PROFIT AND LOSS ACCOUNT Value of production Costs of production Labour cost Gross operating margin (GOM) Depreciations and devaluations Operating result PROFITS BEFORE TAX Taxes PROFIT FOR REPORTING YEAR
411,434,833 -300,934,023 -62,951,961 47,548,849 -24,158,522 23,390,326 15,004,422 –6,286,904 8,717,518
The CPL CONCORDIA Group closed 2012 with a value of production of Euro 411.4 million, up 6% compared to the Euro 388.2 million in 2011. The Gross Operating Margin increased from Euro 44.7 million in 2011 to Euro 47.6 million in 2012, with an increased operating margin equal to 11.6%. The operating profit amounted toEuro 23.4 million, in line with the previous financial year (Euro 23.8 million in 2011). The net equity of the Group amounted to Euro 137.2 million, up 6.2% compared to the Euro129 million in 2011. At this point, the Chairman of the Meeting gave the floor to the Chairman of the Board of Directors, Roberto Casari, for his speech. Mr. Casari, the Chairman, thanked the members for being present, and started his speech remembering last year's earthquake and the negative events that followed, which caused a drastic change in our lives; despite this we have started again with new vigour and enthusiasm. The Chairman Mr. Casari joined the Vice-Chairman Mr. Guarnieri in thanking all the people, companies, bodies and institutions for their help in those terrible moments. The earthquake in figures: over 4000 square meters of offices and warehouses restored; 350 employees are back in the office; Euro 19 million of estimated damage; Euro 3 million is the cost incurred and posted in the current financial statements to deal with the damage caused by the earthquake, not to mention the cost related to the write-down of impaired assets. The Chairman, Mr. Casari, underlined that CPL closed the financial year as of 31/12/2012 with a net profit of over Euro 6.7 million and a production value of Euro 344,888,212. Although the economic crisis shows no sign of ending, CPL can count on a portfolio of works for the future that totals Euro 780 million, deriving from agreements in the heat management, odorant and gas sectors. Over Euro 200 million concern the construction of natural gas grids in Sardinia. Unfortunately the Sardinia project may have to be changed because the GALSI will probably not be built. The GALSI is the gas pipeline that should connect Algeria to Sardinia, but at the moment there is no certainty that this project will implemented for the following reasons: a) there are serious technical difficulties in its implementation because the pipe must be laid in the sea at a depth of 2,000 meters; b) the economic crisis and the general lack of financial means do not encourage Sonatrach, Snam and all other partners to allocate resources to the GALSI project. As an alternative there is a project to feed the Sardinian network by building re-gasification plants and carrying the LNG through our subsidiary Polargas S.r.l. Development of net equity in the last few years. Net equity has always increased, with the exception of year 2004. In the last ten years, net equity has increased from 90 million to 130 million, and this guarantees the soundness of the Cooperative and allows up to compensate the lack of financial resources caused by the overdue payments from the public administrations. The Chairman then pointed out that Italy is going through a serious crisis: GDP has decreased to 2.7% and unemployment has reached 12.8%, not to mention youth unemployment that is very high. In his forty years of life at CPL, of which thirty-seven as President, Mr. Casari does not remember a worse crisis and proof of this is that current energy consumption levels have gone back to those of twenty/thirty years ago! As regards the agreements executed in the gas distribution sector, CPL will develop the natural gas distribution of the towns of Favara and Procida. As regards heat management, CPL has acquired/confirmed major tenders on behalf of the Polytechnic of Milan, of ALER in Milan, ATER in Rome, and for the Health Authority of Modena and Salerno. In the renewable energy sector, to date, we have delivered more than 50 cogeneration plants and set up the district heating network in Turin, Udine and Vignola. In the town of Terranuova
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CPL CONCORDIA | CPL CONCORDIA’s financial statements and consolidated financial statements