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ORES Assets scrl
Avenue Jean Monnet, 21348 Louvain-la-Neuve
BegiumTel. : +32(0)78.15.78.01
communication@ores.net
www.oresassets.net
ORES Assets scrl
FINANCIALREPORT
2014
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99LIJST MET OPDRACHTNEMERS
Lijst met actieve contracten in 2014
4. LIJST METOPDRACHTNEMERS
NR. OPDRACHTNEMER OMSCHRIJVING PROCEDURE
1 LITHOBETON NV Schakelapparatuur voor midden-spannings borden en prefab cabines
onderhandelingsproceduremet bekendmaking
2 SCHNEIDER ELECTRIC SA Schakelapparatuur voor midden-spannings borden en prefab cabines
onderhandelingsproceduremet bekendmaking
3 SGC Schakelapparatuur voor midden-spannings borden en prefab cabines
onderhandelingsproceduremet bekendmaking
4 SIEMENS SA Schakelapparatuur voor midden-spannings borden en prefab cabines
onderhandelingsproceduremet bekendmaking
5 DIVISION ANBUMA SA Verstrekking van hulpstukken van smeedbaar gietijzer met een witte kern
onderhandelingsprocedurezonder bekendmaking
6 MICHAUD-EXPORT SAS Verstrekking van hulpstukken voor bovengrondse, getwiste laagspannings-netten BABX
onderhandelingsproceduremet bekendmaking
2 FINANCIAL REPORT ORES Assets scrl 2014
ORES Assets scrl
FINANCIALREPORT
2014Name and FormORES Assets. Intermunicipal cooperationassociation with limited liability.
Registered Offi ceAvenue Jean Monnet 2, 1348 Louvain-la-Neuve, Belgium.
IncorporationIncorporated on 31 December 2013.
Articles of AssociationThe Articles of Association were published in theappendix of the Belgian Gazette of 10 January2014 under number 0012014.
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3
1. MANAGING AND SUPERVISORY BODIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 04
2. STATUTORY ACCOUNTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 08
Management report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 08
Annual accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Balance sheet after appropriation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Profit and Loss Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Appropriation of profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Appendices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Social balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
Valuation rules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
Profit distribution 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46
Reports by the Auditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50
Reports of the Statutory Auditors on the interim dividends . . . . . . . . . . . . . . . . . . . . . . . 50
Report of the Board of Auditors to the General Meeting . . . . . . . . . . . . . . . . . . . . . . . . . . 55
Report of the Statutory Auditor to the General Meeting . . . . . . . . . . . . . . . . . . . . . . . . . . . 56
Appendix 1 point 1 – List of shareholders – updated on 31 December 2014 . . 59
3. CONSOLIDATED FINANCIAL STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65
Consolidated management report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65
Consolidated annual accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71
Consolidated balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71
Consolidated profit and loss account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73
Appendices to the consolidated accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75
Valuation rules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90
Reports by the Auditors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95
Report of the Board of Auditors to the General Meeting . . . . . . . . . . . . . . . . . . . . . . . . . . 95
Report of the Statutory Auditor to the General Meeting . . . . . . . . . . . . . . . . . . . . . . . . . . . 98
4. LIST OF CONTRACTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99
Table of Contents
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4 FINANCIAL STATEMENT ORES Assets scrl 2014
1. MANAGING AND SUPERVISORY BODIES
BOARD OF DIRECTORS
Cyprien DEVILERS, Chair François DESQUESNES, Deputy ChairDanièle STAQUET, Deputy Chair
1 since 26 June 20142until 30 April 2014
3 since 5 November 20144until 5 November 2014
The public representatives are:
Cécile BARBEAUXJean-Luc BORREMANSPol BOUVIEZClaude BULTOTRobert CAPPEJean-Claude DEBIEVEMaurice DEHU
Benoît DE GHORAIN 1
Nathalie DEMORTIERJean-Pierre DENISPhilippe EVRARDMohamed FEKRIOUI 2
Latifa GAHOUCHIAlain GILLIS
Nicole GOISSEBenoît LANGENDRIES 3
Stéphane LASSEAUXJean-Claude MEURENSPierre NAVEZVincent PALERMOGuy SCHUSTER
Marc SIEUXHeribert STOFFELSMichel THIRYBenoît THOREAU 4
Florence VAN HOUTClaudy WOLF
The private representatives are:
ELECTRABEL S .A . Philippe VANBEVER
Secretary : Francis GENNAUX
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5MANANGEMENT AND MONITORING BODIES
REMUNERATION COMMITTEE
Claude BULTOTCyprien DEVILERS
Alain GILLISStéphane LASSEAUX
Danièle STAQUET
COMPOSITION OF THE BOARD OF AUDITORS
Hasan AYDINHadelin DE BEER DE LAER 1
Philippe CHARLIERPhilippe DETRY 2
Dimitri LHOSTEAndré SARENS
1 since 26 June 20142until 30 April 2014
CORPORATE GOVERNANCE COMMITTEE
Guillaume VOISIN, ChairHasan AYDIN, Deputy ChairDidier d’OULTREMONT, Deputy Chair
Jean-Pol DELLICOURAndré GOFFINEric MESTREZ
Bernard PIRONJean-Pierre VAN DE WAUWER
SECTOR COMMITTEES
ORES NAMUR
Stéphane LASSEAUX, Chair Claude BULTOT, Deputy Chair André CHABOTAUX, Deputy Chair
The representatives are:
Tanguy AUSPERTCécile BARBEAUXRobert CAPPE
Roger DEWARTJulien GRANDJEANGwenaëlle GROVONIUS
Jean-Claude NIHOULValère TOUSSAINTChristophe TUMERELLE
Secretary : Stéphanie RAUSS, supported by Alain GOUTIÈRE
ORES HAINAUT ÉLECTRICITÉ
Jean-Luc BORREMANS, Chair Maxime SEMPO, Deputy Chair Jean Pierre LEPINE, Deputy Chair
The representatives are:
Véronique DAMEEBenoît DE GHORAINFrançois DEVILLERSGuy FLAMENT
Nathalie MAGHEBruno ROSSIDanièle STAQUETSylvain UYSTPRUYST
Jean-Philippe VANDAMMEMichaël VAN HOOLANDBernard VAN DYCKPierre VECHE
Secretary: Alain GOUTIÈRE, supported by Stéphanie RAUSS and Raphaël DURANT1, d’IPFHObservers: Olivier BONTEMS1, Katherine CHEVALIER1, Caroline DECAMPS1,Tim KAIRET
1 since 24 April 2014
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6 FINANCIAL STATEMENT ORES Assets scrl 2014
SECTOR COMMITTEES (continued)
ORES HAINAUT GAZ
Pol BOUVIEZ, Chair Léon CASAERT, Deputy Chair Fabienne DEVILERS, Deputy Chair
The representatives are:
Marc BOITTEKarine COSYNSFrédéric DE BONJean-Pierre DELPLANQUE
Léon-Henri DOEMLaurent DOUCYJean GODINPhilippe HEMBISE 1
Dominique JADOTOlivier MATHIEUDaniel PREAUXJean-Philippe PREUMONT 2
Marc VERSLYPE
Secretary: Alain GOUTIÈRE, supported by Stéphanie RAUSS and Raphaël DURANT3, d’IPFHObservers: Olivier BONTEMS3,Grégory CARDARELLI, Katherine CHEVALIER3, Caroline DECAMPS
1from 12 November 20142until 12 November 2014
3 since 24 April 2014
ORES EST
Heribert STOFFELS, Chair Otto AUDENAERD, Deputy Chair Christoph HEEREN, Deputy Chair
The representatives are:
Arthur GENTENJoseph MARAITE
Norbert MERTESJean OHN
Thierry WIMMER
Secretary: Stéphanie RAUSS, supported by Alain GOUTIÈREObservers: Laurent CRASSON, Erwin FRANZEN, Ersel KAYNAK,
Alexandra KNAUF1, Christian KRINGS21until 06 October 2014
2 since 06 October 2014
ORES LUXEMBOURG
Guy SCHUSTER, Chair Roger KIRSCH, Deputy Chair Christophe MOUZON, Deputy Chair
The representatives are:
André BALONOlivier BARTHELEMYMarcelle CHARLIER-GUILLAUME 1
Jean-François COLLIN
Jean-Marc DEVILLETOlivier DULONAlexandre LARMOYER 2
Claude PAUL
Charles RACOTDominique ROISEUX
Secretary: Alain GOUTIÈRE, supported by Stéphanie RAUSSObservers: Jean-Jacques BOREUX3, Jean-François GERKENS4, Michel THIRY
1 since 06 October 20142until 25 February 2014
3until 07 May 20144 since 15 December 2014
ORES VERVIERS
Guillaume VOISIN, Chair Hasan AYDIN, Deputy Chair Didier d’OULTREMONT, Deputy Chair
The representatives are:
Jean-Pol DELLICOURAndré GOFFIN
Eric MESTREZBernard PIRON
Jean-Pierre VAN DE WAUWER
Secretary: Alain GOUTIÈRE, supported by Stéphanie RAUSSObservers: Lydia BLAISE1, Jacky HERENS, Gérard LAVAL, Michel LEGROS, Jean-Claude MEURENS
1until 16 December 2014
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7MANANGEMENT AND MONITORING BODIES
ORES BRABANT WALLON
Gérard COURONNÉ, Chair André GYRE, Deputy Chair Jean-Marc ZOCASTELLO, Deputy Chair
The representatives are:
Daniel BURNOTTENathalie DEMORTIERPascal DISPA
Christian FAYTAlain GILLIS René HAGNOUL
Valéry KALUTLaurent MASSONVincent SCOURNEAU
Secretary: Stéphanie RAUSS, supported by Alain GOUTIÈRE
ORES MOUSCRON
Marc SIEUX, Chair Marianne DELPORTE, Deputy Chair
The representatives are:
Marc D’HAENEMichel FRANCEUS
Christian LECLERCQEric MAHIEU
Philippe VERZELERuddy VYNCKE
Secretary: Stéphanie RAUSS, supported by Alain GOUTIÈREObservers: Marc CASTEL, Simon VARRASSE1 1until 05 November 2014
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8 FINANCIAL STATEMENT ORES Assets scrl 2014
2. STATUTORY ACCOUNTS
Management reportDear shareholders,
In accordance with the Code des sociétés [Belgian Company law] and our articles of association, we are pleased to report to you on our management during the financial year
ending on 31.12.2014 and to submit the annual accounts as of 31.12.2014 for your approval.
A true and accurate review on business development, profit and loss and company’s situation
INTRODUCTION
Since 31 December 2013, ORES Assets scrl has been the official Distribution System Operator (DSO) of 197 municipalities until then affiliated within the eight former mixed intermunicipal distribution system operators which were Ideg, IEH, IGH, Interlux, Intermosane (sector 2), Interest, Sedilec and Simogel . The 2014 financial year is therefore the first full financial year realised under the name of ORES Assets .
As an intermunicipal company taking the form of an scrl and designated as the distribution system operator, ORES Assets is operating in a particular setting . The management of distribution networks is a regulated activity, for which a monopoly is awarded for a specific period . A regulatory
framework, consisting of laws, decrees, orders and decisions by the regulators, frames the regulated activity of ORES Assets . Thus the rates invoices by our intermunicipal company for the use of its network or for various services realised at the request of network users must be approved in advance by the regulator and the application of these rates is inspected afterwards . The principles and procedures for determining and inspecting the rates are provided in the regulatory framework . It also specifically stated the costs that may be passed on in the rates and their classification, established a “cost plus” system which determines the return on capital invested by the shareholders of ORES Assets, sets the depreciation rate, defines the regulatory balances and their allocation, etc
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9STATUTORY ACCOUNTS
Since the full liberalisation of the energy markets, the fair return pays the average capital invested in the distribution networks (REMCI) . This is established on the basis of the average annual value of the regulated asset base (or RAB) and is calculated annually taking account of new investments, decommissioning, amortizations, as well as changes to the working capital requirements .
The Royal Decrees of 12 September 2008, the main texts constituting the regulatory pricing framework, defined the formula to be used to determine fair pay as follows:
• In the case that the equity represents over 33% of the regulated asset base (invested capital or RAB)(a) 33% * average RAB * (1 + alpha) *{(OLOn) +
(Rp * Beta)} + (b) (S – 33%) * average RAB * (OLOn + 70 basis points)
• In the case that the equity is less than or equal to 33% of the regulated assets33% * average RAB * (1 + alpha) * {(OLOn) + (Rp * Beta)}
With:
• S = equity compared to regulated asset
• OLOn = Belgian linear 10 year bond rate for the year concerned
• Beta = 0 .65 in the electricity sector and 0 .85 in the gas sector (as ORES Assets is not publicly listed); this Beta factor weights the risk premium Rp
• Rp = risk premium for the operating year concerned = 3 .5%
• (1 + alpha) = 1 .2 = illiquidity factor applied to the return on equity for S
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10 FINANCIAL STATEMENT ORES Assets scrl 2014
NOTES ON THE FINANCIAL STATEMENTS
PER ACTIVITY
Electricity network operator 41,598 .39 52,638 .30Gas network operator 17,639 .31 25,201 .60Other activities 845 .53 985 .48
BY SECTOR
ORES Namur 10,000 .83 12,103 .19ORES Hainaut Electricity 14,670 .46 19,451 .64ORES Hainaut Gas 10,655 .39 16,459 .97ORES Est 2,610 .47 3,049 .48ORES Luxembourg 8,279 .36 10,020 .21ORES Verviers 1,969 .77 3,387 .08ORES Brabant wallon 10,002 .09 12,356 .38ORES Mouscron 1,599 .06 1,997 .43ORES “joint” 295 .80 -
EVOLUTION OF THE RESULTS 31/12/2014 31/12/2013
Operating income 1,021,554 .37 1,022,019 .19
Cost of sales and services (877,215 .35) (866,324 .52)
Operating profit 144,339.02 155,694.67
Financial products 103 .89 221 .59
Financial expenses (66,040 .52) (67,159 .84)
Profit for the financial year before tax 78,402.39 88,756.42
Tax on the profit (944 .34) (1,366 .55)
Profit for the financial year available for distribution
77,458.05 87,389.87
Allocation to the free reserves (17,374.82) (8,564.49)
PROFIT TO DISTRIBUTE 60,083.23 78,825.38
(amounts in k€)
ANALYTICAL RESULTS
Profit and Loss account items at 31/12/2014
A) GENERAL NOTE ON THE OPERATING RESULTS “NETWORK MANAGEMENT” FOR THE 2014 FINANCIAL YEAR
The REMCI of all the ORES Assets sectors in 2014 amounts to:
• Electricity: 46 .286 k€ v/ 55 .102 k€, or (16 .4)%• Gas: 23 .649 k€ v/ 26 .831 k€, or (11 .9) %
The decrease of the REMCI in electricity and gas is mainly due to the decrease in the 10 year average OLO price which fell from 29 .2% between 2013 and 2014 (it fell from 2 .43% to 1 .72%) .
The natural results of all the ORES Assets sectors in 2014 amount to:
• Electricity: 42 .239 k€• Gas: 4 .237 k€
4.20
2011
2.98
2012
2.43
20131.722014
AVERAGE OLO 10 YEAR RATE (IN %)
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11STATUTORY ACCOUNTS
In k€ ELECTRICITY GAS
Regulated liabilities (-) / regulated assets
(2008) financial year 4,878 (6,081)
(2009) financial year (59,882) (18,746)
(2010) financial year 17,323 8,311
(2011) financial year (16,491) (10,831)
(2012) financial year (2,172) (11,169)
(2013) financial year 18,528 7,373
(2014) financial year (7,118) (23,019)
ACCUMULATED 2008 to 2014 (44,935) (54,162)
Accumulated regulatory assets and liabilities for all sectors for the 2008 to 2014 financial years:
Detail per sector (in k€) - Regulatory asset = (-) ; Regulatory liability = (+)
Sectors NATURAL RESULT BONUS/MALUS REMCIREGULATED
ASSETS/LIABILITIES
ELECTRICITY (1) (2) (3) (1) - (2) - (3) = (4)
ORES Namur 12,041 38 8,291 3,712
ORES Hainaut 6,899 1,477 17,110 (11,688)
ORES Est 3,426 (54) 2,650 830
ORES Luxembourg 14,451 1,352 7,510 5,589
ORES Verviers (2,287) (273) 3,581 (5,595)
ORES Brabant Wallon 6,165 330 5,992 (157)
ORES Mouscron 1,333 201 941 191
ORES “joint” 211 - 211 -
TOTAL 42,239 3,071 46,286 (7,118)
Sectors NATURAL RESULT BONUS/MALUS REMCIREGULATED
ASSETS/LIABILITIES
GAS (5) (6) (7) (5) - (6) - (7) = (8)
ORES Namur 909 303 1,994 (1,388)
ORES Hainaut (2,147) 1,989 15,603 (19,739)
ORES Luxembourg 1,440 93 700 647
ORES Brabant Wallon 3,734 1,045 4,431 (1,742)
ORES Mouscron 216 177 836 (797)
ORES “joint” 85 - 85 -
TOTAL 4,237 3,607 23,649 (23,019)
Taking all sectors, the differences on controllable costs for 2014 (Bonus / Malus) are favourable to the shareholders and are:
• Electricity: 3 .071 k€• Gas: 3 .607 k€
The regulatory assets were booked in 2014 (see table below)) . They amount to:
• Electricity: (1) - (2) - (3), or 7 .118 k€ (4)• Gas: (5) - (6) - (7), or 23 .019 k€ (8)
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12 FINANCIAL STATEMENT ORES Assets scrl 2014
B) ELECTRICITY (all sectors)
The result on the “Network Operator” activity (49,357 k€ vs . 58,669 k€) comprises:
• Products (802,000 k€ vs . 801,158 k€) such as:- The transit fees invoiced: these amount to 794,882 k€ in
2014 versus 819,686 k€ in 2013 and include RTNR (transit fees not recorded) .
- Regulatory assets/liabilities:in 2014: 7,118 k€ (Assets)in 2013: -18,528 k€ (Liabilities)
• Operating costs (752,643 k€ vs . 742,483 k€) increased by 10,160 k€ compared to the 2013 financial year . They comprise the controllable costs which amounted to 151,749 k€ an increase by 1,142 k€ and non-controllable costs of 600,894 k€ an increase of 9,018 k€ .
The controllable costs include the costs for distribution and network management, infrastructure maintenance as well as costs for measurement and metering operations .
With regard to the non-controllable costs, the following developments are given:
• The depreciation (20% per annum) of the premium paid in 2009 in the context of the repurchase of Netwall shares in Electrabel and activated in 2014 or 1,188 k€;
• Use of the transmission network (Elia charge) increased by 14,775 k€ or 4 .7 % (increase in Elia prices);
• The cost of PSO’s (Public Service Obligations) increased by 4,410 k€ or 9 .2 % (significant commercial bad debt on protected customers and “supplier X”) ;
• the electricity road charge is stable compared to 2013;
• The cost for compensation of losses, decreased in 2014 by 8,212 k€ (combination of prices and amounts);
• The adjustment of provisions for risks and charges: in 2014, closure of several “movement of installations” cases which resulted in the reversal of the provision of 742 k€ .
• The “Reconciliation” provision of 1,200 k€ has also been subject to a reversal of provision;
• Non-capitalised pension costs decreased to 1,477 k€ .
The result on “Other” activities is 753 k€ in 2014 versus 865 k€ in 2013 .
The total profit in 2014 is 50,110 k€ versus 59,534 k€ in 2013, or a decrease of 9,424 k€ (-15 .8 %) . It should be remembered that the decrease of the profit is mainly explained by a decrease of the REMCI due to a sharp decrease in the average 10-year OLO price (-29 .2 % compared to 2013) .
In the context of the allocation of the profits, appropriation of the available reserves was realised to an amount of 7,759 k€ and this in accordance with the dividend policy established by ORES Assets . In 2013, the appropriation to the available reserves increased to 6,037 k€ .
The 2014 dividends attributable to shareholders are as follows:
• Public sector: 33,422 k€ vs . 42,320 k€ in 2013
• Electrabel: 8,929 k€ vs . 11,177 k€ in 2013
C) GAS (all sectors)
The result on the “Network Operator” activity (27,255 k€ vs . 27,729 k€) comprises:
• Products (170,639 k€ vs . 165,101 k€) such as:- The transit fees invoiced: these amount to 147,621 k€ in
2014 versus 172,474 k€ in 2013 and include RTNR (transit fees not recorded) . The quantities transported and billed decreased by 15 .3% . In this regard it should be noted that there was a significant decrease in degree days in 2014 compared to 2013 (-28 %) and compared to a so-called normal year (average 30 years from 1981 to 2010) (-23 %) . Clearly, in 2014 the temperatures were very mild compared to 2013 .
- Regulatory assets/liabilities:in 2014: 23,019 k€ (Assets)in 2013: -7,373 k€ (Liabilities)
• Operating costs (143,384 k€ vs . 137,372 k€) increased by 6,012 k€ or 4 .4 .% compared to the 2013 financial year . They comprise the controllable costs which amounted to 38,827 k€ an increase by 2,459 k€ (-6 %) and non-controllable costs of 104,557 k€ an increase of 8,471 k€ or 8 .8% .
The controllable costs include the costs for distribution and network management, infrastructure maintenance as well as costs for measurement and metering operations .
With regard to the non-controllable costs, the following developments are given:
• The depreciation (20% per annum) of the premium paid in 2009 in the context of the repurchase of Netwall shares in Electrabel and activated in 2014 or 597 k€;
• The cost of PSO’s (Public Service Obligations) increased by 3,563 k€ (significant commercial bad debt on protected customers and “supplier X”) ;
• The gas road charge has increased by 2,694 k€ ;
• Depreciation and losses on decommissioning of installations, increased by 2,498 k€;
• The adjustment of provisions for risks and charges: in 2014, closure of several “movement of installations” cases which resulted in the reversal of the provision of 2,025 k€ . However, an additional provision was made for environmental provisions relating to contaminated sites for 1,467 k€ .
The result on “Other” activities is 93 k€ versus 127 k€ in 2013 .
The total profit in 2014 is 27,348 k€ versus 27,856 k€ in 2013, or a decrease of 508 k€ . As for electricity, the decrease in the result is explained by a decrease in REMCI among other due to the sharp decline in the 10 year OLO price (-29 .2 %) . Its impact has however been partially offset by an increase in the RAB and an increase in the equity that, with the 10 year OLO price are the two other significant parameters involved in the calculation of the REMCI .
In the context of the allocation of the profits, appropriation of the available reserves was realised to an amount of 9,616 k€ and this in accordance with the dividend policy established by ORES Assets . In 2013, the appropriation to the available reserves increased to 2,527 k€ .
The 2014 dividends attributable to shareholders are as follows:
• Public sector: 14,046 k€ vs . 20,019 k€ in 2013
• Electrabel : 3,686 k€ vs . 5,310 k€ in 2013
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13STATUTORY ACCOUNTS
2013
150.6
2012
Controllable costs Non-controllable costs
148.2
2013
591.9
2012
452.4
2014
151.7
2014
600.9
CHANGES TO ELECTRICITY COSTS (IN M€)
2013
41.3
2012
37.3
2013
96.1
2012
90
2014
38.8
2014
104.6
Controllable costs Non-controllable costs
CHANGES TO GAS COSTS (IN M€)
BALANCE SHEET DEVELOPMENTS
Balance sheet items at 31 December 2014
The total balance sheet at 31 December 2014 is 3,704,225 k€ versus 3,609,138 k€ at 31 December 2013 .
A) Assets
In 2014, the premium paid in 2009 on the redemption of the Netwall shares in Electrabel or 8,926 k€ was activated in the intangible assets and amortised for the first time up to 20% or 1,785 k€ . Along with this increase in intangible assets, we have recorded a decrease in our financial holdings for the same amount .
The tangible fixed assets increase by 79,119 k€ due to investments for the year of 209,880 k€, offset by the depreciation applied of 105,102 k€, the “decommissioning” of installations for 5,284 k€ as well as the “amortisation” of the “RAB” gain of 20,375 k€ .
As for the difference between the initial RAB (Regulatory Asset Base) and the book value of the tangible fixed assets, ORES Assets has booked it, due to the specific nature of this difference, in a separate section of the tangible fixed assets and amortises it at 2% per annum, in accordance with the Royal Decrees of 2 September 2008 .
In this regard, we refer to the reader to the notes in the valuation rules at the end of the financial statements .
As regards the financial fixed assets, ORES Assets holds 2,452 shares in ORES scrl, 7 shares in Laborelec and 2,400 shares in Igretec .
Stock and orders in progress consist of work in progress on behalf of private individuals and municipalities .
The trade receivables amount to 123,961 k€, or a decrease of 32,691 k€ compared to 31 December 2013 . These trade receivables consist notably of receivables vis-a-vis energy suppliers in the framework of invoicing for transit charges (-14,918 k€), as well as receivables from protected customers and “supplier X”(-14,981 k€) .
The “other receivables” section notably includes receivables relating to damage to the networks caused by third parties, receivables from the State relating to IPM (tax on legal entities) and the VAT to be recovered .
The accruals include the balance of the pension capital remaining to be taken for an amount of 84,686 k€, the gas highway fee of 19,356 k€, regulatory assets of 149,221 k€, as well as the RTNR (transit fee not recorded), the stock of green certificates and the ENR (energy not recorded) .
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14 FINANCIAL STATEMENT ORES Assets scrl 2014
B) LiabilitiesThe subscribed capital at 31 December 2014 was 787,320 k€ .
• A Shares: 401,936 k€
• R shares: 385,384 k€
It increased by 15,950 k€ following the recapitalisation of 42,227 k€ at the end of 2014 to finance investments for the financial year . Part of this increase was funded by the public shareholders through a conversion of R shares (262,768 R shares or 26,277 k€) .
The revaluation of fixed assets at 604,180 k€ represents the initial difference between the RAB and the book value of these assets . This section was decreased by 20,375 k€ following the amortization of the gain implemented at a rate of 2% per annum .
The reserves increased by 37,750 k€ as a result:
• Of the transfer of reserves not available for the amortisation of the gain on the revaluation of 20,375 k€ (from the “gain on revaluation” section)
• For the appropriation to the available reserves, in the context of the allocation of the results, for 17,375 k€
The provisions for risks and charges fell from 18,058 k€ to 14,731 k€ in 2014 which is a decrease of 3,327 k€ . As a reminder, this evolution is explained as follows:
• An increase of 1,593 k€ for the environmental provision for “contaminated sites”;
• The reversal of the “Reconciliation” provision of 1,200 k€
• A decrease in the provision for disputes in the past (moving installations) of 2,628 k€;
• Recovery of the provision of various disputes of 1,092 k€ .
Debts of over a year of 1,655,591 k€ or a decrease of 11,177 k€ . They represent the loans from credit institutions (1,108,287 k€) and guarantees provided by subdivision companies to be repaid later (2,071 k€) . It should be noted that since 2012, the company ORES scrl, the subsidiary of ORES Assets, raised capital on the market of 619,750 k€ in the form of:
• Private investments: 189,750 k€
• Bonds: 350,000 k€
• Other type of bond loan: 80,000 k€
The share made available to ORES Assets by ORES scrl is 545,232 k€ .
Debts payable after one year falling due within the year consist of the capital loans from Belfius, ING, CBC and BNP Paribas (176,214 k€) to be repaid in 2015 .
The trade liabilities mainly comprise the various suppliers as well as the invoices to be received .
The prepayments received on orders (19,985 k€) include the intermediate billing to protected customers and to “supplier X” customers (PSO), and deposits from customers for work to be done .
The majority of the tax liabilities comprise the withholding tax payable on the dividends (2,272 k€) and the withholding tax on interest on the ORES scrl current account (5,355 k€) .
The section other liabilities (20,217 k€) primarily includes the balance of the gross dividends from the 2014 financial year to be paid to shareholders after the Ordinary General Meeting (16,281 k€), the “Energy fund” advance (502 k€) and the Gas fund (769 k€) .
The liabilities and deferred income mainly comprise the regulatory liabilities (32,644 k€) and the neutralisation of differences between charges and income from the 2008 financial year for road charges, pension costs and the Elia fees (17,481 k€);
Louvain-la-Neuve, 22 April 2015
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15STATUTORY ACCOUNTS
ADDITIONAL NOTES
1. Data on significant events occurring after the end of the financial year
“None”
2. Information on circumstances that could have a significant influence on the development of the company
“None”
3. Information on research and development activities
“None”
4. Information on the existence of company branches
“None”
5. The balance sheet does not show a deferred loss or the profit and loss account does not show a loss for the year in two consecutive financial years
6. All the information that has to be included pursuant to the current code
“None”
7. The use of financial instruments by the company
ORES Assets has a current account with the operating company when in need of funds .
ORES Assets has concluded bank loans with major Belgian financial institutions in compliance with the public procurement procedures for services .
In 2014, ORES SCRL agreed a new issue of bonds for 80 M€ .
As a reminder, a commercial paper programme was established in early 2011 by ORES SCRL with a guarantee for the 8 DSO’s of 250 M€ for a period of 10 years . Besides the commercial papers for a period of less than one year, this programme allows the issue, since 2012 of commercial papers with a five to eight year term .
In 2012, ORES SCRL issued bonds as part of the introduction of the guarantee fund provided by the 8 DSO’s in favour of ORES . The amounts obtained through the bond issue and the private investments made it possible to cover the funding needs of ORES and the 8 DSO’s for 2012 and 2013 . Two short term credit lines, as yet unused were subscribed by ORES for a total of 100 M€ and are available until the end of 2014; they have just been renewed .
Nevertheless, in the future ORES must continue a funding policy using diverse sources on the capital market .
A change to the interest rates has an impact on the level of the financial charges . To reduce the risk to a minimum, ORES and ORES Assets apply a funding policy that seeks to achieve an optimal balance between fixed and variable interest rates . In addition, hedging instruments are used to cover uncertain developments . The funding policy takes account of the difference in the duration of the loans and the lifespan of the assets . These three points (interest rate, term of the loans and use of hedging derivatives) were the subject of decisions by the competent bodies of ORES Assets and the 8 DSO’s before the merger and ORES that made it possible to determine the financial policy required for active debt management .
In order to control the interest rate risk, ORES and ORES Assets use hedging derivatives such as interest rate swaps (short term rates to long-term rates) as well as interest rate CAP . Debt management and market data are monitored carefully . No derivative instruments are used for speculative purposes .
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16 FINANCIAL STATEMENT ORES Assets scrl 2014
8. Risks and uncertaintiesDescription of the measures taken to meet the risks and uncertainties which the company faces .
a) Regulatory, statutory risks and uncertainties
A regulatory framework defines ORES activities . Any change made by the legislature or the competent regulator may impact ORES, to a greater or lesser extent . Since 1st July 2014, the electricity and gas pricing competence was regionalised . From now on, anything related to this falls under regional authority, which strengthens the coherence between the policy and financing through pricing . The CWaPE has become the sole competent regulator for the distribution of electricity and gas on the territory of the Walloon municipalities . A pricing method and prices were approved by this regulator for the 2015 and 2016 financial years . They are part of the continuity of the framework applicable to DSO’s since 2009 . ORES must ensure the operational efficiency and cost control in order to fist within the 2015-2016 budgets approved by the regulator, despite the new needs for resources required for the essential modernisation of the networks .
The authority to rule on the regulatory balances has also been entrusted to the CWaPE by decree . The 2015-2016 rates have a repercussion in tenths on the regulatory balances resulting from the 2018-2013 period through the rates .
The CWaPE plans to change the applicable pricing method for the next regulatory period . ORES is part of this commitment, notably to allow the adaptation of the pricing structure to the constraints and structure of the DSO’s costs, to ensure sustainability and a long-term vision of the DSO’s operations . Although the change to the pricing method may have an impact on the profitability of ORES, the obligation of the regulator and legislators to take account of the principles of the European Directives of the Third Energy Package limits this risk .
Furthermore, the Walloon Government adopted a Regional Policy Declaration at the beginning of each term, which includes a section on energy and gives the outline of the energy policy . ORES strives proactively to anticipate changes that may result, as with all other legal and regulatory changes that may impact its business . This fits within ORES commitment to act as a market facilitator, to position itself as a legitimate partner and recognised as the preferred partner for public authorities in relation to energy policy .
b) Operational risks
Risks related to the degradation of the networks
ORES manages the electricity and natural gas distribution networks to ensure their reliability . However, natural phenomena and intentional or unintentional damage by third parties may result in incidents and failures on these networks . Insurance policies aim to cover the financial consequences of these risks .
Technological risks
The rapid evolution in the number of decentralised electricity production facilities creates uncertainty on the specific characteristics the distribution network of tomorrow will have to meet . One of the technological challenges facing ORES is therefore how to integrate intelligence into the networks, taking the explosion of the information to convey,
with a technical perspective, a redefinition of the networks and the telecommunications strategy related to it . Smart meters, smart grids, active participation of the customer who is sometimes a consumer, sometimes a producer, portfolio management are all current topics that ORES continues to take into account by testing different concepts through projects and pilots . These prototypes makes it possible to verify the technological performance of assets, yesterday ancillary to the main activity and tomorrow the core of the DSO business .
Risk of black-outs and shortages
In addition, the intermittent and unpredictable nature of this increasing renewable energy production also contributes to changing the historic balance in the electricity system . The emergence of means of generating electricity, from renewables, challenges the traditional generation and may result in significant variations in electricity output both on the transport networks and on the distribution networks . This increases the risk of the implementation of protective operations that may result in a blackout (total collapse of the network) . Another risk of shortages has appeared due to the unavailability of old conventional plants (lack of predictable capacity related to an imbalance between generation and consumption) . To guarantee, or restore this balance, the federal authorities and the transmission system operator (TSO) Elia have established a series of actions and measures, to which ORES also contributed . The company evaluated the impact of load shedding decided by the Authorities on the supply of power to qualified priority customers by these same Authorities . ORES has also implemented information took for any customers affected by load shedding, introduced crisis management exercises and updated the ad hoc procedures .
Risks related to data quality
The control of data is an essential challenge to meet regulatory requirements, ensuring effective internal control, to meet the expectations of our stakeholders and to make strategic decisions facing the challenges that lie ahead in the development of the DSO’s activities . Projects and programmes have been in progress in this field since 2013 .
Energy market model
The development of the Belgian market model resulting amongst others from the increased decentralised production, management of flexibility or private networks may impact on the roles of the TSO, DSO, party responsible for balance, producer and supplier which have until now traditionally been well-defined . ORES pays close attention to this development and wishes, in this context, to reaffirm its role as market facilitator for which it has been recognised as DSO since the start of the liberalisation of the electricity and gas markets . In this context, ORES participates in studies to define the interactions between the stakeholders on the market, the roles of each party and the responsibilities related to them .
Environmental risks
The implementation of legal provisions such as the decree of 5 December 2008 on soil management could justify costs related to the remediation of some contaminated sites . In this context, ORES takes appropriate measures in terms of prevention of soil pollution and information regarding the existence of contamination . Ad hoc provisions have been drawn up .
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17STATUTORY ACCOUNTS
Health and Safety risks
Regardless of the activity of a company, ORES considers it crucial that its personnel have a constant awareness of the importance of prevention and compliance with health and safety regulations to limit the risk of accident and incident in the workplace . In this context, the company implements an action plan that is reviewed annually .
Risk of legal action
The risk of legal actions is inherent to ORES’ activities . Adequate provisions have been or shall be established to cover this risk .
IT and telecommunications risks
As a general rule, modification or loss of databases, a failure of computer systems, the spread of computer viruses or hackers, a failure of the telecommunications network . . . may hinder the smooth running of the business and service to the customer . ORES takes the necessary precautions to protect its systems and its data, as well as their communication and to prevent any intrusion in the management of its activities .
c) Financial risks
Credit risks
A commercial papers programme was established in early 2011 by ORES scrl with a guarantee of ORES Assets scrl . Since 2012, a commercial paper with a duration of five to eight years was issued within this framework . In 2012, a guarantee fund was provided by ORES Assets scrl in favour of ORES scrl, the latter being responsible for finding the funding required for the activity . The amounts collected via bond issues in 2012, 2014 and 2015 and the issue of private equity can cover the financing needs of ORES . Two short term credit lines were subscribed by ORES scrl for a total amount of 100 M€ and are available until the end of 2017 . ORES pursues a financing policy using diverse sources on the capital market .
Interest rate risks
A change to the interest rates has an impact on the level of the financial charges . To reduce the risk to a minimum, ORES applies a funding policy that seeks to achieve an optimal balance between fixed and variable interest rates . In addition, hedging instruments are used to hedge uncertainties . The funding policy takes account of the difference in the duration of the loans and the lifespan of the assets .
In order to control the interest rate risk, ORES also uses derivative financial instruments such as swaps (short-term rates to long-term rates) and interest rate CAP . Debt management and market data are monitored carefully . No derivative instruments are used for speculative purposes .
Tax risk
As of tax year 2016 (2015 income) ORES Assets scrl shall no longer be subject to the tax on legal entities but to corporation tax, as is already the case for ORES scrl . The pricing method provides that any tax burden is actually integrated in the rates so the impact of this imposition should be limited for ORES .
Risks to property and liquidity
In the context of the management of this risk, ORES is able to request a bank guarantee from counterparties for billing network usage charges, and strengthens specific debt collection actions relating to works carried out in the context
of network management via the awarding of public contracts to collection companies .
ORES has a short-term funding capacity through the aforementioned commercial paper programme and credit lines; we consider the liquidity risk of ORES as almost nil .
Cash management makes it possible to limit market risks, the structure of property and liquidity . The management bodies have implemented a prudent investment policy; based on diversification and the use of products with a limited risk (on credit and interest rate exposure) . Finally, the pricing method provides that all the costs related to the finance policy are covered by the regulatory package .
Macro-economic and cyclical economic risks
The current financial crisis could affect the demand for electricity and natural gas . In principle, this possible decrease in volumes is not borne by ORES . The pricing method provides that any loss of subsequent results shall be included as part of the approval of the regulatory balances and reflected in principle in the prices for the following regulatory period .
d) Risks to image
In general, some circumstances may have a negative influence on ORES’ image . The company is careful to avoid the proliferation of misconceptions specifically by giving explanations on cost control for the distribution or the various components of the customers’ invoice .
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18 FINANCIAL STATEMENT ORES Assets scrl 2014
Financial statements
BALANCE SHEET AFTER APPROPRIATION
(amounts in €)
ASSETS Ann. CODES FINANCIAL YEAR PREVIOUS FINANCIAL YEAR
FIXED ASSETS 20/28 3,284,751,047.67 3,205,658,364.18 Formation costs 5.1 20
Intangible assets 5.2 21 14,996,820.33 6,107,431.40
Fixed assets 5.3 22/27 3,269,146,177.15 3,190,027,182.95
Land and buildings 22 79,701,572 .99 77,279,113 .51
Plant, machinery and equipment 23 3,158,082,797 .13 3,080,459,988 .44
Furniture and vehicles 24 26,910,092 .47 27,670,301 .44
Leasing and similar charges 25
Other fixed assets 26 4,451,714 .56 4,617,779 .56
Fixed assets in progress and advance payments 27
Financial assets 5.4/5.5.1 28 608,050.19 9,523,749.83
Affiliated companies 5.14 280/1 456,072 .00 9,381,771 .08
Holdings 280 456,072 .00 9,381,771 .08
Receivables 281
Other companies with which there is a participating relationship 5.14 282/3
Holdings 282
Receivables 283
Other financial fixed assets 284/8 151,978 .19 141,978 .75
Stocks and shares 284 16,891 .92 16,891 .92
Receivables and cash guarantees 285/8 135,086 .27 125,086 .83
CURRENT ASSETS 29/58 419,473,601.41 403,479,172.84 Amounts receivable after one year 29
Trade receivables 290
Other receivables 291
Inventories and orders in progress 3 8,626,997.23 8,334,015.43
Inventories 30/36
Supplies 30/31
Work in progress 32
Finished products 33
Goods 34
Property held for sale 35
Advance payments 36
Orders in progress 37 8,626,997 .23 8,334,015 .43
Amounts receivable within one year 40/41 135,622,760.27 165,556,390.03
Trade receivables 40 123,960,581 .35 156,652,719 .68
Other receivables 41 11,662,178 .92 8,903,670 .35
Cash investments 5.5.1/5.6 50/53
Treasury shares 50
Other investments 51/53
Disposable assets 54/58
Accruals 5.6 490/1 275,223,843.91 229,588,767.38 TOTAL ASSETS 20/58 3,704,224,649.08 3,609,137,537.02
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19STATUTORY ACCOUNTS
(amounts in €)
LIABILITIES Ann. CODES FINANCIAL YEAR PREVIOUS FINANCIAL YEAR
SHAREHOLDERS' EQUITY 10/15 1,660,663,306.57 1,627,338,224.92Capital 5.7 10 787,319,931.79 771,369,671.30
Subscribed capital 100 787,319,931 .79 771,369,671 .30
Non-subscribed capital 101
Share premium 11
Revaluation surplus 12 604,080,124.68 624,455,602.87
Reserves 13 269,263,250.10 231,512,950.75
Legal reserve 130 366,819 .18 366,819 .18
Unavailable reserves 131 156,947,360 .82 136,571,882 .63
For treasury shares 1310
Other 1311 156,947,360 .82 136,571,882 .63
Untaxed reserves 132
Available reserves 133 111,949,070 .10 94,574,248 .94
Profit (Loss) carried forward (+)/(-) 14
Investment grants 15
Advance to the shareholders on the distribution of the net assets 19
PROVISIONS AND DEFERRED TAXATION 16 14,730,976.25 18,058,094.59Provisions for risks and charges 160/5 14,730,976.25 18,058,094.59
Pensions and similar obligations 160
Taxes 161
Major repairs and maintenance 162
Other risks and charges 5.8 163/5 14,730,976 .25 18,058,094 .59
Deferred tax 168
DEBTS 17/49 2,028,830,366.26 1,963,741,217.51Amounts payable after one year 5.9 17 1,655,590,510.34 1,666,767,341
Financial liabilities 170/4 1,653,519,193 .00 1,664,401,027 .62
Subordinated loans 170
Non-subordinated bond issues 171
Leasing and other similar debts 172
Credit institutions 173 1,108,287,193 .00 1,284,501,027 .62
Other borrowing 174 545,232,000 .00 379,900,000 .00
Trade liabilities 175
Suppliers 1750
Notes payable 1751
Prepayments received on orders 176
Other amounts payable 178/9 2,071,317 .34 2,366,313 .38
Amounts payable within one year 42/48 317,798,272.89 277,183,471.15
Long-term debts falling due this year 5.9 42 176,213,834 .19 108,999,124 .92
Financial liabilities 43
Credit institutions 430/8
Other borrowing 439Trade liabilities 44 93,629,126 .65 90,501,472 .54
Suppliers 440/4 93,629,126 .65 90,501,472 .54
Notes payable 441
Prepayments received on orders 46 19,985,287 .38 17,651,751 .34
Taxes, wages and social liabilities 5.9 45 7,752,917 .93 5,265,952 .70
Taxes 450/3 7,752,917 .93 5,260,985 .73
Remuneration and social security 454/9 4,966 .97
Other amounts payable 47/48 20,217,106 .74 54,765,169 .65
Accruals 5.9 492/3 55,441,583.03 19,790,405.36
TOTAL LIABILITIES 10/49 3,704,224,649.08 3,609,137,537.02
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20 FINANCIAL STATEMENT ORES Assets scrl 2014
PROFIT AND LOSS ACCOUNT
(amounts in €)
Ann. CODES FINANCIAL YEAR PREVIOUS FINANCIAL YEAR
Operating income 70/74 1,021,554,368.18 1,022,019,193.87
Turnover 5.10 70 990,812,573 .28 992,056,229 .59
Work in progress, finished products and orders in progress: increase (decrease) (+)/(-) 71 292,981 .80 (400,599 .13)
Capitalised production 72
Other operating income 5.10 74 30,448,813 .10 30,363,563 .41
Cost of sales and services 60/64 877,215,346.73 866,324,516.42
Goods and supplies 60 9,755,293 .91 11,776,966 .55
Acquisitions 600/8 9,755,293 .91 11,776,966 .55
Stocks: decrease (increase) (+)/(-) 609
Services and other goods 61 713,171,353 .11 709,081,797 .40
Remunerations, social security and pensions (+)/(-) 5.10 62 90,310 .23 153,853 .97
Depreciation and write-downs on formation costs, on intangible and tangible assets 630 129,875,931 .05 123,508,426 .52
Amounts written off on stocks, contracts in progress and trade receivables: increase (decrease)
(+)/(-) 631/4 1,083,820 .74 7,696,454 .18
Provisions for extraordinary risks and charges: Appropriations (uses and write-backs) (+)/(-) 5.10 635/7 (3,327,118 .37) 439,748 .36
Other operating costs 5.10 640/8 26,565,756 .06 13,667,269 .44
Operating costs carried to assets as restructuring costs (-) 649
Operating profits (loss) (+)/(-) 9901 144,339,021.45 155,694,677.45
Financial products 75 103,889.93 221,585.39
Income from financial fixed assets 750
Income from current assets 751 90,370 .32 202,883 .32
Other financial products 5.11 752/9 13,519 .61 18,702 .07
Financial expenses 5.11 65 66,040,520.68 67,159,840.76
Debt charges 650 65,676,847 .28 67,092,534 .67
Write-downs on current assets other than stocks,orders in progress and trade debtors: increase (decrease) (+)/(-) 651
Other financial costs 652/9 363,673 .40 67,306 .09
Profit (Loss) on ordinary activities before tax (+)/(-) 9902 78,402,390.70 88,756,422.08
Extraordinary income 76
Adjustments to depreciation and to other amounts written off on intangible and tangible fixed assets 760
Adjustments to amounts written off on financial fixed assets 761
Adjustments to provisions for extraordinary risks and charges 762
Capital gains realised on fixed assets 763
Other extraordinary income 5.11 764/9
Exceptional costs 66
Exceptional depreciation and amortisation on formation costs and on intangible and tangible fixed assets 660
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21STATUTORY ACCOUNTS
APPROPRIATION OF PROFIT
(amounts in €)
Ann. CODES FINANCIAL YEAR PREVIOUS FINANCIAL YEAR
Write-downs on financial fixed assets 661
Provisions for exceptional risks and charges: appropriations (uses) (+)/(-) 662
Losses on the disposal of fixed assets 663
Other exceptional charges 664/8
Exceptional charges carried on the assets as restructuring costs (-) 669
Profit (Loss) for the financial year before taxation (+)/(-) 9903 78,402,390.70 88,756,422.08
Transfers from deferred taxes 780
Transfers to deferred taxes 680
Tax on the profit (+)/(-) 5.12 67/77 944,335.74 1,366,550.00
Taxes 670/3 949,430 .41 1,367,419 .63
Adjustments of taxes and write-back of tax provisions 77 5,094 .67 869 .63
Profit (Loss) for the financial year (+)/(-) 9904 77,458,054.96 87,389,872.08
Transfers from untaxed reserves 789
Transfer to untaxed reserves 689
Profit (Loss) for the financial year for appropriation (+)/(-) 9905 77,458,054.96 87,389,872.08
APPROPRIATION OF PROFIT (amounts in €)CODES FINANCIAL YEAR PREVIOUS
FINANCIAL YEAR
Profit (Loss) for appropriation (+)/(-) 9906 77,458,054.96 87,389,872.08
Profit (Loss) for the financial year for appropriation (+)/(-) 9905 77,458,054 .96 87,389,872 .08
Profit (Loss) carried forward from the previous financial year (+)/(-) 14P
Transfer from equity 791/2
on the capital and issue premiums 791
on the reserves 792
Transfers to equity 691/2 17,374,821.16 8,564,491.84
to capital and issue premiums 691
to the legal reserve 6920
to other reserves 6921 17,374,821 .16 8,564,491 .84
Profit (Loss) to be carried forward (+)/(-) 14
Intervention of shareholders in the loss 794
Profit to distribute 694/6 60,083,233.80 78,825,380.24
Return on capital 694 60,083,233 .80 78,825,380 .24
Directors or managers 695
Other beneficiaries 696
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22 FINANCIAL STATEMENT ORES Assets scrl 2014
APPENDICES
STATEMENT OF INTANGIBLE ASSETS (amounts in €)
RESEARCH AND DEVELOPMENT COSTSCODES FINANCIAL YEAR PREVIOUS
FINANCIAL YEAR
Acquisition value at the end of the financial year 8051P XXXXXXXXXX 7,998,969.85
Movements during the financial year
Acquisitions, including capitalised production 8021 4,362,539 .56
Sales and disposals 8031
Transfers from one section to another (+)/(-) 8041 8,925,699 .08
Acquisition value at the end of the financial year 8051 21,287,208.49
Depreciation and reductions in value at the end of the financial year 8121P XXXXXXXXXX 1,891,538.45
Movements during the financial year
Recorded 8071 4,398,849 .71
Write-back 8081
Acquired from third parties 8091
Cancelled following sales and disposals 8101
Transferred from one section to another (+)/(-) 8111
Depreciation and reductions in value at the end of the financial year 8121 6,290,388.16
NET BOOK VALUE AT THE END OF THE FINANCIAL YEAR 210 14,996,820.33
STATEMENT OF TANGIBLE FIXED ASSETS (amounts in €)
LAND AND BUILDINGSCODES FINANCIAL YEAR PREVIOUS
FINANCIAL YEAR
Acquisition value at the end of the financial year 8191P XXXXXXXXXX 108,755,631,7
Movements during the financial year
Acquisitions, including capitalised production 8161 4,388,648 .28
Sales and disposals 8171 701 .00
Transfers from one section to another (+)/(-) 8181
Acquisition value at the end of the financial year 8191 113,143,578.98
Capital gains at the end of the financial year 8251P XXXXXXXXXX 5,038,163.59
Movements during the financial year
Recorded 8211
Acquired from third parties 8221
Cancelled 8231
Transferred from one section to another (+)/(-) 8241
Capital gains at the end of the financial year 8251 5,038,163.59
Depreciation and reductions in value at the end of the financial year 8321P XXXXXXXXXX 36,514,681.78
Movements during the financial year
Recorded 8271 1,965,487 .80
Write-back 8281
Acquired from third parties 8291
Cancelled following sales and disposals 8301
Transferred from one section to another (+)/(-) 8311
Depreciation and reductions in value at the end of the financial year 8321 38,480,169.58
NET BOOK VALUE AT THE END OF THE FINANCIAL YEAR 22 79,701,572.99
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23STATUTORY ACCOUNTS
(amounts in €)
PLANT, MACHINERY AND EQUIPMENTCODES FINANCIAL YEAR PREVIOUS
FINANCIAL YEAR
Acquisition value at the end of the financial year 8192P XXXXXXXXXX 3,996,030,785.73
Movements during the financial year
Acquisitions, including capitalised production 8162 199,213,613 .05
Sales and disposals 8172 35,670,389 .50
Transfers from one section to another (+)/(-) 8182
Acquisition value at the end of the financial year 8192 4,159,574,009.28
Capital gains at the end of the financial year 8252P XXXXXXXXXX 1,012,966,419.88
Movements during the financial year
Recorded 8212
Acquired from third parties 8222
Cancelled 8232
Transferred from one section to another (+)/(-) 8242
Capital gains at the end of the financial year 8252 1,012,966,419.88
Depreciation and reductions in value at the end of the financial year 8322P XXXXXXXXXX 1,928,537,217.17
Movements during the financial year
Recorded 8272 116,384,394 .56
Write-back 8282
Acquired from third parties 8292
Cancelled following sales and disposals 8302 30,463,979,7
Transferred from one section to another (+)/(-) 8312
Depreciation and reductions in value at the end of the financial year 8322 2,014,457,632.03
NET BOOK VALUE AT THE END OF THE FINANCIAL YEAR 23 3,158,082,797.13
(amounts in €)
FURNITURE AND VEHICLESCODES FINANCIAL YEAR PREVIOUS
FINANCIAL YEAR
Acquisition value at the end of the financial year 8193P XXXXXXXXXX 135,249,554.54
Movements during the financial year
Acquisitions, including capitalised production 8163 6,278,583 .89
Sales and disposals 8173 5,624,127 .14
Transfers from one section to another (+)/(-) 8183
Acquisition value at the end of the financial year 8193 135,904,011.29
Capital gains at the end of the financial year 8253P XXXXXXXXXX 769,326.59
Movements during the financial year
Recorded 8213
Acquired from third parties 8223
Cancelled 8233
Transferred from one section to another (+)/(-) 8243
Capital gains at the end of the financial year 8253 769,326.59
Depreciation and reductions in value at the end of the financial year 8323P XXXXXXXXXX 108,348,579.69
Movements during the financial year
Recorded 8273 6,961,133 .98
Write-back 8283
Acquired from third parties 8293
Cancelled following sales and disposals 8303 5,546,468 .26
Transferred from one section to another (+)/(-) 8313
Depreciation and reductions in value at the end of the financial year 8323 109,763,245.41
NET BOOK VALUE AT THE END OF THE FINANCIAL YEAR 24 26,910,092.47
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24 FINANCIAL STATEMENT ORES Assets scrl 2014
STATEMENT OF TANGIBLE FIXED ASSETS (continued) (amounts in €)
OTHER TANGIBLE FIXED ASSETSCODES FINANCIAL YEAR PREVIOUS
FINANCIAL YEAR
Acquisition value at the end of the financial year 8195P XXXXXXXXXX 8,307,086.37
Movements during the financial year
Acquisitions, including capitalised production 8165
Sales and disposals 8175
Transfers from one section to another (+)/(-) 8185
Acquisition value at the end of the financial year 8195 8,307,086.37
Capital gains at the end of the financial year 8255P XXXXXXXXXX
Movements during the financial year
Recorded 8215
Acquired from third parties 8225
Cancelled 8235
Transferred from one section to another (+)/(-) 8245
Capital gains at the end of the financial year 8255
Depreciation and reductions in value at the end of the financial year 8325P XXXXXXXXXX 3,689,306.81
Movements during the financial year
Recorded 8275 166,065 .00
Write-back 8285
Acquired from third parties 8295
Cancelled following sales and disposals 8305
Transferred from one section to another (+)/(-) 8315
Depreciation and reductions in value at the end of the financial year 8325 3,855,371.81
NET BOOK VALUE AT THE END OF THE FINANCIAL YEAR 26 4,451,714.56
-
25STATUTORY ACCOUNTS
STATEMENT OF FINANCIAL FIXED ASSETS (amounts in €)AFFILIATED COMPANIES - PARTICIPATING INTERESTS AND SHARES
CODES FINANCIAL YEAR PREVIOUS FINANCIAL YEAR
Acquisition value at the end of the financial year 8391P XXXXXXXXXX 9,381,771.08
Movements during the financial year
Acquisitions 8361
Sales and disposals 8371
Transfers from one section to another (+)/(-) 8381 (8,925,699 .08)
Acquisition value at the end of the financial year 8391 456,072.00
Capital gains at the end of the financial year 8451P XXXXXXXXXX
Movements during the financial year
Recorded 8411
Acquired from third parties 8421
Cancelled 8431
Transferred from one section to another (+)/(-) 8441
Capital gains at the end of the financial year 8451
Reductions in value at the end of the financial year 8521P XXXXXXXXXX
Movements during the financial year
Recorded 8471
Write-backs 8481
Acquired from third parties 8491
Cancelled following sales and disposals 8501
Transferred from one section to another (+)/(-) 8511
Reductions in value at the end of the financial year 8521
Amounts uncalled at the end of the financial year 8551P XXXXXXXXXX
Movements during the financial year (+)/(-) 8541
Amounts uncalled at the end of the financial year 8551
NET BOOK VALUE AT THE END OF THE FINANCIAL YEAR 280 456,072.00
AFFILIATED COMPANIES - RECEIVABLESNET BOOK VALUE AT THE END OF THE FINANCIAL YEAR 281P XXXXXXXXXX
Movements during the financial year
Additions 8581
Repayments 8591
Provision for impairment of receivables 8601
Reversed value adjustments 8611
Exchange rate differences (+)/(-) 8621
Other (+)/(-) 8631
NET BOOK VALUE AT THE END OF THE FINANCIAL YEAR 281ACCUMULATED AMOUNTS WRITTEN-DOWN ON RECEIVABLES AT THE END OF THE FINANCIAL YEAR 8651
-
26 FINANCIAL STATEMENT ORES Assets scrl 2014
STATEMENT OF FINANCIAL FIXED ASSETS (continued) (amounts in €)
OTHER COMPANIES - PARTICIPATING INTERESTS AND SHARESCODES FINANCIAL YEAR PREVIOUS
FINANCIAL YEAR
Acquisition value at the end of the financial year 8393P XXXXXXXXXX 16,891.92
Movements during the financial year
Acquisitions 8363
Sales and disposals 8373
Transfers from one section to another (+)/(-) 8383
Acquisition value at the end of the financial year 8393 16,891.92
Capital gains at the end of the financial year 8453P XXXXXXXXXX
Movements during the financial year
Recorded 8413
Acquired from third parties 8423
Cancelled 8433
Transferred from one section to another (+)/(-) 8443
Capital gains at the end of the financial year 8453
Reductions in value at the end of the financial year 8523P XXXXXXXXXX
Movements during the financial year
Recorded 8473
Write-backs 8483
Acquired from third parties 8493
Cancelled following sales and disposals 8503
Transferred from one section to another (+)/(-) 8513
Reductions in value at the end of the financial year 8523
Amounts uncalled at the end of the financial year 8553P XXXXXXXXXX
Movements during the financial year (+)/(-) 8543
Amounts uncalled at the end of the financial year 8553
NET BOOK VALUE AT THE END OF THE FINANCIAL YEAR 284 16,891.92
OTHER COMPANIES - RECEIVABLES NET BOOK VALUE AT THE END OF THE FINANCIAL YEAR 285/8P XXXXXXXXXX 125,086.83
Movements during the financial year
Additions 8583 9,999 .44
Repayments 8593
Provision for impairment of receivables 8603
Reversed value adjustments 8613
Exchange rate differences (+)/(-) 8623
Other (+)/(-) 8633
NET BOOK VALUE AT THE END OF THE FINANCIAL YEAR 285/8 135,086.27ACCUMULATED AMOUNTS WRITTEN-DOWN ON RECEIVABLES AT THE END OF THE FINANCIAL YEAR 8653
-
27STATUTORY ACCOUNTS
INFORMATION RELATING TO SHAREHOLDINGS
Shareholdings in the capital and associated rights held in other companies
Companies in which the company holds an investment (included in sections 280 and 282 of the assets) as well as the other companies in which the company holds other rights (included in sections 284 and 51/53 of the assets) representing at least 10% of the subscribed capital are stated below .
COMPANY NAME,
Complete address of the REGISTERED OFFICE and for companies under Belgian law, state the COMPANY NUMBER
COMPANY SHARES HELD
DATA EXTRACTED FROM THE LAST AVAILABLE FINANCIAL STATEMENTS
DIRECTLY BY THE SUBSIDIARIES ANNUAL ACCOUNTS
CLOSED ON
CURRENCY CODE
STOCKHOLDERS EQUITY NET INCOME
NUMBER % % (+) OR (-) (IN UNITS)
ORES scrl
BE 0897 436 971
Avenue Jean Monnet 21348 Louvain-la-NeuveBELGIUMShare capital 2,452 99 .67 31 .12 .2013 EUR 457,560.00 0.00
CASH INVESTMENTS AND ACCRUED INCOME (amounts in €)
CASH INVESTMENTS - OTHER INVESTMENTSCODES FINANCIAL YEAR
Stocks and shares 51
Book value increased with uncalled amount 8681
Uncalled amount 8682
Fixed income securities 52
Fixed income securities issued by credit institutions 8684
Term deposits at credit institutions 53
With a residual term or with notice
of a maximum one month 8686
of one month to a year 8687
after one year 8688
Other cash investments not included above 8689
(amounts in €)
ACCRUALS
Breakdown of the section 490/1 of the assets if this represents a significant amount
FINANCIAL YEAR
Capital pensions 84,685,567 .37
Surplus / deficit 149,220,998 .89
Gas road charge 19,355,775 .96
Energy not recorded 4,205,726 .44
Transit fees not recorded 10,264,892 .70
Deferred charges 7,490,882 .55
-
28 FINANCIAL STATEMENT ORES Assets scrl 2014
(amounts in €)
CODES FINANCIAL YEAR
Treasury shares
Held by the company
Amount of capital held 8721
Number of corresponding shares 8722
Held by its subsidiaries
Amount of capital held 8731
Number of corresponding shares 8732
Commitment to issue shares
Following the exercising of conversion rights
Amount of outstanding convertible loans 8740
Amount of capital to subscribe 8741
Maximum number of corresponding shares to be issued 8742
Following the exercising of subscription rights
Number of outstanding subscription rights 8745
Amount of capital to subscribe 8746
Maximum number of corresponding shares to be issued 8747
Authorised capital, not issued 8751
STATEMENT OF THE CAPITAL AND SHAREHOLDING STRUCTURE (amounts in €)
STATEMENT OF THE CAPITALCODES FINANCIAL YEAR PREVIOUS
FINANCIAL YEAR
Registered capital
Capital issued at the end of the financial year 100P XXXXXXXXXX 771,369,671 .30
Capital issued at the end of the financial year 100 787,319,931 .79
CODES AMOUNTS NUMBER OF SHARES
Changes during the financial year
A Shares 42,227,060 .49 1,699,248 .00
R shares (26,276,800 .00) (262,768 .00)
Structure of the capital
Categories of shares
A Shares 401,936,131 .79 46,813,265 .00
R shares 385,383,800 .00 3,853,838 .00
Registered shares 8702 XXXXXXXXXX 50,667,103 .00
Bearer and/or dematerialised shares 8703 XXXXXXXXXX
CODES UNCALLED AMOUNT
AMOUNT CALLED UNPAID
Capital undischarged
Non-subscribed capital 101 XXXXXXXXXX
Called capital, unpaid 8712 XXXXXXXXXX
Shareholders owing release
-
29STATUTORY ACCOUNTS
Shareholding structure of the company at the closing date of the accounts, as shown in the declarations received by the company
(amounts in €)
CODES FINANCIAL YEAR
Shares not representing capital
Distribution
Number of shares 8761
Number of votes attached 8762
Breakdown per shareholder
Number of shares held by the company 8771
Number of shares held by the subsidiaries 8781
PROVISIONS FOR OTHER RISKS AND CHARGES (amounts in €)
BREAKDOWN OF SECTION 163/5 OF LIABILITIES IF THESE REPRESENT A SINGIFICANT VALUE
CODES FINANCIAL YEAR
Past "Movement of installations" disputes 6,292,854 .45
Provisions for environmental remediation 6,352,515 .00
Public works litigation 1,497,778 .33
Various disputes 587,828 .47
Public sector A shares ED 24,138,106 A shares GD 10,971,844
Public sector R shares ED 2,808,497 R shares GD 1,045,341
Private sector A shares ED 8,046,032 A shares GD 3,657,283
-
30 FINANCIAL STATEMENT ORES Assets scrl 2014
STATEMENT OF LIABILITIES AND ACCRUED LIABILITIES (amounts in €)
BREAKDOWN OF LIABILITIES ORIGINALLY DUE IN MORE THAN ONE YEAR, LISTED ACCORDING TO THEIR DUE DATES
CODES FINANCIAL YEAR
Long-term debts falling due this year
Financial liabilities 8801 176,213,834 .19
Subordinated loans 8811
Non-subordinated bond issues 8821
Leasing and other similar debts 8831
Credit institutions 8841 176,213,834 .19
Other borrowing 8851
Trade liabilities 8861
Suppliers 8871
Notes payable 8881
Prepayments received on orders 8891
Other amounts payable 8901
LONG-TERM DEBTS FALLING DUE THIS YEAR 42 176,213,834.19
Long-term debts payable after more than one year but within a maximum of 5 years
Financial liabilities 8802 511,265,044 .52
Subordinated loans 8812
Non-subordinated bond issues 8822
Leasing and other similar debts 8832
Credit institutions 8842 401,515,044 .52
Other borrowing 8852 109,750,000 .00
Trade liabilities 8862
Suppliers 8872
Notes payable 8882
Prepayments received on orders 8892
Other amounts payable 8902 2,071,317 .34
TOTAL DEBTS PAYABLE AFTER MORE THAN ONE YEAR BUT WITHIN A MAXIMUM OF 5 YEARS 8912 513,336,361.86
Long-term debts falling due after more than 5 years
Financial liabilities 8803 1,142,254,148 .48
Subordinated loans 8813
Non-subordinated bond issues 8823
Leasing and other similar debts 8833
Credit institutions 8843 706,772,148 .48
Other borrowing 8853 435,482,000 .00
Trade liabilities 8863
Suppliers 8873
Notes payable 8883
Prepayments received on orders 8893
Other amounts payable 8903
TOTAL LONG-TERM DEBTS FALLING DUE AFTER MORE THAN 5 YEARS 8913 1,142,254,148.48
-
31STATUTORY ACCOUNTS
(amounts in €)
SECURED LIABILITIESCODES FINANCIAL YEAR
Liabilities secured by the Belgian government
Financial liabilities 8921 408,786,166 .30
Subordinated loans 8931
Non-subordinated bond issues 8941
Leasing and other similar debts 8951
Credit institutions 8961 408,786,166 .30
Other borrowing 8971
Trade liabilities 8981
Suppliers 8991
Notes payable 9001
Prepayments received on orders 9011
Wages and social liabilities 9021
Other amounts payable 9051
TOTAL LIABILITIES SECURED BY THE BELGIAN GOVERNMENT 9061 408,786,166.30
Liabilities secured by real sureties given or irrevocably promised on the company's assets
Financial liabilities 8922
Subordinated loans 8932
Non-subordinated bond issues 8942
Leasing and other similar debts 8952
Credit institutions 8962
Other borrowing 8972
Trade liabilities 8982
Suppliers 8992
Notes payable 9002
Prepayments received on orders 9012
Taxes, wages and social liabilities 9022
Taxes 9032
Remuneration and social security 9042
Other amounts payable 9052
TOTAL LIABILITIES SECURED BY REAL SURETIES GIVEN OR IRREVOCABLY PROMISED ON THE COMPANY'S ASSETS 9062
TAX, WAGES AND SOCIAL LIABILITIES
Taxes
Expired tax payable 9072
Non due tax debts 9073 7,752,917 .93
Estimated tax debt 450 0
Remuneration and social security
Amounts due to the National Office of Social Security 9076
Other wages and social liabilities 9077
-
32 FINANCIAL STATEMENT ORES Assets scrl 2014
OPERATING RESULTS (amounts in €)
OPERATING INCOMECODES FINANCIAL YEAR PREVIOUS
FINANCIAL YEAR
Net turnover
Breakdown by category of activity
Breakdown according to geographical market
Other operating income
Operating subsidies and compensatory amounts obtained from public authorities 740
OPERATING COSTS
Workers for whom the company introduced a DIMONA declaration or who are registered on the General Personnel Register
Total at the closing date 9086 0 1
Average number of employees in full-time equivalent employment 9087 0,5 1
Number of hours actually worked 9088 1,464 2,929
Personnel costs
Remunerations and direct social benefits 620 70,506 .51 118,767 .20
Employer's social insurance contributions 621 19,017 .69 34,000 .49
Employer's premiums for extra statutory insurance 622
Other personnel costs 623 786 .03 1,086 .28
Retirement and survivor's pensions 624
Provisions for pensions and similar obligations
Appropriations (uses and write backs) (+)/(-) 635
Write-downs
On stock and orders in progress
Recorded 9110
Write-backs 9111
On Trade Debtors
Recorded 9112 4,614,137 .67 8,907,871 .95
Write-backs 9113 3,530,316 .93 1,211,417 .77
STATEMENT OF LIABILITIES AND ACCRUED LIABILITIES (continued) (amounts in €)
ACCRUALS FINANCIAL YEAR
Breakdown of the section 492/3 of the liabilities if this represents a significant amount
Differences on road charges, Elia, pensions from 2008 financial year 17,480,706 .85
Transit fees not recorded 3,829,011 .80
Surpluses 32,643,526 .32
Accrued charges 235,983 .89
Deferred income 1,252,354 .17
-
33STATUTORY ACCOUNTS
(amounts in €)
OPERATING COSTS (continued)CODES FINANCIAL YEAR PREVIOUS
FINANCIAL YEAR
Provisions for risks and charges
Increases 9115 2,374,896 .78 2,436,527 .93
Uses and write-backs 9116 5,702,015 .15 1,996,779 .57
Other operating costs
Taxes relating to operations 640 27,214 .80
Other 641/8 26,565,756 .06 13,640,054 .64
Temporary personnel and persons made available to the company
Total at the closing date 9096
Average number of full-time equivalent employees 9097
Number of hours actually worked 9098
Cost to the company 617
FINANCIAL AND EXTRAORDINARY INCOME (amounts in €)
FINANCIAL RESULTSCODES FINANCIAL YEAR PREVIOUS
FINANCIAL YEAR
Other financial products
Subsidies granted by public authorities and included on the profit and loss account
Investment grants 9125
Subsidies and interests 9126
Breakdown of other financial income
Other financial income 13,519 .61 18,702 .07
Amortisation of loan issuing costs and repayment premiums 6501
Capitalised interim interests 6503
Write-downs on current assets
Recorded 6510
Write-backs 6511
Other financial costs
Amount of the discount at the company's expense on the debt negotiation 653
Financial provisions
Appropriations 6560
Uses and write-backs 6561
Breakdown of other financial costs
Other financial costs 363,673 .40 67,306 .09
(amounts in €)
EXTRAORDINARY RESULTSFINANCIAL YEAR
Breakdown of other extraordinary income
Breakdown of other extraordinary costs
-
34 FINANCIAL STATEMENT ORES Assets scrl 2014
Effect of exceptional results on the amount of tax on income for the financial year
TAXES (amounts in €)
TAX ON INCOME CODES FINANCIAL YEAR
Tax on the income for the financial year 9134 949,430.41
Taxes and withholding taxes due or paid 9135 1,271,154 .53
Surplus of the payment of tax or withholding tax booked on the assets 9136 328,290 .57
Estimated additional taxes 9137 6,566 .45
Tax on income from previous financial years 9138
Additional income taxes due or paid 9139
Estimation or provision for additional taxes 9140
Main source of disparity between the profit before tax, expressed in the accounts and the estimated taxable profit
(amounts in €)CODES FINANCIAL YEAR
Sources of deferred taxes
Deferred tax assets 9141
Accumulated tax losses, deductible from later taxable profits 9142
Other deferred tax assets
Deferred tax liabilities 9144
Breakdown of deferred tax liabilities
(amounts in €)
VALUE ADDED TAX AND TAXES PAYABLE BY THIRD PARTIES
CODES FINANCIAL YEAR PREVIOUS FINANCIAL
YEAR
Value added tax booked on the account
To the company (deductible) 9145 218,406,382 .68 208,290,592 .54
By the company 9146 293,599,845 .58 293,581,338 .85
Amounts retained on behalf of third parties as
Payroll tax 9147 263,508 .46 325,020 .04
Withholding tax 9148 9,369,587 .01 8,934,018 .73
-
35STATUTORY ACCOUNTS
OFF-BALANCE SHEET RIGHTS AND COMMITMENTS (amounts in €)CODES FINANCIAL YEAR
PERSONAL GUARANTEES GIVEN OR IRREVOCABLY PROMISED BY THE COMPANY AS SURETY FOR THIRD PARTY DEBTS OR COMMITMENTS
9149
Of which
Outstanding commercial papers endorsed by the company 9150
Outstanding commercial papers drawn or guaranteed by the company 9151
Maximum amount for which other third party commitments are guaranteed by the company
9153
REAL GUARANTEES
Real guarantees given or irrevocably promised by the company on its own assets as security for the company's debts and commitments
Mortgages
Book value of mortgaged properties 9161
Amount of registration 9171
Pledges on goodwill - Amount of registration 9181
Pledges on other assets - Book value of pledged assets 9191
Securities on future assets - Amount of relevant assets 9201
Real guarantees given or irrevocably promised by the company on its own assets as security for third party debts and commitments
Mortgages
Book value of mortgaged properties 9162
Amount of registration 9172
Pledges on goodwill - Amount of registration 9182
Pledges on other assets - Book value of pledged assets 9192
Securities on future assets - Amount of relevant assets 9202
GOODS AND VALUES HELD BY THIRD PARTIES IN THEIR OWN NAMES BUT FOR THE RISK AND PROFIT OF THE COMPANY, IF NOT REFLECTED IN THE BALANCE SHEET
SIGNIFICANT COMMITMENTS FOR THE ACQUISITION OF FIXED ASSETS
SIGNIFICANT COMMITMENTS FOR THE DISPOSAL OF FIXED ASSETS
FUTURES MARKET
Goods purchased (to be received) 9213
Goods sold (to be delivered) 9214
Currency purchased (to be received) 9215
Currency sold (to be delivered) 9216
COMMITMENTS RESULTING FROM TECHNICAL GUARANTEES IN RESPECT OF SALES OR SERVICES ALREADY PERFORMED
SIGNIFICANT DISPUTES AND OTHER SIGNIFICANT COMMITMENTS
Guarantee for customs and excise relating to the collection of the energy contribution: 40,818 .00 €
Guarantee in our favour for transit fees: 1,962,700 .00 €
Guarantee provided vis-a-vis ORES in the framework of the issue of commercial papers and bonds: 1,602,500,000 .00 €
IF APPLICABLE, OUTLINE DESCRIPTION OF THE SUPPLEMENTARY RETIREMENT OR SURVIVOR'S PENSION INTRODUCED TO THE BENEFIT OF STAFF OR MANAGERS AND THE MEASURES TAKEN TO COVER THE COSTS
-
36 FINANCIAL STATEMENT ORES Assets scrl 2014
COMMERCIAL NATURE AND PURPOSE OF OPERATIONS NOT INCLUDED IN THE BALANCE SHEET
Provided that the risks or benefits resulting form such arrangements are significant and insofar as the disclosure of the risks or benefits is necessary to assess the financial situation of the company; if applicable, the financial consequences of these arrangements for the company must also be mentioned.
OFF-BALANCE SHEET RIGHTS AND COMMITMENTS
OFF-BALANCE SHEET RIGHTS AND COMMITMENTS (continued) (amounts in €)
PENSIONS WHICH ARE THE RESPONSIBILITY OF THE COMPANY CODES FINANCIAL YEAR
Estimated amount of commitments resulting from services already provided 9220
Basis and method of this estimate
-
37STATUTORY ACCOUNTS
RELATIONS WITH AFFILIATED COMPANIES AND COMPANIES LINKED WITH PARTICIPATING INTERESTS (amounts in €)
AFFILIATED COMPANIESCODES FINANCIAL YEAR PREVIOUS
FINANCIAL YEAR
Financial assets 280/1 456,072.00 9,381,771.08
Holdings 280 456,072 .00 9,381,771 .08
Subordinated debt 9271
Other receivables 9281
Receivables on affiliated companies 9291 55,624.89
After one year 9301
Within one year 9311 55,624 .89
Cash investments 9321
Shares 9331
Receivables 9341
Debts 9351 556,584,693.62 408,068,182.92
After one year 9361 545,232,000 .00 379,900,000 .00
Within one year 9371 11,352,693 .62 28,168,182 .92
Personal and real guarantees
Given or irrevocably promised by the company as surety for the debts or commitments of associated companies
9381 1,602,500,000 .00
Given or irrevocably promised by the company as surety for the debts or commitments of affiliated companies
9391
Other significant financial commitments 9401
Financial results
Income from financial fixed assets 9421
Income from current assets 9431
Other financial income 9441
Debt charges 9461 21,418,473 .83
Other financial costs 9471
Disposals of fixed assets
Capital gains realised 9481
Losses realised 9491
COMPANIES LINKED WITH PARTICIPATING INTERESTSFinancial assets 282/3
Holdings 282
Subordinated debt 9272
Other receivables 9282
Receivables 9292 39,511,116.91 69,590.62
After one year 9302
Within one year 9312 39,511,116 .91 69,590 .62
Debts 9352 18,035,342.55 20,703,319.11
After one year 9362
Within one year 9372 18,035,342 .55 20,703,319 .11
(amounts in €)
TRANSACTIONS WITH RELATED PARTIES OUTSIDE OF NORMAL MARKET CONDITIONS
FINANCIAL YEAR
Mentioning such transactions, if they are significant, including the amount and indication of the nature of the relationship with the related party, as well as all other information on the transactions which would be needed in order to get a better understanding of the company's financial position.
-
38 FINANCIAL STATEMENT ORES Assets scrl 2014
FINANCIAL RELATIONS WITH (amounts in €)DIRECTORS AND MANAGERS, PHYSICAL OR MORAL PERSONS WHO DIRECTLY OR INDIRECTLY CONTROL THE COMPANY WITHOUT BEING LINKED TO IT OR OTHER COMPANIES DIRECTLY OR INDIRECTLY CONTROLLED BY SUCH PERSONS
CODES FINANCIAL YEAR
Amounts receivable from the aforementioned persons 9500
Main conditions of the receivables
Guarantees provided in their favour 9501
Main conditions of the guarantees provided
Other significant commitments undertaken in their favour 9502
Main conditions of the other commitmentsDirect and indirect remuneration and pensions attributed, charged to the profit and loss account, as long as this reference does not relate exclusively or principally to the situation of a single identifiable personTo directors and managers 9503 606,687 .13
To former directors and former managers 9504
(amounts in €)THE AUDITOR(S) AND PEOPLE WITH WHOM HE IS (THEY ARE) LINKED
CODES FINANCIAL YEAR
Auditor(s) fees 9505 29,750.00 Fees for exceptional services or special assignments realised within the company by the auditor(s)Other auditing work 95061 3,230 .00
Tax advice tasks 95062
Other external services in connection to auditing 95063 2,295 .00 Fees for exceptional services or special assignments realised within the company by persons with whom the auditor(s) is (are) linkedOther auditing work 95081
Tax advice tasks 95082
Other external services in connection to auditing 95083
Notices pursuant to article 133, paragraph 6 of the Companies Code
(amounts in €)
DERIVATIVE FINANCIAL INSTRUMENTS NOT VALUED AT FAIR VALUEFINANCIAL YEAR
Estimate of the fair value of each category of derivative financial instruments not valued at fair value in the accounts, with indications on the nature and volume of the instruments 43,822,606.73
hedging swaps (notional amount of €597,121,052 .50)
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39STATUTORY ACCOUNTS
STATEMENT OF THE PERSONNEL EMPLOYEDWORKERS FOR WHOM THE COMPANY INTRODUCED A DIMONA DECLARATION OR WHO ARE REGISTERED ON THE GENERAL PERSONNEL REGISTER
AT THE END OF THE FINANCIAL YEARCODES TOTAL 1. MEN 2. WOMEN
Average number of workers
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