Extract from financial report 2014

(1)

Extract from

financial rEport

2014

(2)

Financial Report 2014

consolidated financial Statements

02 consolidated income Statement

03 consolidated Balance Sheet

04 consolidated Statement of changes in Equity

05 consolidated cash flow Statement

06 Basis of preparation of the consolidated

financial statements

07 financial liabilities

08 Scope of consolidation

Statutory financial Statements

of Groupe E ltd

11 income Statement

12 Balance sheet

Extract from financial report 2014

this document is an extract from the Groupe E annual report

2014. 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 135

cH-1763 Granges-paccot

t +41 26 352 52 52

f +41 26 352 51 99

(3)

in kCHF Note 2014 2013

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 645'162 620'365

Energy procurement, material and services 6 (375'143) (318'084) personnel expenses 7 (172'381) (152'614) other operating expenses 8 (48'966) (51'710)

Total operating expenses (596'490) (522'408)

Earnings before interests, taxes, depreciation and amortisation (EBITDA) 48'672 97'957

Depreciation on property, plant and equipment 11 (56'116) (55'042) amortisation on intangible assets 12 (4'957) (5'177)

Earnings before interests and taxes (EBIT) (12'401) 37'738

Share of results of associates 13 (138'976) 4'047 financial result 9 8'486 7'521

Profit / (Loss) before taxes (142'891) 49'306

income taxes 10 3'490 (11'482)

ProFIT / (Loss) For THE yEAr (139'401) 37'824

attributable: - to shareholders (139'349) 38'551 - to non-controlling interests (52) (727) (139'401) 37'824

Consolidated

Income Statement

consolidated financial Statements of Groupe E Extract from financial report 2014 02

AssETs (in kCHF) Note 31.12.2014 % 31.12.2013 %

Non-current assets 1'721'131 83% 1'861'146 85%

property, plant and equipment 11 936'166 905'511 intangible assets 12 6'825 10'617 investments in associates 13 524'836 692'725 financial assets 13 253'304 252'293 Current assets 353'804 17% 340'849 15% inventories 14 34'388 15'260 trade receivables 15 136'275 143'691 accrued income and prepaid expenses 10'148 5'185 Securities and other financial instruments 35'748 48'443 cash and cash equivalents 137'245 128'270

ToTAL AssETs 2'074'935 100% 2'201'995 100%

LIABILITIEs AND sHArEHoLDErs' EQUITy (in kCHF) 31.12.2014 % 31.12.2013 % shareholders' equity

Share capital 68'750 68'750 treasury shares (14'199) (13'749) Share premium 11'660 10'803 retained earnings 1'639'674 1'631'836 profit / (loss) for the year (139'349) 38'551

shareholders' equity excl. non-controlling interests 1'566'536 76% 1'736'191 79%

Non-controlling interests 9'300 0% 8'547 0%

shareholders' equity incl. non-controlling interests 1'575'836 76% 1'744'738 79%

Non-current liabilities 322'652 16% 299'616 14%

financial liabilities 16 98'681 107'122 provisions 17 154'577 113'250 Deferred tax liabilities 18 69'394 79'244

Current liabilities 176'447 8% 157'641 7%

financial liabilities 16 10'818 7'459 trade payables 19 99'013 93'661 current tax liabilities 1'182 2'253 provisions 17 20'630 15'508 accrued expenses and deferred income 21 44'804 38'760

Total liabilities 499'099 24% 457'257 21%

ToTAL LIABILITIEs AND sHArEHoLDErs' EQUITy 2'074'935 100% 2'201'995 100%

Consolidated

Balance Sheet

(4)

Consolidated Statement

of Changes in Equity

In kCHF capitalshare Treasury shares share premium retained earnings

Total (excl.

non-controlling

interests) Non-controlling interests

Total (incl. non-control-ling interests) shareholders' equity at 01.01.2013 68'750 (13'216) 10'803 1'652'686 1'719'023 5'731 1'724'754 2013 changes in equity: reclassification 0 0 0 (1'333) (1'333) 4 (1'329) change in capital 0 0 0 0 0 3'600 3'600

Disposal of treasury shares 0 212 0 0 212 0 212

acquisition of treasury shares 0 (745) 0 0 (745) 0 (745)

profit / (loss) for the year 0 0 0 38'551 38'551 (727) 37'824

change in associates 0 0 0 2'828 2'828 (9) 2'819

translation differences 0 0 0 2'825 2'825 19 2'844

Dividends 0 0 0 (33'160) (33'160) (67) (33'227)

change in treasury shares of subsidiaries 0 0 0 (70) (70) (4) (74)

Share of profit of associates recorded in equity 0 0 0 8'060 8'060 0 8'060 shareholders' equity at 31.12.2013 68'750 (13'749) 10'803 1'670'387 1'736'191 8'547 1'744'738 2014 changes in equity:

reclassification 0 0 400 (406) (6) 6 0

change in capital 0 0 0 0 0 301 301

Disposal of treasury shares 0 215 457 0 672 0 672

acquisition of treasury shares 0 (665) 0 0 (665) 0 (665)

profit / (loss) for the year 0 0 0 (139'349) (139'349) (52) (139'401)

changes in scope of consolidation 0 0 0 159 159 587 746

translation differences 0 0 0 (2'927) (2'927) (5) (2'932)

Dividends 0 0 0 (21'139) (21'139) (82) (21'221)

change in treasury shares of subsidiaries 0 0 0 (23) (23) (2) (25)

Share of profit of associates recorded in equity 0 0 0 (6'377) (6'377) 0 (6'377) shareholders' equity at 31.12.2014 68'750 (14'199) 11'660 1'500'325 1'566'536 9'300 1'575'836

as at 31 December 2014, the accumulated non-distributable reserves amount to kcHf 37’534 (previous year kcHf 37’334).

aS at 31 December 2014, 6’875’000 registered shares with a par value of cHf 10.00 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.

consolidated financial Statements of Groupe E

Extract from financial report 2014

04

Consolidated Cash Flow

Statement

En kCHF Note 2014 2013

profit / (loss) before taxes (142'891) 49'306 adjustments for:

Depreciation and amortisation 11/12 61'073 60'219 Share of results of associates 13 138'976 (4'047) Gain on disposal of non-current assets (174) (3'237) movements in provisions and impairment 45'859 21'359 net interest expense 9 2'942 3'088 change in working capital 7'624 (33'524) taxes paid 10 (6'870) (5'731) Dividends received from associates and financial investments 13 29'511 40'120

Cash flow from operating activities 136'050 127'553

investments in property, plant and equipment 11 (84'670) (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 105 0 acquisitions in subsidiaries least cash and cash equivalents (3'920) (12) proceeds from sale of shares in associates 0 284 acquisitions of fixed assets and financial receivables, current asset investments (11'164) (4'600) proceeds from disposal of investments 1'292 14'555 interest received 9 576 624

Cash flow from investing activities (97'739) (60'749)

Dividends paid (21'221) (33'227) acquisition / Disposal of treasury shares 8 (134) capital repayement from non-controlling interests in associates 301 5'400 change in treasury shares of associates (25) (74) increase in loans and non-current liabilities 840 18'820 repayement of loans and non-current liabilities (219) (21'415) increase in current liabilities 979 1'490 repayement of current liabilities (6'466) (21'312) interest paid 9 (3'518) (3'713)

Cash flow from financing activities (29'321) (54'165)

net effect of currency translation on cash and cash equivalents (15) (3)

Net change in Cash and cash equivalents 8'975 12'636

cash and cash equivalents at the beginning of the year 128'270 115'634 cash and cash equivalents at the end of the year 137'245 128'270 consolidated financial Statements of Groupe E

(5)

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 2015. the Board of Directors

proposes that the annual General meeting of 11 June 2015 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

2014, 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

their acquisition date. net assets acquired are valued at their market and included according to the purchase method. any goodwill

remaining between the purchase price and the interest in equity is recognised in the balance sheet and amortised over 5 to 20 years.

all intercompany transactions and relations between the consolidated companies, as well as dividends received from consolidated

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 30 September).

Notes to the

conso-lidated financial

statements

16. Financial liabilities

In kCHF 2014 2013

Company Creditor rate Term Maturity

Non-current Current

Non-current Current other loans

Groupe E ltd canton de fribourg 4.000% 2001-unspecified 40'000 0 40'000 0 Groupe E ltd canton de fribourg 0.150% 2013-2016 5'000 3'500 8'500 1'490 ftth fr Sa canton de fribourg 0.000% 2013-unspecified 10'000 0 10'000 0 Sainte-anne Energie Sa other loans 0.875% 2011-2015 0 232 251 0 champéole SaS other loans 3.000% 2012-2022 1'098 0 960 0

Total other loans 56'098 3'732 59'711 1'490

Bank liabilities

Groupe E ltd Banque cantonale de fribourg 1.900% 2010-2020 11.10.20 20'000 4'000 24'000 4'000 Groupe E Greenwatt ltd Banque cantonale de fribourg 2.560% 2009-2019 15.10.19 175 20 295 20 Groupe E Greenwatt ltd Banque cantonale de fribourg 3.380% 2009-2019 15.10.19 175 20 295 20 BioEnergie Diessbach aG Banque cantonale de fribourg 2.390% 2010-2017 15.11.17 320 0 320 0 BioEnergie Diessbach aG Banque cantonale de fribourg 2.520% 2010-2018 15.11.18 320 0 320 0 BioEnergie Diessbach aG Banque cantonale de fribourg 2.620% 2010-2019 15.11.19 320 0 320 0 BioEnergie Diessbach aG Banque cantonale de fribourg 2.720% 2010-2020 15.11.20 320 0 320 0 BioEnergie Diessbach aG Banque cantonale de fribourg 2.300% 2010-2016 30.11.16 320 0 320 0 BioEnergie Diessbach aG Banque cantonale de fribourg 1.900% 2011-2014 15.06.14 0 0 0 320 BioEnergie Diessbach aG Banque cantonale de fribourg 2.520% 2011-2015 15.04.15 0 320 320 0 BioEnergie Diessbach aG Banque cantonale de fribourg 2.330% 2011-2021 12.12.21 320 0 320 0 BioEnergie Diessbach aG Banque cantonale de fribourg 2.350% 2013-2022 15.06.22 160 0 160 0 BioEnergie Diessbach aG Banque cantonale de fribourg 2.450% 2013-2023 15.06.23 160 0 160 0 BioEnergie Düdingen aG Banque cantonale de fribourg 2.450% 2012-2032 20.12.32 4'185 233 4'417 233 Vuilliomenet Electricité Sa Banque cantonale neuchâteloise

libor

3m+2.1% 2014-2015 31.12.15 0 400 0 0 Vuilliomenet Electricité Sa Banque cantonale neuchâteloise 2.500% 2013-2015 08.07.15 0 160 0 0 Vuilliomenet Electricité Sa Banque cantonale neuchâteloise 2.750% 2013-2018 14.01.18 544 170 0 0 Elexa Sa Banque cantonale neuchâteloise 2.450% 2012-2017 30.06.17 120 100 0 0 Eolienne des Grandes

chapelles SaS cic

Euribor 3m

+ 200bps 2009-2027 15.06.27 14'544 983 15'844 971

Total bank liabilities 41'983 6'406 47'411 5'564

Mortgage liabilities

Vuilliomenet Electricité Sa Banque cantonale neuchâteloise 2.400% 2013-2022 425 0 0 0 Vuilliomenet Electricité Sa Banque cantonale neuchâteloise 1.500% 2011-2015 0 100 0 0 Vuilliomenet Electricité Sa Banque cantonale neuchâteloise 1.750% 2012-2017 175 0 0 0 Vuilliomenet Electricité Sa Banque cantonale neuchâteloise 2.550% 2009-2015 0 200 0 0

Total mortgage liabilities 600 300 0 0

Various current accounts 0 380 0 405

Total financial liabilities 98'681 10'818 107'122 7'459

(6)

23. Scope of consolidation

Subsidiaries and associates

Company, Head office Currency

Capital in thousand Capital share in % Capital share in % Consolidation method 2014 2014 2013 2014

Groupe E ltd, Granges-paccot cHf 68'750 100.00 100.00 parent Groupe E Entretec Sa, matran cHf 600 100.00 100.00 fc Groupe E Electroménager Sa, matran cHf 100 100.00 100.00 fc Entreprise robert Gasser S.a., fribourg cHf 50 100.00 0.00 fc EEf Sa, Granges-paccot cHf 100 100.00 100.00 fc Groupe E connect Sa, Granges-paccot cHf 2'000 95.00 95.00 fc polytab Sa, Boudry cHf 92 95.00 95.00 fc Dexa Sa, lausanne cHf 200 95.00 95.00 fc Baud Sa, Sion cHf 100 95.00 95.00 fc tableaux Electriques Sa, plan-les-ouates cHf 100 95.00 95.00 fc Sainte-anne Energie Sa, Grandvillard cHf 455 87.50 87.49 fc Westelec Sa, aubonne cHf 100 81.00 81.00 fc Groupe E Greenwatt ltd, Granges-paccot cHf 30'000 80.00 80.00 fc ftth fr Sa, Granges-paccot cHf 47'000 75.74 75.74 fc Vuilliomenet Electricité S.a., neuchâtel cHf 500 73.60 47.80 fc Jordan Electricité Sa, neuchâtel cHf 100 73.60 0.00 fc Gaschen Sa, la neuveville cHf 50 73.60 0.00 fc Elexa Sa, neuchâtel cHf 100 73.60 0.00 fc Schwyberg Energie aG, plasselb cHf 100 72.00 72.00 fc BioEnergie Diessbach aG, Diessbach bei Büren cHf 800 72.00 72.00 fc BioEnergie Düdingen aG, Düdingen cHf 1'000 68.40 68.40 fc champéole SaS, paris (f) EUr 455 66.00 66.00 fc Eolienne des Grandes chapelles SaS, paris (f) EUr 108 66.00 66.00 fc GuD timelkam GmbH, linz (a) EUr 150 50.00 50.00 Ea Sofripa Sa, fribourg cHf 750 50.00 0.00 Ea netplusfr Sa, Bulle cHf 3'000 49.00 49.00 Ea Vanils Energie Sa, Grandvillard cHf 1'400 45.71 0.00 fc forces motrices de conches S.a., Ernen cHf 30'000 45.00 45.00 Ea friGaZ Sa, Givisiez cHf 4'950 44.79 44.79 Ea SWiSS HYDroGEn poWEr SHp Sa, fribourg cHf 6'300 40.00 40.00 Ea agri Bio Val Sa, Val-de-travers cHf 800 39.00 39.00 Ea Geofortec Sa, Vuadens cHf 100 38.00 38.00 Ea EW JaUn EnErGiE aG, Jaun cHf 400 38.00 38.00 Ea Société anonyme pour le chauffage à distance

du plateau de pérolles placad Sa, fribourg cHf 1'500 37.00 37.00 Ea agreenergie Sa, Val-de-ruz cHf 500 36.00 36.00 Ea ciSEl informatique Sa, matran cHf 1'200 36.00 36.00 Ea cinelec Sa, matran cHf 100 34.00 34.00 Ea chabloz Energie Sa, Haut-intyamon cHf 100 32.00 32.00 Ea

09

Capital in thousand Capital share in % Capital share in % Consolidation method 2014 2014 2013 2014

comBa Energies Sa, arbaz cHf 100 32.00 32.00 Ea cuachet Energies Sa, Valbroye cHf 400 32.00 32.00 Ea agroGaz Haute Sarine Sa, ferpicloz cHf 100 31.20 31.20 Ea cc energie sa, morat cHf 1'000 31.00 31.00 Ea Société des forces motrices du châtelot Sa,

la chaux-de-fonds cHf 6'000 30.00 30.00 Ea Spontis Sa, Granges-paccot cHf 100 30.00 30.00 Ea Bestpellet Wärme aG, Düdingen cHf 800 29.20 29.20 Ea Belgaz Sa, Bas-Vully cHf 600 28.00 28.00 Ea la tzintre Energie Sa, Val-de-charmey cHf 1200 27.20 27.20 Ea SaiDEf Sa, Hauterive (fr) cHf 27'000 25.19 25.19 Ea Sacao Sa, Givisiez cHf 100 25.00 25.00 Ea EoS HolDinG Sa, lausanne cHf 324'000 23.09 23.09 Ea Seedorf Energies Sa noréaz, noréaz cHf 1'200 20.00 20.00 Ea oléoduc du Jura neuchâtelois S.a., cornaux cHf 1'000 20.00 20.00 Ea la pontia S.a., château-d'oex cHf 500 20.00 20.00 Ea Entegra Wasserkraft aG, Saint-Gall cHf 4'120 19.92 0.00 Ea forces motrices Hongrin-léman S.a. (fmHl),

château-d'oex cHf 30'000 13.14 13.13 Ea Electra-massa aG, naters cHf 20'000 10.00 10.00 Ea

financial assets

the other significant investments which are held at cost are the following:

Capital in thousand Capital share in % Capital share in % Consolidation method 2014 2014 2013 2014 BKW aG, Berne cHf 132'000 10.00 10.00 nc Belenos clean power Holding ltd, Bienne cHf 63'000 10.00 10.00 nc romande Energie Holding Sa, morges cHf 28'500 6.07 6.07 nc

(7)

10

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 2014) Vanils Energie sA Vuilliomenet Electricité sA Jordan

Electricité sA Gaschen sA Elexa sA

Entreprise robert Gasser s.A.

cash and cash equivalents 1'400 186 10 59 166 1'275 trade receivables 0 1'095 739 293 1'174 635 inventories 0 2'743 300 122 491 0 accrued income and prepaid expenses 0 30 0 0 54 25 property, plant and equipment 0 1'976 78 72 435 7 financial assets 0 230 0 10 180 0 trade payables 0 (900) 0 0 (220) 0 provisions 0 (318) (50) (24) (178) (8) financial liabilities 0 (90) 0 (11) (20) 0 other liabilities 0 (2'874) (770) (284) (543) (43) accruals and deferred income 0 (208) (29) (43) (487) (113) Equity (1'400) (1'870) (278) (194) (1'052) (1'778)

Balance sheet total 1'400 6'260 1'127 556 2'500 1'942

Groupe E acquired shares in the following associates in 2014: Sofripa Sa and Entegra Wasserkraft aG.

the company acquired by Groupe E in 2013 disclosed the following balance sheet positions at the acquisition date.

Balance sheet (acquisition 2013) Tableaux Electriques sA

trade receivables 107

inventories 65

accrued income and prepaid expenses 3

trade payables (74)

other liabilities (6)

accruals and deferred income (96) financial liabilities (33)

Equity 34

Balance sheet total 175

Statutory financial Statements of Groupe E ltd Extract from financial report 2014 11

Income Statement

In kCHF 2014 2013 revenue 457'525 465'804

own work capitalised 12'802 11'665 other operating income 6'244 5'185

Total operating income 476'571 482'654

Energy procurement (265’232) (215'955) materials (15'480) (15'237) third party services (28'925) (28'389) personnel expenses (92'756) (91'446) Depreciation, amortisation and impairment (45'464) (45'399) other operating expenses (38’979) (42'794)

Total operating expenses (486’836) (439'220)

Earnings before interest and taxes (EBIT) (10’265) 43'434

financial income 45'071 77'431 financial expenses (18'630) (9'668)

operating result 16’176 111'197

Exceptional income 47'000 0 Exceptional expenses 0 (84'353)

Profit before taxes 63’176 26'844

income taxes (5'822) (4'500)

(8)

Balance sheet

In kCHF 31.12.2014 % 31.12.2013 %

Non-current assets 1'132'972 80% 1'106'715 80%

property, plant and equipment 750'867 729'919 intangible assets 1'551 1'627 treasury shares 14'199 13'749 investments in associates 325'984 331'547 other financial assets 40'371 29'873

Current assets 284’982 20% 284'588 20%

inventories 307 197

Work in progress 4'395 5'380 financial receivables 22'106 1'024 trade receivables 101'052 121'052 other current assets 2'358 2'704 accrued income and prepaid expenses 6’548 2'578 cash and cash equivalents 148'216 151'653

ToTAL AssETs 1’417’954 100% 1'391'303 100%

shareholders' equity 355’764 25% 319'549 23%

Share capital 68'750 68'750 General reserve 34'375 34'375 Special reserve 161'149 160'275 reserve for treasury shares 30'719 30'593

retained earnings 60’771 25'556

Profit brought forward 3'417 3'212

Profit for the year 57’354 22'344

Non-current liabilities 924’143 65% 938'079 67% financial liabilities 65'000 72'500 provisions 859’143 865'579 Current liabilities 138’047 10% 133'675 10% financial liabilities 7'500 5'490 trade payables 64’596 71'619 current tax liabilities 911 1'597 other liabilities 13’159 10'063

provisions 21'198 16'068

accrued expenses and deferred income 30’683 28'838

Total liabilities 1’062’190 75% 1'071'754 77%

ToTAL LIABILITIEs AND sHArEHoLDErs' EQUITy 1’417’954 100% 1'391'303 100%

Statutory financial Statements of Groupe E ltd