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Bioenergy segment
Key financial information for the bioenergy segment may be summarised as follows:
The Falck group operates through this segment in the development of agricultural activities solely overseas, in particular in the Ukraine, through the Luxembourg based company Bioland Sa and its Ukrainian subsidiaries, and in Laos through Italian Lao Group Co Ltd.
In the first half of 2009, the decision was taken not to proceed with the development of the agricultural activities in Singapore, Thailand and Malaysia. Consequently these businesses were put into voluntary liquidation with the consequent effects reflected in the consolidated financial statements.
The board of directors of Falck SpA passed resolution on 1 March 2010 to terminate the agricultural activities carried out by the companies under the ownership of Bioland Sa that operate in the Ukraine: these activities will therefore be sold and/or put into liquidation.
The financial statements reflect the results of this decision and following impairment tests carried out on the invested capital of Bioland Sa, impairment losses on assets and receivables were recognised in the separate financial statements of the companies in the Ukraine, which are also reflected in the results.
The total non-recurring expenditure arising from the above decisions is equal to Euro 19,298 thousand.
The group has also decided not to proceed with the development of jatropha crops in Laos and to realise its investment in Italian Lao Group Ltd, whose main asset is a recently constructed, partially let building in the capital Vientiane. The investment will be realised through the sale of the company or its assets.
The carrying value of the investment in the Indian associated company Dhampur Sugar Distillery Pte Ltd was written down to the agreed sale value, which is Euro 1,408 thousand lower than its cost, and has been classified in "Non-current assets held for sale".
Following the above decisions, the Falck group will cease operations in the bioenergy segment and proceed with the sale of the related investments and/or assets.
Revenue for the year to 31 December 2009 consists of the sale of crops from the Ukraine less the fair value of biological assets amounting to negative Euro 684 thousand.
The loss for the year also reflects net foreign exchange losses of Euro 3,281 thousand resulting from the weakening of the ukrainian currency against the Euro, albeit to a lesser extent than the previous year.
The net financial position is an indebtedness of Euro 61,428 thousand, an increase of Euro 14,435 thousand compared to the previous year.
The main capital expenditure took place in the Ukraine in respect of agricultural machinery to cultivate the leased land (Euro 1,741 thousand), and in Laos to finalise the commercial property (Euro 139 thousand).
Employee numbers fell by 80, and mainly comprise blue-collar workers involved in the agricultural activities in the Ukraine.
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