosures included in this release correspond to the underlying documentation, the books of account and the accounting entries.
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