financial report 2014...valéry kalut laurent masson vincent scourneau secretary: stéphanie rauss,...

Cre

atio

n -

Pri

nti

ng

: w

ww

.losf

eld

.be

•

Re

spo

nsi

ble

Pu

blis

he

r: J

ean

-Mic

he

l Bre

ban

t, O

RE

S C

om

mu

nic

atio

n D

ep

artm

en

t,

rue

An

toin

e d

e S

ain

t E

xup

ery

, 1

8

• 6

04

1 G

oss

elie

s

ORES Assets scrl

Avenue Jean Monnet, 21348 Louvain-la-Neuve

BegiumTel. : +32(0)78.15.78.01

[email protected]

www.oresassets.net

ORES Assets scrl

FINANCIALREPORT

2014

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


3 SGC Schakelapparatuur voor midden-spannings borden en prefab cabines


4 SIEMENS SA Schakelapparatuur voor midden-spannings borden en prefab cabines


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


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.

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

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

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


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


SECTOR COMMITTEES (continued)

ORES HAINAUT GAZ

Pol BOUVIEZ, Chair Léon CASAERT, Deputy Chair Fabienne DEVILERS, Deputy Chair


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


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


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


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

7MANANGEMENT AND MONITORING BODIES

ORES BRABANT WALLON

Gérard COURONNÉ, Chair André GYRE, Deputy Chair Jean-Marc ZOCASTELLO, Deputy Chair


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


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


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

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


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 %)

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)


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


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) .


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


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 .


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 .


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 .


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


(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


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


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


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


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



Sales and disposals 8171 701 .00

Transfers from one section to another (+)/(-) 8181


Capital gains at the end of the financial year 8251P XXXXXXXXXX 5,038,163.59


Recorded 8211


Cancelled 8231


Capital gains at the end of the financial year 8251 5,038,163.59



Recorded 8271 1,965,487 .80

Write-back 8281







(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



Sales and disposals 8172 35,670,389 .50


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


Recorded 8212


Cancelled 8232


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


Recorded 8272 116,384,394 .56

Write-back 8282


Cancelled following sales and disposals 8302 30,463,979,7


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




Sales and disposals 8173 5,624,127 .14



Capital gains at the end of the financial year 8253P XXXXXXXXXX 769,326.59


Recorded 8213


Cancelled 8233


Capital gains at the end of the financial year 8253 769,326.59



Recorded 8273 6,961,133 .98

Write-back 8283


Cancelled following sales and disposals 8303 5,546,468 .26





STATEMENT OF TANGIBLE FIXED ASSETS (continued) (amounts in €)

OTHER TANGIBLE FIXED ASSETSCODES FINANCIAL YEAR PREVIOUS

FINANCIAL YEAR



Acquisitions, including capitalised production 8165




Capital gains at the end of the financial year 8255P XXXXXXXXXX


Recorded 8215


Cancelled 8235


Capital gains at the end of the financial year 8255



Recorded 8275 166,065 .00

Write-back 8285







STATEMENT OF FINANCIAL FIXED ASSETS (amounts in €)AFFILIATED COMPANIES - PARTICIPATING INTERESTS AND SHARES

CODES FINANCIAL YEAR PREVIOUS FINANCIAL YEAR



Acquisitions 8361


Transfers from one section to another (+)/(-) 8381 (8,925,699 .08)

Acquisition value at the end of the financial year 8391 456,072.00



Recorded 8411


Cancelled 8431



Reductions in value at the end of the financial year 8521P XXXXXXXXXX


Recorded 8471

Write-backs 8481




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


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


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


Acquisitions 8363



Acquisition value at the end of the financial year 8393 16,891.92



Recorded 8413


Cancelled 8433



Reductions in value at the end of the financial year 8523P XXXXXXXXXX


Recorded 8473

Write-backs 8483




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


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


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


(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


Shareholding structure of the company at the closing date of the accounts, as shown in the declarations received by the company

(amounts in €)


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


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


STATEMENT OF LIABILITIES AND ACCRUED LIABILITIES (amounts in €)

BREAKDOWN OF LIABILITIES ORIGINALLY DUE IN MORE THAN ONE YEAR, LISTED ACCORDING TO THEIR DUE DATES


Long-term debts falling due this year

Financial liabilities 8801 176,213,834 .19




Credit institutions 8841 176,213,834 .19

Other borrowing 8851


Suppliers 8871

Notes payable 8881


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






Other borrowing 8852 109,750,000 .00


Suppliers 8872

Notes payable 8882


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





Other borrowing 8853 435,482,000 .00


Suppliers 8873

Notes payable 8883



TOTAL LONG-TERM DEBTS FALLING DUE AFTER MORE THAN 5 YEARS 8913 1,142,254,148.48


(amounts in €)

SECURED LIABILITIESCODES FINANCIAL YEAR

Liabilities secured by the Belgian government








Suppliers 8991

Notes payable 9001


Wages and social liabilities 9021


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




Credit institutions 8962



Suppliers 8992

Notes payable 9002


Taxes, wages and social liabilities 9022

Taxes 9032

Remuneration and social security 9042


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


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


(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


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


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


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


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


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


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.


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


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


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)


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

financial report 2014...valéry kalut laurent masson vincent scourneau secretary: stéphanie rauss,...

Documents