Restatement of June 2010 Interim Financials (1423C)
March 02 2011 - 1:00AM
UK Regulatory
TIDM76ZR
RNS Number : 1423C
Abengoa S.A.
01 March 2011
Abengoa Finance, S.A.U.
(the "Issuer")
Notice to the holders of the outstanding
USD 650,000,000 8.875 per cent. Senior Notes due 2017
(Regulation S ISIN: USE0002VAC84) (Rule 144A ISIN:
US00289RAA05)
(the "Notes")
Notice is hereby given that the management of Abengoa, S.A., the
parent guarantor of the Notes (the "Parent Guarantor"), is
restating its unaudited interim financial statements as of and for
the six months ended June 30, 2010.
In accordance with advice of independent legal and accounting
professionals, management of the Parent Guarantor prepared the
aforementioned financial statements on the basis that certain solar
plants located in Spain (pertaining to 650 MW in the aggregate, of
which 150 MW are already in operation), which were registered in
the pre-assignment register under Spanish RD 661/2007 in November
2009, met the requirements set out in IFRIC 12 to be considered as
concession assets, and thus were recorded as such in its unaudited
semi-annual financial information for June 30, 2010.
Notwithstanding the foregoing, the management of the Parent
Guarantor has agreed with the regulatory authorities of the Spanish
stock market ("Comision Nacional del Mercado de Valores" or CNMV)
to continue to study the implementation of IFRIC 12 in respect of
the aforementioned solar plants and to postpone the application of
IFRIC 12 to such plants, given that the CNMV has yet to assess
which public utility assets in the solar sector in Spain operated
pursuant the special electricity generation regime of RD 661/2007
should be considered as concession assets pursuant to IFRIC 12.
This decision relates exclusively to solar plants in Spain
registered in the pre-assignment register under RD 661/2007 and
does not affect other projects in Spain or elsewhere.
As a consequence of the foregoing decision, the Parent Guarantor
has restated its unaudited interim financial statements as of June
30, 2010 as follows (figures in thousands of euros):
30.06.10 30.06.10
(Published) Adjustments (Restated)
Assets
Tangible Assets
and Intangible Assets 4,005,152 - 4,005,152
Fixed Assets in
Projects 4,703,086 (155,380) 4.547.706
Financial Investments 405,712 - 405,712
Deferred tax assets 745,780 46,614 792,394
Current Assets 5,397,267 - 5,397,267
Total Assets 15,256,997 108,766 15,148,231
Equity and Liabilities
Equity 1,752,986 (108,766) 1,644,720
Non-current liabilities 8,218,848 - 8,218,848
Current liabilities 5,285,169 - 5,285,169
Total Shareholder's
Equity and Liabilities 15,256,997 108,766 15,148,231
Additionally, the impact on the unaudited income statement for
the six months ended June 30, 2010 is as follows (figures in
thousands of euros):
30.06.10 30.06.10
(Published) Adjustments (Restated)
Net turnover 2,788,600 (168,246) 2,620,354
Other operating income 221,247 115,302 336,549
Operating costs (2,736,618) (41,048) (2,696,570)
I. Operating profit (loss) 273,229 (11,896) 261,333
II. Net financial loss (108,612) - (108,612)
III. Results of Associated
Companies 5,126 - 5,126
IV. Consolidated profit
before tax 169,743 (11,896) 157,847
V. Income tax (33,950) 3,569 (30,381)
VI. Consolidated profit
after tax 135,793 (8,327) 127,466
VII. Minority interests (35,368) (218) (35,586)
VIII. Profit Parent Company 100,425 (8,545) 91,880
This information is provided by RNS
The company news service from the London Stock Exchange
END
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