EEMS ITALIA SPA 
By
Cittaducale (RI), 28 February 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
January 2013.
Cash | (128) | (126) |
Financial receivables from subsidiaries | (8,043) | (8,032) |
Current bank debt | 46,341 | 46,207 |
of which overdue | 9,196 | 9,196 |
Current debt, net | 38,170 | 38,049 |
Non-current debt, net | - | - |
Net debt | 38,170 | 38,049 |
At 31 January 2013 the Company had a net financial position of 38.0 million euros, in line with that at 31 December 2012.
Net financial position of the EEMS Group(Thousands of euros) 31/01/13 31/12/12 | |
Cash Current bank debt of which overdue Current debt, net Non-current debt, net | (2,225) (4,073) 51,337 51,534 9,196 9,196 |
Cash Current bank debt of which overdue Current debt, net Non-current debt, net | 49,112 47,461 - - |
Net debt 49,112 47,461 |
At 31 January 2013 the Group had a net financial position of 49.1 million euros, compared to
47.5 million euros at 31 December 2012. The change is due to a reduction in cash, which was mainly used to settle the costs connected with dismissing the personnel employed at the Chinese companies whose assets were sold to Wuxi Taiji Industry Co. Ltd. (see the press release of 4 January 2013, which may be found on the website www.eems.com).
The net financial positions of the Company and of the Group at 31 January 2013 include 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), plus interest of 0.8 million euros. The failure to pay that instalment allows the banks to call for early repayment of the underlying loan (of 46.3 million euros).
The Group had no overdue payable positions for amounts due to social security organisations or employees at 31 January 2013, nor any of a fiscal nature at that date.
Again at 31 January 2013 - as stated above - the Group had on overdue financial liability of 9.2 million euros 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 plus interest of 0.8 million euros.
The Group had overdue trade payables of 18.1 million euros at 31 January 2013 (31 December
2012: 18.5 million euros). The following table provides an analysis of the ageing of trade payables at 31 January 2013 compared with the situation at 31 December 2012:
Thousands of euros | Total | Not yet due | Overdue | |||
Thousands of euros | Total | Not yet due | < 30 days | from 30 to 60 days | from 60 to 90 days | > 90 days |
Trade payables | ||||||
31 January 2013 | 20,516 | 2,398 | 1,206 | 4,668 | 3,786 | 8,458 |
31 December 2012 | 22,382 | 3,835 | 3,050 | 4,092 | 4,622 | 6,783 |
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 January 2013.
Trade receivables 13,138 371 2.8%
b) Transactions and balances with related parties as a percentage of income statement itemsRevenues 2,381 51 2.1%
c) Transactions and balances with related parties as a percentage of cash flowsCash flows from/(used in) operating activities (551) 0 N/A
In addition, there were trade receivables and revenues at 31 January 2013 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
371 thousand euros and 51 thousand euros respectively.
The following table sets out the percentage of transactions carried out by EEMS Italia with Group companies for the period ended 31 January 2013 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 3,531 3,425 97.0% Current and non-current financial receivables 8,043 8,043 100.0% Payables 6,134 5,331 86.9%
Other current liabilities 3,218 1,532 47.6%
b) Transactions and balances with related parties as a percentage of income statement itemsRevenues 257 179 69.6% Other income 22 - 0.0% Service costs 247 - 0.0% Financial income 11 11 100.0%
c) Transactions and balances with related parties as a percentage of cash flowsCash flows from/(used in) operating activities 2 (147) N/A
Cash flows from/(used in) investing activities 0 - 0.0%
There follows a description of the main transactions carried out with related parties in the period ended 31 January 2013:
- the allocation of costs for corporate services and administrative services rendered by the parent company EEMS Italia on behalf of Solsonica;
- 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.
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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