Extract from financial report 2014

Transcription

1 financial report 214

2 Financial Report 214 Statements 2 Consolidated Income Statement 3 Consolidated Balance Sheet 4 Consolidated Statement of Changes in Equity 5 Consolidated Cash Flow Statement 6 Basis of preparation of the consolidated financial statements 7 8 Scope of consolidation Statutory Financial Statements of Groupe E Ltd 11 Income Statement 12 Balance sheet Financial Report 214 This document is an extract from the Groupe E Annual Report 214. The numbers in the tables are the same as those in the original French text, which is the authoritative version. The full French text can be viewed at Contact Groupe E Ltd Route de Morat 5 CH-1763 Granges-Paccot T F

3 Consolidated Income Statement in k financial report Note Revenue 3 616' '818 Own work capitalised 4 22'312 23'391 Other operating income 5 6'678 5'156 Total operating income Consolidated Balance Sheet ASSETS (in k) financial report Note Non-current assets Property, plant and equipment '721'1 83 1'861' '166 95'511 Intangible assets 12 6'825 1'617 Investments in associates 524' ' '34 252' '162 62'365 Financial assets 6 (375'143) (318'84) Current assets Personnel expenses 7 (172'381) (152'614) Inventories 14 34'388 15'26 Other operating expenses 8 (48'966) (51'71) Trade receivables 15 6' '691 1'148 5'185 Energy procurement, material and services 353'84 Accrued income and prepaid expenses Total operating expenses (596'49) (522'48) Securities and other financial instruments Cash and cash equivalents Earnings before interests, taxes, depreciation and amortisation (EBITDA) 48'672 97'957 TOTAL ASSETS Depreciation on property, plant and equipment 11 (56'116) (55'42) Amortisation on intangible assets 12 (4'957) (5'177) (12'41) 37'738 (8'976) 4'47 Treasury shares 9 8'486 7'521 Share premium Earnings before interests and taxes (EBIT) LIABILITIES AND SHAREHOLDERS' EQUITY (in k) Financial result Profit / (Loss) before taxes Income taxes Profit / (Loss) for the year 1 - To shareholders - To non-controlling interests 35'748 48'443 7' ' '74' '21' '75 68'75 (14'199) ('749) 11'66 1'83 Retained earnings 1'639'674 1'631'836 (9'349) 38'551 (142'891) 49'36 Profit / (Loss) for the year 3'49 (11'482) Shareholders' equity excl. non-controlling interests (9'41) 37'824 Non-controlling interests (9'349) 38'551 (52) (727) (9'41) 37'824 Shareholders' equity incl. non-controlling interests Attributable: 34'849 Shareholders' equity Share capital Share of results of associates 17 Non-current liabilities 1'566' '736' '3 8'547 1'575' '744' ' ' '681 17' '577 1'25 Deferred tax liabilities 18 69'394 79'244 Current liabilities 176' ' '818 7'459 Trade payables 19 99' 93'661 1'182 2'253 Current tax liabilities 17 2'63 15'58 Accrued expenses and deferred income 21 44'84 38'76 Total liabilities TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 7 499' ' '74' '21'995 1

4 Consolidated Statement of Changes in Equity In k Share capital Treasury shares financial report Share premium Total (excl. non-controlling interests) Retained earnings Non-controlling interests Total (incl. non-controlling interests) Consolidated Cash Flow Statement En k financial report Note Profit / (Loss) before taxes Shareholders' equity at '75 ('216) 1'83 1'652'686 1'719'23 5'731 1'724'754 Reclassification (1'333) (1'333) 4 (1'329) Change in capital Disposal of treasury shares 212 3'6 3' Acquisition of treasury shares (745) (745) (745) Profit / (Loss) for the year Change in associates 38'551 38'551 (727) 37'824 2'828 2'828 (9) 2'819 Translation differences 2'825 2' '844 Dividends (33'16) (33'16) (67) (33'227) Change in treasury shares of subsidiaries (7) (7) (4) (74) Share of profit of associates recorded in equity 8'6 8'6 8'6 68'75 ('749) 1'83 1'67'387 1'736'191 8'547 1'744'738 Reclassification 4 (46) (6) 6 Change in capital Disposal of treasury shares Acquisition of treasury shares (665) (665) (665) Profit / (Loss) for the year (9'349) (9'349) (52) (9'41) Changes in scope of consolidation Translation differences (2'927) (2'927) (5) (2'932) Dividends (21'9) (21'9) (82) (21'221) Change in treasury shares of subsidiaries (23) (23) (2) (25) Share of profit of associates recorded in equity (6'377) (6'377) (6'377) 68'75 (14'199) 11'66 1'5'325 1'566'536 9'3 1'575'836 2 changes in equity: Shareholders' equity at Share of results of associates As at 31 December 214, the accumulated non-distributable reserves amount to k (previous year k ). AS at 31 December 214, registered shares with a par value of 1. were issued. The structure of the shareholding body of Groupe E Ltd can be found under the Corporate Governance section of the annual report. The amount planned for the distribution of dividends is determined in accordance with the prescriptions of the Swiss Code of Obligations. (142'891) 49'36 11/12 61'73 6'219 8'976 (4'47) Gain on disposal of non-current assets (174) (3'237) 45'859 21' '942 3'88 7'624 (33'524) Taxes paid 1 (6'87) (5'731) Dividends received from associates and financial investments 29'511 4'12 6'5 127'553 Movements in provisions and impairment Net interest expense Change in working capital Cash flow from operating activities Investments in property, plant and equipment 11 (84'67) (72'976) Investments in intangible assets 12 (247) (1'911) Proceeds from disposal of property, plant and equipment 289 3'287 Proceeds from disposal of intangible assets 15 (3'92) (12) Acquisitions in subsidiaries least cash and cash equivalents Proceeds from sale of shares in associates Acquisitions of fixed assets and financial receivables, current asset investments Proceeds from disposal of investments Interest received 9 Cash flow from investing activities Dividends paid Acquisition / Disposal of treasury shares Shareholders' equity at Adjustments for: Depreciation and amortisation 214 changes in equity: 214 Capital repayement from non-controlling interests in associates 284 (11'164) (4'6) 1'292 14' (97'739) (6'749) (21'221) (33'227) 8 (4) 31 5'4 Change in treasury shares of associates (25) (74) Increase in loans and non-current liabilities 84 18'82 (219) (21'415) Repayement of loans and non-current liabilities Increase in current liabilities 979 1'49 (6'466) (21'312) (3'518) (3'7) (29'321) (54'165) (15) (3) 8'975 12'636 Cash and cash equivalents at the beginning of the year 128'27 115'634 Cash and cash equivalents at the end of the year 7' '27 Repayement of current liabilities Interest paid Cash flow from financing activities Net effect of currency translation on cash and cash equivalents Net change in Cash and cash equivalents 9

5 Notes to the consolidated financial statements financial report Basis of preparation of the consolidated financial statements Approval of the consolidated financial statements The Board of Directors approved the issuance of these consolidated financial statements on 1 April 215. The Board of Directors proposes that the Annual General Meeting of 11 June 215 approve the consolidated financial statements. Accounting principles The consolidated financial statements are based on the annual accounts of the Group companies for the year ending 31 December 214, prepared on a uniform basis. The consolidated financial statements have been prepared in compliance with all existing guidelines of the Swiss Accounting and Reporting Recommendations (Swiss GAAP ARR) and the provisions of Swiss law. Consolidation method Companies and businesses acquired during the course of the year are included in the consolidated financial statements as from financial report In k Company 214 Creditor Rate Term Maturity Noncurrent 2 Current Noncurrent 4' 4' 5' 3'5 8'5 1'49 1' 1' Current Other loans Groupe E Ltd Canton de Fribourg unspecified Groupe E Ltd Canton de Fribourg ftth fr SA Canton de Fribourg. 2-unspecified Sainte-Anne Energie SA Other loans Champéole SAS Other loans ' '98 3'732 59'711 1'49 Total other loans Bank liabilities Groupe E Ltd ' 4' 24' 4' remaining between the purchase price and the interest in equity is recognised in the balance sheet and amortised over 5 to 2 years. Groupe E Greenwatt Ltd Groupe E Greenwatt Ltd All intercompany transactions and relations between the consolidated companies, as well as dividends received from consolidated BioEnergie Düdingen AG ' ' Libor 3M Elexa SA Eolienne des Grandes Chapelles SAS CIC Euribor 3M + 2bps ' ' '983 6'46 47'411 5' their acquisition date. Net assets acquired are valued at their market and included according to the purchase method. Any goodwill companies are offset against each other and eliminated. The consolidated financial statements are based on the annual accounts of the Group companies for the year ending 31 December, except for the following companies: Société anonyme pour le chauffage à distance du Plateau de Pérolles SA (PLACAD), EW JAUN ENERGIE AG and GuD Timelkam GmbH (year ending 3 September). Total bank liabilities Mortgage liabilities '681 1'818 17'122 7'459 Total mortgage liabilities Various current accounts Total financial liabilities

6 financial report Scope of consolidation Company, Head office Subsidiaries and associates in in Currency Capital in thousand in in Consolidation method COMBA Energies SA, Arbaz Cuachet Energies SA, Valbroye AgroGaz Haute Sarine SA, Ferpicloz cc energie sa, Morat 1' Société des Forces Motrices du Châtelot SA, La Chaux-de-Fonds 6' Currency Capital in thousand Groupe E Ltd, Granges-Paccot 68' Parent Groupe E Entretec SA, Matran Company, Head office financial report Consolidation method Groupe E Electroménager SA, Matran Spontis SA, Granges-Paccot Entreprise Robert Gasser S.A., Fribourg BestPellet Wärme AG, Düdingen EEF SA, Granges-Paccot Belgaz SA, Bas-Vully Groupe E Connect SA, Granges-Paccot 2' La Tzintre Energie SA, Val-de-Charmey Polytab SA, Boudry SAIDEF SA, Hauterive (FR) 27' Dexa SA, Lausanne Sacao SA, Givisiez Baud SA, Sion EOS HOLDING SA, Lausanne 324' Tableaux Electriques SA, Plan-les-Ouates Seedorf Energies SA Noréaz, Noréaz 1' Sainte-Anne Energie SA, Grandvillard Oléoduc du Jura Neuchâtelois S.A., Cornaux 1' Westelec SA, Aubonne La Pontia S.A., Château-d'Oex Groupe E Greenwatt Ltd, Granges-Paccot 3' Entegra Wasserkraft AG, Saint-Gall 4' ftth fr SA, Granges-Paccot 47' Vuilliomenet Electricité S.A., Neuchâtel Forces Motrices Hongrin-Léman S.A. (FMHL), Château-d'Oex 3'.14. Electra-Massa AG, Naters 2' Capital in thousand in in Consolidation method NC Jordan Electricité SA, Neuchâtel Gaschen SA, La Neuveville Elexa SA, Neuchâtel Schwyberg Energie AG, Plasselb , Diessbach bei Büren BioEnergie Düdingen AG, Düdingen 1' Champéole SAS, Paris (F) EUR Eolienne des Grandes Chapelles SAS, Paris (F) EUR Financial assets The other significant investments which are held at cost are the following: Company, Head office Currency GuD Timelkam GmbH, Linz (A) EUR BKW AG, Berne 2' SOFRIPA SA, Fribourg Belenos Clean Power Holding Ltd, Bienne 63' NC netplusfr SA, Bulle 3' Romande Energie Holding SA, Morges 28' NC Vanils Energie SA, Grandvillard 1' Forces Motrices de Conches S.A., Ernen 3' FRIGAZ SA, Givisiez 4' SWISS HYDROGEN POWER SHP SA, Fribourg 6' Agri Bio Val SA, Val-de-Travers Geofortec SA, Vuadens EW JAUN ENERGIE AG, Jaun Société anonyme pour le chauffage à distance du Plateau de Pérolles Placad SA, Fribourg 1' Agreenergie SA, Val-de-Ruz CISEL Informatique SA, Matran 1' Cinelec SA, Matran Chabloz Energie SA, Haut-Intyamon : Fully consolidated - : Equity accounted - NC: Not consolidated

7 financial report Comments on the changes in scope of consolidation The companies acquired by Groupe E during the year disclosed the following balance sheet positions at the acquisition date. Balance Sheet (acquisition 214) Vanils Energie SA Entreprise Robert Gasser S.A Revenue 457' '84 12'82 11'665 6'244 5' ' '654 ( ) (215'955) Other operating income Jordan Electricité SA 1' '275 Trade receivables 1' ' Elexa SA In k Own work capitalised Vuilliomenet Electricité SA Gaschen SA Income Statement Total operating income Cash and cash equivalents Statutory Financial Ltd financial report Energy procurement Inventories 2' Materials (15'48) (15'237) Accrued income and prepaid expenses Third party services (28'925) (28'389) Property, plant and equipment 1' Personnel expenses (92'756) (91'446) Financial assets Depreciation, amortisation and impairment (45'464) (45'399) Trade payables (9) (22) Other operating expenses (38 979) (42'794) (8) ( ) (439'22) (1 265) 43'434 45'71 77'431 Financial expenses (18'63) (9'668) Operating result '197 Exceptional income 47' (84'353) Profit before taxes '844 Income taxes (5'822) (4'5) Profit for the year '344 (318) (5) (24) (178) (9) (11) (2) Other liabilities (2'874) (77) (284) (543) (43) Accruals and deferred income Equity (28) (29) (43) (487) (1) (1'4) (1'87) (278) (194) (1'52) (1'778) Total operating expenses Earnings before interest and taxes (EBIT) Financial income Balance Sheet total 1'4 6'26 1' '5 1'942 Groupe E acquired shares in the following associates in 214: Sofripa SA and Entegra Wasserkraft AG. The company acquired by Groupe E in 2 disclosed the following balance sheet positions at the acquisition date. Balance Sheet (acquisition 2) Trade receivables Inventories Accrued income and prepaid expenses Trade payables Other liabilities Tableaux Electriques SA (74) (6) Accruals and deferred income (96) (33) Equity Balance Sheet total Exceptional expenses

8 Statutory Financial Ltd financial report Balance sheet In k Non-current assets Property, plant and equipment Intangible assets Treasury shares Investments in associates Other financial assets Current assets Inventories Work in progress Financial receivables '2' '16' ' '919 1'551 1'627 14'199 ' ' '547 4'371 29' ' '395 5'38 22'16 1'24 11'52 121'52 Other current assets 2'358 2'74 Accrued income and prepaid expenses ' ' '653 Trade receivables Cash and cash equivalents TOTAL ASSETS Shareholders' equity Share capital '391' ' '75 68'75 General reserve 34'375 34'375 Special reserve 161'149 16'275 Reserve for treasury shares 3'719 3'593 Retained earnings '556 Profit brought forward Profit for the year Non-current liabilities Current liabilities Trade payables Current tax liabilities Other liabilities 2 3'417 3' ' '79 65' 72' ' '675 7'5 5' ' ' '63 21'198 16'68 Accrued expenses and deferred income ' Total liabilities '71' TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY '391'33 1