financial report 214
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 www.groupe-e.ch. Contact Groupe E Ltd Route de Morat 5 CH-1763 Granges-Paccot T +41 26 352 52 52 F +41 26 352 51 99
Consolidated Income Statement in k financial report 214 2 Note 214 2 Revenue 3 616'172 591'818 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 214 3 Note Non-current assets Property, plant and equipment 11 31.12.214 31.12.2 1'721'1 83 1'861'146 85 936'166 95'511 Intangible assets 12 6'825 1'617 Investments in associates 524'836 692'725 253'34 252'293 645'162 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 6'275 143'691 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 7'245 128'27 15 2'74'935 1 2'21'995 1 31.12.214 31.12.2 68'75 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 1'566'536 76 1'736'191 79 9'3 8'547 1'575'836 76 1'744'738 79 322'652 16 299'616 14 16 98'681 17'122 17 154'577 1'25 Deferred tax liabilities 18 69'394 79'244 Current liabilities 176'447 8 157'641 16 1'818 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 7 499'99 24 457'257 21 2'74'935 1 2'21'995 1
Consolidated Statement of Changes in Equity In k Share capital Treasury shares financial report 214 4 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 214 5 Note Profit / (Loss) before taxes Shareholders' equity at 1.1.2 68'75 ('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 3'6 212 212 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 2'825 19 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 31 31 Disposal of treasury shares 215 457 672 672 Acquisition of treasury shares (665) (665) (665) Profit / (Loss) for the year (9'349) (9'349) (52) (9'41) Changes in scope of consolidation 159 159 587 746 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 31.12.2 Share of results of associates As at 31 December 214, the accumulated non-distributable reserves amount to k 37 534 (previous year k 37 334). AS at 31 December 214, 6 875 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 21'359 9 2'942 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 31.12.214 2 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 14'555 576 624 (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 7'245 128'27 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
Notes to the consolidated financial statements financial report 214 6 1. 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 214 7 16. 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 4. 21-unspecified Groupe E Ltd Canton de Fribourg.15 2-216 ftth fr SA Canton de Fribourg. 2-unspecified Sainte-Anne Energie SA Other loans.875 211-215 232 251 Champéole SAS Other loans 3. 212-222 1'98 96 56'98 3'732 59'711 1'49 Total other loans Bank liabilities Groupe E Ltd 1.9 21-22 11.1.2 2' 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 2.56 29-219 15.1.19 175 2 295 2 Groupe E Greenwatt Ltd 3.38 29-219 15.1.19 175 2 295 2 All intercompany transactions and relations between the consolidated companies, as well as dividends received from consolidated 2.39 21-217 15.11.17 32 32 2.52 21-218 15.11.18 32 32 2.62 21-219 15.11.19 32 32 2.72 21-22 15.11.2 32 32 2.3 21-216 3.11.16 32 32 1.9 211-214 15.6.14 32 2.52 211-215 15.4.15 32 32 2.33 211-221 12.12.21 32 32 2.35 2-222 15.6.22 16 16 2.45 2-223 15.6.23 16 16 BioEnergie Düdingen AG 2.45 212-232 2.12.32 4'185 233 4'417 233 Libor 3M+2.1 214-215 31.12.15 4 2.5 2-215 8.7.15 16 2.75 2-218 14.1.18 544 17 Elexa SA 2.45 212-217 3.6.17 12 1 Eolienne des Grandes Chapelles SAS CIC Euribor 3M + 2bps 29-227 15.6.27 14'544 983 15'844 971 41'983 6'46 47'411 5'564 425 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 2.4 2-222 1.5 211-215 1 1.75 212-217 175 2.55 29-215 2 6 3 38 45 98'681 1'818 17'122 7'459 Total mortgage liabilities Various current accounts Total financial liabilities
financial report 214 8 23. Scope of consolidation Company, Head office Subsidiaries and associates in in Currency Capital in thousand in in Consolidation method 214 214 2 214 COMBA Energies SA, Arbaz 1 32. 32. Cuachet Energies SA, Valbroye 4 32. 32. AgroGaz Haute Sarine SA, Ferpicloz 1 31.2 31.2 cc energie sa, Morat 1' 31. 31. Société des Forces Motrices du Châtelot SA, La Chaux-de-Fonds 6' 3. 3. Currency Capital in thousand 214 214 2 214 Groupe E Ltd, Granges-Paccot 68'75 1. 1. Parent Groupe E Entretec SA, Matran 6 1. 1. Company, Head office financial report 214 9 Consolidation method Groupe E Electroménager SA, Matran 1 1. 1. Spontis SA, Granges-Paccot 1 3. 3. Entreprise Robert Gasser S.A., Fribourg 5 1.. BestPellet Wärme AG, Düdingen 8 29.2 29.2 EEF SA, Granges-Paccot 1 1. 1. Belgaz SA, Bas-Vully 6 28. 28. Groupe E Connect SA, Granges-Paccot 2' 95. 95. La Tzintre Energie SA, Val-de-Charmey 12 27.2 27.2 Polytab SA, Boudry 92 95. 95. SAIDEF SA, Hauterive (FR) 27' 25.19 25.19 Dexa SA, Lausanne 2 95. 95. Sacao SA, Givisiez 1 25. 25. Baud SA, Sion 1 95. 95. EOS HOLDING SA, Lausanne 324' 23.9 23.9 Tableaux Electriques SA, Plan-les-Ouates 1 95. 95. Seedorf Energies SA Noréaz, Noréaz 1'2 2. 2. Sainte-Anne Energie SA, Grandvillard 455 87.5 87.49 Oléoduc du Jura Neuchâtelois S.A., Cornaux 1' 2. 2. Westelec SA, Aubonne 1 81. 81. La Pontia S.A., Château-d'Oex 5 2. 2. Groupe E Greenwatt Ltd, Granges-Paccot 3' 8. 8. Entegra Wasserkraft AG, Saint-Gall 4'12 19.92. ftth fr SA, Granges-Paccot 47' 75.74 75.74 Vuilliomenet Electricité S.A., Neuchâtel 5 73.6 47.8 Forces Motrices Hongrin-Léman S.A. (FMHL), Château-d'Oex 3'.14. Electra-Massa AG, Naters 2' 1. 1. Capital in thousand in in Consolidation method 214 214 2 214 NC Jordan Electricité SA, Neuchâtel 1 73.6. Gaschen SA, La Neuveville 5 73.6. Elexa SA, Neuchâtel 1 73.6. Schwyberg Energie AG, Plasselb 1 72. 72., Diessbach bei Büren 8 72. 72. BioEnergie Düdingen AG, Düdingen 1' 68.4 68.4 Champéole SAS, Paris (F) EUR 455 66. 66. Eolienne des Grandes Chapelles SAS, Paris (F) EUR 18 66. 66. Financial assets The other significant investments which are held at cost are the following: Company, Head office Currency GuD Timelkam GmbH, Linz (A) EUR 15 5. 5. BKW AG, Berne 2' 1. 1. SOFRIPA SA, Fribourg 75 5.. Belenos Clean Power Holding Ltd, Bienne 63' 1. 1. NC netplusfr SA, Bulle 3' 49. 49. Romande Energie Holding SA, Morges 28'5 6.7 6.7 NC Vanils Energie SA, Grandvillard 1'4 45.71. Forces Motrices de Conches S.A., Ernen 3' 45. 45. FRIGAZ SA, Givisiez 4'95 44.79 44.79 SWISS HYDROGEN POWER SHP SA, Fribourg 6'3 4. 4. Agri Bio Val SA, Val-de-Travers 8 39. 39. Geofortec SA, Vuadens 1 38. 38. EW JAUN ENERGIE AG, Jaun 4 38. 38. Société anonyme pour le chauffage à distance du Plateau de Pérolles Placad SA, Fribourg 1'5 37. 37. Agreenergie SA, Val-de-Ruz 5 36. 36. CISEL Informatique SA, Matran 1'2 36. 36. Cinelec SA, Matran 1 34. 34. Chabloz Energie SA, Haut-Intyamon 1 32. 32. : Fully consolidated - : Equity accounted - NC: Not consolidated
financial report 214 1 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. 214 2 Revenue 457'525 465'84 12'82 11'665 6'244 5'185 476'571 482'654 (265 232) (215'955) Other operating income Jordan Electricité SA 1'4 186 1 59 166 1'275 Trade receivables 1'95 739 293 1'174 635 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 214 11 Energy procurement Inventories 2'743 3 122 491 Materials (15'48) (15'237) Accrued income and prepaid expenses 3 54 25 Third party services (28'925) (28'389) Property, plant and equipment 1'976 78 72 435 7 Personnel expenses (92'756) (91'446) Financial assets 23 1 18 Depreciation, amortisation and impairment (45'464) (45'399) Trade payables (9) (22) Other operating expenses (38 979) (42'794) (8) (486 836) (439'22) (1 265) 43'434 45'71 77'431 Financial expenses (18'63) (9'668) Operating result 16 176 111'197 Exceptional income 47' (84'353) Profit before taxes 63 176 26'844 Income taxes (5'822) (4'5) Profit for the year 57 354 22'344 (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 1'127 556 2'5 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 17 65 3 (74) (6) Accruals and deferred income (96) (33) Equity Balance Sheet total Exceptional expenses 34 175
Statutory Financial Ltd financial report 214 12 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 31.12.214 31.12.2 1'2'972 8 1'16'715 8 75'867 729'919 1'551 1'627 14'199 '749 325'984 331'547 4'371 29'873 284 982 2 284'588 37 197 4'395 5'38 22'16 1'24 11'52 121'52 Other current assets 2'358 2'74 Accrued income and prepaid expenses 6 548 2'578 148'216 151'653 Trade receivables Cash and cash equivalents TOTAL ASSETS Shareholders' equity Share capital 1 417 954 1 1'391'33 1 355 764 25 319'549 23 68'75 68'75 General reserve 34'375 34'375 Special reserve 161'149 16'275 Reserve for treasury shares 3'719 3'593 Retained earnings 6 771 25'556 Profit brought forward Profit for the year Non-current liabilities Current liabilities Trade payables Current tax liabilities Other liabilities 2 3'417 3'212 57 354 22'344 924 143 65 938'79 65' 72'5 859 143 865'579 8 47 1 3'675 7'5 5'49 64 596 71'619 911 1'597 159 1'63 21'198 16'68 Accrued expenses and deferred income 3 683 28'838 67 1 Total liabilities 1 62 19 75 1'71'754 77 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 1 417 954 1 1'391'33 1