Status quo: VERBUND-minority shareholdings of Sorgenia
VERBUND, Austria's leading electricity company is issuing comments on the current media reports regarding the minority shareholdings in the Italian energy company Sorgenia.
VERBUND holds a minority stake of 46% of the Italian energy company Sorgenia S.p.A. (Group). Like many other energy providers, Sorgenia has been burdened by the difficult situation on the market for some years and is currently devising a comprehensive restructuring and financial plan.
In the 2013 period under review for VERBUND, the asset value for the 46% shareholding of Sorgenia was depreciated to zero due to the situation on the market and to that of the company. VERBUND has furthermore stressed many times that it will not be investing any more capital in Sorgenia: There is neither a guarantee from VERBUND for financial contracts nor an additional contribution nor other financial obligations for VERBUND. The risk of a claim being laid against VERBUND with regards to the operating business of Sorgenia, are estimated to be very low.
Value Adjustment According to the Financial Statement for 2013
In 2013 the contribution of Sorgenia S.p.A. (Group) to the results (the account was balanced according to the equity method) was -230.7 million euros (2012: -81.2 million euros). Additionally, a decrease in value in the shareholding was recorded. The impairment test yielded negative evaluation results regarding the current market value, minus the selling costs. Due to this, there was a devaluation of the shareholding of -396 million euros. On 31.12.12013 the asset value of Sorgnia S.p.A. (Group) was zero. Furthermore, on 31.12.2013 the Italian shareholding was classified "as held for sale".
